This excel model has been created by investment bankers at a leading U.S. energy securities firm. The model is designed for an oil and gas asset located in the U.S. The model is fully-editable. Download it at gazhoo.com Table of Contents: 1. Chart: Implied Exit Valuation, equity, free cash flow, leverage, equity 2. Chart: Cumulative Free Cash Flow, implied equity valuation, leverage, equity, out of pocket expense 3. Sheet 1 - Leverage -Cum Cash Flow - Initial - Capex - Implied Exit Valuation - Equity - Leverage - Free Cash Flow - Equity - Implied Exit Valuation - Out of Pocket Investment - Equity - Leverage - Cum Free Cash Flow - Implied Exit Valuation - Out of Pocket Investment 4. Summary Assumptions - General Assumptions - Joint Venture Assumptions - Reserve Assumptions - Summary Drilling Schedule - Unrisked Well Inventory Summary - Risked Well Inventory Summary - Return Projections - Summary Statistics - Drilling Assumptions (wells per rig per month) - Leverage Assumptions - Implied Asset Value Assumptions - Unlevered After-Tax Economics - Project After-Tax NPV - Interest (@ t=0) - Unlevered After-Tax Data - Returns (Cash Flow) - Implied Asset Value (Production) - Levered After-Tax Data 5. Monthly Projections - Average Working Interest - Average Net Revenue Interest - Wells Drilled - Wells Completed - Producing Wells - Gas Production (MMcf) - Oil Production (Mbbl) - NGL Production (Mbbl) - Daily Production (MMcfe/d) - Projected Prices - Gas Revenues - Operating Expenses - Operating Cash Flow - Capital Expenditures - Total Drilling Capital Expenditures - Total Non-Drilling Capital Expenditures - Net Cash Flow after Capital Expenditures - Joint Venture Projections (Unlevered) - Return Projections - Proved Reserves (MMcfe) - Production - MACRS Calculation - Apple After-Tax Cash Flow Projections - Proved Reserves (MMcfe) - Production - Net Cash Flow - IRR - ROI 6. PRICE CASES 7. MONTHLY CASES 8. CAPEX SCHEDULE 9. DRILLING SCHEDULES (13) 10. LEASE OPERATING 11. TYPE CURVES (9)

1. 2030년 9월
2029년 9월
2028년 9월
1,000,000
2027년 9월
2026년 9월
2025년 9월
2024년 9월
2023년 9월
2022년 9월
2021년 9월
2020년 9월
2019년 9월
2018년 9월
2017년 9월
2016년 9월
2015년 9월
2014년 9월
2013년 9월
2012년 9월
2011년 9월
2010년 9월
1,200,000
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
800,000
600,000
400,000
200,000
-

2. 800
Cum Free Cash Flow
Leverage
Equity
Implied Exit Valuation
Out of Pocket Investment
9,000/Mcfe/d
Exit Valuation
@ 5 years
700
600
($MM)
500
400
300
200
100
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030

3. Leverage
Cum Cash Flow
Initial
Capex
Implied Exit Valuation
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment
50
Sep-10
30,000
63
Oct-10
30,000
63
Nov-10
30,000
63
Dec-10
30,000
2,136
Jan-11
30,000
2,074
-
-
-
-
-
30,000
32,163
30,000
32,225
30,000
32,288
30,000
34,428
30,000
36,509
Feb-11
30,000
2,074
Mar-11
30,000
2,555
Apr-11
30,000
10,640
May-11
30,000
5,338
Jun-11
30,000
5,207
Jul-11
30,000
4,725
Aug-11
30,000
5,338
-
-
-
42,617
52,328
55,134
59,769
30,000
38,592
30,000
41,161
30,000
51,817
30,000
12,617
42,617
56,352
30,000
22,328
52,328
60,601
30,000
25,134
55,134
64,271
30,000
29,769
59,769
68,454
gazhoo.com
12-31-10 12-31-11 12-31-12 12-31-13 12-31-14 12-31-15 12-31-16 12-31-17 12-31-18 12-31-19 12-31-20 12-31-21
30,000
66,812 152,803 196,278 266,583 317,216 379,205 432,139 387,697 233,045 179,361 137,896
17,247
47,515
74,290 112,994 154,507 206,382 259,945 281,604 269,183 252,211 237,707
61,093 134,961 226,880 338,411 455,233 549,869 631,436
30,000
84,059 200,317 270,568 379,576 471,723 585,587 692,084 669,301 502,228 431,573 375,603
30,000
84,059 200,317 270,568 379,576 471,723 585,587 692,084 669,301 502,228 431,573 375,603
34,428
82,890 123,000 123,000 123,000 123,000 123,000 123,000 123,000 123,000 123,000 123,000

4. Leverage
Cum Cash Flow
Initial
Capex
Sep-11
5,207
30,000
5,207
Oct-11
9,932
30,000
4,725
Nov-11
15,270
30,000
5,338
Dec-11
17,247
30,000
5,207
Jan-12
16,946
30,000
3,395
Feb-12
16,678
30,000
3,395
Mar-12
16,434
30,000
3,877
Apr-12
25,985
30,000
19,915
Implied Exit Valuation
70,610
72,338
78,790
84,059
87,349
83,090
70,877
67,761
142,501
156,380
157,972
165,168
30,000
5,207
35,403
70,610
72,340
30,000
9,932
32,406
72,338
75,649
30,000
15,270
33,520
78,790
79,445
30,000
17,247
36,812
84,059
82,890
30,000
16,946
40,403
87,349
84,441
30,000
16,678
36,412
83,090
86,211
30,000
16,434
24,443
70,877
88,639
30,000
25,985
11,776
67,761
107,269
30,000
29,085
83,417
142,501
113,596
30,000
31,657
94,724
156,380
115,857
30,000
34,206
93,766
157,972
117,687
30,000
37,227
97,940
165,168
119,700
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment
m
May-12
29,085
30,000
9,212
12-31-22 12-31-23 12-31-24 12-31-25 12-31-26 12-31-27 12-31-28
12-31-29
12-31-30
120,896 113,605 107,377 102,001
97,264
92,983
89,008
85,243
81,656
216,972 195,674 178,969 165,279 153,710 143,652 134,679
126,473
118,832
694,989 749,461 801,843 851,765 899,180 944,083 986,481 1,026,365 1,063,756
337,867 309,278 286,346 267,280 250,973 236,636 223,687
211,717
200,488
337,867 309,278 286,346 267,280 250,973 236,636 223,687
211,717
200,488
123,000 123,000 123,000 123,000 123,000 123,000 123,000
123,000
123,000
Jun-12
31,657
30,000
5,335
Jul-12
34,206
30,000
5,060
Aug-12
37,227
30,000
5,410

5. Leverage
Cum Cash Flow
Initial
Capex
Sep-12
39,713
30,000
5,335
Oct-12
42,175
30,000
5,060
Nov-12
45,111
30,000
5,410
Dec-12
47,515
30,000
5,335
Jan-13
46,804
30,000
1,400
Feb-13
46,162
30,000
2,310
Mar-13
45,570
30,000
2,585
Apr-13
56,339
30,000
13,265
May-13
59,171
30,000
4,780
Jun-13
61,400
30,000
6,525
Jul-13
62,086
30,000
2,915
Aug-13
66,486
30,000
7,205
Implied Exit Valuation
182,315
183,176
196,140
200,317
206,260
206,348
172,038
166,177
245,714
259,272
249,887
239,330
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
39,713
112,602
182,315
121,401
30,000
42,175
111,001
183,176
122,651
30,000
45,111
121,029
196,140
124,011
30,000
47,515
122,803
200,317
124,951
30,000
46,804
129,456
206,260
124,951
30,000
46,162
130,186
206,348
124,951
30,000
45,570
96,469
172,038
124,951
30,000
56,339
79,838
166,177
128,701
30,000
59,171
156,544
245,714
128,701
30,000
61,400
167,872
259,272
129,556
30,000
62,086
157,801
249,887
129,556
30,000
66,486
142,844
239,330
129,556
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

6. Leverage
Cum Cash Flow
Initial
Capex
Sep-13
67,117
30,000
4,100
Oct-13
69,340
30,000
5,340
Nov-13
72,129
30,000
4,780
Dec-13
74,290
30,000
8,345
Jan-14
73,351
30,000
1,820
Feb-14
72,488
30,000
2,730
Mar-14
71,680
30,000
2,095
Apr-14
89,040
30,000
19,745
May-14
91,496
30,000
5,200
Jun-14
95,161
30,000
7,550
Jul-14
Aug-14
97,167 101,333
30,000
30,000
4,850
7,625
Implied Exit Valuation
274,635
252,746
266,790
270,568
272,568
277,417
234,545
229,226
380,287
371,268
366,771
357,967
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
67,117
177,517
274,635
129,556
30,000
69,340
153,406
252,746
129,556
30,000
72,129
164,661
266,790
129,556
30,000
74,290
166,278
270,568
129,556
30,000
73,351
169,217
272,568
129,556
30,000
72,488
174,929
277,417
129,556
30,000
71,680
132,864
234,545
129,556
30,000
89,040
110,186
229,226
133,966
30,000
91,496
258,791
380,287
133,966
30,000
95,161
246,107
371,268
133,966
30,000
97,167
239,605
366,771
133,966
30,000
101,333
226,634
357,967
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

7. Leverage
Cum Cash Flow
Initial
Capex
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
103,311 106,947 109,398 112,994 111,639 110,417 109,278 127,621 132,383 134,534 136,744 143,271
532
3,627
9,687
17,617
22,432
29,069
36,503
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
5,125
7,275
5,200
9,370
1,820
1,820
3,005
18,835
6,715
6,945
4,850
8,230
Implied Exit Valuation
387,275
367,940
394,337
379,576
393,340
392,829
330,704
322,989
474,716
476,914
444,688
436,762
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
103,311
253,964
387,275
133,966
30,000
106,947
230,993
367,940
133,966
30,000
109,398
254,939
394,337
133,966
30,000
112,994
236,583
379,576
133,966
30,000
111,639
251,702
393,340
133,966
30,000
110,417
532
252,412
392,829
133,966
30,000
109,278
3,627
191,426
330,704
133,966
30,000
127,621
9,687
165,369
322,989
133,966
30,000
132,383
17,617
312,333
474,716
133,966
30,000
134,534
22,432
312,380
476,914
133,966
30,000
136,744
29,069
277,944
444,688
133,966
30,000
143,271
36,503
263,491
436,762
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

8. Leverage
Cum Cash Flow
Initial
Capex
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
145,392 147,554 152,391 154,507 152,903 151,411 150,001 175,176 179,949 182,691 187,067 191,818
42,450
49,443
57,330
61,093
65,599
70,397
73,552
81,973
89,448
96,133 102,857 110,583
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
6,035
4,850
6,715
8,765
4,140
3,230
4,415
25,305
10,050
8,460
9,700
9,140
Implied Exit Valuation
486,091
458,500
468,159
471,723
465,661
462,960
409,452
403,610
586,034
591,053
556,828
561,981
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
145,392
42,450
310,699
486,091
133,966
30,000
147,554
49,443
280,947
458,500
133,966
30,000
152,391
57,330
285,769
468,159
133,966
30,000
154,507
61,093
287,216
471,723
133,966
30,000
152,903
65,599
282,758
465,661
133,966
30,000
151,411
70,397
281,549
462,960
133,966
30,000
150,001
73,552
229,451
409,452
133,966
30,000
175,176
81,973
198,433
403,610
133,966
30,000
179,949
89,448
376,085
586,034
133,966
30,000
182,691
96,133
378,363
591,053
133,966
30,000
187,067
102,857
339,761
556,828
133,966
30,000
191,818
110,583
340,163
561,981
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

