ex_647906.htm

A Year-End 2023 engineering and economic evaluation has been prepared for Truleum, Inc. (herein after referred to as “Truleum”) on projected Proved and Non-Proved remaining oil and gas reserves. The oil and gas reserves associated with these properties were evaluated and classified using SEC guidelines and constitute all of Truleum’s Proved and Non-Proved Reserves. Information utilized in the evaluation was provided by Truleum or gathered from public sources and Pinnacle in-house data.

The Proved reserves include five (5) Proved Developed Producing (PDP) wells, six (6) Proved Developed Non-Producing (PDNP) wells and 6 (six) Proved Behind Pipe (P-BP) cases. Non- Proved reserves include (2) Probable Behind Pipe (PROB-BP) locations, two (2) Probable Non- Producing, and eight (8) Probable Undeveloped (PROB-UD) locations. Also included in the attached economic reports are six (6) Proved Shut-in (PDSI) wells, however these wells were given no value or reserves for this evaluation.

The reserves and economics were determined by using the year end 2023 SEC Pricing. The table below summarizes the net reserves and future cumulative cashflow, both undiscounted and discounted (at 10%) prior to considering the effects of Federal Income Taxes.

Results summarized by reserve category showing forecasts of production, reserves, revenues, and income are presented in a monthly/yearly format and are attached to this report. One-line economic summaries by well of the results from the analysis are also included in the attachments.

For producing wells, typical and customary forecasting of future rates and reserves was applied for Proved Producing (PDP) wells. Well production records, logs, and completion records from all Truleum and offset wells were reviewed and evaluated to determine the potential and reserve classification of up-hole and down-hole intervals identified for future work on currently producing and inactive wells. Volumetric analysis, log analysis, analogy analysis, log cross- sections, completion information, and production analysis was performed to establish potential recoveries and reserve categorization based on SEC standards.

The producing or inactive wells evaluated were mostly originally drilled in the 2003-2010-time frame and completed in the Mississippian formation. Other formations found productive and commercial in Truleum, and other operator area wells include the Layton, Oswego, Viola, Wilcox, Hunton, and Carmichael formations.

The Woodford Shale formation and Mississippian formation have been drilled horizontally in the immediate area and found to be productive, although these wells were drilled and completed approximately 10 years ago with early completion designs and would not meet current commercial requirements to be Proved Undeveloped Reserves. No horizontal wells utilizing current completion designs have been completed nearby and although expectations of commercial rates and reserves are projected to be achievable on wells included in this report based on analogy analysis of other recent Woodford and Mississippian horizontal wells in the region, Non-Proved (Probable) undeveloped categories are applied to the horizontal cases/wells include herein.

Future net cashflow reported is after deducting state production taxes and ad valorem taxes, but before consideration of any state and/or federal income taxes. Future net cashflow has been discounted at various annual rates, including a standard ten percent (10%), to determine its “present worth.” The present worth is shown to indicate the effect of time on the value of money and should not be construed as being the fair market value of the properties.

Interest information for wells and leasehold was provided by Truleum and verified by professional landmen contracted to consult with Truleum. These interests have been reviewed and are assumed to be correct. They are shown on the attached Exhibit A.

SEC pricing is defined as the arithmetic average of the first day-of-the-month NYMEX prices for the twelve months prior to the effective date of the evaluation. As of January 1, 2024, the SEC prices, prior to applying differentials and pricing adjustments, is $2.64/mcf for gas and

Prices were adjusted for basis, transportation, and other differential items based on an analysis of revenue data and averaged -15% to NYMEX monthly prices on natural gas and -1.50$/BBl on oil pricing. A +20% differential on natural gas was applied to undeveloped Woodford horizontal locations to account for higher BTU and NGL content. These pricing adjustments were applied to each well in the economic evaluations.

Operating expenses applied to each well based on fixed and variable water expenses provided by Truleum and are reasonable based on the area of operations and types of producing wells.

Capital expenditures for workovers, behind pipe recompletions, well reactivation cases were prepared and applied in the economic evaluations. These costs were provided by Truleum and were deemed reasonable for the activities planned.

Estimated plugging, abandonment, and restoration costs were applied to each well based on the well’s depths, location, and projected plugging design. These costs were estimated to be $20,000 for wells completed in or projected to be completed the Layton, Oswego, Mississippian, Wilcox, or Viola formations, and $10,000 for wells completed in the shallower Carmichael formation.

These costs are deemed to be reasonable based on actual plugging costs incurred by Truleum or other Pinnacle clients in the general area.

Remaining recoverable reserves are those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward. All reserve estimates involve some degree of uncertainty depending primarily on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data. The relative degree of uncertainty is conveyed by classifying reserves as Proved (highly certain) or Non-Proved (less certain). The estimated reserves and revenues shown in this report were determined by SEC standards for Proved Developed Producing (PDP) wells, Proved Non- Producing (PNP) wells, Proved Behind Pipe (P-BP), Probable Non-Producing (PROB-NP) wells, and Probable Undeveloped (PROB) locations.

Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs with defined limits and under current economic conditions, operating methods, and government regulations.

Proved reserves are further classified as Proved Developed Producing (PDP) which is assigned to wells with sufficient production history to allow material balance and decline curve analysis to be the primary methods of estimation. PDP reserves are the most reliable reserves, generally with a high degree of confidence (>90%) that actually recovered quantities will equal or exceed published reserve estimates.

Proved Developed Non-Producing (PNP) reserves include zones that have been penetrated by drilling but have not produced or have not produced in sufficient quantities to allow material balance or decline curve analysis with a high degree of confidence. This category includes Proved Developed Behind-Pipe (PNPBP) zones and tested wells awaiting production equipment (PNP).

Proved Undeveloped (PUD) reserves are those quantities of petroleum that are estimated to be recovered from undrilled acreage (locations) in a continuous portion of the Proved Developed reservoir as defined by directly offsetting PDP wells and geological interpretations. The Proved Undeveloped and Non-Producing wells are forecasted based on geological data presented, volumetric calculations, and analog comparisons to existing completions.

Non-Proved (Probable) Undeveloped reserves in this evaluation have the technical merits to be considered Proved Reserves but have been evaluated as being less certain to be recovered than Proved reserves and do not meet SEC criteria to be classified as Proved Reserves in this evaluation due to the lack of recent nearby analogy wells with commercial reserves and rates, and utilize modern completion methods.

The reserves and values included in this report are estimates only and should not be construed as being exact quantities. The reserve estimates were performed using accepted engineering practices and were primarily based on historical rate decline analysis for existing producers.

When possible and practical, volumetric calculations and analogies were integrated into the reserve estimates. As additional pressure and production performance data becomes available, reserve estimates may increase or decrease in the future. The revenue from such reserves and the actual costs related may be more or less than the estimated amounts. Because of governmental policies and uncertainties of supply and demand, the prices actually received for the reserves included in this report and the costs incurred in recovering such reserves may vary from the price and cost assumptions referenced. Therefore, in all cases, estimates of reserves may increase or decrease as a result of future operations.

In evaluating the information available for this analysis, items excluded from consideration were all matters as to which legal or accounting, rather than engineering interpretation, may be controlling. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering data and such conclusions necessarily represent only informed professional judgments.

Pinnacle Energy Services, LLC is an established petroleum engineering consulting firm formed in 1998 and is a registered engineering firm in the states of Oklahoma (CA 4238 PE)and Texas (Fp6204). The managing partner of Pinnacle Energy Services, LLC (John Paul Dick), is a registered professional engineer in Oklahoma (PE 20455) and Texas (PE 69778), and is a member of SPE, SPEE, SPWLA and has over 40 year of experience evaluating and certifying oil and gas reserves. All employees of Pinnacle have degrees or experience related to work perfonned by the firm.

We hereby confirm that neither this firm, its affiliates, nor any of its employees, members, officers, or directors has, or is committed to acquire any interest, directly or indirectly, in the properties covered by this report in any partnership any general partner of the partnerships, nor is this firm or any employee, member or officer, or director thereof otherwise affiliated with any partnership or any such general partner. This report was completely independently prepared by Pinnacle Energy Services LLC and our engagement and payment for services in connection with this report is independent of the outcome and not on a contingent basis.

The titles to the properties has not been examined by Pinnacle but Truleum has engaged a professional land firm to provide guidance and verify ownerships in the wells and lands. A field inspection of the properties is not usually considered necessary for the purpose of this report.

All infonnation reviewed and utilized will be retained and is available for review by authorized parties at any time. Information used to prepare the evaluation was provided by Truleum and was supplemented by public and inphouse data. Pinnacle Energy Services LLC can take no responsibility for the accuracy of the data used in the analysis, whether gathered from public sources or otherwise.

Eco. Indicators
Return on Investment (disc) :	2.013	Present Worth Profile (M$)
Return on Investment (undisc) :	2.856	PW	5.00% :	30,174.28	PW	20.00% :	12,051.96
Years to Payout :	2.60	PW	8.00% :	24,386.17	PW	30.00% :	7,217.12
Internal Rate of Return (%) :	74.95	PW	10.00% :	21,395.39	PW	40.00% :	4,332.46
		PW	12.00% :	18,901.29	PW	50.00% :	2,472.69
		PW	15.00% :	15,853.49	PW	60.00% :	1,214.79

TRC Standard Eco.rpt

PES Page 12 of 103

Date : 03/27/2024	9:59:17AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Proved Producing Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	39.53	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	164.67	$78.22/bbl
Est. Cum Water (Mbbl) :	31.51	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		1.67		9.13		1.29		7.02		76.72		2.24		114.56		0.00		54.35		8.13		0.00		52.08		49.73
2025		1.47		8.33		1.14		6.40		76.72		2.24		101.55		0.00		50.16		7.21		0.00		44.18		88.07
2026		1.34		7.68		1.03		5.90		76.72		2.24		92.30		0.00		47.64		6.55		0.00		38.11		118.13
2027		1.23		7.13		0.95		5.47		76.72		2.24		85.00		0.00		45.71		6.04		0.00		33.26		141.98
2028		1.14		6.67		0.88		5.12		76.72		2.24		79.19		0.00		44.15		5.62		0.00		29.41		161.15
2029		1.01		4.87		0.78		3.72		76.72		2.24		68.42		0.00		37.48		4.86		0.00		26.09		176.61
2030		0.94		2.85		0.73		2.18		76.72		2.24		60.85		0.00		32.81		4.32		0.00		23.71		189.38
2031		0.89		2.33		0.69		1.79		76.72		2.24		56.94		0.00		31.20		4.04		0.00		21.69		200.00
2032		0.85		2.20		0.66		1.69		76.72		2.24		54.10		0.00		30.28		3.84		20.00		-0.02		199.73
2033		0.80		2.07		0.62		1.59		76.72		2.24		51.22		0.00		29.36		3.64		9.64		8.58		203.09
2034		0.68		1.24		0.53		0.94		76.72		2.24		42.42		0.00		22.64		3.01		0.00		16.77		209.26
2035		0.60		0.79		0.47		0.59		76.72		2.24		37.05		0.00		18.89		2.63		0.00		15.53		214.45
2036		0.58		0.74		0.44		0.56		76.72		2.24		35.38		0.00		18.40		2.51		0.00		14.47		218.85
2037		0.55		0.70		0.42		0.52		76.72		2.24		33.63		0.00		17.91		2.39		20.00		-6.67		216.93
2038		0.52		0.65		0.40		0.49		76.72		2.24		32.08		0.00		17.47		2.28		0.00		12.33		220.03

Rem.		3.07	3.62	2.37	2.72	76.72	2.24	187.73	0.00	112.59	13.33	40.00	21.81	7.52
Total	22.2	17.35	61.02	13.39	46.70	76.72	2.24	1,132.41	0.00	611.04	80.40	89.64	351.32	227.55
Ult.		56.87	225.69

Eco. Indicators
Return on Investment (disc) :	11.127	Present Worth Profile (M$)
Return on Investment (undisc) :	4.919	PW	5.00% :	277.94	PW	20.00% :	167.96
Years to Payout :	1.84	PW	8.00% :	245.42	PW	30.00% :	135.21
Internal Rate of Return (%) :	>1000	PW	10.00% :	227.55	PW	40.00% :	114.60
		PW	12.00% :	212.15	PW	50.00% :	100.39
		PW	15.00% :	192.80	PW	60.00% :	89.95

TRC Standard Eco.rpt

PES Page 13 of 103

Date : 03/27/2024	9:59:17AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Proved Behind Pipe Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	106.68	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	948.54	$78.22/bbl
Est. Cum Water (Mbbl) :	21.06	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		2.00		4.75		1.50		3.71		76.72		2.24		123.74		0.00		13.82		8.79		467.06		-365.93		-341.68
2025		10.21		29.18		7.68		22.26		76.72		2.24		639.15		0.00		83.80		45.38		527.25		-17.28		-360.82
2026		12.09		32.31		9.17		24.66		76.72		2.24		758.54		0.00		106.96		53.86		0.00		597.72		111.18
2027		9.86		26.66		7.48		20.34		76.72		2.24		619.61		0.00		97.00		43.99		0.00		478.62		454.66
2028		8.38		22.77		6.36		17.37		76.72		2.24		527.11		0.00		90.15		37.43		0.00		399.53		715.25
2029		7.27		19.78		5.52		15.09		76.72		2.24		457.48		0.00		84.85		32.48		0.00		340.15		916.88
2030		6.44		17.53		4.90		13.37		76.72		2.24		405.59		0.00		80.83		28.80		0.00		295.97		1,076.36
2031		5.79		15.74		4.40		12.01		76.72		2.24		364.62		0.00		77.60		25.89		0.00		261.13		1,204.28
2032		5.27		14.32		4.01		10.92		76.72		2.24		332.25		0.00		75.01		23.59		0.00		233.64		1,308.31
2033		4.82		13.07		3.67		9.97		76.72		2.24		303.77		0.00		72.70		21.57		0.00		209.50		1,393.10
2034		4.45		12.05		3.39		9.19		76.72		2.24		280.56		0.00		70.79		19.92		0.00		189.85		1,462.95
2035		4.14		11.18		3.15		8.53		76.72		2.24		260.72		0.00		69.14		18.51		0.00		173.07		1,520.84
2036		3.88		10.45		2.95		7.98		76.72		2.24		244.20		0.00		67.75		17.34		0.00		159.11		1,569.22
2037		3.63		9.77		2.76		7.45		76.72		2.24		228.50		0.00		66.41		16.22		0.00		145.87		1,609.53
2038		3.42		9.19		2.60		7.01		76.72		2.24		215.27		0.00		65.27		15.28		0.00		134.71		1,643.38

Rem.		60.18	139.14	45.87	106.71	76.72	2.24	3,758.28	0.00	1,738.75	266.85	155.75	1,596.93	188.10
Total	50.0	151.84	387.88	115.41	296.57	76.72	2.24	9,519.41	0.00	2,860.84	675.91	1,150.07	4,832.59	1,831.48
Ult.		258.52	1,336.41

Eco. Indicators
Return on Investment (disc) :	3.045	Present Worth Profile (M$)
Return on Investment (undisc) :	5.202	PW	5.00% :	2,780.80	PW	20.00% :	960.70
Years to Payout :	2.89	PW	8.00% :	2,139.76	PW	30.00% :	560.28
Internal Rate of Return (%) :	79.75	PW	10.00% :	1,831.48	PW	40.00% :	336.56
		PW	12.00% :	1,585.77	PW	50.00% :	198.07
		PW	15.00% :	1,298.90	PW	60.00% :	106.70

TRC Standard Eco.rpt

PES Page 14 of 103

Date : 03/27/2024	9:59:17AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Proved Non-Producing Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	126.79	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	846.14	$78.22/bbl
Est. Cum Water (Mbbl) :	16.66	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		1.80		9.70		1.35		7.37		76.72		2.24		120.19		0.00		40.51		8.53		223.95		-152.80		-141.62
2025		3.92		22.28		2.94		16.87		76.72		2.24		263.32		0.00		78.73		18.70		0.00		165.89		2.42
2026		3.30		19.33		2.48		14.65		76.72		2.24		222.79		0.00		70.26		15.82		0.00		136.71		110.32
2027		2.88		17.15		2.16		13.01		76.72		2.24		194.85		0.00		65.12		13.84		0.00		115.90		193.46
2028		2.57		15.49		1.93		11.76		76.72		2.24		174.54		0.00		61.56		12.39		0.00		100.58		259.04
2029		2.33		13.58		1.74		10.32		76.72		2.24		156.99		0.00		57.88		11.15		0.00		87.96		311.17
2030		2.13		9.49		1.60		7.23		76.72		2.24		138.89		0.00		50.77		9.86		0.00		78.27		353.33
2031		1.97		8.82		1.48		6.72		76.72		2.24		128.53		0.00		48.97		9.13		0.00		70.43		387.83
2032		1.81		8.26		1.36		6.29		76.72		2.24		118.22		0.00		45.77		8.39		14.46		49.60		410.13
2033		1.57		7.71		1.18		5.88		76.72		2.24		104.00		0.00		38.37		7.38		0.00		58.25		433.70
2034		1.48		7.24		1.11		5.52		76.72		2.24		97.89		0.00		37.42		6.95		0.00		53.52		453.39
2035		1.40		6.82		1.05		5.20		76.72		2.24		92.49		0.00		36.58		6.57		18.56		30.78		463.85
2036		1.33		6.45		1.00		4.92		76.72		2.24		87.91		0.00		35.86		6.24		0.00		45.80		477.78
2037		1.26		6.08		0.95		4.63		76.72		2.24		83.33		0.00		35.15		5.92		0.00		42.26		489.46
2038		1.20		5.75		0.91		4.38		76.72		2.24		79.42		0.00		34.54		5.64		0.00		39.25		499.32

