e solicitation of indications of interest in a possible private placement of interests in a drilling venture involving oil and gas properties in the Marcellus shale. Newco Energy, LLC has not made any decision to proceed with the venture or the offer of interests therein, and reserves the right to determin

ls • We propose to lease up to 80,000 acres in the Pennsylvania Marcellus in 2009 while costs are low. We have targeted buy areas with the desired Marcellus depth, thickness and thermal maturity . The focus is on blocked up acreage that is close to pipelines and areas of current testing and development

RegentStreetCa pita 7 EFTA_R1_02033975 EFTA02691635 The Situation We expect distressed conditions to persist in the coming 12-24 months as the Marcellus shale in the U.S. continues to grow. But, starting in 2016, we expect the growth in gas production from the Marcellus to slow as the initial well

5 20 • 15 10 co 9 C N 1 O 03 0 to cn 9 0 0 ▪ CV CNI Crl CO - 03 -• 0 0 7 . . . . . . . . RegentStreetCapita I .• ed. Marcellus Other Shales .0 a • I 40 era 0.de 41. ••• ••• le oil,. * C elm. IS inlo Haynesville Shale Barnett Shale EFTA R1_02033973 EFTA0269163

includes Schlumberger and to a lesser extent Baker Hughes) a distinct advantage over the smaller players. In an isolated example, a customer in the Marcellus stopped using Halliburton over pricing, but struggled to replicate operations and had to hire 7 smaller companies instead. Not a lot of concerns ab