This document contains a presentation by Ledger Partnerships about investing in oil and gas production. It discusses the company's strategy of purchasing producing oil and gas leases and consolidating them into portfolios to generate predictable cash flows. It notes the risks involved in oil and gas investments and that past performance is not indicative of future results. The presentation provides examples of production assets generating monthly revenues ranging from $9,000 to $110,000 and argues that current low oil and gas prices create opportunities to purchase production assets.

1. July 1, 2016
Ledger Partnerships
https://vimeo.com/156774449/8a1d215068

2. Disclaimer
This presentation contains forward-looking statements (projections, valuations, estimates and plans,
among others) that involve significant unknown and known risks, uncertainties and other factors that
could cause actual results and actual values to vary materially from the projections, valuations,
estimates, and plans contained herein. Those receiving this presentation are cautioned not to rely
on any such forward-looking statements in the event they decide to invest in Ledger-Cambrian
Partnership, Ltd, and that they should view these forward-looking statements as matters that cannot
be guaranteed or warranted in any way, and that any potential investor should reach his or her own
conclusions on these matters. Among the many factors that could cause results to vary are factors
involving oil and gas exploration, the volatility associated with commodity pricing, world wide oil and
gas supplies, domestic and international economic trends, world wide geopolitical factors,
environmental issues, and laws associated with drilling for and producing hydrocarbons. There is
potential risk to lose the entire investment. These risks and many others may be discussed in the
Private Placement Memorandum, which should be reviewed carefully by any potential investor. This is
neither an offer to sell nor a solicitation of an offer to buy securities described herein. An
offering is made only by the Confidential Private Placement Memorandum (PPM). Past
Performance is not indicative of future results. Securities offered through Crescent Securities.
Crescent Securities is not affiliated with Ledger Petroleum, LLC or the Ledger-Cambrian
Partnership, Ltd. Always consult a tax professional prior to investing.
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3. In The Oil And Gas Business
On a regular basis, Ledger Petroleum purchases
producing oil and gas leases in North America
consolidating them into Portfolios.
The goal is to purchase predictable cash flows for a
cash return on capital using standard oil and gas
engineering practices.
First Priority is to distribute Cash to the partners,
Second Priority is to use excess cash-flow to replace
reserves. Our Prices are hedged whenever possible.
The (Almost) Perfect Investment
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4. Ledger Investment Mantra
“Job 1 is to reduce or eliminate
the risk of investing in the
Oil & Gas Sector”.
Paul Anthony Thomas
Financial Publisher,
Professional Investor
and Geologist
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5. From the experience of Paul A.
Thomas Only, Not To Be Used For
Investment Purposes
Ledger Petroleum
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6. HEDGED
Cash-flow For Decades
SINCE 1951
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7. Question:
How Many Days for the
United States to use the Bakken?
~378
7.2 Billion barrels reserves recoverable/19 Million barrels/day
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8. Why Oil & Gas – The Core Commodity
The supply of oil and gas is limited and uncertain while the
demand for energy continually grows as the global population
expands.
This fact alone
supports the
long term value
of owning
direct oil & gas
now and in the
future.
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9. DOE Argonne National Labs 2006
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10. CARTOON OF ESTIMATED EFFECTS – ACTUAL ANNUAL RESULTS VARY
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11. Direct Oil &
Gas Production
Source: Wealth Management Systems for Wells Fargo: Asset Allocation: A Sound Investment Strategy
How They Performed (1985-2014)
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12. ACTIVE MANAGEMENT IS KEY!
 GOALS: Current Income & Capital Appreciation.
 RESEARCH: Analyze 100 targets to purchase 2-3 packages.
 DIVERSIFICATION: Income Producing Assets in many States
 RISK MITIGATION: Ongoing Hedging Program
 EXPERIENCE: 60+ Combined Years of Experience.
 INEFFICIENT NICHE OPPORTUNISTIC INVESTMENTS
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13. Principals
 Founder, Ledger Petroleum, 12 years
 Prior roles: President-Allegro Energy (9 years)
VP Finance - Dunigan Petroleum (3 years)
Operations - James P. Dunigan (5 years)
 MBA – Hardin-Simmons University
 Chief accountant for 26 Oil & Gas related companies
 Acquired over 1000 b/d in 24 months in the 1990’s
 Managed 200+ producing wells as operator/producer
Allan Meador
Managing Partner
30 Years Experience
Paul Thomas
Managing Partner
30 Years Experience
 Founder, Ledger Petroleum, 12 years
 Prior roles: Independent Consulting Geologist (3 years)
U.S. EPA – Pipeline Cleanup/Solid Waste Specialist (7 years)
Thomas Resources – Wellsite Geologist/Oil Operator (13 years)
 Certified Professional Geological Scientist #7243, Member AAPG
 BS, Geology – Hardin-Simmons University. BS, Psychology, Texas A&M University
 Registered Landman, Member AAPL
 Has leased over 2,000,000 acres for exploration
 Has drilled or supervised 200+ wells as Operator or Field Supervisor
 Owned & Managed Gathering Systems & Pipelines
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14. Cambrian
Partnership
Acquisition
Sweet Spot
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15. $30,000/month
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www.ledgerpetroleum.com
Market Opportunity-Sample