Rem.		20.65	73.37	15.47	55.77	76.72	2.24	1,312.05	0.00	755.25	93.16	77.50	386.14	52.28
Total	50.0	51.61	237.50	38.72	180.51	76.72	2.24	3,375.41	0.00	1,492.74	239.67	334.48	1,308.53	551.60
Ult.		178.41	1,083.64

Eco. Indicators
Return on Investment (disc) :	3.486	Present Worth Profile (M$)
Return on Investment (undisc) :	4.912	PW	5.00% :	802.59	PW	20.00% :	315.34
Years to Payout :	2.70	PW	8.00% :	633.96	PW	30.00% :	204.09
Internal Rate of Return (%) :	127.43	PW	10.00% :	551.60	PW	40.00% :	140.10
		PW	12.00% :	485.46	PW	50.00% :	99.13
		PW	15.00% :	407.75	PW	60.00% :	71.07

TRC Standard Eco.rpt

PES Page 15 of 103

Date : 03/27/2024	9:59:17AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Proved Shut-In Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	200.18	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	1,151.99	$78.22/bbl
Est. Cum Water (Mbbl) :	6.90	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-17.34
2026		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		40.00		-40.00		-48.90
2027		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		33.21		-33.21		-73.85
2028		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-87.51

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	0.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	113.21	-113.21	-87.51
Ult.		200.18	1,151.99

Eco. Indicators
Return on Investment (disc) :	0.000	Present Worth Profile (M$)
Return on Investment (undisc) :	0.000	PW	5.00% :	-99.15	PW	20.00% :	-69.55
Years to Payout :	0.00	PW	8.00% :	-91.91	PW	30.00% :	-56.56
Internal Rate of Return (%) :	< 0	PW	10.00% :	-87.51	PW	40.00% :	-46.88
		PW	12.00% :	-83.41	PW	50.00% :	-39.50
		PW	15.00% :	-77.77	PW	60.00% :	-33.75

TRC Standard Eco.rpt

PES Page 16 of 103

Date : 03/27/2024	9:59:17AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Probable Behind Pipe Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	23.53	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	127.63	$78.22/bbl
Est. Cum Water (Mbbl) :	6.82	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.44		1.33		0.32		0.97		76.72		2.24		26.67		0.00		3.07		1.89		93.75		-72.05		-61.20
2026		1.39		4.52		1.02		3.31		76.72		2.24		85.40		0.00		11.27		6.06		0.00		68.06		-7.40
2027		1.05		3.65		0.76		2.67		76.72		2.24		64.62		0.00		10.19		4.59		0.00		49.84		28.39
2028		0.84		3.07		0.61		2.24		76.72		2.24		52.15		0.00		9.46		3.70		0.00		38.98		53.82
2029		0.70		2.64		0.51		1.93		76.72		2.24		43.53		0.00		8.92		3.09		0.00		31.52		72.51
2030		0.60		2.32		0.44		1.69		76.72		2.24		37.45		0.00		8.52		2.66		0.00		26.27		86.68
2031		0.53		2.06		0.38		1.51		76.72		2.24		32.86		0.00		8.20		2.33		0.00		22.32		97.61
2032		0.47		1.87		0.34		1.37		76.72		2.24		29.36		0.00		7.96		2.08		0.00		19.31		106.22
2033		0.42		1.70		0.31		1.24		76.72		2.24		26.40		0.00		7.74		1.87		0.00		16.78		113.01
2034		0.38		1.56		0.28		1.14		76.72		2.24		24.04		0.00		7.57		1.71		0.00		14.76		118.44
2035		0.35		1.44		0.26		1.05		76.72		2.24		22.06		0.00		7.42		1.57		0.00		13.07		122.81
2036		1.61		9.38		1.24		7.25		76.72		2.24		111.52		0.00		13.30		7.92		120.00		-29.70		112.07
2037		1.32		7.64		1.02		5.90		76.72		2.24		91.38		0.00		13.19		6.49		0.00		71.70		131.91
2038		1.13		6.49		0.87		5.01		76.72		2.24		77.97		0.00		13.09		5.54		0.00		59.34		146.83

Rem.		13.29	73.72	10.18	56.82	76.72	2.24	908.67	0.00	354.60	64.52	38.75	450.80	60.14
Total	50.0	24.51	123.37	18.55	94.11	76.72	2.24	1,634.07	0.00	484.52	116.03	252.50	781.03	206.97
Ult.		48.04	251.00

Eco. Indicators
Return on Investment (disc) :	2.752	Present Worth Profile (M$)
Return on Investment (undisc) :	4.093	PW	5.00% :	370.32	PW	20.00% :	88.28
Years to Payout :	7.71	PW	8.00% :	256.92	PW	30.00% :	46.73
Internal Rate of Return (%) :	87.42	PW	10.00% :	206.97	PW	40.00% :	26.98
		PW	12.00% :	169.84	PW	50.00% :	15.88
		PW	15.00% :	129.96	PW	60.00% :	9.03

TRC Standard Eco.rpt

PES Page 17 of 103

Date : 03/27/2024	9:59:17AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Probable Non-Producing Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	7.08	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	51.81	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		1.83		9.17		1.38		6.88		76.72		2.24		120.93		0.00		3.50		8.59		200.00		-91.16		-82.14
2026		2.82		13.51		2.13		10.20		76.72		2.24		186.44		0.00		8.00		13.24		30.00		135.20		24.27
2027		3.11		14.08		2.38		10.74		76.72		2.24		206.53		0.00		12.00		14.66		0.00		179.86		153.41
2028		2.49		11.26		1.90		8.59		76.72		2.24		165.41		0.00		12.00		11.74		0.00		141.66		245.85
2029		2.07		9.34		1.58		7.13		76.72		2.24		137.38		0.00		12.00		9.75		0.00		115.63		314.41
2030		1.77		8.00		1.36		6.10		76.72		2.24		117.76		0.00		12.00		8.36		0.00		97.40		366.90
2031		1.55		7.00		1.19		5.34		76.72		2.24		103.05		0.00		12.00		7.32		0.00		83.74		407.93
2032		1.38		6.23		1.06		4.76		76.72		2.24		91.86		0.00		12.00		6.52		0.00		73.34		440.59
2033		1.24		5.59		0.95		4.27		76.72		2.24		82.45		0.00		12.00		5.85		0.00		64.60		466.73
2034		1.13		5.09		0.86		3.88		76.72		2.24		74.98		0.00		12.00		5.32		0.00		57.65		487.95
2035		1.04		4.66		0.79		3.56		76.72		2.24		68.74		0.00		12.00		4.88		0.00		51.86		505.30
2036		0.96		4.31		0.73		3.29		76.72		2.24		63.64		0.00		12.00		4.52		0.00		47.12		519.63
2037		0.89		3.99		0.68		3.05		76.72		2.24		58.94		0.00		12.00		4.18		0.00		42.75		531.44
2038		0.83		3.73		0.63		2.85		76.72		2.24		55.02		0.00		12.00		3.91		0.00		39.11		541.27

Rem.		12.70	51.00	9.69	38.85	76.72	2.24	830.69	0.00	356.76	58.98	40.00	374.94	50.36
Total	49.2	35.81	156.97	27.32	119.48	76.72	2.24	2,363.81	0.00	512.26	167.84	270.00	1,413.71	591.63
Ult.		42.90	208.78

Eco. Indicators
Return on Investment (disc) :	3.980	Present Worth Profile (M$)
Return on Investment (undisc) :	6.236	PW	5.00% :	868.33	PW	20.00% :	325.56
Years to Payout :	2.98	PW	8.00% :	683.18	PW	30.00% :	200.80
Internal Rate of Return (%) :	123.55	PW	10.00% :	591.63	PW	40.00% :	131.08
		PW	12.00% :	517.58	PW	50.00% :	88.19
		PW	15.00% :	430.02	PW	60.00% :	60.13

TRC Standard Eco.rpt

PES Page 18 of 103

Date : 03/27/2024	9:59:17AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Probable Non-Producing Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	0.00	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	0.00	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		355.61		1,007.76		201.18		573.46		76.72		3.17		17,251.32		0.00		1,031.18		1,224.87		22,228.30		-7,233.03		-6,832.04
2026		274.45		936.69		155.59		534.22		76.72		3.17		13,629.28		0.00		917.88		967.70		0.00		11,743.71		2,483.40
2027		147.12		562.86		84.17		323.99		76.72		3.17		7,484.27		0.00		638.62		531.39		0.00		6,314.26		7,024.19
2028		101.37		414.12		58.00		238.38		76.72		3.17		5,205.01		0.00		545.34		369.56		0.00		4,290.11		9,825.72
2029		77.11		330.01		44.12		189.96		76.72		3.17		3,986.50		0.00		497.38		283.05		0.00		3,206.07		11,727.81
2030		62.37		276.76		35.68		159.31		76.72		3.17		3,242.42		0.00		468.74		230.22		0.00		2,543.46		13,099.22
2031		52.37		239.38		29.97		137.79		76.72		3.17		2,735.45		0.00		449.53		194.22		0.00		2,091.70		14,124.34
2032		45.26		212.13		25.89		122.11		76.72		3.17		2,373.48		0.00		435.96		168.52		0.00		1,769.00		14,912.32
2033		39.66		189.97		22.69		109.35		76.72		3.17		2,087.19		0.00		425.34		148.19		0.00		1,513.66		15,525.13
2034		35.37		172.73		20.24		99.43		76.72		3.17		1,867.66		0.00		417.25		132.61		0.00		1,317.81		16,010.14
2035		31.92		158.60		18.27		91.30		76.72		3.17		1,690.53		0.00		410.76		120.03		0.00		1,159.74		16,398.16
2036		29.16		147.18		16.69		84.72		76.72		3.17		1,548.59		0.00		405.57		109.95		0.00		1,033.07		16,712.34
2037		26.71		136.73		15.28		78.70		76.72		3.17		1,421.81		0.00		400.97		100.95		0.00		919.88		16,966.63
2038		24.70		128.09		14.13		73.73		76.72		3.17		1,317.69		0.00		397.21		93.56		0.00		826.92		17,174.44

Rem.		267.96	1,504.44	152.22	859.52	76.72	3.17	14,401.56	0.00	7,248.62	1,022.53	292.22	5,838.19	899.23
Total	37.0	1,571.15	6,417.45	894.13	3,675.97	76.72	3.17	80,242.76	0.00	14,690.33	5,697.35	22,520.51	37,334.56	18,073.67
Ult.		1,571.15	6,417.45

Eco. Indicators
Return on Investment (disc) :	1.923	Present Worth Profile (M$)
Return on Investment (undisc) :	2.658	PW	5.00% :	25,173.46	PW	20.00% :	10,263.66
Years to Payout :	2.55	PW	8.00% :	20,518.83	PW	30.00% :	6,126.57
Internal Rate of Return (%) :	72.31	PW	10.00% :	18,073.67	PW	40.00% :	3,630.01
		PW	12.00% :	16,013.91	PW	50.00% :	2,010.54
		PW	15.00% :	13,471.82	PW	60.00% :	911.65

TRC Standard Eco.rpt

PES Page 19 of 103

Standard Eco Detailed

PES Page 20 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC SUMMARY PROJECTION	Total
Partner :	All Cases	Truleum YE23

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	503.79	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	3,290.76	$78.22/bbl
Est. Cum Water (Mbbl) :	82.94	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		5.47		23.58		4.14		18.10		76.72		2.24		358.50		0.00		108.68		25.45		691.02		-466.65		-433.57
2025		373.49		1,078.05		214.63		626.83		76.72		3.09		18,402.94		0.00		1,250.44		1,306.64		23,069.30		-7,223.44		-7,263.04
2026		295.39		1,014.04		171.41		592.94		76.72		3.08		14,974.75		0.00		1,162.01		1,063.23		70.00		12,679.51		2,791.00
2027		165.24		631.53		97.90		376.23		76.72		3.04		8,654.88		0.00		868.63		614.51		33.21		7,138.52		7,922.25
2028		116.80		473.38		69.70		283.46		76.72		3.02		6,203.41		0.00		762.66		440.45		20.00		4,980.29		11,173.33
2029		90.48		380.21		54.26		228.14		76.72		3.01		4,850.31		0.00		698.51		344.38		0.00		3,807.42		13,431.89
2030		74.26		316.94		44.70		189.88		76.72		3.02		4,002.96		0.00		653.67		284.22		0.00		3,065.08		15,084.37
2031		63.10		275.34		38.11		165.16		76.72		3.01		3,421.45		0.00		627.51		242.93		0.00		2,551.01		16,334.48
2032		55.04		245.01		33.32		147.13		76.72		3.01		2,999.26		0.00		606.98		212.95		34.46		2,144.87		17,289.78
2033		48.52		220.11		29.42		132.30		76.72		3.01		2,655.03		0.00		585.52		188.51		9.64		1,871.36		18,047.25
2034		43.50		199.91		26.41		120.11		76.72		3.01		2,387.55		0.00		567.66		169.52		0.00		1,650.36		18,654.62
2035		39.45		183.49		23.98		110.23		76.72		3.01		2,171.60		0.00		554.79		154.19		18.56		1,444.06		19,137.91
2036		37.52		178.51		23.06		108.72		76.72		2.96		2,091.23		0.00		552.89		148.48		120.00		1,269.86		19,522.38
2037		34.36		164.90		21.11		100.26		76.72		2.97		1,917.59		0.00		545.64		136.15		20.00		1,215.80		19,858.39
2038		31.80		153.90		19.55		93.47		76.72		2.97		1,777.44		0.00		539.58		126.20		0.00		1,111.66		20,137.76

Rem.		377.84	1,845.30	235.80	1,120.40	76.72	2.95	21,398.98	0.00	10,566.57	1,519.37	644.22	8,668.82	1,257.62
Total	50.0	1,852.27	7,384.19	1,107.50	4,413.34	76.72	3.01	98,267.87	0.00	20,651.73	6,977.20	24,730.41	45,908.53	21,395.39
Ult.		2,356.06	10,674.95

Eco. Indicators
Return on Investment (disc) :	2.013	Present Worth Profile (M$)
Return on Investment (undisc) :	2.856	PW	5.00% :	30,174.28	PW	20.00% :	12,051.96
Years to Payout :	2.60	PW	8.00% :	24,386.17	PW	30.00% :	7,217.12
Internal Rate of Return (%) :	74.95	PW	10.00% :	21,395.39	PW	40.00% :	4,332.46
		PW	12.00% :	18,901.29	PW	50.00% :	2,472.69
		PW	15.00% :	15,853.49	PW	60.00% :	1,214.79

TRC Standard Eco.rpt

PES Page 21 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Proved Producing Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	39.53	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	164.67	$78.22/bbl
Est. Cum Water (Mbbl) :	31.51	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		1.67		9.13		1.29		7.02		76.72		2.24		114.56		0.00		54.35		8.13		0.00		52.08		49.73
2025		1.47		8.33		1.14		6.40		76.72		2.24		101.55		0.00		50.16		7.21		0.00		44.18		88.07
2026		1.34		7.68		1.03		5.90		76.72		2.24		92.30		0.00		47.64		6.55		0.00		38.11		118.13
2027		1.23		7.13		0.95		5.47		76.72		2.24		85.00		0.00		45.71		6.04		0.00		33.26		141.98
2028		1.14		6.67		0.88		5.12		76.72		2.24		79.19		0.00		44.15		5.62		0.00		29.41		161.15
2029		1.01		4.87		0.78		3.72		76.72		2.24		68.42		0.00		37.48		4.86		0.00		26.09		176.61
2030		0.94		2.85		0.73		2.18		76.72		2.24		60.85		0.00		32.81		4.32		0.00		23.71		189.38
2031		0.89		2.33		0.69		1.79		76.72		2.24		56.94		0.00		31.20		4.04		0.00		21.69		200.00
2032		0.85		2.20		0.66		1.69		76.72		2.24		54.10		0.00		30.28		3.84		20.00		-0.02		199.73
2033		0.80		2.07		0.62		1.59		76.72		2.24		51.22		0.00		29.36		3.64		9.64		8.58		203.09
2034		0.68		1.24		0.53		0.94		76.72		2.24		42.42		0.00		22.64		3.01		0.00		16.77		209.26
2035		0.60		0.79		0.47		0.59		76.72		2.24		37.05		0.00		18.89		2.63		0.00		15.53		214.45
2036		0.58		0.74		0.44		0.56		76.72		2.24		35.38		0.00		18.40		2.51		0.00		14.47		218.85
2037		0.55		0.70		0.42		0.52		76.72		2.24		33.63		0.00		17.91		2.39		20.00		-6.67		216.93
2038		0.52		0.65		0.40		0.49		76.72		2.24		32.08		0.00		17.47		2.28		0.00		12.33		220.03