9. Leverage
Cum Cash Flow
Initial
Capex
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
196,143 198,866 203,687 206,382 204,380 202,508 200,731 230,195 234,122 237,639 241,195 245,260
117,238 125,081 132,106 134,961 141,724 147,796 153,082 159,996 169,105 177,343 185,653 194,027
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
9,975
7,275
10,050
12,350
3,640
3,640
3,915
33,040
10,050
9,975
9,700
10,050
Implied Exit Valuation
590,731
577,625
590,932
585,587
581,365
601,730
515,821
510,072
720,098
717,719
683,741
679,748
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
196,143
117,238
364,588
590,731
133,966
30,000
198,866
125,081
348,759
577,625
133,966
30,000
203,687
132,106
357,245
590,932
133,966
30,000
206,382
134,961
349,205
585,587
133,966
30,000
204,380
141,724
346,985
581,365
133,966
30,000
202,508
147,796
369,223
601,730
133,966
30,000
200,731
153,082
285,090
515,821
133,966
30,000
230,195
159,996
249,877
510,072
133,966
30,000
234,122
169,105
455,977
720,098
133,966
30,000
237,639
177,343
450,080
717,719
133,966
30,000
241,195
185,653
412,546
683,741
133,966
30,000
245,260
194,027
404,488
679,748
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

10. Leverage
Cum Cash Flow
Initial
Capex
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
248,818 252,373 256,419 259,945 257,552 255,312 253,183 269,367 271,818 272,352 272,959 277,065
202,031 210,308 218,749 226,880 237,296 246,909 254,758 263,033 273,888 282,239 292,299 302,174
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
9,975
9,700
10,050
9,975
1,820
1,820
3,005
20,350
6,715
6,945
4,850
8,230
Implied Exit Valuation
705,778
683,666
708,339
692,084
694,817
719,769
618,313
612,791
719,488
726,444
681,834
667,975
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
248,818
202,031
426,960
705,778
133,966
30,000
252,373
210,308
401,293
683,666
133,966
30,000
256,419
218,749
421,920
708,339
133,966
30,000
259,945
226,880
402,139
692,084
133,966
30,000
257,552
237,296
407,265
694,817
133,966
30,000
255,312
246,909
434,457
719,769
133,966
30,000
253,183
254,758
335,130
618,313
133,966
30,000
269,367
263,033
313,423
612,791
133,966
30,000
271,818
273,888
417,670
719,488
133,966
30,000
272,352
282,239
424,092
726,444
133,966
30,000
272,959
292,299
378,876
681,834
133,966
30,000
277,065
302,174
360,910
667,975
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

11. Leverage
Cum Cash Flow
Initial
Capex
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
277,658 278,302 280,954 281,604 279,332 277,167 275,082 282,426 280,947 279,010 277,120 275,769
311,102 320,944 330,709 338,411 349,926 360,888 371,155 381,277 391,408 400,925 410,469 419,933
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
6,035
4,850
6,715
6,945
275
9,440
350
275
350
Implied Exit Valuation
708,556
670,997
683,038
669,301
659,554
695,891
605,252
605,585
573,529
581,299
548,715
536,187
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
277,658
311,102
400,898
708,556
133,966
30,000
278,302
320,944
362,696
670,997
133,966
30,000
280,954
330,709
372,083
683,038
133,966
30,000
281,604
338,411
357,697
669,301
133,966
30,000
279,332
349,926
350,221
659,554
133,966
30,000
277,167
360,888
388,723
695,891
133,966
30,000
275,082
371,155
300,169
605,252
133,966
30,000
282,426
381,277
293,159
605,585
133,966
30,000
280,947
391,408
262,582
573,529
133,966
30,000
279,010
400,925
272,290
581,299
133,966
30,000
277,120
410,469
241,596
548,715
133,966
30,000
275,769
419,933
230,418
536,187
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

12. Leverage
Cum Cash Flow
Initial
Capex
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
273,948 272,165 270,913 269,183 267,485 265,816 264,176 263,058 261,951 260,359 258,791 257,743
428,847 437,838 446,793 455,233 463,782 472,174 480,141 488,391 496,591 504,315 512,182 520,071
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
Implied Exit Valuation
546,364
517,779
524,569
502,228
493,021
517,835
476,357
484,367
465,550
477,757
455,134
448,356
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
273,948
428,847
242,416
546,364
133,966
30,000
272,165
437,838
215,614
517,779
133,966
30,000
270,913
446,793
223,656
524,569
133,966
30,000
269,183
455,233
203,045
502,228
133,966
30,000
267,485
463,782
195,536
493,021
133,966
30,000
265,816
472,174
222,019
517,835
133,966
30,000
264,176
480,141
182,181
476,357
133,966
30,000
263,058
488,391
191,309
484,367
133,966
30,000
261,951
496,591
173,599
465,550
133,966
30,000
260,359
504,315
187,398
477,757
133,966
30,000
258,791
512,182
166,343
455,134
133,966
30,000
257,743
520,071
160,613
448,356
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

13. Leverage
Cum Cash Flow
Initial
Capex
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
256,207 254,693 253,698 252,211 250,745 249,298 247,869 246,955 246,057 244,679 243,316 242,465
527,499 535,083 542,701 549,869 557,203 564,433 571,290 578,475 585,569 592,156 598,935 605,782
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
Implied Exit Valuation
460,819
439,481
447,804
431,573
425,662
465,078
414,759
423,345
404,829
413,523
395,710
391,408
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
256,207
527,499
174,612
460,819
133,966
30,000
254,693
535,083
154,788
439,481
133,966
30,000
253,698
542,701
164,106
447,804
133,966
30,000
252,211
549,869
149,361
431,573
133,966
30,000
250,745
557,203
144,917
425,662
133,966
30,000
249,298
564,433
185,780
465,078
133,966
30,000
247,869
571,290
136,890
414,759
133,966
30,000
246,955
578,475
146,390
423,345
133,966
30,000
246,057
585,569
128,772
404,829
133,966
30,000
244,679
592,156
138,844
413,523
133,966
30,000
243,316
598,935
122,394
395,710
133,966
30,000
242,465
605,782
118,943
391,408
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

14. Leverage
Cum Cash Flow
Initial
Capex
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
241,131 239,811 239,001 237,707 236,426 235,157 233,900 233,151 232,413 230,289 227,904 225,591
612,130 618,679 625,303 631,436 637,777 644,053 649,990 656,288 662,525 667,382 672,186 676,645
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
Implied Exit Valuation
400,160
383,242
392,002
375,603
371,962
407,909
364,997
373,716
358,407
367,093
352,167
349,170
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
241,131
612,130
129,029
400,160
133,966
30,000
239,811
618,679
113,432
383,242
133,966
30,000
239,001
625,303
123,001
392,002
133,966
30,000
237,707
631,436
107,896
375,603
133,966
30,000
236,426
637,777
105,536
371,962
133,966
30,000
235,157
644,053
142,752
407,909
133,966
30,000
233,900
649,990
101,097
364,997
133,966
30,000
233,151
656,288
110,566
373,716
133,966
30,000
232,413
662,525
95,994
358,407
133,966
30,000
230,289
667,382
106,804
367,093
133,966
30,000
227,904
672,186
94,263
352,167
133,966
30,000
225,591
676,645
93,579
349,170
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

15. Leverage
Cum Cash Flow
Initial
Capex
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
223,345 221,162 219,038 216,972 214,957 212,994 211,079 209,209 207,384 205,600 203,856 202,149
681,182 685,995 690,456 694,989 699,791 704,587 709,101 713,530 717,950 722,433 727,179 731,563
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
Implied Exit Valuation
357,776
343,385
351,939
337,867
335,199
368,236
330,047
338,468
325,105
333,465
320,359
318,060
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
223,345
681,182
104,431
357,776
133,966
30,000
221,162
685,995
92,223
343,385
133,966
30,000
219,038
690,456
102,900
351,939
133,966
30,000
216,972
694,989
90,896
337,867
133,966
30,000
214,957
699,791
90,242
335,199
133,966
30,000
212,994
704,587
125,242
368,236
133,966
30,000
211,079
709,101
88,968
330,047
133,966
30,000
209,209
713,530
99,258
338,468
133,966
30,000
207,384
717,950
87,721
325,105
133,966
30,000
205,600
722,433
97,865
333,465
133,966
30,000
203,856
727,179
86,504
320,359
133,966
30,000
202,149
731,563
85,911
318,060
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

16. Leverage
Cum Cash Flow
Initial
Capex
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
200,480 198,845 197,243 195,674 194,136 192,626 191,146 189,694 188,268 186,869 185,494 184,144
736,009 740,716 745,058 749,461 754,124 758,770 763,127 767,392 771,641 775,949 780,515 784,715
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
Implied Exit Valuation
326,324
313,588
321,785
309,278
307,188
326,169
303,107
311,150
299,163
307,147
295,350
293,495
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
200,480
736,009
95,844
326,324
133,966
30,000
198,845
740,716
84,744
313,588
133,966
30,000
197,243
745,058
94,542
321,785
133,966
30,000
195,674
749,461
83,605
309,278
133,966
30,000
194,136
754,124
83,053
307,188
133,966
30,000
192,626
758,770
103,543
326,169
133,966
30,000
191,146
763,127
81,961
303,107
133,966
30,000
189,694
767,392
91,456
311,150
133,966
30,000
188,268
771,641
80,895
299,163
133,966
30,000
186,869
775,949
90,278
307,147
133,966
30,000
185,494
780,515
79,856
295,350
133,966
30,000
184,144
784,715
79,352
293,495
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

17. Leverage
Cum Cash Flow
Initial
Capex
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
182,817 181,512 180,230 178,969 177,728 176,508 175,306 174,123 172,959 171,812 170,683 169,570
788,973 793,488 797,637 801,843 806,308 810,755 814,909 818,970 823,015 827,117 831,477 835,470
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
Implied Exit Valuation
301,389
289,861
297,690
286,346
284,632
313,256
281,268
288,943
278,009
285,623
274,839
273,290
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
182,817
788,973
88,572
301,389
133,966
30,000
181,512
793,488
78,349
289,861
133,966
30,000
180,230
797,637
87,460
297,690
133,966
30,000
178,969
801,843
77,377
286,346
133,966
30,000
177,728
806,308
76,904
284,632
133,966
30,000
176,508
810,755
106,748
313,256
133,966
30,000
175,306
814,909
75,962
281,268
133,966
30,000
174,123
818,970
84,820
288,943
133,966
30,000
172,959
823,015
75,050
278,009
133,966
30,000
171,812
827,117
83,811
285,623
133,966
30,000
170,683
831,477
74,156
274,839
133,966
30,000
169,570
835,470
73,720
273,290
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

18. Leverage
Cum Cash Flow
Initial
Capex
Sep-25
Oct-25
Nov-25
Dec-25
Jan-26
Feb-26
Mar-26
Apr-26
May-26
Jun-26
Jul-26
Aug-26
168,474 167,394 166,330 165,279 164,244 163,223 162,215 161,221 160,240 159,272 158,316 157,372
839,520 843,828 847,768 851,765 856,021 860,259 864,204 868,057 871,893 875,787 879,937 883,720
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
Implied Exit Valuation
280,819
270,247
277,717
267,280
265,839
292,736
262,984
270,308
260,211
267,472
257,496
256,163
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
168,474
839,520
82,344
280,819
133,966
30,000
167,394
843,828
72,853
270,247
133,966
30,000
166,330
847,768
81,387
277,717
133,966
30,000
165,279
851,765
72,001
267,280
133,966
30,000
164,244
856,021
71,596
265,839
133,966
30,000
163,223
860,259
99,514
292,736
133,966
30,000
162,215
864,204
70,769
262,984
133,966
30,000
161,221
868,057
79,086
270,308
133,966
30,000
160,240
871,893
69,971
260,211
133,966
30,000
159,272
875,787
78,199
267,472
133,966
30,000
158,316
879,937
69,179
257,496
133,966
30,000
157,372
883,720
68,791
256,163
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

