oorly evaluated and thus not exploited, such as the Bakken, Three Forks and Sanish Formations in North Dakota and Montana, as well as the A, B and C Niobrara and Codell Formations in Northeast Colorado and Wyoming and the Mowery Formation in Wyoming. 4. Applying our technological expertise to identify ar

See Exhibit "A" — Production Schedule. I. Please see tables on page 16 of this document for estimated proven reserves * The Company has horizontal Niobrara potential in our Southeast Pinedale structure, and Mr. Grynberg and Ed Neibauer, both Petroleum Engineers, have calculated for GADECO a potential as

e 30% higher y-y on a 15% increase in the number of frac stages; however, the increased service intensity is limited to the Bakken, Eagle Ford, and Niobrara with the Permian in an earlier stage of development. Source: Baker Higbee and J.P. Megan. Despite its forecast for moderate +3% CAGR growth in wel

ities in supply growth. These figures deal with onshore tight oil regions only (Anadarko, Bakken, Permian, Appalachian, Eagle Ford, Haynesville and Niobrara), excluding some conventional and all offshore production. Caveats are that the profile of rig count growth, particularly for the higher priced sc