Rem.		3.07	3.62	2.37	2.72	76.72	2.24	187.73	0.00	112.59	13.33	40.00	21.81	7.52
Total	22.2	17.35	61.02	13.39	46.70	76.72	2.24	1,132.41	0.00	611.04	80.40	89.64	351.32	227.55
Ult.		56.87	225.69

Eco. Indicators
Return on Investment (disc) :	11.127	Present Worth Profile (M$)
Return on Investment (undisc) :	4.919	PW	5.00% :	277.94	PW	20.00% :	167.96
Years to Payout :	1.84	PW	8.00% :	245.42	PW	30.00% :	135.21
Internal Rate of Return (%) :	>1000	PW	10.00% :	227.55	PW	40.00% :	114.60
		PW	12.00% :	212.15	PW	50.00% :	100.39
		PW	15.00% :	192.80	PW	60.00% :	89.95

TRC Standard Eco.rpt

PES Page 22 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 1-31
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010420265	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 1.0 SE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083239730000

Est. Cum Oil (Mbbl) :	1.50	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	2.06	$78.22/bbl
Est. Cum Water (Mbbl) :	5.13	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.23		2.25		0.18		1.76		76.72		2.24		17.78		0.00		12.96		1.26		0.00		3.56		3.40
2025		0.21		2.04		0.17		1.59		76.72		2.24		16.39		0.00		12.30		1.16		0.00		2.92		5.94
2026		0.20		1.86		0.16		1.45		76.72		2.24		15.23		0.00		11.75		1.08		0.00		2.41		7.84
2027		0.19		1.72		0.15		1.34		76.72		2.24		14.23		0.00		11.26		1.01		0.00		1.96		9.24
2028		0.18		1.60		0.14		1.25		76.72		2.24		13.39		0.00		10.85		0.95		0.00		1.59		10.28
2029		0.17		1.48		0.13		1.16		76.72		2.24		12.58		0.00		10.46		0.89		0.00		1.23		11.01
2030		0.16		1.39		0.12		1.08		76.72		2.24		11.90		0.00		10.13		0.84		0.00		0.92		11.51
2031		0.15		1.31		0.12		1.02		76.72		2.24		11.28		0.00		9.83		0.80		0.00		0.65		11.82
2032		0.14		1.24		0.11		0.97		76.72		2.24		10.75		0.00		9.57		0.76		0.00		0.42		12.01
2033		0.14		1.17		0.11		0.91		76.72		2.24		10.22		0.00		9.32		0.73		0.00		0.17		12.08
2034		0.05		0.40		0.04		0.31		76.72		2.24		3.47		0.00		3.20		0.25		0.00		0.03		12.09
2035		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		12.09
2036		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		12.09
2037		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		6.49

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	10.4	1.81	16.45	1.41	12.83	76.72	2.24	137.24	0.00	111.63	9.74	20.00	-4.14	6.49
Ult.		3.31	18.51

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

2.157

Present Worth Profile (M$)

Initial Rate :

19.99

bbl/month

Return on Investment (undisc) :

0.793

5.00% :

3.30

20.00% :

8.04

Abandonment :

10.97

bbl/month

Years to Payout :

0.00

8.00% :

5.54

30.00% :

7.67

Initial Decline :

7.643

%/year

b = 1.00

Internal Rate of Return (%) :

2.27

10.00% :

6.49

40.00% :

6.98

Initial Ratio :

9.854

Mcf/bbl

12.00% :

7.14

50.00% :

6.33

Abandon Ratio :

8.500

Mcf/bbl

15.00% :

7.72

60.00% :

5.78

Abandon Day :	05/08/2034		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78000000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 23 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-18
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010413891	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 NESWSWNE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083237990000

Est. Cum Oil (Mbbl) :	19.77	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	125.23	$78.22/bbl
Est. Cum Water (Mbbl) :	6.82	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.71		0.00		0.55		0.00		76.72		0.00		42.26		0.00		22.10		3.00		0.00		17.16		16.37
2025		0.67		0.00		0.53		0.00		76.72		0.00		40.34		0.00		20.86		2.86		0.00		16.61		30.78
2026		0.64		0.00		0.50		0.00		76.72		0.00		38.62		0.00		19.77		2.74		0.00		16.11		43.48
2027		0.62		0.00		0.48		0.00		76.72		0.00		36.97		0.00		18.75		2.62		0.00		15.60		54.66
2028		0.59		0.00		0.46		0.00		76.72		0.00		35.49		0.00		17.84		2.52		0.00		15.13		64.51
2029		0.57		0.00		0.44		0.00		76.72		0.00		33.87		0.00		16.93		2.41		0.00		14.54		73.13
2030		0.54		0.00		0.42		0.00		76.72		0.00		32.43		0.00		16.12		2.30		0.00		14.00		80.67
2031		0.52		0.00		0.40		0.00		76.72		0.00		31.04		0.00		15.37		2.20		0.00		13.47		87.26
2032		0.50		0.00		0.39		0.00		76.72		0.00		29.80		0.00		14.70		2.12		0.00		12.98		93.03
2033		0.47		0.00		0.37		0.00		76.72		0.00		28.44		0.00		14.04		2.02		0.00		12.39		98.04
2034		0.45		0.00		0.35		0.00		76.72		0.00		27.23		0.00		13.44		1.93		0.00		11.85		102.40
2035		0.44		0.00		0.34		0.00		76.72		0.00		26.06		0.00		12.89		1.85		0.00		11.32		106.19
2036		0.42		0.00		0.33		0.00		76.72		0.00		25.02		0.00		12.40		1.78		0.00		10.84		109.48
2037		0.40		0.00		0.31		0.00		76.72		0.00		23.88		0.00		11.91		1.70		0.00		10.28		112.32
2038		0.38		0.00		0.30		0.00		76.72		0.00		22.86		0.00		11.47		1.62		0.00		9.77		114.78

Rem.		2.23	0.00	1.74	0.00	76.72	0.00	133.32	0.00	69.60	9.47	20.00	34.25	7.86
Total	21.9	10.14	0.00	7.92	0.00	76.72	0.00	607.64	0.00	308.19	43.14	20.00	236.31	122.64
Ult.		29.92	125.23

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

66.779

Present Worth Profile (M$)

Initial Rate :

59.97

bbl/month

Return on Investment (undisc) :

12.815

5.00% :

164.85

20.00% :

79.22

Abandonment :

23.04

bbl/month

Years to Payout :

1.17

8.00% :

137.04

30.00% :

58.67

Initial Decline :

4.275

%/year

b = 0.00

Internal Rate of Return (%) :

>1000

10.00% :

122.64

40.00% :

47.09

Initial Ratio :

0.000

Mcf/bbl

12.00% :

110.73

50.00% :

39.73

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

96.43

60.00% :

34.65

Abandon Day :	11/24/2045		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78071875	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 24 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-32
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :		Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 W2E2SESW	Discount Rate	:	10.00	Reservoir :	CARMICHAEL
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :

Est. Cum Oil (Mbbl) :	3.76	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	7.96	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		2.50		0.00		1.89		0.00		2.24		4.24		0.00		2.89		0.30		0.00		1.05		1.00
2025		0.00		2.33		0.00		1.77		0.00		2.24		3.96		0.00		2.89		0.28		0.00		0.79		1.69
2026		0.00		2.20		0.00		1.66		0.00		2.24		3.73		0.00		2.89		0.27		0.00		0.58		2.15
2027		0.00		2.08		0.00		1.58		0.00		2.24		3.54		0.00		2.89		0.25		0.00		0.39		2.43
2028		0.00		1.99		0.00		1.50		0.00		2.24		3.37		0.00		2.89		0.24		0.00		0.24		2.58
2029		0.00		1.89		0.00		1.43		0.00		2.24		3.21		0.00		2.89		0.23		0.00		0.09		2.64
2030		0.00		0.36		0.00		0.27		0.00		2.24		0.62		0.00		0.56		0.04		0.00		0.01		2.64
2031		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		2.64
2032		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		2.64
2033		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		9.64		-9.64		-1.37

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	6.2	0.00	13.35	0.00	10.10	0.00	2.24	22.67	0.00	17.92	1.61	9.64	-6.49	-1.37
Ult.		3.76	21.31

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

0.658

Present Worth Profile (M$)

Initial Rate :

215.22

Mcf/month

Return on Investment (undisc) :

0.326

5.00% :

-3.29

20.00% :

0.48

Abandonment :

152.70

Mcf/month

Years to Payout :

0.00

8.00% :

-2.02

30.00% :

1.16

Initial Decline :

6.990

%/year

b = 1.50

Internal Rate of Return (%) :

16.31

10.00% :

-1.37

40.00% :

1.38

Initial Ratio :

0.000

bbl/Mcf

12.00% :

-0.84

50.00% :

1.43

Abandon Ratio :

0.000

bbl/Mcf

15.00% :

-0.22

60.00% :

1.41

Abandon Day :	03/13/2030		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.96406250	0.00000000	0.00000000
		Revenue Interest :	0.75661135	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 25 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 2-19/2-24*
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	23500402035	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 2.0 SE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPIAN
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083238120000

Est. Cum Oil (Mbbl) :	1.48	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	24.34	$78.22/bbl
Est. Cum Water (Mbbl) :	14.54	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.19		2.76		0.15		2.16		76.72		2.24		16.22		0.00		10.40		1.15		0.00		4.67		4.46
2025		0.13		2.45		0.11		1.91		76.72		2.24		12.36		0.00		8.10		0.88		0.00		3.38		7.39
2026		0.10		2.20		0.08		1.72		76.72		2.24		10.12		0.00		7.23		0.72		0.00		2.17		9.11
2027		0.09		2.00		0.07		1.56		76.72		2.24		8.63		0.00		6.81		0.61		0.00		1.21		9.98
2028		0.07		1.84		0.06		1.43		76.72		2.24		7.57		0.00		6.57		0.54		0.00		0.46		10.28
2029		0.01		0.33		0.01		0.25		76.72		2.24		1.31		0.00		1.19		0.09		0.00		0.02		10.30
2030		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		10.30
2031		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		10.30
2032		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		1.13

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	5.2	0.60	11.58	0.47	9.03	76.72	2.24	56.21	0.00	40.31	3.99	20.00	-8.10	1.13
Ult.		2.08	35.92

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.123

Present Worth Profile (M$)

Initial Rate :

244.92

Mcf/month

Return on Investment (undisc) :

0.595

5.00% :

-2.38

20.00% :

4.61

Abandonment :

144.44

Mcf/month

Years to Payout :

0.00

8.00% :

-0.08

30.00% :

5.87

Initial Decline :

12.563

%/year

b = 1.00

Internal Rate of Return (%) :

8.12

10.00% :

1.13

40.00% :

6.21

Initial Ratio :

0.079

bbl/Mcf

12.00% :

2.12

50.00% :

6.19

Abandon Ratio :

0.038

bbl/Mcf

15.00% :

3.29

60.00% :

6.01

Abandon Day :	03/09/2029		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78040180	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 26 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	RIVER 1-1
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010415165	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 1.0 NW	Discount Rate	:	10.00	Reservoir :	MISSISSIPPIAN
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083238860000

Est. Cum Oil (Mbbl) :	13.03	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	5.08	$78.22/bbl
Est. Cum Water (Mbbl) :	5.03	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.54		1.62		0.41		1.21		76.72		2.24		34.05		0.00		6.00		2.42		0.00		25.64		24.49
2025		0.45		1.51		0.34		1.14		76.72		2.24		28.50		0.00		6.00		2.02		0.00		20.47		42.27
2026		0.39		1.42		0.29		1.06		76.72		2.24		24.58		0.00		6.00		1.75		0.00		16.84		55.56
2027		0.34		1.33		0.25		1.00		76.72		2.24		21.63		0.00		6.00		1.54		0.00		14.10		65.67
2028		0.30		1.25		0.23		0.94		76.72		2.24		19.37		0.00		6.00		1.38		0.00		11.99		73.49
2029		0.27		1.17		0.20		0.88		76.72		2.24		17.45		0.00		6.00		1.24		0.00		10.21		79.54
2030		0.24		1.10		0.18		0.82		76.72		2.24		15.91		0.00		6.00		1.13		0.00		8.78		84.27
2031		0.22		1.03		0.17		0.77		76.72		2.24		14.61		0.00		6.00		1.04		0.00		7.58		87.99
2032		0.21		0.96		0.16		0.72		76.72		2.24		13.55		0.00		6.00		0.96		0.00		6.58		90.92
2033		0.19		0.90		0.14		0.68		76.72		2.24		12.55		0.00		6.00		0.89		0.00		5.66		93.21
2034		0.18		0.85		0.13		0.63		76.72		2.24		11.72		0.00		6.00		0.83		0.00		4.89		95.01
2035		0.17		0.79		0.13		0.59		76.72		2.24		10.99		0.00		6.00		0.78		0.00		4.21		96.42
2036		0.16		0.74		0.12		0.56		76.72		2.24		10.36		0.00		6.00		0.74		0.00		3.62		97.52
2037		0.15		0.70		0.11		0.52		76.72		2.24		9.75		0.00		6.00		0.69		0.00		3.05		98.36
2038		0.14		0.65		0.11		0.49		76.72		2.24		9.22		0.00		6.00		0.65		0.00		2.57		99.01

Rem.		0.84	3.62	0.63	2.72	76.72	2.24	54.41	0.00	42.99	3.86	20.00	-12.44	-0.34
Total	22.2	4.79	19.64	3.59	14.73	76.72	2.24	308.65	0.00	132.99	21.92	20.00	133.74	98.66
Ult.		17.82	24.72

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

55.290

Present Worth Profile (M$)

Initial Rate :

50.19

bbl/month

Return on Investment (undisc) :

7.687

5.00% :

115.46

20.00% :

75.61

Abandonment :

8.38

bbl/month

Years to Payout :

0.76

8.00% :

104.94

30.00% :

61.85

Initial Decline :

20.191

%/year

b = 1.00

Internal Rate of Return (%) :

>1000

10.00% :

98.66

40.00% :

52.93

Initial Ratio :

2.771

Mcf/bbl

12.00% :

93.00

50.00% :

46.70

Abandon Ratio :

3.951

Mcf/bbl

15.00% :

85.58

60.00% :

42.09

Abandon Day :	03/02/2046		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.75000000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 27 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Proved Behind Pipe Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	106.68	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	948.54	$78.22/bbl
Est. Cum Water (Mbbl) :	21.06	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		2.00		4.75		1.50		3.71		76.72		2.24		123.74		0.00		13.82		8.79		467.06		-365.93		-341.68
2025		10.21		29.18		7.68		22.26		76.72		2.24		639.15		0.00		83.80		45.38		527.25		-17.28		-360.82
2026		12.09		32.31		9.17		24.66		76.72		2.24		758.54		0.00		106.96		53.86		0.00		597.72		111.18
2027		9.86		26.66		7.48		20.34		76.72		2.24		619.61		0.00		97.00		43.99		0.00		478.62		454.66
2028		8.38		22.77		6.36		17.37		76.72		2.24		527.11		0.00		90.15		37.43		0.00		399.53		715.25
2029		7.27		19.78		5.52		15.09		76.72		2.24		457.48		0.00		84.85		32.48		0.00		340.15		916.88
2030		6.44		17.53		4.90		13.37		76.72		2.24		405.59		0.00		80.83		28.80		0.00		295.97		1,076.36
2031		5.79		15.74		4.40		12.01		76.72		2.24		364.62		0.00		77.60		25.89		0.00		261.13		1,204.28
2032		5.27		14.32		4.01		10.92		76.72		2.24		332.25		0.00		75.01		23.59		0.00		233.64		1,308.31
2033		4.82		13.07		3.67		9.97		76.72		2.24		303.77		0.00		72.70		21.57		0.00		209.50		1,393.10
2034		4.45		12.05		3.39		9.19		76.72		2.24		280.56		0.00		70.79		19.92		0.00		189.85		1,462.95
2035		4.14		11.18		3.15		8.53		76.72		2.24		260.72		0.00		69.14		18.51		0.00		173.07		1,520.84
2036		3.88		10.45		2.95		7.98		76.72		2.24		244.20		0.00		67.75		17.34		0.00		159.11		1,569.22
2037		3.63		9.77		2.76		7.45		76.72		2.24		228.50		0.00		66.41		16.22		0.00		145.87		1,609.53
2038		3.42		9.19		2.60		7.01		76.72		2.24		215.27		0.00		65.27		15.28		0.00		134.71		1,643.38

Rem.		60.18	139.14	45.87	106.71	76.72	2.24	3,758.28	0.00	1,738.75	266.85	155.75	1,596.93	188.10
Total	50.0	151.84	387.88	115.41	296.57	76.72	2.24	9,519.41	0.00	2,860.84	675.91	1,150.07	4,832.59	1,831.48
Ult.		258.52	1,336.41

Eco. Indicators
Return on Investment (disc) :	3.045	Present Worth Profile (M$)
Return on Investment (undisc) :	5.202	PW	5.00% :	2,780.80	PW	20.00% :	960.70
Years to Payout :	2.89	PW	8.00% :	2,139.76	PW	30.00% :	560.28
Internal Rate of Return (%) :	79.75	PW	10.00% :	1,831.48	PW	40.00% :	336.56
		PW	12.00% :	1,585.77	PW	50.00% :	198.07
		PW	15.00% :	1,298.90	PW	60.00% :	106.70