16. 17www.ledgerpetroleum.com
Average Cashflow:
$30,000/month
Market Opportunity - Sample

17. Eagleford Production
$54,000/month
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Market Opportunity-Sample
MONTHLY REVENUES/EXPENSES -
Production
Month
Net
Revenue
L.O.E. Net Profit
Oct. 2015 $54,267.62 $3,349.58 $50,918.04
Sept. 2015 $44,758.04 $6,647.49 $38,110.55
August 2015 $52,198.61 $3,785.72 $48,412.89
July 2015 $57,372.57 $2,593.08 $54,779.49
June 2015 $66,994.20 $2,507.85 $64,486.35
May 2015 $70,073.82 $1,628.06 $68,445.77

18. Texas Panhandle
$9,000/month
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Market Opportunity-Sample

19. Oklahoma Miss
77 wells – 67 producers
$110,000/month
High Bid $300,000.
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Market Opportunity-Sample

20. Upton Co Texas
Horizontals
Wolfecamp A/B
$40,000/month
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Market Opportunity-Sample

21. 2122
Opportunities
Abound
To Purchase
Producing
Interests
Midland Map Company Image
Market Opportunity

22. STEP 1 = Diversification Mitigates Risk
Areas where potential acquisitions are located
• Diversified by Location and
Pay Horizon: proven-producing
fields with multiple pay horizons
in multiple states.
• Diversified by Production:
Partnership assets will be
Natural Gas, Liquids and Oil.
• Diversified by Operator:
XTO, Devon, Mewborne,
Sandridge, Plymouth,
Vista, Yates, many
others…
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23. Why Do We Hedge Out 2 – 3 Years…
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17%
Severe dips in prices do not historically last
greater than 24 months and create extreme
wealth creation opportunities.
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Other Risk Management Tools Include…
• Little or no use of debt.
• Limited exposure to low risk drilling.
• Ongoing reviews of property profitability
• Routine portfolio evaluations
• Property Hygrading – this is a trading
partnership where we buy and sell interests
routinely for a profit.
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25. Recap of Benefits:
1. Experienced Management
2. 10 Year Track Record
3. Diversification – Operators, States, Pipelines, Pay Zones
4. Strong Risk Management:
5. Not Correlated to Financial Markets
6. Tax advantaged Income
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26. 26
Track Record
Average
11.79%
Cash
Average 17.31%
Net Income

27. 27
Ledger Petroleum Today – Catching Assets!
Price Declines in Oil & Gas Cause A
Major Relocation of Assets Over Time
Ledger Petroleum is Prepared to Catch
Assets As They Come Available.

28. 30www.ledgerpetroleum.com
NOW IS THE BEST TIME IN THE PAST
30 YEARS TO BE PURCHASING OIL
AND GAS PRODUCTION! PERIOD
Ledger Petroleum, LLC
558 Ambler Avenue
Abilene, Texas
79601
325-695-1329
THANK YOU
The (Almost) Perfect Investment