19. Leverage
Cum Cash Flow
Initial
Capex
Sep-26
Oct-26
Nov-26
Dec-26
Jan-27
Feb-27
Mar-27
Apr-27
May-27
Jun-27
Jul-27
Aug-27
156,440 155,519 154,609 153,710 152,821 151,941 151,072 150,213 149,363 148,522 147,689 146,866
887,561 891,660 895,391 899,180 903,226 907,254 910,990 914,634 918,261 921,945 925,886 929,460
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
Implied Exit Valuation
263,343
253,540
260,665
250,973
249,720
275,091
247,229
254,210
244,802
251,717
242,408
241,237
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
156,440
887,561
76,903
263,343
133,966
30,000
155,519
891,660
68,021
253,540
133,966
30,000
154,609
895,391
76,057
260,665
133,966
30,000
153,710
899,180
67,264
250,973
133,966
30,000
152,821
903,226
66,900
249,720
133,966
30,000
151,941
907,254
93,150
275,091
133,966
30,000
151,072
910,990
66,156
247,229
133,966
30,000
150,213
914,634
73,997
254,210
133,966
30,000
149,363
918,261
65,439
244,802
133,966
30,000
148,522
921,945
73,195
251,717
133,966
30,000
147,689
925,886
64,719
242,408
133,966
30,000
146,866
929,460
64,371
241,237
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

20. Leverage
Cum Cash Flow
Initial
Capex
Sep-27
Oct-27
Nov-27
Dec-27
Jan-28
Feb-28
Mar-28
Apr-28
May-28
Jun-28
Jul-28
Aug-28
146,050 145,243 144,443 143,652 142,867 142,090 141,321 140,558 139,801 139,051 138,308 137,571
933,092 936,981 940,503 944,083 947,920 951,739 955,267 958,702 962,119 965,594 969,328 972,694
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
Implied Exit Valuation
248,071
238,910
245,695
236,636
235,505
250,553
233,284
239,927
231,091
237,676
228,940
227,879
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
146,050
933,092
72,021
248,071
133,966
30,000
145,243
936,981
63,667
238,910
133,966
30,000
144,443
940,503
71,252
245,695
133,966
30,000
143,652
944,083
62,983
236,636
133,966
30,000
142,867
947,920
62,637
235,505
133,966
30,000
142,090
951,739
78,463
250,553
133,966
30,000
141,321
955,267
61,963
233,284
133,966
30,000
140,558
958,702
69,369
239,927
133,966
30,000
139,801
962,119
61,290
231,091
133,966
30,000
139,051
965,594
68,625
237,676
133,966
30,000
138,308
969,328
60,632
228,940
133,966
30,000
137,571
972,694
60,308
227,879
133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment

21. Leverage
Cum Cash Flow
Initial
Capex
Sep-28
Oct-28
Nov-28
Dec-28
Jan-29
Feb-29
Mar-29
Apr-29
May-29
Jun-29
Jul-29
Aug-29
136,839 136,113 135,393 134,679 133,969 133,264 132,565 131,871 131,181 130,495 129,815 129,138
976,116 979,796 983,110 986,481 990,108 993,719 997,038 ######## ######## ######## ######## ########
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
Implied Exit Valuation
234,368
225,762
232,213
223,687
222,646
245,371
220,612
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
30,000
136,839
976,116
67,529
234,368
133,966
30,000
136,113
979,796
59,649
225,762
133,966
30,000
135,393
983,110
66,820
232,213
133,966
30,000
134,679
986,481
59,008
223,687
133,966
30,000
133,969
990,108
58,677
222,646
133,966
30,000
133,264
993,719
82,106
245,371
133,966
30,000
30,000
30,000
132,565 131,871 131,181
997,038 ######## ########
58,047
65,049
57,408
220,612 226,920 218,589
133,966 133,966 133,966
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment
226,920
218,589
224,841
216,599
215,613
30,000
130,495
########
64,345
224,841
133,966
30,000
129,815
########
56,785
216,599
133,966
30,000
129,138
########
56,475
215,613
133,966

22. Leverage
Cum Cash Flow
Initial
Capex
Implied Exit Valuation
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment
Sep-29
Oct-29
Nov-29
Dec-29
Jan-30
Feb-30
Mar-30
Apr-30
May-30
Jun-30
Jul-30
Aug-30
128,466 127,798 127,133 126,473 125,817 125,165 124,516 123,870 123,229 122,591 121,956 121,324
######## ######## ######## ######## ######## ######## ######## ######## ######## ######## ######## ########
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
350
350
275
350
221,778
213,650
219,768
211,717
210,748
232,267
208,840
214,824
206,951
212,875
205,077
204,148
30,000
128,466
########
63,312
221,778
133,966
30,000
127,798
########
55,852
213,650
133,966
30,000
127,133
########
62,634
219,768
133,966
30,000
126,473
########
55,243
211,717
133,966
30,000
125,817
########
54,931
210,748
133,966
30,000
125,165
########
77,102
232,267
133,966
30,000
124,516
########
54,324
208,840
133,966
30,000
123,870
########
60,954
214,824
133,966
30,000
123,229
########
53,722
206,951
133,966
30,000
122,591
########
60,285
212,875
133,966
30,000
121,956
########
53,121
205,077
133,966
30,000
121,324
########
52,824
204,148
133,966

23. Leverage
Cum Cash Flow
Initial
Capex
Implied Exit Valuation
Equity
Leverage
Free Cash Flow
Equity
Implied Exit Valuation
Out of Pocket Investment
Equity
Leverage
Cum Free Cash Flow
Implied Exit Valuation
Out of Pocket Investment
Sep-30
Oct-30
Nov-30
Dec-30
Jan-31
Feb-31
Mar-31
Apr-31
May-31
Jun-31
Jul-31
120,697 120,072 119,450 118,832 118,217 117,605 116,996 116,390 115,788 115,188 114,592
######## ######## ######## ######## ######## ######## ######## ######## ######## ######## ########
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
275
350
275
275
975
625
210,003
202,305
208,106
200,488
199,580
219,960
197,778
203,449
196,005
201,620
194,240
30,000
120,697
########
59,307
210,003
133,966
30,000
120,072
########
52,234
202,305
133,966
30,000
119,450
########
58,656
208,106
133,966
30,000
118,832
########
51,656
200,488
133,966
30,000
118,217
########
51,363
199,580
133,966
30,000
117,605
########
72,355
219,960
133,966
30,000
116,996
########
50,782
197,778
133,966
30,000
116,390
########
57,059
203,449
133,966
30,000
115,788
########
50,217
196,005
133,966
30,000
115,188
########
56,431
201,620
133,966
30,000
114,592
########
49,647
194,240
133,966
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x

24. SUMMARY ASSUMPTIONS (data in US$000s, except per unit data)
General Assumptions
Model Name
Model Start Date
Choose Drilling Case
Silicon
09-30-10
2
1 = Slow
2 = Base
3 = Accelerated
Choose Location Case
4
1 = 1,000'
2 = 500'
3 = Google Location
4 = Dev Plan
92%
251
1
Oil ($/bbl)
1 = Strip
2 = Strip
3 = Strip
4 = Strip
M arcellus Summary Drilling Schedule
Targeted Wells Per Year
2012
2013
28
28
24
24
4
4
Discount Rate
Tax Rate
2010
2
1
1
2011
16
12
4
1
Slow
Hz Dry
Hz Wet
Vert Dry
Vert Wet
2
1
1
160
16
25
119
160
16
102
42
2
Base
Hz Dry
Hz Wet
Vert Dry
Vert Wet
2
1
1
16
12
4
3
Location Risking (Non-reviewed)
1,000 ft Locations
Choose Pricing Case
Gas ($/MMBtu)
1 = Strip
2 = $4.00 - LT
3 = $6.00 - LT
4 = $7.00 - LT
Name /
Type
Base
Hz Dry
Hz Wet
Vert Dry
Vert Wet
Accelerated
Hz Dry
Hz Wet
Vert Dry
Vert Wet
2
1
1
168
24
25
119
Case
2
2015
36
13
19
4
2016
52
48
4
63
16
47
-
32
32
-
32
1
31
-
32
32
-
28
24
4
28
24
4
36
32
4
36
13
19
4
52
48
4
172
28
102
42
83
36
47
-
48
25
23
-
48
48
-
48
48
-
Horizontal
Wet
17
17
Unrisked Well I nventory Summary
Pennsylvania
Well Type
Vertical
Vertical
Horizontal
Dry
Wet
Total
96
17
15
16
20
16
45
25
7
22
9
4
10
6
17
14
123
96
120
Vertical
Total
96
15
20
45
7
9
10
17
219
Dry
Total
31
36
70
29
13
16
31
226
Wet
Total
113
113
Horizontal
Wet
56
39
95
112
Unrisked Well I nventory Summary
West Virginia
Well Type
Vertical
Vertical
Horizontal
Dry
Wet
Total
3
2
13
11
2
2
2
35
56
25
21
8
2
3
1
31
39
56
66
134
179
162
254
Vertical
Total
3
13
2
2
35
25
8
3
31
122
341
Dry
Total
5
24
2
4
46
10
4
95
321
Wet
Total
91
70
161
274
Risked Well I nventory Summary
Pennsylvania
Risking
% of
Risk
Horizontal
Locations
Factor
Dry
100%
100%
100%
100%
16
100%
100%
16
100%
100%
25
100%
100%
22
92%
100%
3
100%
100%
6
100%
100%
14
102
Horizontal
Wet
17
17
Vertical
Dry
15
20
45
7
8
10
17
122
Vertical
Wet
96
96
Vertical
Dry
2
11
1
2
25
8
3
52
174
Vertical
Wet
35
31
66
162
gazhoo.com
10.0%
35.0%
Advisory Fees
Misc Fees
2014
36
32
4
$1,750
$350
Joint Venture Assumptions
Committed Investment
Upfront
Carry
42.9%
$70,000
$30,000
$40,000
I nitial Working I nterest Until Carry is Satisfied
Apple WI
Google WI
Apple % Funding of Google Capex
50.0%
50.0%
75.0%
Working I nterest Post Carry
Apple WI
Google WI
Apple % Funding of Google Capex
50.0%
50.0%
0.0%
Area
Butler
Cambria
Clarion
Clearfield
Fayette
Greene
Jefferson
Somerset
Horizontal
Dry
16
16
25
22
4
6
14
103
Reserve Assumptions
Estimated Ultimate Recovery (M M cfe)
PA
WV
Marshall
Wetzel
Clearfield
Fayette
Butler
Vertical Wet
Vertical Dry
Devonian
2,955
2,955
3,093
3,269
3,235
3,164
4,319
994
1,143
166
Risking of EURs and IPs (+ / -)
-
Area
Doddridge
Gilmer
Harrison
Lewis
Marion
Marshall
Monongalia
Pleasants
Tyler
Wetzel
Operating
Marcellus
LOE per well ($000 / month)
Year 1
Year 2
Year 3
Max
Cost escalation
$4.5
$4.0
$3.5
$4.5
PA
Sev Tax (% of Rev)
Additional Sev.($ / Mcf)
Sev Tax (Year Start)
Ad Valorem Tax
WV
5.0%
2012
Devonian
LOE per well ($000 / month)
Severance Tax
Ad Valorem
5.0%
$0.047
2010
-
Reviewed = 1
1
1
1
1
1
1
1
$0.9
5.0%
4.5%
Horizontal
Drilling
Completion
Land Cost
Capital Expenditures
Clearfield
$2,000
$2,530
$320
Other
$1,500
$3,030
$320
Horizontal
Drilling
Completion
Land Cost
Fayette
$1,500
$3,030
$320
Butler
$1,500
$3,030
$320
Vertical
Drilling
Completion
Land Cost
$390
$700
$160
Devonian
1st Month
2nd Month
3rd Month
$175
$175
$75
CAPEX Increase (Decrease)
Area
Butler
Cambria
Clarion
Clearfield
Fayette
Greene
Jefferson
Somerset
Horizontal
Dry
2
11
2
21
2
1
39
142
Area
Doddridge
Gilmer
Harrison
Lewis
Marion
Marshall
Monongalia
Pleasants
Tyler
Wetzel
Reviewed = 1
1
1
1
1
1
1
Drilling Assumptions (wells per rig per month)
Horizontal
Vertical
0.67
4.00
Production Delay (Months)
% Intangible Drilling Capex
Risked Well I nventory Summary
West Virginia
Risking
% of
Risk
Horizontal
Locations
Factor
Dry
92%
100%
1
92%
100%
92%
100%
10
92%
100%
100%
100%
2
100%
100%
100%
100%
21
100%
100%
2
100%
100%
1
100%
100%
37
139
Total Locations
75%
Well Type
Well Type
Horizontal
Wet
56
39
95
112
251
Leverage Assumptions
Total Debt / PDP Reserves ($/Mcfe)
Total Debt / EBITDAX
Interest Rate
336
$1.00
2.5x
6.0%
I mplied Asset Value Assumptions
PDP Reserves ($/Mcfe)
Production ($/Mcfe/d)
$2.00
$9,000