TRC Standard Eco.rpt

PES Page 28 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-14*/11-32
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010413854	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Behind Pipe	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 NW NW SE	Discount Rate	:	10.00	Reservoir :	VIOLA
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083239040000

Est. Cum Oil (Mbbl) :	13.14	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	285.15	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		1.36		3.81		1.03		2.88		76.72		2.24		85.50		0.00		8.71		6.07		91.59		-20.87		-20.60
2026		1.26		4.29		0.96		3.24		76.72		2.24		80.65		0.00		9.85		5.73		0.00		65.08		30.83
2027		0.94		3.65		0.71		2.76		76.72		2.24		60.65		0.00		8.80		4.31		0.00		47.54		64.97
2028		0.75		3.18		0.57		2.41		76.72		2.24		48.84		0.00		8.19		3.47		0.00		37.18		89.23
2029		0.62		2.81		0.47		2.13		76.72		2.24		40.74		0.00		7.78		2.89		0.00		30.07		107.06
2030		0.53		2.52		0.40		1.91		76.72		2.24		35.04		0.00		7.49		2.49		0.00		25.06		120.57
2031		0.46		2.29		0.35		1.73		76.72		2.24		30.75		0.00		7.27		2.18		0.00		21.30		131.01
2032		0.41		2.10		0.31		1.59		76.72		2.24		27.48		0.00		7.11		1.95		0.00		18.42		139.21
2033		0.37		1.93		0.28		1.46		76.72		2.24		24.72		0.00		6.97		1.76		0.00		15.99		145.68
2034		0.34		1.79		0.25		1.35		76.72		2.24		22.52		0.00		6.86		1.60		0.00		14.06		150.85
2035		0.31		1.67		0.23		1.26		76.72		2.24		20.68		0.00		6.77		1.47		0.00		12.44		155.02
2036		0.28		1.56		0.22		1.18		76.72		2.24		19.17		0.00		6.70		1.36		0.00		11.11		158.39
2037		0.26		1.47		0.20		1.11		76.72		2.24		17.77		0.00		6.63		1.26		0.00		9.88		161.13
2038		0.25		1.38		0.19		1.05		76.72		2.24		16.61		0.00		6.57		1.18		0.00		8.86		163.35

Rem.		2.70	15.04	2.04	11.38	76.72	2.24	182.29	0.00	105.66	12.94	19.28	44.40	8.85
Total	31.8	10.84	49.48	8.20	37.44	76.72	2.24	713.39	0.00	211.36	50.65	110.87	340.51	172.20
Ult.		23.98	334.63

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

3.100

Present Worth Profile (M$)

Initial Rate :

182.50

bbl/month

Return on Investment (undisc) :

4.071

5.00% :

236.42

20.00% :

102.13

Abandonment :

9.50

bbl/month

Years to Payout :

2.58

8.00% :

194.40

30.00% :

66.16

Initial Decline :

45.000

%/year

b = 1.00

Internal Rate of Return (%) :

123.38

10.00% :

172.20

40.00% :

44.90

Initial Ratio :

2.500

Mcf/bbl

12.00% :

153.54

50.00% :

31.21

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

130.65

60.00% :

21.89

Abandon Day :	10/10/2065		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.96406250	0.00000000	0.00000000
		Revenue Interest :	0.75661135	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 29 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-15
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010414023	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Behind Pipe	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 NWSENWNW	Discount Rate	:	10.00	Reservoir :	BP VIOLA OSWG
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083238060000

Est. Cum Oil (Mbbl) :	11.30	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	86.75	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.68		3.99		0.53		3.11		76.72		2.24		47.88		0.00		5.42		3.40		198.00		-158.94		-149.70
2025		1.62		9.47		1.27		7.39		76.72		2.24		113.76		0.00		14.12		8.08		0.00		91.56		-70.12
2026		1.23		7.17		0.96		5.59		76.72		2.24		86.09		0.00		12.15		6.11		0.00		67.84		-16.54
2027		0.99		5.77		0.77		4.50		76.72		2.24		69.29		0.00		10.95		4.92		0.00		53.42		21.80
2028		0.83		4.84		0.65		3.78		76.72		2.24		58.13		0.00		10.15		4.13		0.00		43.86		50.41
2029		0.71		4.15		0.55		3.24		76.72		2.24		49.84		0.00		9.56		3.54		0.00		36.75		72.20
2030		0.62		3.64		0.49		2.84		76.72		2.24		43.72		0.00		9.12		3.10		0.00		31.50		89.17
2031		0.56		3.24		0.43		2.53		76.72		2.24		38.94		0.00		8.78		2.77		0.00		27.40		102.59
2032		0.50		2.93		0.39		2.29		76.72		2.24		35.20		0.00		8.51		2.50		0.00		24.19		113.36
2033		0.46		2.66		0.36		2.08		76.72		2.24		31.95		0.00		8.28		2.27		0.00		21.40		122.02
2034		0.42		2.44		0.33		1.90		76.72		2.24		29.32		0.00		8.09		2.08		0.00		19.15		129.07
2035		0.39		2.26		0.30		1.76		76.72		2.24		27.09		0.00		7.93		1.92		0.00		17.24		134.83
2036		0.36		2.10		0.28		1.64		76.72		2.24		25.25		0.00		7.80		1.79		0.00		15.65		139.59
2037		0.34		1.96		0.26		1.53		76.72		2.24		23.52		0.00		7.68		1.67		0.00		14.17		143.51
2038		0.31		1.84		0.25		1.43		76.72		2.24		22.06		0.00		7.57		1.57		0.00		12.92		146.76

Rem.		5.01	25.90	3.91	20.20	76.72	2.24	344.95	0.00	187.40	24.49	20.00	113.05	16.24
Total	43.1	15.03	84.36	11.72	65.80	76.72	2.24	1,046.99	0.00	323.51	74.34	218.00	431.14	163.00
Ult.		26.33	171.11

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

1.876

Present Worth Profile (M$)

Initial Rate :

182.50

bbl/month

Return on Investment (undisc) :

2.978

5.00% :

256.39

20.00% :

70.12

Abandonment :

8.99

bbl/month

Years to Payout :

3.34

8.00% :

194.22

30.00% :

24.91

Initial Decline :

35.000

%/year

b = 1.00

Internal Rate of Return (%) :

39.43

10.00% :

163.00

40.00% :

-1.18

Initial Ratio :

5.833

Mcf/bbl

12.00% :

137.50

50.00% :

-17.66

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

107.03

60.00% :

-28.65

Abandon Day :	02/08/2067		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78000000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 30 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-21
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010414199	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Behind Pipe	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 SW SE NE	Discount Rate	:	10.00	Reservoir :	BP OSWG CLVLD
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083238170000

Est. Cum Oil (Mbbl) :	11.36	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	99.81	$78.22/bbl
Est. Cum Water (Mbbl) :	0.86	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.15		0.46		0.12		0.36		76.72		2.24		9.97		0.00		1.11		0.71		125.00		-116.85		-97.37
2026		1.57		4.71		1.23		3.68		76.72		2.24		102.24		0.00		12.47		7.26		0.00		82.50		-32.21
2027		1.26		3.77		0.98		2.94		76.72		2.24		81.90		0.00		11.40		5.82		0.00		64.68		14.22
2028		1.05		3.15		0.82		2.46		76.72		2.24		68.50		0.00		10.65		4.86		0.00		52.99		48.78
2029		0.90		2.70		0.70		2.11		76.72		2.24		58.60		0.00		10.06		4.16		0.00		44.38		75.10
2030		0.79		2.36		0.61		1.84		76.72		2.24		51.32		0.00		9.61		3.64		0.00		38.07		95.61
2031		0.70		2.10		0.55		1.64		76.72		2.24		45.65		0.00		9.25		3.24		0.00		33.16		111.85
2032		0.63		1.90		0.49		1.48		76.72		2.24		41.22		0.00		8.97		2.93		0.00		29.33		124.91
2033		0.57		1.72		0.45		1.34		76.72		2.24		37.38		0.00		8.71		2.65		0.00		26.02		135.44
2034		0.53		1.58		0.41		1.23		76.72		2.24		34.28		0.00		8.50		2.43		0.00		23.35		144.03
2035		0.49		1.46		0.38		1.14		76.72		2.24		31.66		0.00		8.33		2.25		0.00		21.09		151.09
2036		0.45		1.36		0.35		1.06		76.72		2.24		29.49		0.00		8.18		2.09		0.00		19.22		156.93
2037		0.42		1.26		0.33		0.99		76.72		2.24		27.45		0.00		8.04		1.95		0.00		17.47		161.76
2038		0.40		1.19		0.31		0.93		76.72		2.24		25.74		0.00		7.92		1.83		0.00		16.00		165.78

Rem.		6.97	20.11	5.44	15.70	76.72	2.24	452.52	0.00	232.12	32.13	20.00	168.27	21.33
Total	48.7	16.87	49.83	13.17	38.90	76.72	2.24	1,097.94	0.00	355.32	77.96	145.00	519.66	187.11
Ult.		28.23	149.64

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

2.794

Present Worth Profile (M$)

Initial Rate :

152.08

bbl/month

Return on Investment (undisc) :

4.584

5.00% :

294.83

20.00% :

89.71

Abandonment :

9.47

bbl/month

Years to Payout :

3.82

8.00% :

222.13

30.00% :

47.31

Initial Decline :

25.000

%/year

b = 1.00

Internal Rate of Return (%) :

70.85

10.00% :

187.11

40.00% :

25.25

Initial Ratio :

3.000

Mcf/bbl

12.00% :

159.28

50.00% :

12.65

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

127.05

60.00% :

5.05

Abandon Day :	09/25/2072		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78071875	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 31 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-5
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	23500401446	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Behind Pipe	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 C NE NW	Discount Rate	:	10.00	Reservoir :	MISS Restart, BP OSW VIOL
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083237260000

Est. Cum Oil (Mbbl) :	18.98	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	111.13	$78.22/bbl
Est. Cum Water (Mbbl) :	0.86	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		2.14		4.98		1.49		3.47		76.72		2.24		122.26		0.00		21.62		8.68		173.67		-81.71		-75.27
2026		2.15		5.38		1.50		3.75		76.72		2.24		123.12		0.00		24.39		8.74		0.00		89.99		-4.18
2027		1.67		4.44		1.17		3.09		76.72		2.24		96.36		0.00		21.05		6.84		0.00		68.47		44.98
2028		1.38		3.79		0.96		2.64		76.72		2.24		79.40		0.00		18.74		5.64		0.00		55.03		80.87
2029		1.16		3.29		0.81		2.29		76.72		2.24		67.22		0.00		16.96		4.77		0.00		45.49		107.84
2030		1.01		2.91		0.70		2.03		76.72		2.24		58.42		0.00		15.63		4.15		0.00		38.65		128.67
2031		0.89		2.61		0.62		1.82		76.72		2.24		51.66		0.00		14.57		3.67		0.00		33.43		145.05
2032		0.80		2.37		0.56		1.65		76.72		2.24		46.43		0.00		13.73		3.30		0.00		29.41		158.14
2033		0.72		2.16		0.50		1.51		76.72		2.24		41.95		0.00		12.99		2.98		0.00		25.99		168.66
2034		0.66		1.99		0.46		1.39		76.72		2.24		38.35		0.00		12.38		2.72		0.00		23.25		177.21
2035		0.61		1.85		0.42		1.29		76.72		2.24		35.33		0.00		11.87		2.51		0.00		20.95		184.22
2036		0.56		1.73		0.39		1.20		76.72		2.24		32.83		0.00		11.44		2.33		0.00		19.05		190.02
2037		0.52		1.61		0.36		1.12		76.72		2.24		30.50		0.00		11.04		2.17		0.00		17.30		194.80
2038		0.49		1.52		0.34		1.06		76.72		2.24		28.56		0.00		10.69		2.03		0.00		15.84		198.78

Rem.		8.53	17.82	5.94	12.41	76.72	2.24	483.92	0.00	275.38	34.36	17.72	156.46	20.79
Total	48.7	23.30	58.45	16.23	40.72	76.72	2.24	1,336.31	0.00	492.48	94.88	191.39	557.57	219.57
Ult.		42.28	169.58

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

2.423

Present Worth Profile (M$)

Initial Rate :

608.33

bbl/month

Return on Investment (undisc) :

3.913

5.00% :

333.17

20.00% :

110.76

Abandonment :

0.00

bbl/month

Years to Payout :

3.13

8.00% :

257.10

30.00% :

59.80

Initial Decline :

25.000

%/year

b = 1.00

Internal Rate of Return (%) :

63.53

10.00% :

219.57

40.00% :

31.43

Initial Ratio :

0.450

Mcf/bbl

12.00% :

189.26

50.00% :

14.12

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

153.45

60.00% :

2.97

Abandon Day :	09/14/2072		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.88605491	0.00000000	0.00000000
		Revenue Interest :	0.69656757	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 32 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 12-11
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010413723	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Behind Pipe	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 12.0 SW	Discount Rate	:	10.00	Reservoir :	BP OSWEGO
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083237630000

Est. Cum Oil (Mbbl) :	6.61	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	69.26	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		1.17		0.00		0.85		0.00		76.72		0.00		65.37		0.00		6.99		4.64		74.06		-20.32		-20.90
2025		1.59		0.00		1.16		0.00		76.72		0.00		89.00		0.00		10.86		6.32		0.00		71.83		41.50
2026		1.26		0.00		0.92		0.00		76.72		0.00		70.67		0.00		9.91		5.02		0.00		55.74		85.51
2027		1.04		0.00		0.76		0.00		76.72		0.00		58.62		0.00		9.26		4.16		0.00		45.20		117.95
2028		0.90		0.00		0.65		0.00		76.72		0.00		50.21		0.00		8.78		3.57		0.00		37.86		142.64
2029		0.78		0.00		0.57		0.00		76.72		0.00		43.71		0.00		8.41		3.10		0.00		32.20		161.73
2030		0.69		0.00		0.51		0.00		76.72		0.00		38.79		0.00		8.11		2.75		0.00		27.92		176.77
2031		0.62		0.00		0.45		0.00		76.72		0.00		34.86		0.00		7.88		2.48		0.00		24.51		188.78
2032		0.57		0.00		0.41		0.00		76.72		0.00		31.74		0.00		7.69		2.25		0.00		21.80		198.49
2033		0.52		0.00		0.38		0.00		76.72		0.00		28.99		0.00		7.52		2.06		0.00		19.41		206.34
2034		0.48		0.00		0.35		0.00		76.72		0.00		26.74		0.00		7.38		1.90		0.00		17.46		212.77
2035		0.44		0.00		0.32		0.00		76.72		0.00		24.82		0.00		7.26		1.76		0.00		15.80		218.05
2036		0.41		0.00		0.30		0.00		76.72		0.00		23.21		0.00		7.16		1.65		0.00		14.41		222.43
2037		0.39		0.00		0.28		0.00		76.72		0.00		21.69		0.00		7.06		1.54		0.00		13.09		226.05
2038		0.36		0.00		0.27		0.00		76.72		0.00		20.41		0.00		6.98		1.45		0.00		11.98		229.06

Rem.		6.24	0.00	4.56	0.00	76.72	0.00	349.94	0.00	198.37	24.85	18.75	107.97	15.33
Total	46.1	17.45	0.00	12.76	0.00	76.72	0.00	978.77	0.00	319.62	69.50	92.81	496.85	244.39
Ult.		24.06	69.26

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

4.425

Present Worth Profile (M$)

Initial Rate :

182.50

bbl/month

Return on Investment (undisc) :

6.353

5.00% :

332.50

20.00% :

155.35

Abandonment :

9.69

bbl/month

Years to Payout :

1.51

8.00% :

273.90

30.00% :

110.12

Initial Decline :

30.000

%/year

b = 1.00

Internal Rate of Return (%) :

187.55

10.00% :

244.39

40.00% :

82.52

Initial Ratio :

0.000

Mcf/bbl

12.00% :

220.19

50.00% :

63.89

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

191.09

60.00% :

50.51

Abandon Day :	01/29/2070		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.93750000	0.00000000	0.00000000
		Revenue Interest :	0.73125000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 33 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 2-19*/2-24
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	23500402035	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Behind Pipe	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 2.0 SE	Discount Rate	:	10.00	Reservoir :	MISS, Add BP MSNR OSWG
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083238120000

