Falls City FieldPendleton Oil FieldStack PlayPermian

Operated Properties
Pendleton Field, Sabine Parish, LA
Field Summary:
- Pendleton Field was discovered in 1960,and has produced > 40 MMBO from vertical wells, primarily in the mid 1960’s, early 1970’s . API gravity ranges from 40-55 degree
- Pendleton Field is not a continuous “single” reservoir. It is compartmentalized into separate accumulations providing opportunity for horizontal redevelopment
- Primary storage and deliverability is in fractures
- We have no evidence of significant matrix contribution
- Horizontal wells are more likely to encounter oil charged fractures missed by vertical drilling
- We expect to recoveries to average 250,000-300,000 BO per section with per well recoveries from 70–150 MBO
Technical focus:
- Identification of areas within the field with highest re development potential – develop core areas
- Reducing operating cost
- Identification of area in the field less likely to produce water
- Utilization of drilling and completion techniques that will optimize oil recovery, limit water production and minimize costs

Activity to Date:
- Roxanna has a 25% WI in this project
- Leased 24,126 acres
- Drilled 4 horizontal development wells
2018 – drilled initial well – confirmed concept viability
- Olympia Minerals #1
- Cumulative oil sales thru 3Q 2020 – 52987 barrels
2019 Drilled 3 wells – evaluated extent of re-development potential
- Olympia Minerals #2 – Extension of OM#1 trend
- Cumulative sales 3Q 2020 – 47169 barrels
- Currently ~ 80 bopd
- Olympia Minerals #3 – Extension to new fault block
- Olympia Minerals #5 – Significant extension
- Tested 90 bopd on short test
- Shut in during price collapse
- Restart 1Q2021
2020 Drilled 1 well
- Vertical well P&A’d
- Primary term for all leases extended to September 2022
- Work program underway to significantly increase Field Level Operating Profit (FLOP)
2021 and beyond – focus on core development areas

OM#2 Flare While Drilling
Key Learning and Observations from Roxanna Activity:
- What we have learned over the last 2 years and continue to learn about this reservoir will allow us to make significant improvements to the overall profitability
- Oil remains to be recovered in Pendleton Field
- Horizontal wells can be effectively steered to stay high in the reservoir and avoid the Midway shale
- The southern fault trends of the field have significant reservoir energy and wells will flow initially
- Horizontal wells are effective in encountering multiple fracture zones, including productive intervals between historically productive trends
- Open hole completions may not provide efficient recovery of the oil: smarter completions are necessary – managing conformance and managing water
- Oil production favorably compares to wells drilled 30 years previously
- Water production is much higher than expected, more effective water control is critical to economic success
- Our focus is on reducing cost and optimizing oil production
Fall City Field, Richardson Co, NE

Marlan Downey: Wayne 1-H Well
Roxanna acquired a 3,000 acre position in this field targeting discontinuous Hunton limestone formed by karsting of the reservoir that produced over 40 MMBO from vertical wells.
Roxanna successfully steered a 3,000’ lateral targeting unswept oil due to the discontinuous nature of the permeability, by examining cuttings every 10’ and LWD gamma ray to identify the Hunton/Chattanoga boundary to stay in zone and intersect high porosity, oil filled reservoir.
Our water disposal facility and flat production rates has allowed for economic monthly production and doubled the fields total production rate.
We hold a 16%WI, and are operators of the project.
Royalty Interests
Permian Basin, Reeves and Culberson Co, TX

Stack Play, Kingfisher and Garfield Co, OK