25. APPLE RETURN PROJECTIONS (data in US$000s, except per unit data)
60
($106,768)
-
Cum FCF
ROI
IRR
Unlevered After-Tax Economics
M onths
96
108
$25,110
$144,164
1.2x
2.1x
3.3%
12.6%
84
($51,233)
-
Cum FCF + Asset
ROI
IRR
240
$680,784
6.1x
22.4%
I mplied Asset Value Based on PDP Reserves ($2.00 / M cfe)
M onths
36
48
60
$3,654
$74,246
$179,774
1.0x
1.6x
2.3x
1.4%
16.3%
24.4%
84
$439,287
4.3x
29.1%
Cum FCF + Asset
ROI
IRR
120
$237,040
2.8x
16.6%
I mplied Asset Value Based on Production ($9,000 / M cfe /d)
M onths
36
48
60
$110,012
$229,546
$329,994
1.8x
2.7x
3.5x
34.8%
39.5%
37.0%
84
$628,515
5.7x
35.2%
Project After-Tax NPV - Apple I nterest (@ t=0)
NPV
$276,216
$171,484
$105,970
APPLE SUM M ARY STATI STI CS (data in US$000s, except per unit data)
M onth
36
Gross Producing Well Summary
Other PA Cos
Other WV Cos
Marshall
Wetzel
Clearfield
Fayette
Butler
Vertical Wet
Vertical Dry
Devonian
Total
total recovery (MMcfe)
Apple Production and Reserves
Production Rate (MMcfe/d)
Remaining PDP Reserves (Bcfe)
Cumulative Production (Bcfe)
Cum Apple Drilling Capex
44
1
10
55
572,809
Unlevered
$191,981
$83,450
$21,682
60
Discount
10%
15%
20%
72
84
96
120
144
192
240
240
240
56
37
5
6
18
122
237,715.56
5
56
39
10
16
17
22
165
34
56
39
25
22
17
26
219
68
5
56
39
25
22
17
30
262
78
14
56
39
25
22
17
38
289
78
14
56
39
25
22
17
46
297
78
14
56
39
25
22
17
62
313
78
14
56
39
25
22
17
78
329
78
14
56
39
25
22
17
78
329
78
14
56
39
25
22
17
78
329
26.6
66.5
13.4
48.5
143.3
41.7
62.4
191.8
61.7
75.5
245.3
86.6
74.2
277.1
114.4
49.8
257.7
159.9
38.8
229.3
192.3
28.5
188.4
241.2
22.7
158.6
278.9
22.7
158.6
278.9
22.7
158.6
278.9
₩
178,478
331,847
432,652
556,312
649,747
687,482
692,482
702,482
712,482
712,482
712,482
Unlevered After-Tax Data
Investment
Apple Equity JV Investment
$129,556
$133,966
$133,966
$133,966
$133,966
$133,966
$133,966
$133,966
$133,966
$133,966
$133,966
Cash Flow
Cum Apple Operating Cash Flow
Cum Apple Free Cash Flow
$81,259
(129,318)
$257,179
(106,768)
$383,517
(81,235)
$537,179
(51,233)
$706,957
25,110
$956,622
237,040
$1,091,130
366,548
$1,282,367
547,785
$1,425,366
680,784
$1,425,366
680,784
$1,425,366
680,784
Returns (Cash Flow)
Apple ROI
Apple IRR
Apple Remaining Project PV@10.0%
$413,341
$476,037
$496,497
$514,404
1.2x
3.3%
$485,582
2.8x
16.6%
$351,677
3.7x
19.8%
$281,559
5.1x
21.8%
$188,089
6.1x
22.4%
$111,478
6.1x
22.4%
$111,478
6.1x
22.4%
$111,478
1.8x
34.8%
3.5x
37.0%
4.6x
36.7%
5.8x
35.2%
6.2x
31.9%
6.1x
26.4%
6.4x
24.4%
7.0x
23.1%
7.6x
22.7%
7.6x
22.7%
7.6x
22.7%
Levered After-Tax Data
Investment
Apple Equity JV Investment
$85,203
$85,203
$85,203
$85,203
$85,203
$85,203
$85,203
$85,203
$85,203
$85,203
$85,203
Cash Flow
Cum Apple Operating Cash Flow
Cum Apple Free Cash Flow
$77,054
(67,038)
$241,100
20,424
$357,705
84,771
$498,495
155,343
$652,616
247,834
$894,866
433,027
$1,020,783
521,793
$1,182,925
605,715
$1,304,372
681,114
$1,304,372
681,114
$1,304,372
681,114
$517,415
1.2x
6.768%
$601,966
2.0x
19.752%
$635,056
2.8x
27.098%
$666,819
3.9x
32.399%
$653,237
6.1x
37.410%
$528,268
7.1x
38.462%
$429,516
8.1x
38.806%
$288,766
9.0x
38.889%
$171,435
9.0x
38.889%
$171,435
9.0x
38.889%
$171,435
2.2x
41.1%
4.7x
46.7%
6.4x
47.4%
8.0x
46.5%
8.5x
43.8%
8.3x
40.0%
8.5x
39.2%
9.2x
38.8%
9.9x
38.8%
9.9x
38.8%
9.9x
38.8%
Implied Asset Value (Production)
Apple ROI
Apple IRR
Returns (Cash Flow)
Apple ROI
Apple IRR
Apple Remaining Project PV@10.0%
Implied Asset Value (Production)
Apple ROI
Apple IRR

26. Monthly Projections (Summary)
2010
Sep-10
2010
Oct-10
2010
Nov-10
2010
Dec-10
2011
Jan-11
2011
Feb-11
2011
M ar-11
2011
Apr-11
2011
M ay-11
2011
Jun-11
2011
Jul-11
2011
Aug-11
3.75
3.75
4.00
3.79
3.75
4.00
61.78
39.74
0.00
0.00
0.00
0.00
0.00
0.00
125.00
0.00
-30,000.00
-32,162.50
-32,162.50
3.75
3.75
4.00
3.79
3.75
4.00
61.78
39.74
0.00
0.00
0.00
0.00
0.00
0.00
125.00
0.00
0.00
-62.50
-32,225.00
3.96
3.96
4.21
3.99
3.96
4.21
62.66
40.28
0.00
0.00
0.00
0.00
0.00
0.00
125.00
0.00
0.00
-62.50
-32,287.50
4.22
4.22
4.47
4.24
4.22
4.47
63.51
40.79
0.00
0.00
0.00
0.00
9.00
-9.00
2,495.00
-4.50
0.00
-2,140.75
-34,428.25
4.42
4.42
4.67
4.42
4.42
4.67
64.28
41.27
0.00
0.00
0.00
0.00
13.50
-13.50
2,783.17
-6.75
0.00
-2,080.83
-36,509.08
4.42
4.42
4.67
4.43
4.42
4.67
64.96
41.68
0.00
0.00
0.00
0.00
18.00
-18.00
2,783.17
-9.00
0.00
-2,083.08
-38,592.17
4.36
4.36
4.61
4.37
4.36
4.61
65.53
42.03
0.00
0.00
0.00
0.00
27.00
-27.00
3,333.17
-13.50
0.00
-2,568.83
-41,161.00
4.27
4.27
4.52
4.29
4.27
4.52
65.96
42.29
0.00
0.00
0.00
0.00
31.50
-31.50
12,573.17
-15.75
0.00
-10,656.08
-51,817.08
4.30
4.30
4.55
4.31
4.30
4.55
66.32
42.51
835.18
477.77
397.84
1,710.78
104.48
1,606.31
6,513.17
803.15
0.00
-4,534.68
-56,351.76
4.36
4.36
4.61
4.37
4.36
4.61
66.64
42.70
1,024.29
569.60
444.74
2,038.63
123.63
1,915.00
6,363.17
957.50
0.00
-4,249.09
-60,600.85
4.43
4.43
4.68
4.44
4.43
4.68
66.94
42.89
1,124.91
622.75
501.04
2,248.71
137.68
2,111.03
5,813.17
1,055.51
0.00
-3,669.82
-64,270.67
4.49
4.49
4.74
4.49
4.49
4.74
67.18
43.03
1,227.51
675.85
557.70
2,461.06
151.73
2,309.33
6,513.17
1,154.67
0.00
-4,183.17
-68,453.84
2010
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
3.92
3.92
4.17
3.95
3.92
4.17
62.43
40.14
0.00
0.00
0.00
0.00
9.00
-9.00
2,870.00
-4.50
-30,000.00
4.52
4.52
4.77
4.53
4.52
4.77
66.57
42.66
10,933.18
5,728.46
4,664.01
21,325.65
1,394.06
19,931.59
71,728.00
9,965.80
0.00
5.20
5.20
5.45
5.17
5.20
5.45
69.10
44.20
39,887.79
18,836.67
16,299.40
75,023.86
5,660.16
69,363.69
120,390.00
34,681.85
0.00
5.53
5.53
5.78
5.48
5.53
5.78
70.47
45.03
70,172.67
29,912.94
28,201.96
128,287.57
9,636.05
118,651.52
127,096.00
59,325.76
0.00
5.67
5.67
5.92
5.62
5.67
5.92
71.55
45.69
105,724.22
34,245.22
42,995.78
182,965.22
13,507.32
169,457.89
157,170.00
84,728.95
0.00
5.85
5.85
6.10
5.79
5.85
6.10
72.85
46.49
149,338.52
32,221.11
51,561.92
233,121.55
16,720.98
216,400.57
157,170.00
108,200.28
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
221,403.79
26,904.61
45,090.75
293,399.15
21,233.37
272,165.78
228,180.00
136,082.89
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
296,186.83
20,435.19
34,374.88
350,996.90
26,865.44
324,131.45
247,420.00
162,065.73
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
319,648.14
17,352.18
28,797.19
365,797.51
29,494.09
336,303.42
156,560.00
168,151.71
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
267,964.43
15,551.48
25,310.29
308,826.19
27,159.61
281,666.59
23,180.00
140,833.29
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
215,170.64
14,340.22
22,825.86
252,336.71
24,121.08
228,215.63
5,000.00
114,107.82
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
185,991.17
12,747.60
20,929.22
219,667.98
22,525.56
197,142.42
5,000.00
98,571.21
0.00
Yearly Projections (Summary)
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment

27. Monthly Projections (Summ
2011
Sep-11
2011
Oct-11
2011
Nov-11
2011
Dec-11
2012
Jan-12
2012
Feb-12
2012
M ar-12
4.52
4.52
4.77
4.52
4.52
4.77
67.40
43.16
1,432.33
767.94
612.79
2,813.06
171.81
2,641.26
6,363.17
1,320.63
0.00
-3,885.96
-72,339.79
4.61
4.61
4.86
4.61
4.61
4.86
67.62
43.30
1,538.43
813.66
665.91
3,017.99
185.75
2,832.24
5,813.17
1,416.12
0.00
-3,309.21
-75,649.00
4.88
4.88
5.13
4.87
4.88
5.13
67.86
43.44
1,710.70
858.30
717.20
3,286.20
202.31
3,083.89
6,513.17
1,541.95
0.00
-3,795.89
-79,444.89
5.22
5.22
5.47
5.19
5.22
5.47
68.11
43.60
2,039.83
942.58
766.80
3,749.21
226.67
3,522.54
6,363.17
1,761.27
0.00
-3,445.31
-82,890.20
5.42
5.42
5.67
5.38
5.42
5.67
68.27
43.69
2,191.01
979.26
813.54
3,983.81
294.65
3,689.16
4,060.83
1,844.58
0.00
-1,550.84
-84,441.04
5.38
5.38
5.63
5.35
5.38
5.63
68.42
43.79
1,942.08
864.61
722.02
3,528.70
278.76
3,249.94
4,060.83
1,624.97
0.00
-1,770.45
-86,211.49
5.25
5.25
5.50
5.22
5.25
5.50
68.58
43.88
1,731.22
780.62
658.69
3,170.53
272.99
2,897.53
4,610.83
1,448.77
0.00
-2,427.90
-88,639.39
4.93
4.93
5.18
4.92
4.93
5.18
68.73
43.98
1,510.12
715.13
610.49
2,835.74
264.15
2,571.59
22,940.83
1,285.80
0.00
-18,629.62
-107,269.01
4.94
4.94
5.19
4.93
4.94
5.19
68.89
44.07
3,217.14
1,613.33
1,396.85
6,227.32
457.82
5,769.50
10,820.83
2,884.75
0.00
-6,326.92
-113,595.92
4.98
4.98
5.23
4.96
4.98
5.23
69.04
44.16
3,459.10
1,719.31
1,459.91
6,638.32
489.80
6,148.52
10,670.83
3,074.26
0.00
-2,261.15
-115,857.08
2022
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
2012
2023
2024
2025
2026
2027
2028
2029
2030
2031
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
164,558.27
10,979.96
19,407.17
194,945.41
21,368.17
173,577.24
5,000.00
86,788.62
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
149,212.06
9,724.25
18,130.21
177,066.52
20,527.48
156,539.04
5,000.00
78,269.52
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
137,314.87
8,713.59
17,020.28
163,048.74
19,873.63
143,175.10
5,000.00
71,587.55
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
127,663.59
7,858.96
16,035.13
151,557.68
19,334.43
132,223.25
5,000.00
66,111.62
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
119,578.81
7,122.75
15,143.32
141,844.88
18,877.18
122,967.70
5,000.00
61,483.85
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
112,608.83
6,477.06
14,315.24
133,401.13
18,479.35
114,921.78
5,000.00
57,460.89
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
106,429.19
5,902.90
13,535.02
125,867.12
18,124.31
107,742.80
5,000.00
53,871.40
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
100,793.80
5,386.65
12,797.68
118,978.13
17,799.58
101,178.55
5,000.00
50,589.28
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
95,537.53
4,923.67
12,101.02
112,562.22
17,496.93
95,065.29
5,000.00
47,532.64
0.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
53,424.12
2,678.92
6,752.50
62,855.54
10,074.17
52,781.37
3,750.00
26,390.68
0.00
Apr-12
2012
M ay-12
2012
Jun-12
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment

28. Monthly Projections (Summ
2012
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2012
Aug-12
2013
Jul-12
Sep-12
2012
Oct-12
2012
Nov-12
2012
Dec-12
2012
Jan-13
2013
Feb-13
2013
M ar-13
5.03
5.03
5.28
5.01
5.03
5.28
69.18
44.25
3,636.25
1,796.09
1,546.98
6,979.32
517.38
6,461.94
10,120.83
3,230.97
0.00
-1,829.45
-117,686.53
5.08
5.08
5.33
5.05
5.08
5.33
69.33
44.34
3,824.60
1,877.32
1,638.96
7,340.89
546.37
6,794.52
10,820.83
3,397.26
0.00
-2,013.16
-119,699.69
5.09
5.09
5.34
5.07
5.09
5.34
69.47
44.43
4,120.07
2,000.47
1,730.64
7,851.18
583.20
7,267.98
10,670.83
3,633.99
0.00
-1,701.43
-121,401.11
5.18
5.18
5.43
5.15
5.18
5.43
69.62
44.52
4,338.19
2,075.93
1,820.39
8,234.51
612.58
7,621.93
10,120.83
3,810.97
0.00
-1,249.45
-122,650.56
5.42
5.42
5.67
5.38
5.42
5.67
69.77
44.61
4,690.23
2,150.20
1,907.93
8,748.36
648.14
8,100.23
10,820.83
4,050.11
0.00
-1,360.30
-124,010.87
5.69
5.69
5.94
5.64
5.69
5.94
69.92
44.70
5,227.78
2,264.40
1,992.99
9,485.17
694.32
8,790.86
10,670.83
4,395.43
0.00
-939.99
-124,950.86
5.87
5.87
6.12
5.81
5.87
6.12
69.99
44.74
5,539.49
2,327.90
2,073.24
9,940.63
721.25
9,219.38
2,799.67
4,609.69
0.00
3,209.86
-121,741.00
5.82
5.82
6.07
5.76
5.82
6.07
70.06
44.78
4,975.51
2,081.49
1,871.63
8,928.63
673.97
8,254.66
4,619.67
4,127.33
0.00
1,817.50
-119,923.50
5.66
5.66
5.91
5.61
5.66
5.91
70.14
44.83
4,480.57
1,898.75
1,729.14
8,108.45
642.38
7,466.08
5,169.67
3,733.04
0.00
1,148.21
-118,775.30

29. Monthly Projections (Summ
2013
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apr-13
5.27
5.27
5.52
5.24
5.27
5.52
70.22
44.88
3,910.19
1,755.19
1,619.07
7,284.46
606.79
6,677.66
26,529.67
3,338.83
0.00
-9,926.00
-128,701.30
2013
M ay-13
5.26
5.26
5.51
5.23
5.26
5.51
70.31
44.93
5,903.33
2,763.26
2,510.91
11,177.49
821.95
10,355.55
9,559.67
5,177.77
0.00
397.94
-128,303.36
Jun-13
2013
Jul-13
2013
2013
Aug-13
Sep-13
2013
Oct-13
2013
Nov-13
2013
Dec-13
2013
5.29
5.29
5.54
5.26
5.29
5.54
70.40
44.99
6,123.06
2,702.69
2,557.16
11,382.91
839.26
10,543.65
13,049.67
5,271.83
0.00
-1,253.01
-129,556.37
5.33
5.33
5.58
5.30
5.33
5.58
70.49
45.05
6,126.56
2,726.60
2,558.05
11,411.21
845.52
10,565.69
5,829.67
5,282.85
0.00
2,368.01
-127,188.36
5.38
5.38
5.63
5.34
5.38
5.63
70.59
45.11
5,914.21
2,608.39
2,457.32
10,979.92
830.10
10,149.82
14,409.67
5,074.91
0.00
-2,129.92
-129,318.28
5.40
5.40
5.65
5.36
5.40
5.65
70.70
45.17
6,641.42
2,800.64
2,736.76
12,178.83
897.80
11,281.03
8,199.67
5,640.52
0.00
1,540.68
-127,777.60
5.48
5.48
5.73
5.44
5.48
5.73
70.80
45.23
6,399.66
2,686.78
2,605.03
11,691.46
879.77
10,811.69
10,679.67
5,405.85
0.00
66.01
-127,711.59
5.67
5.67
5.92
5.62
5.67
5.92
70.91
45.30
6,750.17
2,766.32
2,679.04
12,195.54
910.20
11,285.33
9,559.67
5,642.67
0.00
862.83
-126,848.75
5.89
5.89
6.14
5.83
5.89
6.14
71.02
45.37
7,408.51
2,794.92
2,804.62
13,008.04
967.07
12,040.97
16,689.67
6,020.49
0.00
-2,324.35
-129,173.10

30. Monthly Projections (Summ
2014
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2014
Jan-14
Feb-14
6.06
6.06
6.31
5.99
6.06
6.31
71.09
45.41
7,639.14
2,864.43
2,836.20
13,339.76
993.73
12,346.03
3,640.00
6,173.02
0.00
4,353.02
-124,820.08
6.00
6.00
6.25
5.94
6.00
6.25
71.16
45.45
6,975.87
2,613.44
2,606.12
12,195.43
945.33
11,250.09
5,460.00
5,625.05
0.00
2,895.05
-121,925.04
2014
M ar-14
5.82
5.82
6.07
5.76
5.82
6.07
71.23
45.50
6,336.33
2,423.83
2,442.13
11,202.28
905.52
10,296.76
4,190.00
5,148.38
0.00
3,053.38
-118,871.66
2014
Apr-14
5.41
5.41
5.66
5.37
5.41
5.66
71.31
45.55
5,580.29
2,272.00
2,313.57
10,165.86
864.26
9,301.60
39,490.00
4,650.80
0.00
-15,094.20
-133,965.86
2014
M ay-14
5.40
5.40
5.65
5.36
5.40
5.65
71.39
45.60
9,661.18
3,338.81
4,168.99
17,168.99
1,211.49
15,957.50
10,400.00
7,978.75
0.00
2,778.75
-131,187.11
Jun-14
2014
Jul-14
2014
2014
Aug-14
Sep-14
2014
5.42
5.42
5.67
5.38
5.42
5.67
71.48
45.65
9,212.98
3,146.64
3,898.52
16,258.14
1,176.25
15,081.88
15,100.00
7,540.94
0.00
-9.06
-131,196.17
5.47
5.47
5.72
5.42
5.47
5.72
71.57
45.71
9,512.94
3,070.39
4,028.57
16,611.90
1,193.34
15,418.56
9,700.00
7,709.28
0.00
2,859.28
-128,336.88
5.51
5.51
5.76
5.46
5.51
5.76
71.67
45.76
9,370.75
2,943.66
3,952.59
16,267.01
1,185.66
15,081.35
15,250.00
7,540.68
0.00
-84.32
-128,421.21
5.53
5.53
5.78
5.48
5.53
5.78
71.77
45.82
9,904.83
2,970.46
4,139.83
17,015.12
1,224.83
15,790.29
10,250.00
7,895.14
0.00
2,770.14
-125,651.06

31. Monthly Projections (Summ
2014
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2014
2014
2015
2015
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
5.61
5.61
5.86
5.56
5.61
5.86
71.88
45.89
9,880.65
2,875.54
4,086.90
16,843.08
1,225.07
15,618.01
14,550.00
7,809.01
0.00
534.01
-125,117.06
5.81
5.81
6.06
5.75
5.81
6.06
72.00
45.96
10,634.15
2,879.51
4,285.40
17,799.06
1,274.27
16,524.79
10,400.00
8,262.39
0.00
3,062.39
-122,054.67
6.03
6.03
6.28
5.96
6.03
6.28
72.12
46.04
11,015.11
2,846.52
4,236.96
18,098.59
1,307.56
16,791.03
18,740.00
8,395.52
0.00
-974.48
-123,029.15
6.21
6.21
6.46
6.13
6.21
6.46
72.23
46.10
11,758.33
2,860.54
4,437.04
19,055.91
1,355.28
17,700.63
3,640.00
8,850.32
0.00
7,030.32
-115,998.83
6.16
6.16
6.41
6.08
6.16
6.41
72.34
46.17
10,515.89
2,639.98
3,985.19
17,141.06
1,272.53
15,868.54
3,640.00
7,934.27
0.00
6,114.27
-109,884.57
2015
M ar-15
5.98
5.98
6.23
5.91
5.98
6.23
72.45
46.24
9,509.22
2,477.23
3,711.21
15,697.66
1,219.29
14,478.36
6,010.00
7,239.18
0.00
4,234.18
-105,650.38
2015
Apr-15
5.59
5.59
5.84
5.54
5.59
5.84
72.56
46.31
8,405.44
2,346.85
3,508.84
14,261.12
1,157.29
13,103.84
37,670.00
6,551.92
0.00
-12,283.08
-117,933.47
2015
M ay-15
5.57
5.57
5.82
5.52
5.57
5.82
72.67
46.37
13,185.93
2,971.57
5,074.66
21,232.16
1,467.13
19,765.03
13,430.00
9,882.52
0.00
3,167.52
-114,765.95
2015
Jun-15
5.60
5.60
5.85
5.55
5.60
5.85
72.78
46.44
13,052.67
2,898.58
4,712.37
20,663.62
1,445.63
19,217.99
13,890.00
9,608.99
0.00
2,663.99
-112,101.96