Est. Cum Oil (Mbbl) :	1.48	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	24.34	$78.22/bbl
Est. Cum Water (Mbbl) :	14.54	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		1.03		2.61		0.80		2.04		76.72		2.24		66.26		0.00		6.43		4.70		90.00		-34.88		-31.35
2026		1.71		4.48		1.33		3.50		76.72		2.24		109.96		0.00		11.68		7.81		0.00		90.47		40.09
2027		1.39		3.79		1.09		2.96		76.72		2.24		90.01		0.00		10.64		6.39		0.00		72.98		92.46
2028		1.18		3.29		0.92		2.57		76.72		2.24		76.40		0.00		9.93		5.42		0.00		61.04		132.27
2029		1.02		2.89		0.80		2.26		76.72		2.24		66.06		0.00		9.40		4.69		0.00		51.98		163.08
2030		0.90		2.59		0.70		2.02		76.72		2.24		58.33		0.00		8.99		4.14		0.00		45.19		187.43
2031		0.80		2.34		0.63		1.83		76.72		2.24		52.21		0.00		8.68		3.71		0.00		39.83		206.94
2032		0.73		2.14		0.57		1.67		76.72		2.24		47.39		0.00		8.43		3.36		0.00		35.59		222.79
2033		0.66		1.97		0.52		1.53		76.72		2.24		43.16		0.00		8.21		3.06		0.00		31.89		235.69
2034		0.61		1.82		0.48		1.42		76.72		2.24		39.72		0.00		8.03		2.82		0.00		28.87		246.31
2035		0.56		1.69		0.44		1.32		76.72		2.24		36.79		0.00		7.88		2.61		0.00		26.30		255.11
2036		0.53		1.59		0.41		1.24		76.72		2.24		34.36		0.00		7.76		2.44		0.00		24.16		262.46
2037		0.49		1.49		0.38		1.16		76.72		2.24		32.06		0.00		7.64		2.28		0.00		22.14		268.58
2038		0.46		1.40		0.36		1.10		76.72		2.24		30.13		0.00		7.54		2.14		0.00		20.45		273.72

Rem.		8.39	26.05	6.55	20.33	76.72	2.24	548.17	0.00	237.98	38.92	20.00	251.27	28.85
Total	50.0	20.47	60.15	15.98	46.94	76.72	2.24	1,331.01	0.00	359.24	94.51	110.00	767.27	302.56
Ult.		21.95	84.49

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

4.869

Present Worth Profile (M$)

Initial Rate :

456.25

bbl/month

Return on Investment (undisc) :

7.975

5.00% :

448.13

20.00% :

169.73

Abandonment :

33.75

bbl/month

Years to Payout :

2.58

8.00% :

349.72

30.00% :

108.62

Initial Decline :

20.000

%/year

b = 1.00

Internal Rate of Return (%) :

186.00

10.00% :

302.56

40.00% :

74.36

Initial Ratio :

0.400

Mcf/bbl

12.00% :

265.05

50.00% :

53.04

Abandon Ratio :

0.320

Mcf/bbl

15.00% :

221.29

60.00% :

38.87

Abandon Day :	12/31/2073		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78040180	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 34 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 2-20*/2-28
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	23500402015	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Behind Pipe	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 2.0 SW	Discount Rate	:	10.00	Reservoir :	BP VIOLA, WLCX OSWG
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083238100000

Est. Cum Oil (Mbbl) :	21.91	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	136.05	$78.22/bbl
Est. Cum Water (Mbbl) :	2.84	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.15		0.77		0.12		0.60		76.72		2.24		10.50		0.00		1.42		0.75		195.00		-186.67		-171.07
2025		1.57		7.85		1.22		6.12		76.72		2.24		107.64		0.00		15.42		7.64		0.00		84.58		-97.60
2026		1.26		6.29		0.98		4.90		76.72		2.24		86.23		0.00		13.54		6.12		0.00		66.56		-45.05
2027		1.05		5.24		0.82		4.09		76.72		2.24		71.94		0.00		12.29		5.11		0.00		54.54		-5.92
2028		0.90		4.51		0.70		3.52		76.72		2.24		61.88		0.00		11.41		4.39		0.00		46.07		24.13
2029		0.79		3.94		0.61		3.07		76.72		2.24		54.03		0.00		10.73		3.84		0.00		39.47		47.52
2030		0.70		3.50		0.55		2.73		76.72		2.24		48.06		0.00		10.20		3.41		0.00		34.45		66.08
2031		0.63		3.15		0.49		2.46		76.72		2.24		43.28		0.00		9.79		3.07		0.00		30.42		80.99
2032		0.58		2.88		0.45		2.24		76.72		2.24		39.47		0.00		9.45		2.80		0.00		27.22		93.10
2033		0.53		2.63		0.41		2.05		76.72		2.24		36.09		0.00		9.16		2.56		0.00		24.37		102.97
2034		0.49		2.43		0.38		1.90		76.72		2.24		33.33		0.00		8.92		2.37		0.00		22.05		111.08
2035		0.45		2.26		0.35		1.76		76.72		2.24		30.96		0.00		8.71		2.20		0.00		20.06		117.79
2036		0.42		2.11		0.33		1.65		76.72		2.24		28.98		0.00		8.54		2.06		0.00		18.39		123.38
2037		0.40		1.98		0.31		1.54		76.72		2.24		27.10		0.00		8.37		1.92		0.00		16.81		128.03
2038		0.37		1.86		0.29		1.45		76.72		2.24		25.52		0.00		8.23		1.81		0.00		15.47		131.92

Rem.		6.84	34.22	5.34	26.69	76.72	2.24	469.41	0.00	251.06	33.33	20.00	165.02	20.93
Total	50.0	17.12	85.61	13.35	66.77	76.72	2.24	1,174.43	0.00	397.23	83.39	215.00	478.81	152.85
Ult.		39.03	221.66

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.855

Present Worth Profile (M$)

Initial Rate :

760.42

bbl/month

Return on Investment (undisc) :

3.227

5.00% :

258.96

20.00% :

55.22

Abandonment :

44.20

bbl/month

Years to Payout :

4.02

8.00% :

187.47

30.00% :

11.31

Initial Decline :

25.000

%/year

b = 1.00

Internal Rate of Return (%) :

34.09

10.00% :

152.85

40.00% :

-12.34

Initial Ratio :

0.200

Mcf/bbl

12.00% :

125.22

50.00% :

-26.28

Abandon Ratio :

0.200

Mcf/bbl

15.00% :

92.99

60.00% :

-34.90

Abandon Day :	12/31/2073		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78000000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 35 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 2-20/2-28*
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	23500402015	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Behind Pipe	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 2.0 SW	Discount Rate	:	10.00	Reservoir :	BP LAYTON
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083238100000

Est. Cum Oil (Mbbl) :	21.91	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	136.05	$78.22/bbl
Est. Cum Water (Mbbl) :	2.84	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.75		0.00		0.58		0.00		76.72		0.00		44.77		0.00		5.53		3.18		47.00		-10.94		-10.01
2026		1.66		0.00		1.30		0.00		76.72		0.00		99.58		0.00		12.96		7.07		0.00		79.55		52.74
2027		1.52		0.00		1.18		0.00		76.72		0.00		90.85		0.00		12.61		6.45		0.00		71.79		104.21
2028		1.40		0.00		1.09		0.00		76.72		0.00		83.75		0.00		12.30		5.95		0.00		65.50		146.91
2029		1.29		0.00		1.01		0.00		76.72		0.00		77.28		0.00		11.97		5.49		0.00		59.83		182.35
2030		1.20		0.00		0.94		0.00		76.72		0.00		71.92		0.00		11.67		5.11		0.00		55.14		212.06
2031		1.12		0.00		0.88		0.00		76.72		0.00		67.25		0.00		11.39		4.78		0.00		51.09		237.08
2032		1.06		0.00		0.83		0.00		76.72		0.00		63.32		0.00		11.13		4.50		0.00		47.70		258.31
2033		0.99		0.00		0.78		0.00		76.72		0.00		59.52		0.00		10.86		4.23		0.00		44.43		276.29
2034		0.94		0.00		0.73		0.00		76.72		0.00		56.29		0.00		10.62		4.00		0.00		41.68		291.62
2035		0.89		0.00		0.70		0.00		76.72		0.00		53.39		0.00		10.39		3.79		0.00		39.21		304.73
2036		0.85		0.00		0.66		0.00		76.72		0.00		50.91		0.00		10.18		3.61		0.00		37.12		316.01
2037		0.81		0.00		0.63		0.00		76.72		0.00		48.40		0.00		9.96		3.44		0.00		35.01		325.69
2038		0.77		0.00		0.60		0.00		76.72		0.00		46.24		0.00		9.76		3.28		0.00		33.20		334.03

Rem.		15.49	0.00	12.08	0.00	76.72	0.00	927.09	0.00	250.78	65.83	20.00	590.48	55.78
Total	50.0	30.76	0.00	23.99	0.00	76.72	0.00	1,840.57	0.00	402.09	130.68	67.00	1,240.79	389.81
Ult.		52.66	136.05

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

10.603

Present Worth Profile (M$)

Initial Rate :

152.08

bbl/month

Return on Investment (undisc) :

19.519

5.00% :

620.40

20.00% :

207.67

Abandonment :

20.49

bbl/month

Years to Payout :

2.38

8.00% :

460.84

30.00% :

132.05

Initial Decline :

10.000

%/year

b = 1.00

Internal Rate of Return (%) :

481.12

10.00% :

389.81

40.00% :

91.63

Initial Ratio :

0.000

Mcf/bbl

12.00% :

335.74

50.00% :

67.09

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

275.34

60.00% :

50.97

Abandon Day :	12/31/2073		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78000000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 36 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Proved Non-Producing Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	126.79	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	846.14	$78.22/bbl
Est. Cum Water (Mbbl) :	16.66	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		1.80		9.70		1.35		7.37		76.72		2.24		120.19		0.00		40.51		8.53		223.95		-152.80		-141.62
2025		3.92		22.28		2.94		16.87		76.72		2.24		263.32		0.00		78.73		18.70		0.00		165.89		2.42
2026		3.30		19.33		2.48		14.65		76.72		2.24		222.79		0.00		70.26		15.82		0.00		136.71		110.32
2027		2.88		17.15		2.16		13.01		76.72		2.24		194.85		0.00		65.12		13.84		0.00		115.90		193.46
2028		2.57		15.49		1.93		11.76		76.72		2.24		174.54		0.00		61.56		12.39		0.00		100.58		259.04
2029		2.33		13.58		1.74		10.32		76.72		2.24		156.99		0.00		57.88		11.15		0.00		87.96		311.17
2030		2.13		9.49		1.60		7.23		76.72		2.24		138.89		0.00		50.77		9.86		0.00		78.27		353.33
2031		1.97		8.82		1.48		6.72		76.72		2.24		128.53		0.00		48.97		9.13		0.00		70.43		387.83
2032		1.81		8.26		1.36		6.29		76.72		2.24		118.22		0.00		45.77		8.39		14.46		49.60		410.13
2033		1.57		7.71		1.18		5.88		76.72		2.24		104.00		0.00		38.37		7.38		0.00		58.25		433.70
2034		1.48		7.24		1.11		5.52		76.72		2.24		97.89		0.00		37.42		6.95		0.00		53.52		453.39
2035		1.40		6.82		1.05		5.20		76.72		2.24		92.49		0.00		36.58		6.57		18.56		30.78		463.85
2036		1.33		6.45		1.00		4.92		76.72		2.24		87.91		0.00		35.86		6.24		0.00		45.80		477.78
2037		1.26		6.08		0.95		4.63		76.72		2.24		83.33		0.00		35.15		5.92		0.00		42.26		489.46
2038		1.20		5.75		0.91		4.38		76.72		2.24		79.42		0.00		34.54		5.64		0.00		39.25		499.32

Rem.		20.65	73.37	15.47	55.77	76.72	2.24	1,312.05	0.00	755.25	93.16	77.50	386.14	52.28
Total	50.0	51.61	237.50	38.72	180.51	76.72	2.24	3,375.41	0.00	1,492.74	239.67	334.48	1,308.53	551.60
Ult.		178.41	1,083.64

Eco. Indicators
Return on Investment (disc) :	3.486	Present Worth Profile (M$)
Return on Investment (undisc) :	4.912	PW	5.00% :	802.59	PW	20.00% :	315.34
Years to Payout :	2.70	PW	8.00% :	633.96	PW	30.00% :	204.09
Internal Rate of Return (%) :	127.43	PW	10.00% :	551.60	PW	40.00% :	140.10
		PW	12.00% :	485.46	PW	50.00% :	99.13
		PW	15.00% :	407.75	PW	60.00% :	71.07

TRC Standard Eco.rpt

PES Page 37 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-1
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010412892	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Non-Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 NW SW NW	Discount Rate	:	10.00	Reservoir :	MISS - Restart
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083236450000

Est. Cum Oil (Mbbl) :	27.40	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	52.25	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.22		0.97		0.17		0.76		76.72		2.24		14.67		0.00		6.15		1.04		39.00		-31.52		-29.60
2025		0.65		2.91		0.51		2.27		76.72		2.24		43.89		0.00		19.03		3.12		0.00		21.74		-10.72
2026		0.57		2.54		0.44		1.98		76.72		2.24		38.46		0.00		17.48		2.73		0.00		18.25		3.68
2027		0.51		2.26		0.39		1.76		76.72		2.24		34.24		0.00		16.27		2.43		0.00		15.54		14.82
2028		0.46		2.04		0.36		1.59		76.72		2.24		30.93		0.00		15.31		2.20		0.00		13.42		23.58
2029		0.41		1.85		0.32		1.44		76.72		2.24		28.06		0.00		14.47		1.99		0.00		11.60		30.45
2030		0.38		1.69		0.30		1.32		76.72		2.24		25.74		0.00		13.79		1.83		0.00		10.13		35.91
2031		0.35		1.56		0.27		1.22		76.72		2.24		23.78		0.00		13.21		1.69		0.00		8.88		40.26
2032		0.33		1.45		0.26		1.13		76.72		2.24		22.15		0.00		12.72		1.57		0.00		7.85		43.76
2033		0.31		1.35		0.24		1.05		76.72		2.24		20.63		0.00		12.27		1.46		0.00		6.89		46.55
2034		0.29		1.27		0.22		0.99		76.72		2.24		19.35		0.00		11.89		1.37		0.00		6.08		48.79
2035		0.27		1.19		0.21		0.93		76.72		2.24		18.22		0.00		11.55		1.29		0.00		5.37		50.58
2036		0.26		1.13		0.20		0.88		76.72		2.24		17.26		0.00		11.27		1.23		0.00		4.77		52.03
2037		0.24		1.07		0.19		0.83		76.72		2.24		16.31		0.00		10.98		1.16		0.00		4.17		53.18
2038		0.23		1.01		0.18		0.79		76.72		2.24		15.50		0.00		10.74		1.10		0.00		3.66		54.10

Rem.		2.08	9.16	1.62	7.15	76.72	2.24	140.43	0.00	113.34	9.97	20.00	-2.89	1.81
Total	26.7	7.54	33.45	5.88	26.09	76.72	2.24	509.60	0.00	310.47	36.18	59.00	103.95	55.92
Ult.		34.94	85.70

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

2.485

Present Worth Profile (M$)

Initial Rate :

60.83

bbl/month

Return on Investment (undisc) :

2.762

5.00% :

77.22

20.00% :

30.19

Abandonment :

11.90

bbl/month

Years to Payout :

3.73

8.00% :

63.60

30.00% :

16.63

Initial Decline :

14.625

%/year

b = 1.00

Internal Rate of Return (%) :

60.67

10.00% :

55.92

40.00% :

8.68

Initial Ratio :

4.500

Mcf/bbl

12.00% :

49.24

50.00% :

3.61

Abandon Ratio :

4.402

Mcf/bbl

15.00% :

40.85

60.00% :

0.19

Abandon Day :	09/20/2050		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78000000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 38 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-16
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010414335	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Non-Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 E2W2NESW	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083238310000

Est. Cum Oil (Mbbl) :	8.08	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	54.68	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.30		1.19		0.22		0.87		76.72		2.24		18.56		0.00		2.59		1.32		170.63		-155.97		-144.15
2025		1.48		6.15		1.08		4.50		76.72		2.24		93.33		0.00		13.67		6.63		0.00		73.04		-80.68
2026		1.15		4.95		0.84		3.62		76.72		2.24		72.57		0.00		11.63		5.15		0.00		55.79		-36.63
2027		0.94		4.14		0.69		3.03		76.72		2.24		59.40		0.00		10.42		4.22		0.00		44.76		-4.51
2028		0.79		3.57		0.58		2.61		76.72		2.24		50.41		0.00		9.62		3.58		0.00		37.21		19.77
2029		0.69		3.12		0.50		2.28		76.72		2.24		43.59		0.00		9.04		3.09		0.00		31.45		38.41
2030		0.60		2.78		0.44		2.03		76.72		2.24		38.48		0.00		8.61		2.73		0.00		27.14		53.03
2031		0.54		2.50		0.40		1.83		76.72		2.24		34.45		0.00		8.28		2.45		0.00		23.72		64.66
2032		0.49		2.28		0.36		1.67		76.72		2.24		31.26		0.00		8.02		2.22		0.00		21.02		74.02
2033		0.45		2.09		0.33		1.53		76.72		2.24		28.47		0.00		7.80		2.02		0.00		18.65		81.57
2034		0.41		1.93		0.30		1.41		76.72		2.24		26.20		0.00		7.61		1.86		0.00		16.73		87.72
2035		0.38		1.80		0.28		1.31		76.72		2.24		24.27		0.00		7.46		1.72		0.00		15.09		92.77
2036		0.35		1.68		0.26		1.23		76.72		2.24		22.66		0.00		7.33		1.61		0.00		13.72		96.94
2037		0.33		1.57		0.24		1.15		76.72		2.24		21.15		0.00		7.22		1.50		0.00		12.43		100.37
2038		0.31		1.48		0.23		1.08		76.72		2.24		19.87		0.00		7.12		1.41		0.00		11.34		103.22

Rem.		5.41	26.13	3.95	19.10	76.72	2.24	346.11	0.00	199.84	24.57	18.75	102.95	14.38
Total	47.4	14.62	67.36	10.69	49.25	76.72	2.24	930.79	0.00	326.26	66.09	189.38	349.06	117.60
Ult.		22.70	122.03

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

1.746

Present Worth Profile (M$)

Initial Rate :

152.08

bbl/month

Return on Investment (undisc) :

2.843

5.00% :

196.81

20.00% :

41.44

Abandonment :

7.87

bbl/month

Years to Payout :

4.03

8.00% :

143.84

30.00% :

5.96

Initial Decline :

30.000

%/year

b = 1.00

Internal Rate of Return (%) :

32.51

10.00% :

117.60

40.00% :

-13.60

Initial Ratio :

4.000

Mcf/bbl

12.00% :

96.38

50.00% :

-25.35

Abandon Ratio :

4.858

Mcf/bbl

15.00% :

71.31

60.00% :

-32.76

Abandon Day :	05/11/2071		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.93750000	0.00000000	0.00000000
		Revenue Interest :	0.73125000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 39 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-26*/11-14,32,34
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010413854	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Non-Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 NW NW SE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083239040000

Est. Cum Oil (Mbbl) :	13.14	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	285.15	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		3.64		0.00		2.75		0.00		2.24		6.17		0.00		2.74		0.44		0.00		3.00		2.79
2025		0.00		6.61		0.00		5.00		0.00		2.24		11.22		0.00		5.78		0.80		0.00		4.64		6.82
2026		0.00		5.58		0.00		4.22		0.00		2.24		9.48		0.00		5.78		0.67		0.00		3.02		9.21
2027		0.00		4.83		0.00		3.66		0.00		2.24		8.20		0.00		5.78		0.58		0.00		1.84		10.53
2028		0.00		4.27		0.00		3.23		0.00		2.24		7.25		0.00		5.78		0.51		0.00		0.95		11.15
2029		0.00		3.31		0.00		2.50		0.00		2.24		5.62		0.00		4.94		0.40		0.00		0.28		11.32
2030		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		11.32
2031		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		11.32
2032		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		14.46		-14.46		5.11

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	5.9	0.00	28.23	0.00	21.36	0.00	2.24	47.94	0.00	30.81	3.40	14.46	-0.74	5.11
Ult.		13.14	313.38

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.821

Present Worth Profile (M$)

Initial Rate :

669.17

bbl/month

Return on Investment (undisc) :

0.949

5.00% :

3.03

20.00% :

6.72

Abandonment :

305.44

bbl/month

Years to Payout :

0.00

8.00% :

4.42

30.00% :

6.90

Initial Decline :

20.000

%/year

b = 1.00

Internal Rate of Return (%) :

>1000

10.00% :

5.11

40.00% :

6.59

Initial Ratio :

0.000

Mcf/bbl

12.00% :

5.63

50.00% :

6.14

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

6.20

60.00% :

5.68

Abandon Day :	11/11/2029		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.96406250	0.00000000	0.00000000
		Revenue Interest :	0.75661135	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 40 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-6*/11-23
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010413187	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Non-Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 C NW NE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083237070000

Est. Cum Oil (Mbbl) :	34.34	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	203.29	$78.22/bbl
Est. Cum Water (Mbbl) :	3.72	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest . Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.23		0.00		0.17		0.00		76.72		0.00		12.91		0.00		8.70		0.92		4.64		-1.35		-1.41
2025		0.31		0.00		0.22		0.00		76.72		0.00		17.05		0.00		11.67		1.21		0.00		4.17		2.21
2026		0.27		0.00		0.20		0.00		76.72		0.00		15.00		0.00		10.58		1.06		0.00		3.35		4.85
2027		0.24		0.00		0.17		0.00		76.72		0.00		13.39		0.00		9.83		0.95		0.00		2.61		6.72
2028		0.22		0.00		0.16		0.00		76.72		0.00		12.12		0.00		9.28		0.86		0.00		1.98		8.02
2029		0.20		0.00		0.14		0.00		76.72		0.00		11.02		0.00		8.84		0.78		0.00		1.40		8.84
2030		0.18		0.00		0.13		0.00		76.72		0.00		10.12		0.00		8.50		0.72		0.00		0.90		9.33
2031		0.17		0.00		0.12		0.00		76.72		0.00		9.36		0.00		8.22		0.66		0.00		0.47		9.56
2032		0.12		0.00		0.09		0.00		76.72		0.00		6.90		0.00		6.26		0.49		0.00		0.15		9.63
2033		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		9.63
2034		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		9.63
2035		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		18.56		-18.56		3.59

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	8.8	1.94	0.00	1.41	0.00	76.72	0.00	107.86	0.00	81.88	7.66	23.20	-4.89	3.59
Ult.		36.28	203.29

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

1.341

Present Worth Profile (M$)

Initial Rate :

30.42

bbl/month

Return on Investment (undisc) :

0.789

5.00% :

0.96

20.00% :

4.90

Abandonment :

12.82

bbl/month

Years to Payout :

0.00

8.00% :

2.80

30.00% :

4.49

Initial Decline :

15.000

%/year

b = 1.00

Internal Rate of Return (%) :

3.86

10.00% :

3.59

40.00% :

3.75

Initial Ratio :

0.000

Mcf/bbl

12.00% :

4.15

50.00% :

3.04

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

4.64

60.00% :

2.44

Abandon Day :	10/13/2032		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.92812500	0.00000000	0.00000000
		Revenue Interest :	0.72393750	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 41 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 2-9*/2-4
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010413281	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Non-Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 2.0 SE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083237970000

Est. Cum Oil (Mbbl) :	29.43	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	194.86	$78.22/bbl
Est. Cum Water (Mbbl) :	8.77	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.52		2.85		0.40		2.23		76.72		2.24		35.89		0.00		11.30		2.55		5.00		17.04		15.77
2025		0.86		5.43		0.67		4.24		76.72		2.24		61.28		0.00		18.02		4.35		0.00		38.90		49.53
2026		0.72		5.14		0.57		4.01		76.72		2.24		52.37		0.00		14.49		3.72		0.00		34.16		76.48
2027		0.63		4.87		0.49		3.80		76.72		2.24		46.24		0.00		12.77		3.28		0.00		30.18		98.13
2028		0.56		4.62		0.44		3.61		76.72		2.24		41.79		0.00		11.74		2.97		0.00		27.08		115.78
2029		0.51		4.36		0.40		3.41		76.72		2.24		38.10		0.00		11.01		2.71		0.00		24.38		130.23
2030		0.47		4.13		0.36		3.22		76.72		2.24		35.19		0.00		10.48		2.50		0.00		22.21		142.20
2031		0.43		3.91		0.34		3.05		76.72		2.24		32.77		0.00		10.07		2.33		0.00		20.37		152.17
2032		0.41		3.71		0.32		2.90		76.72		2.24		30.78		0.00		9.76		2.19		0.00		18.84		160.56
2033		0.38		3.50		0.30		2.73		76.72		2.24		28.90		0.00		9.48		2.05		0.00		17.37		167.58
2034		0.36		3.32		0.28		2.59		76.72		2.24		27.32		0.00		9.26		1.94		0.00		16.13		173.51
2035		0.34		3.14		0.27		2.45		76.72		2.24		25.92		0.00		9.06		1.84		0.00		15.02		178.54
2036		0.33		2.98		0.25		2.33		76.72		2.24		24.73		0.00		8.91		1.76		0.00		14.07		182.81
2037		0.31		2.81		0.24		2.20		76.72		2.24		23.53		0.00		8.75		1.67		0.00		13.11		186.44
2038		0.30		2.66		0.23		2.08		76.72		2.24		22.50		0.00		8.61		1.60		0.00		12.29		189.52

Rem.		5.52	33.94	4.31	26.49	76.72	2.24	389.87	0.00	212.61	27.68	20.00	129.58	17.66
Total	44.0	12.65	91.40	9.87	71.33	76.72	2.24	917.18	0.00	376.33	65.12	25.00	450.72	207.18
Ult.		42.07	286.26

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

42.481

Present Worth Profile (M$)

Initial Rate :

91.25

bbl/month

Return on Investment (undisc) :

19.029

5.00% :

287.56

20.00% :

132.95

Abandonment :

9.85

bbl/month

Years to Payout :

1.07

8.00% :

233.42

30.00% :

98.28

Initial Decline :

25.000

%/year

b = 1.50

Internal Rate of Return (%) :

>1000

10.00% :

207.18

40.00% :

78.07

Initial Ratio :

5.246

Mcf/bbl

12.00% :

186.24

50.00% :

64.78

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

161.80

60.00% :

55.37

Abandon Day :	01/07/2068		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78040180	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 42 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 22-11
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	23500103452	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Non-Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 SW NW SW	Discount Rate	:	10.00	Reservoir :	Mississippian
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083238670000

Est. Cum Oil (Mbbl) :	14.42	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	55.92	$78.22/bbl
Est. Cum Water (Mbbl) :	4.18	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.54		1.04		0.39		0.76		76.72		2.24		31.99		0.00		9.03		2.27		4.69		16.01		14.97
2025		0.62		1.18		0.45		0.86		76.72		2.24		36.55		0.00		10.55		2.60		0.00		23.41		35.27
2026		0.59		1.11		0.43		0.81		76.72		2.24		34.92		0.00		10.29		2.48		0.00		22.14		52.73
2027		0.56		1.05		0.41		0.77		76.72		2.24		33.39		0.00		10.05		2.37		0.00		20.97		67.76
2028		0.54		1.00		0.40		0.73		76.72		2.24		32.04		0.00		9.83		2.27		0.00		19.94		80.75
2029		0.52		0.94		0.38		0.69		76.72		2.24		30.61		0.00		9.60		2.17		0.00		18.84		91.91
2030		0.50		0.89		0.36		0.65		76.72		2.24		29.35		0.00		9.39		2.08		0.00		17.88		101.54
2031		0.48		0.85		0.35		0.62		76.72		2.24		28.17		0.00		9.19		2.00		0.00		16.98		109.86
2032		0.46		0.81		0.34		0.59		76.72		2.24		27.13		0.00		9.01		1.93		0.00		16.19		117.06
2033		0.44		0.77		0.32		0.56		76.72		2.24		26.01		0.00		8.82		1.85		0.00		15.33		123.27
2034		0.42		0.73		0.31		0.53		76.72		2.24		25.01		0.00		8.66		1.78		0.00		14.58		128.63
2035		0.41		0.69		0.30		0.50		76.72		2.24		24.08		0.00		8.50		1.71		0.00		13.87		133.27
2036		0.40		0.66		0.29		0.48		76.72		2.24		23.25		0.00		8.35		1.65		0.00		13.25		137.29
2037		0.38		0.62		0.28		0.46		76.72		2.24		22.35		0.00		8.20		1.59		0.00		12.56		140.76
2038		0.37		0.59		0.27		0.43		76.72		2.24		21.55		0.00		8.07		1.53		0.00		11.96		143.77

Rem.		7.64	4.14	5.59	3.03	76.72	2.24	435.64	0.00	229.46	30.93	18.75	156.50	18.43
Total	50.0	14.87	17.06	10.87	12.48	76.72	2.24	862.06	0.00	366.99	61.21	23.44	410.42	162.20
Ult.		29.28	72.98

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

34.973

Present Worth Profile (M$)

Initial Rate :

106.46

bbl/month

Return on Investment (undisc) :

18.511

5.00% :

236.99

20.00% :

99.14

Abandonment :

0.00

bbl/month

Years to Payout :

1.12

8.00% :

185.88

30.00% :

71.83

Initial Decline :

6.000

%/year

b = 0.50

Internal Rate of Return (%) :

>1000

10.00% :

162.20

40.00% :

56.61

Initial Ratio :

0.514

Mcf/bbl

12.00% :

143.82

50.00% :

46.90

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

122.95

60.00% :

40.15

Abandon Day :	12/31/2073		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.93750000	0.00000000	0.00000000
		Revenue Interest :	0.73125000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 43 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC SUMMARY PROJECTION
Partner :	All Cases	Truleum YE23	Proved Shut-In Rsv Class & Category

All Cases

Discount Rate	:	10.00
As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	200.18	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	1,151.99	$78.22/bbl
Est. Cum Water (Mbbl) :	6.90	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-17.34
2026		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		40.00		-40.00		-48.90
2027		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		33.21		-33.21		-73.85
2028		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-87.51

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	0.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	113.21	-113.21	-87.51
Ult.		200.18	1,151.99

Eco. Indicators
Return on Investment (disc) :	0.000	Present Worth Profile (M$)
Return on Investment (undisc) :	0.000	PW	5.00% :	-99.15	PW	20.00% :	-69.55
Years to Payout :	0.00	PW	8.00% :	-91.91	PW	30.00% :	-56.56
Internal Rate of Return (%) :	<0	PW	10.00% :	-87.51	PW	40.00% :	-46.88
		PW	12.00% :	-83.41	PW	50.00% :	-39.50
		PW	15.00% :	-77.77	PW	60.00% :	-33.75

TRC Standard Eco.rpt

PES Page 44 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-34* /11-14,32,34,26
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010413854	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Shut-In	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 NW NW SE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083239040000

Est. Cum Oil (Mbbl) :	13.14	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	285.15	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2026		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2027		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		14.46		-14.46		-10.86

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	0.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.46	-14.46	-10.86
Ult.		13.14	285.15

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

0.000

Present Worth Profile (M$)

Initial Rate :

0.00

bbl/month

Return on Investment (undisc) :

0.000

5.00% :

-12.49

20.00% :

-8.37

Abandonment :

0.00

bbl/month

Years to Payout :

0.00

8.00% :

-11.48

30.00% :

-6.58

Initial Decline :

0.000

%/year

b = 0.00

Internal Rate of Return (%) :

0.00

10.00% :

-10.86

40.00% :

-5.27

Initial Ratio :

0.000

Mcf/bbl

12.00% :

-10.29

50.00% :

-4.28

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

-9.51

60.00% :

-3.53

Abandon Day :	01/01/2024		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.96406250	0.00000000	0.00000000
		Revenue Interest :	0.75661135	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 45 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-6/11-23*
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010413187	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Shut-In	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 C NW NE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083237070000

Est. Cum Oil (Mbbl) :	34.34	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	203.29	$78.22/bbl
Est. Cum Water (Mbbl) :	3.72	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2026		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-16.53

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	0.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.00	-20.00	-16.53
Ult.		34.34	203.29

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

0.000

Present Worth Profile (M$)

Initial Rate :

0.00

bbl/month

Return on Investment (undisc) :

0.000

5.00% :

-18.14

20.00% :

-13.89

Abandonment :

0.00

bbl/month

Years to Payout :

0.00

8.00% :

-17.14

30.00% :

-11.83

Initial Decline :

0.000

%/year

b = 0.00

Internal Rate of Return (%) :

0.00

10.00% :

-16.53

40.00% :

-10.20

Initial Ratio :

0.000

Mcf/bbl

12.00% :

-15.94

50.00% :

-8.88

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

-15.12

60.00% :

-7.81

Abandon Day :	01/01/2024		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78071875	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 46 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 12-27
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010414475	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Shut-In	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 12.0 NW	Discount Rate	:	10.00	Reservoir :	MISSISSIPPIAN
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083238480000

Est. Cum Oil (Mbbl) :	2.97	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	14.33	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2026		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2027		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		18.75		-18.75		-14.09

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	0.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.75	-18.75	-14.09
Ult.		2.97	14.33

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

0.000

Present Worth Profile (M$)

Initial Rate :

0.00

bbl/month

Return on Investment (undisc) :

0.000

5.00% :

-16.20

20.00% :

-10.85

Abandonment :

0.00

bbl/month

Years to Payout :

0.00

8.00% :

-14.88

30.00% :

-8.53

Initial Decline :

0.000

%/year

b = 0.00

Internal Rate of Return (%) :

0.00

10.00% :

-14.09

40.00% :

-6.83

Initial Ratio :

0.000

Mcf/bbl

12.00% :

-13.34

50.00% :

-5.55

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

-12.33

60.00% :

-4.58

Abandon Day :	01/01/2024		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.93750000	0.00000000	0.00000000
		Revenue Interest :	0.73125000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 47 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 2-2*/2-3
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010412965	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Shut-In	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 2.0 SW	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083236730000

Est. Cum Oil (Mbbl) :	55.28	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	267.03	$78.22/bbl
Est. Cum Water (Mbbl) :	1.59	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2026		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2027		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2028		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-13.66

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	0.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.00	-20.00	-13.66
Ult.		55.28	267.03

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

0.000

Present Worth Profile (M$)

Initial Rate :

0.00

bbl/month

Return on Investment (undisc) :

0.000

5.00% :

-16.45

20.00% :

-9.65

Abandonment :

0.00

bbl/month

Years to Payout :

0.00

8.00% :

-14.70

30.00% :

-7.00

Initial Decline :