32. Monthly Projections (Summ
2015
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2015
Aug-15
2015
Jul-15
Sep-15
2015
Oct-15
2015
Nov-15
2015
Dec-15
2016
Jan-16
2016
Feb-16
2016
M ar-16
2016
Apr-16
5.65
5.65
5.90
5.60
5.65
5.90
72.90
46.51
12,777.75
2,752.15
4,441.62
19,971.53
1,416.25
18,555.28
9,700.00
9,277.64
0.00
4,427.64
-107,674.32
5.70
5.70
5.95
5.65
5.70
5.95
73.02
46.59
12,753.16
2,647.14
4,279.78
19,680.07
1,407.23
18,272.84
16,460.00
9,136.42
0.00
906.42
-106,767.90
5.73
5.73
5.98
5.67
5.73
5.98
73.14
46.66
13,904.88
2,765.47
4,528.91
21,199.26
1,477.07
19,722.18
12,070.00
9,861.09
0.00
3,826.09
-102,941.81
5.81
5.81
6.06
5.75
5.81
6.06
73.26
46.74
13,828.68
2,656.35
4,341.63
20,826.66
1,465.65
19,361.01
9,700.00
9,680.50
0.00
4,830.50
-98,111.30
6.01
6.01
6.26
5.94
6.01
6.26
73.39
46.81
14,207.29
2,573.23
4,230.86
21,011.38
1,479.49
19,531.90
13,430.00
9,765.95
0.00
3,050.95
-95,060.35
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
15,439.29
2,632.02
4,309.80
22,381.11
1,558.15
20,822.97
17,530.00
10,411.48
0.00
1,646.48
-93,413.87
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
15,303.56
2,549.58
4,203.49
22,056.63
1,556.15
20,500.48
8,280.00
10,250.24
0.00
6,110.24
-87,303.63
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
14,169.74
2,402.50
3,971.75
20,543.99
1,504.54
19,039.45
6,460.00
9,519.73
0.00
6,289.73
-81,013.90
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
13,358.05
2,283.79
3,796.61
19,438.45
1,478.13
17,960.32
8,830.00
8,980.16
0.00
4,565.16
-76,448.74
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,716.33
2,183.43
3,652.85
18,552.61
1,450.68
17,101.93
50,610.00
8,550.96
0.00
-16,754.04
-93,202.78

33. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2016
M ay-16
2016
Jun-16
2016
Jul-16
2016
Aug-16
2016
Sep-16
2016
Oct-16
2016
Nov-16
2016
Dec-16
2017
Jan-17
2017
Feb-17
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
20,456.17
2,539.94
4,364.73
27,360.84
1,856.60
25,504.24
20,100.00
12,752.12
0.00
2,702.12
-90,500.66
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
20,218.55
2,410.19
4,031.04
26,659.77
1,854.60
24,805.18
16,920.00
12,402.59
0.00
3,942.59
-86,558.07
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
19,837.33
2,276.65
3,825.17
25,939.14
1,843.64
24,095.50
19,400.00
12,047.75
0.00
2,347.75
-84,210.32
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
20,262.52
2,170.21
3,670.26
26,102.99
1,871.89
24,231.10
18,280.00
12,115.55
0.00
2,975.55
-81,234.77
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
20,854.91
2,124.38
3,543.66
26,522.94
1,914.34
24,608.60
19,950.00
12,304.30
0.00
2,329.30
-78,905.47
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
21,254.15
2,042.91
3,435.45
26,732.51
1,940.91
24,791.60
14,550.00
12,395.80
0.00
5,120.80
-73,784.67
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
21,144.53
1,970.54
3,340.41
26,455.48
1,947.66
24,507.83
20,100.00
12,253.91
0.00
2,203.91
-71,580.76
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
21,827.96
1,950.50
3,255.33
27,033.80
2,014.24
25,019.56
24,700.00
12,509.78
0.00
159.78
-71,420.98
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
21,763.71
1,887.83
3,178.20
26,829.74
2,019.92
24,809.81
7,280.00
12,404.91
0.00
8,764.91
-62,656.07
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
20,182.60
1,831.91
3,107.52
25,122.04
1,953.41
23,168.63
7,280.00
11,584.31
0.00
7,944.31
-54,711.75

34. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2017
M ar-17
2017
Apr-17
2017
M ay-17
2017
Jun-17
2017
Jul-17
2017
Aug-17
2017
Sep-17
2017
Oct-17
2017
Nov-17
2017
Dec-17
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
19,046.08
1,780.62
3,042.28
23,868.97
1,914.19
21,954.78
7,830.00
10,977.39
0.00
7,062.39
-47,649.36
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
18,146.12
1,732.64
2,981.65
22,860.41
1,880.32
20,980.10
66,080.00
10,490.05
0.00
-22,549.95
-70,199.32
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
28,200.65
1,733.62
2,925.01
32,859.28
2,393.28
30,466.00
20,100.00
15,233.00
0.00
5,183.00
-65,016.32
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
27,140.10
1,732.27
2,871.88
31,744.24
2,354.79
29,389.46
19,950.00
14,694.73
0.00
4,719.73
-60,296.59
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
26,749.44
1,686.06
2,821.85
31,257.36
2,346.71
28,910.65
19,400.00
14,455.33
0.00
4,755.33
-55,541.26
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
26,653.23
1,643.82
2,774.57
31,071.62
2,355.33
28,716.29
20,100.00
14,358.15
0.00
4,308.15
-51,233.12
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
26,844.33
1,648.69
2,729.80
31,222.82
2,380.23
28,842.59
19,950.00
14,421.30
0.00
4,446.30
-46,786.82
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
26,945.44
1,608.11
2,687.25
31,240.80
2,397.53
28,843.27
19,400.00
14,421.64
0.00
4,721.64
-42,065.18
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
27,093.65
1,570.48
2,646.77
31,310.90
2,419.14
28,891.76
20,100.00
14,445.88
0.00
4,395.88
-37,669.30
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
27,421.47
1,579.12
2,608.11
31,608.70
2,450.60
29,158.10
19,950.00
14,579.05
0.00
4,604.05
-33,065.25

35. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2018
Jan-18
2018
Feb-18
2018
M ar-18
2018
Apr-18
2018
M ay-18
2018
Jun-18
2018
Jul-18
2018
Aug-18
2018
Sep-18
2018
Oct-18
2018
Nov-18
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
27,604.80
1,542.61
2,571.21
31,718.63
2,459.78
29,258.85
3,640.00
14,629.42
0.00
12,809.42
-20,255.83
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
25,667.03
1,508.39
2,535.86
29,711.28
2,366.83
27,344.44
3,640.00
13,672.22
0.00
11,852.22
-8,403.60
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
24,301.70
1,476.89
2,501.97
28,280.57
2,312.00
25,968.56
6,010.00
12,984.28
0.00
9,979.28
1,575.68
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
23,224.61
1,446.62
2,469.41
27,140.65
2,261.00
24,879.65
40,700.00
12,439.82
0.00
-7,910.18
-6,334.50
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
28,889.94
1,462.86
2,438.14
32,790.93
2,553.34
30,237.60
13,430.00
15,118.80
0.00
8,403.80
2,069.30
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
28,174.76
1,475.91
2,408.02
32,058.69
2,534.01
29,524.68
13,890.00
14,762.34
0.00
7,817.34
9,886.64
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
27,279.33
1,442.82
2,379.02
31,101.17
2,494.52
28,606.66
9,700.00
14,303.33
0.00
9,453.33
19,339.97
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
26,707.56
1,412.66
2,351.00
30,471.22
2,472.01
27,999.21
16,460.00
13,999.60
0.00
5,769.60
25,109.57
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
27,514.11
1,428.51
2,323.99
31,266.61
2,528.48
28,738.13
12,070.00
14,369.06
0.00
8,334.06
33,443.64
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
26,903.00
1,397.99
2,297.85
30,598.83
2,501.97
28,096.87
9,700.00
14,048.43
0.00
9,198.43
42,642.07
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
26,499.65
1,369.81
2,272.59
30,142.05
2,487.65
27,654.41
13,430.00
13,827.20
0.00
7,112.20
49,754.28

36. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2018
Dec-18
2019
Jan-19
2019
Feb-19
2019
M ar-19
2019
Apr-19
2019
M ay-19
2019
Jun-19
2019
Jul-19
2019
Aug-19
2019
Sep-19
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
26,881.64
1,387.11
2,248.12
30,516.87
2,522.51
27,994.37
13,890.00
13,997.18
0.00
7,052.18
56,806.46
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
26,487.95
1,358.65
2,224.41
30,071.00
2,496.55
27,574.46
0.00
13,787.23
0.00
13,787.23
70,593.69
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
25,143.20
1,331.86
2,201.43
28,676.50
2,423.00
26,253.50
0.00
13,126.75
0.00
13,126.75
83,720.44
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
24,140.68
1,307.31
2,179.11
27,627.10
2,372.07
25,255.03
550.00
12,627.52
0.00
12,352.52
96,072.95
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
23,319.38
1,283.93
2,157.44
26,760.75
2,324.57
24,436.17
18,880.00
12,218.09
0.00
2,778.09
98,851.04
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
22,765.59
1,305.83
2,136.39
26,207.82
2,289.13
23,918.68
700.00
11,959.34
0.00
11,609.34
110,460.38
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
22,281.87
1,324.86
2,115.94
25,722.66
2,262.19
23,460.48
550.00
11,730.24
0.00
11,455.24
121,915.62
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
21,701.16
1,297.57
2,096.05
25,094.78
2,227.34
22,867.44
0.00
11,433.72
0.00
11,433.72
133,349.34
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
21,176.73
1,272.47
2,076.66
24,525.86
2,197.32
22,328.54
700.00
11,164.27
0.00
10,814.27
144,163.61
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
20,848.05
1,293.19
2,057.81
24,199.06
2,178.48
22,020.58
550.00
11,010.29
0.00
10,735.29
154,898.90

37. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2019
Oct-19
2019
Nov-19
2019
Dec-19
2020
Jan-20
2020
Feb-20
2020
M ar-20
2020
Apr-20
2020
M ay-20
2020
Jun-20
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
20,393.13
1,267.31
2,039.44
23,699.88
2,150.75
21,549.13
0.00
10,774.57
0.00
10,774.57
165,673.46
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
19,973.35
1,243.53
2,021.52
23,238.40
2,126.22
21,112.19
700.00
10,556.09
0.00
10,206.09
175,879.56
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
19,733.33
1,264.98
2,004.07
23,002.38
2,111.99
20,890.39
550.00
10,445.20
0.00
7,543.37
183,422.93
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
19,354.72
1,240.12
1,987.02
22,581.86
2,087.75
20,494.11
0.00
10,247.05
0.00
7,242.02
190,664.95
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
19,001.62
1,217.49
1,970.41
22,189.51
2,068.75
20,120.76
0.00
10,060.38
0.00
7,114.69
197,779.65
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
18,670.49
1,196.42
1,954.17
21,821.08
2,055.29
19,765.79
550.00
9,882.89
0.00
6,789.71
204,569.35
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
18,358.75
1,176.09
1,938.30
21,473.14
2,036.69
19,436.45
700.00
9,718.22
0.00
6,582.11
211,151.46
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
18,213.93
1,201.12
1,922.78
21,337.83
2,024.84
19,312.99
700.00
9,656.50
0.00
6,525.78
217,677.24
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
18,070.02
1,223.51
1,907.64
21,201.17
2,017.87
19,183.31
550.00
9,591.65
0.00
6,521.30
224,198.54

38. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2020
Jul-20
2020
Aug-20
2020
Sep-20
2020
Oct-20
2020
Nov-20
2020
Dec-20
2021
Jan-21
2021
Feb-21
2021
M ar-21
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
17,778.23
1,198.79
1,892.83
20,869.85
2,000.30
18,869.55
0.00
9,434.78
0.00
6,607.82
230,806.36
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
17,503.78
1,176.76
1,878.32
20,558.86
1,985.51
18,573.35
700.00
9,286.67
0.00
6,234.01
237,040.38
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
17,394.30
1,199.75
1,864.15
20,458.20
1,980.26
18,477.95
550.00
9,238.97
0.00
6,242.96
243,283.34
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
17,133.57
1,176.69
1,850.26
20,160.52
1,964.83
18,195.69
0.00
9,097.85
0.00
6,338.73
249,622.06
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
16,887.42
1,154.57
1,836.66
19,878.65
1,951.44
17,927.21
700.00
8,963.61
0.00
5,977.02
255,599.09
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
16,803.80
1,178.91
1,823.33
19,806.04
1,947.56
17,858.48
550.00
8,929.24
0.00
5,990.88
261,589.97
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
16,566.96
1,156.45
1,810.27
19,533.67
1,932.86
17,600.81
0.00
8,800.40
0.00
6,106.21
267,696.18
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
16,343.07
1,135.48
1,797.49
19,276.04
1,921.71
17,354.33
0.00
8,677.16
0.00
6,022.75
273,718.93
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
16,130.24
1,116.38
1,784.95
19,031.57
1,911.03
17,120.54
550.00
8,560.27
0.00
5,739.34
279,458.27

39. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2021
Apr-21
2021
M ay-21
2021
Jun-21
2021
Jul-21
2021
Aug-21
2021
Sep-21
2021
Oct-21
2021
Nov-21
2021
Dec-21
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
15,927.22
1,098.34
1,772.61
18,798.17
1,899.74
16,898.43
700.00
8,449.21
0.00
5,573.74
285,032.01
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
15,733.03
1,080.73
1,760.52
18,574.28
1,889.79
16,684.49
700.00
8,342.24
0.00
5,493.73
290,525.74
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
15,546.98
1,064.99
1,748.69
18,360.66
1,880.30
16,480.36
550.00
8,240.18
0.00
5,472.55
295,998.29
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
15,368.07
1,049.78
1,737.05
18,154.90
1,870.12
16,284.78
0.00
8,142.39
0.00
5,602.82
301,601.11
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
15,195.92
1,035.73
1,725.60
17,957.25
1,861.27
16,095.98
700.00
8,047.99
0.00
5,271.76
306,872.87
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
15,030.02
1,021.55
1,714.38
17,765.96
1,852.65
15,913.31
550.00
7,956.65
0.00
5,257.84
312,130.71
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
14,869.80
1,008.64
1,703.35
17,581.79
1,843.37
15,738.42
0.00
7,869.21
0.00
5,395.86
317,526.57
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
14,714.89
995.60
1,692.50
17,402.98
1,835.26
15,567.73
700.00
7,783.86
0.00
5,071.81
322,598.38
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
14,564.97
983.92
1,681.82
17,230.70
1,827.45
15,403.25
550.00
7,701.63
0.00
5,061.17
327,659.55

40. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2022
Jan-22
2022
Feb-22
2022
M ar-22
2022
Apr-22
2022
M ay-22
2022
Jun-22
2022
Jul-22
2022
Aug-22
2022
Sep-22
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
14,419.80
972.20
1,671.32
17,063.32
1,818.86
15,244.45
0.00
7,622.23
0.00
5,208.97
332,868.51
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
14,279.12
961.17
1,661.02
16,901.30
1,811.50
15,089.80
0.00
7,544.90
0.00
5,155.69
338,024.20
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
14,142.45
949.92
1,650.84
16,743.20
1,804.27
14,938.93
550.00
7,469.46
0.00
4,900.45
342,924.65
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
14,009.68
939.41
1,640.81
16,589.91
1,796.80
14,793.11
700.00
7,396.55
0.00
4,768.37
347,693.01
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
13,880.68
928.41
1,630.95
16,440.03
1,789.91
14,650.12
700.00
7,325.06
0.00
4,713.63
352,406.65
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
13,755.25
918.47
1,621.26
16,294.98
1,783.27
14,511.71
550.00
7,255.85
0.00
4,716.35
357,123.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
13,633.02
908.30
1,611.67
16,152.99
1,776.22
14,376.77
0.00
7,188.39
0.00
4,867.05
361,990.05
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
13,514.05
899.05
1,602.22
16,015.32
1,769.92
14,245.40
700.00
7,122.70
0.00
4,558.37
366,548.42
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
13,398.02
889.06
1,592.92
15,879.99
1,763.66
14,116.33
550.00
7,058.17
0.00
4,563.48
371,111.90

41. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2022
Oct-22
2022
Nov-22
2022
Dec-22
2023
Jan-23
2023
Feb-23
2023
M ar-23
2023
Apr-23
2023
M ay-23
2023
Jun-23
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
13,284.99
880.32
1,583.75
15,749.06
1,757.16
13,991.90
0.00
6,995.95
0.00
4,718.64
375,830.54
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
13,174.48
870.93
1,574.67
15,620.09
1,751.16
13,868.92
700.00
6,934.46
0.00
4,412.30
380,242.84
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
13,066.75
862.72
1,565.75
15,495.22
1,745.43
13,749.79
550.00
6,874.89
0.00
4,419.65
384,662.50
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,961.51
853.84
1,556.92
15,372.28
1,739.25
13,633.03
0.00
6,816.52
0.00
4,582.12
389,244.62
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,858.74
845.89
1,548.22
15,252.85
1,733.73
13,519.12
0.00
6,759.56
0.00
4,542.70
393,787.32
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,758.11
837.55
1,539.60
15,135.26
1,728.28
13,406.98
550.00
6,703.49
0.00
4,300.67
398,087.99
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,659.72
829.38
1,531.11
15,020.21
1,722.95
13,297.26
700.00
6,648.63
0.00
4,187.46
402,275.45
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,563.46
821.50
1,522.71
14,907.66
1,717.72
13,189.94
700.00
6,594.97
0.00
4,145.74
406,421.19
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,469.33
813.28
1,514.43
14,797.04
1,712.57
13,084.47
550.00
6,542.23
0.00
4,159.81
410,581.00

42. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2023
Jul-23
2023
Aug-23
2023
Sep-23
2023
Oct-23
2023
Nov-23
2023
Dec-23
2024
Jan-24
2024
Feb-24
2024
M ar-24
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,376.97
805.77
1,506.19
14,688.92
1,707.54
12,981.38
0.00
6,490.69
0.00
4,322.91
414,903.91
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,286.65
798.21
1,498.08
14,582.95
1,702.63
12,880.31
700.00
6,440.16
0.00
4,024.47
418,928.38
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,198.00
790.44
1,490.06
14,478.50
1,697.73
12,780.77
550.00
6,390.38
0.00
4,040.85
422,969.22
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,111.20
783.53
1,482.13
14,376.87
1,693.03
12,683.84
0.00
6,341.92
0.00
4,205.95
427,175.17
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
12,025.93
775.72
1,474.26
14,275.91
1,688.28
12,587.62
700.00
6,293.81
0.00
3,909.73
431,084.90
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,942.43
769.14
1,466.51
14,178.08
1,683.75
12,494.33
550.00
6,247.16
0.00
3,927.76
435,012.66
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,860.52
762.45
1,458.83
14,081.80
1,679.29
12,402.51
0.00
6,201.26
0.00
4,099.88
439,112.54
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,780.07
755.21
1,451.22
13,986.50
1,674.81
12,311.69
0.00
6,155.84
0.00
4,069.51
443,182.05
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,701.01
748.88
1,443.68
13,893.58
1,670.48
12,223.09
550.00
6,111.55
0.00
3,836.67
447,018.73

43. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2024
Apr-24
2024
M ay-24
2024
Jun-24
2024
Jul-24
2024
Aug-24
2024
Sep-24
2024
Oct-24
2024
Nov-24
2024
Dec-24
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,623.40
741.63
1,436.23
13,801.26
1,666.15
12,135.11
700.00
6,067.56
0.00
3,740.45
450,759.18
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,547.16
735.48
1,428.85
13,711.49
1,661.96
12,049.54
700.00
6,024.77
0.00
3,709.87
454,469.05
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,472.32
728.58
1,421.57
13,622.47
1,657.78
11,964.69
550.00
5,982.34
0.00
3,734.72
458,203.77
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,398.68
722.35
1,414.31
13,535.35
1,653.70
11,881.64
0.00
5,940.82
0.00
3,908.41
462,112.18
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,326.36
716.29
1,407.16
13,449.81
1,649.71
11,800.10
700.00
5,900.05
0.00
3,620.38
465,732.57
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,255.18
710.16
1,400.08
13,365.41
1,645.75
11,719.66
550.00
5,859.83
0.00
3,647.05
469,379.61
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,185.20
703.57
1,393.04
13,281.82
1,641.83
11,639.99
0.00
5,819.99
0.00
3,821.84
473,201.46
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,116.36
697.34
1,386.09
13,199.79
1,637.97
11,561.82
700.00
5,780.91
0.00
3,535.55
476,737.01
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
11,048.61
691.64
1,379.21
13,119.46
1,634.20
11,485.26
550.00
5,742.63
0.00
3,563.09
480,300.10

44. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2025
Jan-25
2025
Feb-25
2025
M ar-25
2025
Apr-25
2025
M ay-25
2025
Jun-25
2025
Jul-25
2025
Aug-25
2025
Sep-25
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,981.95
686.10
1,372.38
13,040.44
1,630.52
11,409.91
0.00
5,704.96
0.00
3,741.35
484,041.46
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,916.43
680.18
1,365.63
12,962.23
1,626.84
11,335.40
0.00
5,667.70
0.00
3,717.07
487,758.52
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,851.77
674.04
1,358.91
12,884.72
1,623.20
11,261.53
550.00
5,630.76
0.00
3,490.18
491,248.71
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,788.15
668.12
1,352.28
12,808.55
1,619.59
11,188.96
700.00
5,594.48
0.00
3,407.38
494,656.09
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,725.45
663.10
1,345.68
12,734.23
1,616.12
11,118.11
700.00
5,559.05
0.00
3,384.29
498,040.38
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,663.86
656.94
1,339.19
12,659.99
1,612.63
11,047.36
550.00
5,523.68
0.00
3,416.55
501,456.92
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,603.05
651.68
1,332.72
12,587.45
1,609.21
10,978.24
0.00
5,489.12
0.00
3,596.83
505,053.76
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,543.08
646.63
1,326.29
12,516.00
1,605.86
10,910.14
700.00
5,455.07
0.00
3,316.52
508,370.27
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,484.02
641.24
1,319.93
12,445.19
1,602.55
10,842.64
550.00
5,421.32
0.00
3,349.83
511,720.11

45. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2025
Oct-25
2025
Nov-25
2025
Dec-25
2026
Jan-26
2026
Feb-26
2026
M ar-26
2026
Apr-26
2026
M ay-26
2026
Jun-26
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,425.79
635.70
1,313.62
12,375.11
1,599.22
10,775.89
0.00
5,387.94
0.00
3,530.89
515,251.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,368.39
630.43
1,307.36
12,306.18
1,595.98
10,710.20
700.00
5,355.10
0.00
3,251.36
518,502.36
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,311.64
624.82
1,301.14
12,237.60
1,592.73
10,644.88
550.00
5,322.44
0.00
3,285.38
521,787.74
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,255.74
620.64
1,294.95
12,171.34
1,589.65
10,581.69
0.00
5,290.85
0.00
3,467.61
525,255.35
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,200.68
615.45
1,288.84
12,104.97
1,586.52
10,518.45
0.00
5,259.23
0.00
3,447.00
528,702.35
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,146.24
609.86
1,282.74
12,038.83
1,583.37
10,455.47
550.00
5,227.73
0.00
3,223.66
531,926.01
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,092.48
605.14
1,276.69
11,974.31
1,580.34
10,393.98
700.00
5,196.99
0.00
3,148.31
535,074.32
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
10,039.38
600.76
1,270.67
11,910.81
1,577.38
10,333.43
700.00
5,166.71
0.00
3,128.58
538,202.89
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,987.06
595.54
1,264.70
11,847.30
1,574.36
10,272.95
550.00
5,136.47
0.00
3,164.18
541,367.07

46. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2026
Jul-26
2026
Aug-26
2026
Sep-26
2026
Oct-26
2026
Nov-26
2026
Dec-26
2027
Jan-27
2027
Feb-27
2027
M ar-27
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,935.33
590.78
1,258.77
11,784.88
1,571.42
10,213.46
0.00
5,106.73
0.00
3,347.61
544,714.68
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,884.17
586.21
1,252.86
11,723.25
1,568.54
10,154.71
700.00
5,077.35
0.00
3,070.34
547,785.02
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,833.68
581.80
1,246.99
11,662.47
1,565.67
10,096.80
550.00
5,048.40
0.00
3,106.78
550,891.79
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,783.79
576.72
1,241.16
11,601.68
1,562.79
10,038.89
0.00
5,019.45
0.00
3,290.72
554,182.51
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,734.54
572.47
1,235.37
11,542.37
1,560.00
9,982.37
700.00
4,991.19
0.00
3,014.18
557,196.69
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,685.71
567.37
1,229.59
11,482.67
1,557.16
9,925.51
550.00
4,962.75
0.00
3,050.96
560,247.64
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,637.49
563.64
1,223.84
11,424.97
1,554.49
9,870.48
0.00
4,935.24
0.00
3,235.84
563,483.48
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,589.81
558.95
1,218.13
11,366.90
1,551.74
9,815.16
0.00
4,907.58
0.00
3,217.81
566,701.29
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,542.64
554.16
1,212.45
11,309.24
1,549.00
9,760.24
550.00
4,880.12
0.00
2,997.10
569,698.39

47. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2027
Apr-27
2027
M ay-27
2027
Jun-27
2027
Jul-27
2027
Aug-27
2027
Sep-27
2027
Oct-27
2027
Nov-27
2027
Dec-27
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,495.96
550.17
1,206.79
11,252.92
1,546.35
9,706.57
700.00
4,853.28
0.00
2,924.30
572,622.68
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,449.76
546.15
1,201.16
11,197.07
1,543.74
9,653.33
700.00
4,826.67
0.00
2,906.95
575,529.63
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,404.05
541.40
1,195.57
11,141.02
1,541.10
9,599.92
550.00
4,799.96
0.00
2,944.85
578,474.49
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,358.78
537.16
1,189.99
11,085.93
1,538.48
9,547.45
0.00
4,773.73
0.00
3,130.57
581,605.05
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,313.92
533.55
1,184.44
11,031.90
1,535.96
9,495.95
700.00
4,747.97
0.00
2,855.66
584,460.71
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,269.63
529.09
1,178.92
10,977.65
1,533.39
9,444.26
550.00
4,722.13
0.00
2,894.13
587,354.84
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,225.65
524.72
1,173.44
10,923.80
1,530.85
9,392.95
0.00
4,696.48
0.00
3,080.22
590,435.06
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,182.16
520.97
1,167.97
10,871.09
1,528.37
9,342.73
700.00
4,671.36
0.00
2,805.73
593,240.79
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,138.99
517.11
1,162.53
10,818.63
1,525.89
9,292.74
550.00
4,646.37
0.00
2,844.75
596,085.54

48. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2028
Jan-28
2028
Feb-28
2028
M ar-28
2028
Apr-28
2028
M ay-28
2028
Jun-28
2028
Jul-28
2028
Aug-28
2028
Sep-28
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,096.19
512.77
1,157.11
10,766.07
1,523.43
9,242.65
0.00
4,621.32
0.00
3,031.24
599,116.78
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,053.79
508.81
1,151.72
10,714.32
1,520.98
9,193.34
0.00
4,596.67
0.00
3,015.17
602,131.95
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
9,011.74
505.18
1,146.35
10,663.26
1,518.57
9,144.69
550.00
4,572.35
0.00
2,796.50
604,928.45
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,970.01
501.55
1,141.01
10,612.57
1,516.19
9,096.38
700.00
4,548.19
0.00
2,725.45
607,653.90
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,928.68
497.15
1,135.71
10,561.54
1,513.78
9,047.76
700.00
4,523.88
0.00
2,709.60
610,363.50
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,887.65
493.30
1,130.41
10,511.37
1,511.41
8,999.96
550.00
4,499.98
0.00
2,749.34
613,112.84
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,846.93
489.96
1,125.14
10,462.02
1,509.09
8,952.93
0.00
4,476.46
0.00
2,936.83
616,049.67
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,806.48
486.69
1,119.89
10,413.06
1,506.80
8,906.26
700.00
4,453.13
0.00
2,663.49
618,713.16
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,766.44
481.72
1,114.70
10,362.86
1,504.40
8,858.46
550.00
4,429.23
0.00
2,703.23
621,416.38

49. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2028
Oct-28
2028
Nov-28
2028
Dec-28
2029
Jan-29
2029
Feb-29
2029
M ar-29
2029
Apr-29
2029
M ay-29
2029
Jun-29
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,726.53
478.65
1,109.49
10,314.67
1,502.15
8,812.52
0.00
4,406.26
0.00
2,891.07
624,307.45
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,687.02
475.30
1,104.32
10,266.65
1,499.89
8,766.76
700.00
4,383.38
0.00
2,618.03
626,925.48
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,647.72
471.83
1,099.19
10,218.74
1,497.63
8,721.10
550.00
4,360.55
0.00
2,658.47
629,583.95
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,608.66
467.45
1,094.07
10,170.18
1,495.33
8,674.85
0.00
4,337.42
0.00
2,846.20
632,430.15
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,569.88
464.18
1,088.96
10,123.02
1,493.12
8,629.90
0.00
4,314.95
0.00
2,831.56
635,261.71
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,531.29
461.11
1,083.88
10,076.29
1,490.93
8,585.36
550.00
4,292.68
0.00
2,614.23
637,875.94
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,493.01
457.50
1,078.84
10,029.34
1,488.70
8,540.64
700.00
4,270.32
0.00
2,544.34
640,420.28
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,454.89
453.65
1,073.84
9,982.38
1,486.48
8,495.90
700.00
4,247.95
0.00
2,529.76
642,950.05
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,417.05
450.05
1,068.82
9,935.92
1,484.28
8,451.65
550.00
4,225.82
0.00
2,570.65
645,520.70

50. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2029
Jul-29
2029
Aug-29
2029
Sep-29
2029
Oct-29
2029
Nov-29
2029
Dec-29
2030
Jan-30
2030
Feb-30
2030
M ar-30
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,379.40
447.14
1,063.84
9,890.38
1,482.15
8,408.23
0.00
4,204.11
0.00
2,759.32
648,280.02
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,341.99
443.87
1,058.89
9,844.75
1,480.00
8,364.75
700.00
4,182.38
0.00
2,487.02
650,767.04
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,304.74
439.99
1,053.98
9,798.71
1,477.81
8,320.90
550.00
4,160.45
0.00
2,528.05
653,295.09
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,267.71
437.05
1,049.05
9,753.81
1,475.70
8,278.11
0.00
4,139.05
0.00
2,716.91
656,012.00
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,230.88
433.80
1,044.18
9,708.86
1,473.58
8,235.28
700.00
4,117.64
0.00
2,444.83
658,456.84
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,194.29
430.87
1,039.33
9,664.49
1,471.50
8,192.99
550.00
4,096.49
0.00
2,486.36
660,943.20
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,157.79
427.22
1,034.48
9,619.49
1,469.37
8,150.11
0.00
4,075.06
0.00
2,675.20
663,618.40
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,121.48
424.00
1,029.65
9,575.13
1,467.27
8,107.86
0.00
4,053.93
0.00
2,661.43
666,279.84
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,085.35
421.09
1,024.86
9,531.30
1,465.22
8,066.09
550.00
4,033.04
0.00
2,445.01
668,724.84

51. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2030
Apr-30
2030
M ay-30
2030
Jun-30
2030
Jul-30
2030
Aug-30
2030
Sep-30
2030
Oct-30
2030
Nov-30
2030
Dec-30
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,049.53
417.88
1,020.12
9,487.53
1,463.14
8,024.39
700.00
4,012.19
0.00
2,376.11
671,100.95
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
8,013.73
414.87
1,015.37
9,443.97
1,461.08
7,982.88
700.00
3,991.44
0.00
2,362.58
673,463.53
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,978.15
411.37
1,010.64
9,400.17
1,459.02
7,941.15
550.00
3,970.58
0.00
2,404.29
675,867.82
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,942.76
408.50
1,005.93
9,357.18
1,456.99
7,900.19
0.00
3,950.09
0.00
2,593.76
678,461.58
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,907.51
405.45
1,001.27
9,314.22
1,454.95
7,859.27
700.00
3,929.64
0.00
2,322.30
680,783.88
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,872.45
402.83
996.61
9,271.90
1,452.97
7,818.93
550.00
3,909.46
0.00
2,364.46
683,148.34
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,837.60
399.48
991.97
9,229.04
1,450.93
7,778.11
0.00
3,889.06
0.00
2,553.98
685,702.32
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,802.85
396.76
987.36
9,186.97
1,448.97
7,738.00
700.00
3,869.00
0.00
2,282.78
687,985.10
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,768.33
394.22
982.77
9,145.32
1,447.01
7,698.31
550.00
3,849.16
0.00
2,325.16
690,310.25

52. Monthly Projections (Summ
Date
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
Apple Net Free Cash Flow
Apple Cumulative Cash Flow (I
Yearly Projections (Summa
Realized Prices
Marshall Gas ($/Mcf)
Wetzel Gas ($/Mcf)
Clearfield Gas ($/Mcf)
Fayette Gas ($/Mcf)
Butler Gas ($/Mcf)
Dry Gas ($/Mcf)
Oil ($/bbl)
NGL ($/bbl)
Total Gas Revenues
Total Oil Revenues
Total NGL Revenues
Total Revenues
Total Operating Expenses
Operating Cash Flow
Total Capital Expenditures
Apple Operating Cash Flow
Apple Upfront Payment
2031
Jan-31
2031
Feb-31
2031
M ar-31
2031
Apr-31
2031
M ay-31
2031
Jun-31
2031
Jul-31
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,733.91
391.26
978.18
9,103.36
1,445.02
7,658.34
0.00
3,829.17
0.00
2,514.94
692,825.19
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,699.57
388.19
973.62
9,061.39
1,443.03
7,618.36
550.00
3,809.18
0.00
2,299.50
695,124.70
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,665.60
385.24
969.12
9,019.96
1,441.09
7,578.88
0.00
3,789.44
0.00
2,489.05
697,613.74
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,631.70
382.43
964.61
8,978.73
1,439.14
7,539.60
1,950.00
3,769.80
0.00
1,758.10
699,371.84
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,597.99
380.17
960.12
8,938.28
1,437.25
7,501.03
0.00
3,750.52
0.00
2,464.08
701,835.92
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,564.40
377.00
955.66
8,897.05
1,435.27
7,461.78
1,250.00
3,730.89
0.00
1,990.86
703,826.78
6.23
6.23
6.48
6.15
6.23
6.48
73.52
46.89
7,530.95
374.63
951.19
8,856.76
1,433.38
7,423.39
0.00
3,711.69
0.00
96,585.02
800,411.80