0.000

%/year

b = 0.00

Internal Rate of Return (%) :

0.00

10.00% :

-13.66

40.00% :

-5.21

Initial Ratio :

0.000

Mcf/bbl

12.00% :

-12.71

50.00% :

-3.95

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

-11.44

60.00% :

-3.05

Abandon Day :	01/01/2024		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78000000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 48 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 2-2*/2-3
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010412965	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Shut-In	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 2.0 SW	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083236730000

Est. Cum Oil (Mbbl) :	55.28	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	267.03	$78.22/bbl
Est. Cum Water (Mbbl) :	1.59	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-17.34

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	0.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.00	-20.00	-17.34
Ult.		55.28	267.03

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

0.000

Present Worth Profile (M$)

Initial Rate :

0.00

bbl/month

Return on Investment (undisc) :

0.000

5.00% :

-18.59

20.00% :

-15.22

Abandonment :

0.00

bbl/month

Years to Payout :

0.00

8.00% :

-17.82

30.00% :

-13.50

Initial Decline :

0.000

%/year

b = 0.00

Internal Rate of Return (%) :

0.00

10.00% :

-17.34

40.00% :

-12.08

Initial Ratio :

0.000

Mcf/bbl

12.00% :

-16.88

50.00% :

-10.90

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

-16.22

60.00% :

-9.89

Abandon Day :	01/01/2024		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78000000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 49 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 2-4
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010413113	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Proved Shut-In	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 2.0 SE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083236960000

Est. Cum Oil (Mbbl) :	39.18	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	115.16	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil ross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2026		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-15.03

Rem.		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total	0.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.00	-20.00	-15.03
Ult.		39.18	115.16

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

0.000

Present Worth Profile (M$)

Initial Rate :

0.00

bbl/month

Return on Investment (undisc) :

0.000

5.00% :

-17.28

20.00% :

-11.58

Abandonment :

0.00

bbl/month

Years to Payout :

0.00

8.00% :

-15.88

30.00% :

-9.11

Initial Decline :

0.000

%/year

b = 0.00

Internal Rate of Return (%) :

0.00

10.00% :

-15.03

40.00% :

-7.29

Initial Ratio :

0.000

Mcf/bbl

12.00% :

-14.24

50.00% :

-5.93

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

-13.15

60.00% :

-4.89

Abandon Day :	01/01/2024		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78040180	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 50 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC SUMMARY PROJECTION	Probable Behind Pipe Rsv Class & Category
Partner :	All Cases
		Truleum YE23
		All Cases

		Discount Rate	:	10.00
		As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	23.53
Est. Cum Gas (MMcf) :	127.63	$78.22/bbl
Est. Cum Water (Mbbl) :	6.82	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.44		1.33		0.32		0.97		76.72		2.24		26.67		0.00		3.07		1.89		93.75		-72.05		-61.20
2026		1.39		4.52		1.02		3.31		76.72		2.24		85.40		0.00		11.27		6.06		0.00		68.06		-7.40
2027		1.05		3.65		0.76		2.67		76.72		2.24		64.62		0.00		10.19		4.59		0.00		49.84		28.39
2028		0.84		3.07		0.61		2.24		76.72		2.24		52.15		0.00		9.46		3.70		0.00		38.98		53.82
2029		0.70		2.64		0.51		1.93		76.72		2.24		43.53		0.00		8.92		3.09		0.00		31.52		72.51
2030		0.60		2.32		0.44		1.69		76.72		2.24		37.45		0.00		8.52		2.66		0.00		26.27		86.68
2031		0.53		2.06		0.38		1.51		76.72		2.24		32.86		0.00		8.20		2.33		0.00		22.32		97.61
2032		0.47		1.87		0.34		1.37		76.72		2.24		29.36		0.00		7.96		2.08		0.00		19.31		106.22
2033		0.42		1.70		0.31		1.24		76.72		2.24		26.40		0.00		7.74		1.87		0.00		16.78		113.01
2034		0.38		1.56		0.28		1.14		76.72		2.24		24.04		0.00		7.57		1.71		0.00		14.76		118.44
2035		0.35		1.44		0.26		1.05		76.72		2.24		22.06		0.00		7.42		1.57		0.00		13.07		122.81
2036		1.61		9.38		1.24		7.25		76.72		2.24		111.52		0.00		13.30		7.92		120.00		-29.70		112.07
2037		1.32		7.64		1.02		5.90		76.72		2.24		91.38		0.00		13.19		6.49		0.00		71.70		131.91
2038		1.13		6.49		0.87		5.01		76.72		2.24		77.97		0.00		13.09		5.54		0.00		59.34		146.83

Rem.		13.29		73.72		10.18		56.82		76.72		2.24		908.67		0.00		354.60		64.52		38.75		450.80		60.14
Total	50.0		24.51		123.37		18.55		94.11		76.72		2.24		1,634.07		0.00		484.52		116.03		252.50		781.03		206.97
Ult.			48.04		251.00

Eco. Indicators

Return on Investment (disc) :

2.752

Present Worth Profile (M$)

Return on Investment (undisc) :

4.093

5.00% :

370.32

20.00% :

88.28

Years to Payout :

7.71

8.00% :

256.92

30.00% :

46.73

Internal Rate of Return (%) :

87.42

10.00% :

206.97

40.00% :

26.98

12.00% :

169.84

50.00% :

15.88

15.00% :

129.96

60.00% :

9.03

TRC Standard Eco.rpt

PES Page 51 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-18 BP
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010413891	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Probable Behind Pipe	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 NESWSWNE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083237990000

Est. Cum Oil (Mbbl) :	19.77	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	125.23	$78.22/bbl
Est. Cum Water (Mbbl) :	6.82	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2026		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2027		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2028		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2029		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2030		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2031		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2032		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2033		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2034		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2035		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2036		1.29		8.03		1.00		6.27		76.72		2.24		91.08		0.00		6.00		6.47		120.00		-41.39		-14.30
2037		1.02		6.39		0.80		4.99		76.72		2.24		72.43		0.00		6.00		5.14		0.00		61.29		2.66
2038		0.85		5.32		0.66		4.15		76.72		2.24		60.26		0.00		6.00		4.28		0.00		49.98		15.23

Rem.		9.42	58.87	7.35	45.96	76.72	2.24	667.37	0.00	210.00	47.39	20.00	389.99	49.78
Total	50.0	12.58	78.62	9.82	61.38	76.72	2.24	891.14	0.00	228.00	63.27	140.00	459.86	65.01
Ult.		32.35	203.85

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

2.693

Present Worth Profile (M$)

Initial Rate :

121.67

bbl/month

Return on Investment (undisc) :

4.285

5.00% :

162.94

20.00% :

12.84

Abandonment :

9.91

bbl/month

Years to Payout :

14.00

8.00% :

92.81

30.00% :

2.96

Initial Decline :

25.000

%/year

b = 1.00

Internal Rate of Return (%) :

66.96

10.00% :

65.01

40.00% :

0.72

Initial Ratio :

6.250

Mcf/bbl

12.00% :

46.12

50.00% :

0.17

Abandon Ratio :

6.250

Mcf/bbl

15.00% :

28.12

60.00% :

0.03

Abandon Day :	12/31/2073		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78071875	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 52 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 11-33
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010415752	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Probable Behind Pipe	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 11.0 W2E2SESW	Discount Rate	:	10.00	Reservoir :	VIOLA
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083239090000

Est. Cum Oil (Mbbl) :	3.76	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	2.39	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.44		1.33		0.32		0.97		76.72		2.24		26.67		0.00		3.07		1.89		93.75		-72.05		-61.20
2026		1.39		4.52		1.02		3.31		76.72		2.24		85.40		0.00		11.27		6.06		0.00		68.06		-7.40
2027		1.05		3.65		0.76		2.67		76.72		2.24		64.62		0.00		10.19		4.59		0.00		49.84		28.39
2028		0.84		3.07		0.61		2.24		76.72		2.24		52.15		0.00		9.46		3.70		0.00		38.98		53.82
2029		0.70		2.64		0.51		1.93		76.72		2.24		43.53		0.00		8.92		3.09		0.00		31.52		72.51
2030		0.60		2.32		0.44		1.69		76.72		2.24		37.45		0.00		8.52		2.66		0.00		26.27		86.68
2031		0.53		2.06		0.38		1.51		76.72		2.24		32.86		0.00		8.20		2.33		0.00		22.32		97.61
2032		0.47		1.87		0.34		1.37		76.72		2.24		29.36		0.00		7.96		2.08		0.00		19.31		106.22
2033		0.42		1.70		0.31		1.24		76.72		2.24		26.40		0.00		7.74		1.87		0.00		16.78		113.01
2034		0.38		1.56		0.28		1.14		76.72		2.24		24.04		0.00		7.57		1.71		0.00		14.76		118.44
2035		0.35		1.44		0.26		1.05		76.72		2.24		22.06		0.00		7.42		1.57		0.00		13.07		122.81
2036		0.33		1.34		0.24		0.98		76.72		2.24		20.45		0.00		7.30		1.45		0.00		11.69		126.37
2037		0.30		1.25		0.22		0.91		76.72		2.24		18.95		0.00		7.19		1.35		0.00		10.42		129.25
2038		0.28		1.17		0.21		0.86		76.72		2.24		17.70		0.00		7.09		1.26		0.00		9.36		131.60

Rem.		3.87	14.85	2.83	10.86	76.72	2.24	241.30	0.00	144.60	17.13	18.75	60.81	10.36
Total	38.2	11.93	44.76	8.73	32.73	76.72	2.24	742.94	0.00	256.52	52.75	112.50	321.16	141.96
Ult.		15.69	47.15

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

2.781

Present Worth Profile (M$)

Initial Rate :

152.08

bbl/month

Return on Investment (undisc) :

3.855

5.00% :

207.38

20.00% :

75.44

Abandonment :

8.99

bbl/month

Years to Payout :

3.43

8.00% :

164.11

30.00% :

43.77

Initial Decline :

35.000

%/year

b = 1.00

Internal Rate of Return (%) :

87.46

10.00% :

141.96

40.00% :

26.25

Initial Ratio :

3.000

Mcf/bbl

12.00% :

123.72

50.00% :

15.71

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

101.85

60.00% :

9.01

Abandon Day :	03/14/2062		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.93750000	0.00000000	0.00000000
		Revenue Interest :	0.73125000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 53 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC SUMMARY PROJECTION	Probable Behind Pipe Rsv Class & Category
Partner :	All Cases
		Truleum YE23
		All Cases

		Discount Rate	:	10.00
		As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	7.08
Est. Cum Gas (MMcf) :	51.81	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		1.83		9.17		1.38		6.88		76.72		2.24		120.93		0.00		3.50		8.59		200.00		-91.16		-82.14
2026		2.82		13.51		2.13		10.20		76.72		2.24		186.44		0.00		8.00		13.24		30.00		135.20		24.27
2027		3.11		14.08		2.38		10.74		76.72		2.24		206.53		0.00		12.00		14.66		0.00		179.86		153.41
2028		2.49		11.26		1.90		8.59		76.72		2.24		165.41		0.00		12.00		11.74		0.00		141.66		245.85
2029		2.07		9.34		1.58		7.13		76.72		2.24		137.38		0.00		12.00		9.75		0.00		115.63		314.41
2030		1.77		8.00		1.36		6.10		76.72		2.24		117.76		0.00		12.00		8.36		0.00		97.40		366.90
2031		1.55		7.00		1.19		5.34		76.72		2.24		103.05		0.00		12.00		7.32		0.00		83.74		407.93
2032		1.38		6.23		1.06		4.76		76.72		2.24		91.86		0.00		12.00		6.52		0.00		73.34		440.59
2033		1.24		5.59		0.95		4.27		76.72		2.24		82.45		0.00		12.00		5.85		0.00		64.60		466.73
2034		1.13		5.09		0.86		3.88		76.72		2.24		74.98		0.00		12.00		5.32		0.00		57.65		487.95
2035		1.04		4.66		0.79		3.56		76.72		2.24		68.74		0.00		12.00		4.88		0.00		51.86		505.30
2036		0.96		4.31		0.73		3.29		76.72		2.24		63.64		0.00		12.00		4.52		0.00		47.12		519.63
2037		0.89		3.99		0.68		3.05		76.72		2.24		58.94		0.00		12.00		4.18		0.00		42.75		531.44
2038		0.83		3.73		0.63		2.85		76.72		2.24		55.02		0.00		12.00		3.91		0.00		39.11		541.27

Rem.		12.70	51.00	9.69	38.85	76.72	2.24	830.69	0.00	356.76	58.98	40.00	374.94	50.36
Total	49.2	35.81	156.97	27.32	119.48	76.72	2.24	2,363.81	0.00	512.26	167.84	270.00	1,413.71	591.63
Ult.		42.90	208.78

Eco. Indicators

Return on Investment (disc) :

3.980

Present Worth Profile (M$)

Return on Investment (undisc) :

6.236

5.00% :

868.33

20.00% :

325.56

Years to Payout :

2.98

8.00% :

683.18

30.00% :

200.80

Internal Rate of Return (%) :

123.55

10.00% :

591.63

40.00% :

131.08

12.00% :

517.58

50.00% :

88.19

15.00% :

430.02

60.00% :

60.13

TRC Standard Eco.rpt

PES Page 54 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 29-1
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010416071	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Probable Non-Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 3.0/SEC 1.0 NE	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083239280000

Est. Cum Oil (Mbbl) :	5.26	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	48.75	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		1.83		9.17		1.38		6.88		76.72		2.24		120.93		0.00		3.50		8.59		200.00		-91.16		-82.14
2026		2.24		11.18		1.68		8.39		76.72		2.24		147.53		0.00		6.00		10.48		0.00		131.06		21.47
2027		1.63		8.17		1.23		6.13		76.72		2.24		107.76		0.00		6.00		7.65		0.00		94.10		89.05
2028		1.29		6.46		0.97		4.84		76.72		2.24		85.15		0.00		6.00		6.05		0.00		73.10		136.75
2029		1.06		5.31		0.80		3.98		76.72		2.24		70.09		0.00		6.00		4.98		0.00		59.11		171.80
2030		0.91		4.53		0.68		3.39		76.72		2.24		59.69		0.00		6.00		4.24		0.00		49.45		198.45
2031		0.79		3.94		0.59		2.96		76.72		2.24		51.98		0.00		6.00		3.69		0.00		42.29		219.18
2032		0.70		3.50		0.52		2.62		76.72		2.24		46.16		0.00		6.00		3.28		0.00		36.88		235.60
2033		0.63		3.13		0.47		2.35		76.72		2.24		41.31		0.00		6.00		2.93		0.00		32.38		248.71
2034		0.57		2.84		0.43		2.13		76.72		2.24		37.47		0.00		6.00		2.66		0.00		28.81		259.31
2035		0.52		2.60		0.39		1.95		76.72		2.24		34.28		0.00		6.00		2.43		0.00		25.85		267.96
2036		0.48		2.40		0.36		1.80		76.72		2.24		31.68		0.00		6.00		2.25		0.00		23.43		275.08
2037		0.44		2.22		0.33		1.67		76.72		2.24		29.30		0.00		6.00		2.08		0.00		21.22		280.94
2038		0.41		2.07		0.31		1.55		76.72		2.24		27.31		0.00		6.00		1.94		0.00		19.37		285.81

Rem.		7.12	30.95	5.34	23.21	76.72	2.24	461.85	0.00	205.40	32.79	20.00	203.66	25.57
Total	49.2	20.62	98.47	15.47	73.85	76.72	2.24	1,352.48	0.00	286.90	96.03	220.00	749.56	311.38
Ult.		25.89	147.22

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

2.780

Present Worth Profile (M$)

Initial Rate :

304.17

bbl/month

Return on Investment (undisc) :

4.407

5.00% :

457.08

20.00% :

170.41

Abandonment :

9.35

bbl/month

Years to Payout :

2.82

8.00% :

359.54

30.00% :

102.96

Initial Decline :

45.000

%/year

b = 1.00

Internal Rate of Return (%) :

92.79

10.00% :

311.38

40.00% :

64.61

Initial Ratio :

5.000

Mcf/bbl

12.00% :

272.37

50.00% :

40.74

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

226.08

60.00% :

25.01

Abandon Day :	03/27/2073		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.7500000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 55 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	LOGAN COUNTY 30
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :	135010418100	Truleum YE23	Field :	LAWRIE WEST
Reserve Cat. :	Probable Non-Producing	All Cases	Operator :	ALPHA ENERGY TEXAS OPERATING L

Location :	N 17.0/W 2.0/SEC 6.0 SW	Discount Rate	:	10.00	Reservoir :	MISSISSIPPI LIME
Archive Set :	default	As of	:	01/01/2024	Co., State :	LOGAN, OK
					API No. :	35083239660000

Est. Cum Oil (Mbbl) :	1.82	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	3.06	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2026		0.58		2.33		0.45		1.82		76.72		2.24		38.91		0.00		2.00		2.76		30.00		4.14		2.80
2027		1.48		5.91		1.15		4.61		76.72		2.24		98.77		0.00		6.00		7.01		0.00		85.76		64.37
2028		1.20		4.80		0.94		3.75		76.72		2.24		80.26		0.00		6.00		5.70		0.00		68.56		109.10
2029		1.01		4.03		0.79		3.14		76.72		2.24		67.29		0.00		6.00		4.78		0.00		56.52		142.61
2030		0.87		3.47		0.68		2.71		76.72		2.24		58.07		0.00		6.00		4.12		0.00		47.95		168.45
2031		0.76		3.06		0.60		2.38		76.72		2.24		51.07		0.00		6.00		3.63		0.00		41.44		188.75
2032		0.68		2.73		0.53		2.13		76.72		2.24		45.70		0.00		6.00		3.24		0.00		36.45		204.98
2033		0.62		2.46		0.48		1.92		76.72		2.24		41.15		0.00		6.00		2.92		0.00		32.22		218.03
2034		0.56		2.24		0.44		1.75		76.72		2.24		37.51		0.00		6.00		2.66		0.00		28.84		228.64
2035		0.52		2.06		0.40		1.61		76.72		2.24		34.46		0.00		6.00		2.45		0.00		26.01		237.34
2036		0.48		1.91		0.37		1.49		76.72		2.24		31.96		0.00		6.00		2.27		0.00		23.69		244.55
2037		0.44		1.77		0.35		1.38		76.72		2.24		29.64		0.00		6.00		2.10		0.00		21.54		250.50
2038		0.41		1.66		0.32		1.29		76.72		2.24		27.71		0.00		6.00		1.97		0.00		19.74		255.46

Rem.		5.58	20.05	4.35	15.64	76.72	2.24	368.84	0.00	151.36	26.19	20.00	171.29	24.79
Total	40.2	15.19	58.50	11.85	45.63	76.72	2.24	1,011.32	0.00	225.36	71.81	50.00	664.15	280.25
Ult.		17.01	61.56

Eco. Indicators

Major Phase :

Oil

Return on Investment (disc) :

12.879

Present Worth Profile (M$)

Initial Rate :

152.08

bbl/month

Return on Investment (undisc) :

14.283

5.00% :

411.25

20.00% :

155.15

Abandonment :

8.99

bbl/month

Years to Payout :

3.17

8.00% :

323.65

30.00% :

97.84

Initial Decline :

25.000

%/year

b = 1.00

Internal Rate of Return (%) :

>1000

10.00% :

280.25

40.00% :

66.47

Initial Ratio :

4.000

Mcf/bbl

12.00% :

245.20

50.00% :

47.45

Abandon Ratio :

0.000

Mcf/bbl

15.00% :

203.95

60.00% :

35.12

Abandon Day :	03/24/2064		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.7800000	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 56 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC SUMMARY PROJECTION	Probable Behind Pipe Rsv Class & Category
Partner :	All Cases
		Truleum YE23
		All Cases

		Discount Rate	:	10.00
		As of	:	01/01/2024

Est. Cum Oil (Mbbl) :	0.00
Est. Cum Gas (MMcf) :	0.00	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		355.61		1,007.76		201.18		573.46		76.72		3.17		17,251.32		0.00		1,031.18		1,224.87		22,228.30		-7,233.03		-6,832.04
2026		274.45		936.69		155.59		534.22		76.72		3.17		13,629.28		0.00		917.88		967.70		0.00		11,743.71		2,483.40
2027		147.12		562.86		84.17		323.99		76.72		3.17		7,484.27		0.00		638.62		531.39		0.00		6,314.26		7,024.19
2028		101.37		414.12		58.00		238.38		76.72		3.17		5,205.01		0.00		545.34		369.56		0.00		4,290.11		9,825.72
2029		77.11		330.01		44.12		189.96		76.72		3.17		3,986.50		0.00		497.38		283.05		0.00		3,206.07		11,727.81
2030		62.37		276.76		35.68		159.31		76.72		3.17		3,242.42		0.00		468.74		230.22		0.00		2,543.46		13,099.22
2031		52.37		239.38		29.97		137.79		76.72		3.17		2,735.45		0.00		449.53		194.22		0.00		2,091.70		14,124.34
2032		45.26		212.13		25.89		122.11		76.72		3.17		2,373.48		0.00		435.96		168.52		0.00		1,769.00		14,912.32
2033		39.66		189.97		22.69		109.35		76.72		3.17		2,087.19		0.00		425.34		148.19		0.00		1,513.66		15,525.13
2034		35.37		172.73		20.24		99.43		76.72		3.17		1,867.66		0.00		417.25		132.61		0.00		1,317.81		16,010.14
2035		31.92		158.60		18.27		91.30		76.72		3.17		1,690.53		0.00		410.76		120.03		0.00		1,159.74		16,398.16
2036		29.16		147.18		16.69		84.72		76.72		3.17		1,548.59		0.00		405.57		109.95		0.00		1,033.07		16,712.34
2037		26.71		136.73		15.28		78.70		76.72		3.17		1,421.81		0.00		400.97		100.95		0.00		919.88		16,966.63
2038		24.70		128.09		14.13		73.73		76.72		3.17		1,317.69		0.00		397.21		93.56		0.00		826.92		17,174.44

Rem.		267.96	1,504.44	152.22	859.52	76.72	3.17	14,401.56	0.00	7,248.62	1,022.53	292.22	5,838.19	899.23
Total	37.0	1,571.15	6,417.45	894.13	3,675.97	76.72	3.17	80,242.76	0.00	14,690.33	5,697.35	22,520.51	37,334.56	18,073.67
Ult.		1,571.15	6,417.45

Eco. Indicators

Return on Investment (disc) :

1.923

Present Worth Profile (M$)

Return on Investment (undisc) :

2.658

5.00% :

25,173.46

20.00% :

10,263.66

Years to Payout :

2.55

8.00% :

20,518.83

30.00% :

6,126.57

Internal Rate of Return (%) :

72.31

10.00% :

18,073.67

40.00% :

3,630.01

12.00% :

16,013.91

50.00% :

2,010.54

15.00% :

13,471.82

60.00% :

911.65

TRC Standard Eco.rpt

PES Page 57 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	Und Loc 11-1H 7500
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :		Truleum YE23	Field :
Reserve Cat. :	Probable Undeveloped	All Cases	Operator :	Truleum

Location :	2 & 11-17N-3W	Discount Rate	:	10.00	Reservoir :	Woodford-Mississippian
Archive Set :	default	As of	:	01/01/2024	Co., State :	Logan, OK
					API No. :

Est. Cum Oil (Mbbl) :	0.00	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	0.00	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		50.80		137.42		33.05		89.39		76.72		3.17		2,818.43		0.00		160.12		200.11		3,644.70		-1,186.50		-1,120.68
2026		39.21		127.73		25.50		83.09		76.72		3.17		2,219.84		0.00		138.83		157.61		0.00		1,923.39		405.13
2027		21.02		76.75		13.67		49.93		76.72		3.17		1,206.99		0.00		94.45		85.70		0.00		1,026.84		1,143.55
2028		14.48		56.47		9.42		36.73		76.72		3.17		839.07		0.00		79.60		59.58		0.00		699.89		1,600.58
2029		11.02		45.00		7.17		29.27		76.72		3.17		642.45		0.00		71.96		45.61		0.00		524.87		1,911.96
2030		8.91		37.74		5.80		24.55		76.72		3.17		522.41		0.00		67.40		37.09		0.00		417.91		2,137.29
2031		7.48		32.64		4.87		21.23		76.72		3.17		440.64		0.00		64.34		31.29		0.00		345.01		2,306.37
2032		6.47		28.93		4.21		18.82		76.72		3.17		382.26		0.00		62.18		27.14		0.00		292.94		2,436.86
2033		5.67		25.91		3.69		16.85		76.72		3.17		336.10		0.00		60.49		23.86		0.00		251.75		2,538.78
2034		5.05		23.55		3.29		15.32		76.72		3.17		300.71		0.00		59.20		21.35		0.00		220.16		2,619.80
2035		4.56		21.63		2.97		14.07		76.72		3.17		272.16		0.00		58.16		19.32		0.00		194.67		2,684.93
2036		4.17		20.07		2.71		13.05		76.72		3.17		249.28		0.00		57.34		17.70		0.00		174.24		2,737.92
2037		3.82		18.64		2.48		12.13		76.72		3.17		228.84		0.00		56.61		16.25		0.00		155.99		2,781.04
2038		3.53		17.47		2.29		11.36		76.72		3.17		212.06		0.00		56.01		15.06		0.00		141.00		2,816.47

Rem.		40.38	221.04	26.27	143.78	76.72	3.17	2,470.87	0.00	1,151.98	175.44	40.50	1,102.96	162.08
Total	37.0	226.55	891.00	147.37	579.57	76.72	3.17	13,142.11	0.00	2,238.68	933.11	3,685.20	6,285.12	2,978.55
Ult.		226.55	891.00

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.928

Present Worth Profile (M$)

Initial Rate :

36,500.00

Mcf/month

Return on Investment (undisc) :

2.706

5.00% :

4,177.33

20.00% :

1,681.58

Abandonment :

452.68

Mcf/month

Years to Payout :

2.54

8.00% :

3,388.99

30.00% :

1,000.93

Initial Decline :

95.000

%/year

b = 1.20

Internal Rate of Return (%) :

72.09

10.00% :

2,978.55

40.00% :

591.59

Initial Ratio :

0.417

bbl/Mcf

12.00% :

2,634.59

50.00% :

326.51

Abandon Ratio :

0.159

bbl/Mcf

15.00% :

2,212.08

60.00% :

146.82

Abandon Day :	12/19/2060		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.80993330	0.00000000	0.00000000
		Revenue Interest :	0.65047550	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 58 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	Und Loc 11-2H 7500
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :		Truleum YE23	Field :
Reserve Cat. :	Probable Undeveloped	All Cases	Operator :	Truleum

Location :	2 & 11-17N-3W	Discount Rate	:	10.00	Reservoir :	Woodford-Mississippian
Archive Set :	default	As of	:	01/01/2024	Co., State :	Logan, OK
					API No. :

Est. Cum Oil (Mbbl) :	0.00	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	0.00	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		50.80		137.42		27.19		73.55		76.72		3.17		2,319.16		0.00		132.87		164.66		3,024.45		-1,002.82		-945.46
2026		39.21		127.73		20.99		68.37		76.72		3.17		1,826.61		0.00		115.21		129.69		0.00		1,581.71		309.29
2027		21.02		76.75		11.25		41.08		76.72		3.17		993.18		0.00		78.38		70.52		0.00		844.29		916.43
2028		14.48		56.47		7.75		30.23		76.72		3.17		690.44		0.00		66.06		49.02		0.00		575.36		1,292.14
2029		11.02		45.00		5.90		24.09		76.72		3.17		528.64		0.00		59.72		37.53		0.00		431.39		1,548.07
2030		8.91		37.74		4.77		20.20		76.72		3.17		429.87		0.00		55.93		30.52		0.00		343.41		1,733.23
2031		7.48		32.64		4.00		17.47		76.72		3.17		362.58		0.00		53.39		25.74		0.00		283.44		1,872.14
2032		6.47		28.93		3.46		15.48		76.72		3.17		314.55		0.00		51.60		22.33		0.00		240.61		1,979.32
2033		5.67		25.91		3.03		13.87		76.72		3.17		276.56		0.00		50.19		19.64		0.00		206.73		2,063.01
2034		5.05		23.55		2.70		12.61		76.72		3.17		247.44		0.00		49.12		17.57		0.00		180.75		2,129.53
2035		4.56		21.63		2.44		11.58		76.72		3.17		223.94		0.00		48.27		15.90		0.00		159.78		2,182.99
2036		4.17		20.07		2.23		10.74		76.72		3.17		205.12		0.00		47.58		14.56		0.00		142.97		2,226.47
2037		3.82		18.64		2.04		9.98		76.72		3.17		188.31		0.00		46.97		13.37		0.00		127.96		2,261.84
2038		3.53		17.47		1.89		9.35		76.72		3.17		174.50		0.00		46.47		12.39		0.00		115.63		2,290.90

Rem.		39.66	199.81	21.23	106.95	76.72	3.17	1,967.52	0.00	920.64	139.70	33.61	873.58	130.50
Total	36.2	225.83	869.77	120.88	465.54	76.72	3.17	10,748.41	0.00	1,822.40	763.15	3,058.06	5,104.80	2,421.41
Ult.		225.83	869.77

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.909

Present Worth Profile (M$)

Initial Rate :

36,500.00

Mcf/month

Return on Investment (undisc) :

2.669

5.00% :

3,398.66

20.00% :

1,360.57

Abandonment :

381.33

Mcf/month

Years to Payout :

2.56

8.00% :

2,756.47

30.00% :

803.57

Initial Decline :

95.000

%/year

b = 1.20

Internal Rate of Return (%) :

70.48

10.00% :

2,421.41

40.00% :

468.94

Initial Ratio :

0.417

bbl/Mcf

12.00% :

2,140.30

50.00% :

252.56

Abandon Ratio :

0.198

bbl/Mcf

15.00% :

1,794.73

60.00% :

106.14

Abandon Day :	02/25/2060		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.67210000	0.00000000	0.00000000
		Revenue Interest :	0.53524790	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 59 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	Und Loc 11-3H 5000
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :		Truleum YE23	Field :
Reserve Cat. :	Probable Undeveloped	All Cases	Operator :	Truleum

Location :	2 & 11-17N-3W	Discount Rate	:	10.00	Reservoir :	Woodford-Mississippian
Archive Set :	default	As of	:	01/01/2024	Co., State :	Logan, OK
					API No. :

Est. Cum Oil (Mbbl) :	0.00	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	0.00	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		38.10		114.52		29.75		89.43		76.72		3.17		2,566.08		0.00		159.54		182.20		3,250.00		-1,025.65		-971.81
2026		29.41		106.44		22.96		83.12		76.72		3.17		2,025.10		0.00		145.63		143.79		0.00		1,735.68		405.14
2027		15.76		63.96		12.31		49.95		76.72		3.17		1,102.61		0.00		103.45		78.29		0.00		920.88		1,067.39
2028		10.86		47.06		8.48		36.75		76.72		3.17		767.15		0.00		89.37		54.47		0.00		623.32		1,474.44
2029		8.26		37.50		6.45		29.29		76.72		3.17		587.74		0.00		82.13		41.73		0.00		463.88		1,749.66
2030		6.68		31.45		5.22		24.56		76.72		3.17		478.16		0.00		77.81		33.95		0.00		366.40		1,947.23
2031		5.61		27.20		4.38		21.24		76.72		3.17		403.48		0.00		74.91		28.65		0.00		299.92		2,094.22
2032		4.85		24.11		3.79		18.82		76.72		3.17		350.16		0.00		72.87		24.86		0.00		252.43		2,206.67
2033		4.25		21.59		3.32		16.86		76.72		3.17		307.97		0.00		71.27		21.87		0.00		214.84		2,293.65
2034		3.79		19.63		2.96		15.33		76.72		3.17		275.62		0.00		70.05		19.57		0.00		186.00		2,362.11
2035		3.42		18.02		2.67		14.07		76.72		3.17		249.51		0.00		69.07		17.72		0.00		162.73		2,416.55
2036		3.12		16.72		2.44		13.06		76.72		3.17		228.59		0.00		68.29		16.23		0.00		144.07		2,460.37
2037		2.86		15.54		2.23		12.13		76.72		3.17		209.90		0.00		67.59		14.90		0.00		127.40		2,495.59
2038		2.65		14.56		2.07		11.37		76.72		3.17		194.55		0.00		67.02		13.81		0.00		113.71		2,524.17

Rem.		26.55	158.76	20.73	123.98	76.72	3.17	1,983.42	0.00	1,091.45	140.83	50.00	701.14	115.19
Total	32.0	166.18	717.05	129.77	559.97	76.72	3.17	11,730.05	0.00	2,310.44	832.85	3,300.00	5,286.76	2,639.36
Ult.		166.18	717.05

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.922

Present Worth Profile (M$)

Initial Rate :

30,416.67

Mcf/month

Return on Investment (undisc) :

2.602

5.00% :

3,635.46

20.00% :

1,519.59

Abandonment :

486.00

Mcf/month

Years to Payout :

2.52

8.00% :

2,984.96

30.00% :

918.06

Initial Decline :

95.000

%/year

b = 1.20

Internal Rate of Return (%) :

74.24

10.00% :

2,639.36

40.00% :

552.51

Initial Ratio :

0.375

bbl/Mcf

12.00% :

2,346.28

50.00% :

314.22

Abandon Ratio :

0.151

bbl/Mcf

15.00% :

1,982.28

60.00% :

151.86

Abandon Day :	01/11/2056		Initial	1st Rev.	2nd Rev.
		Working Interest :	1.00000000	0.00000000	0.00000000
		Revenue Interest :	0.78092800	0.00000000	0.00000000
		Rev. Date :

TRC Standard Eco.rpt

PES Page 60 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	Und Loc 11-4H 5000
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :		Truleum YE23	Field :
Reserve Cat. :	Probable Undeveloped	All Cases	Operator :	Truleum

Location :	1 & 12-17N-3W	Discount Rate	:	10.00	Reservoir :	Woodford-Mississippian
Archive Set :	default	As of	:	01/01/2024	Co., State :	Logan, OK
					API No. :

Est. Cum Oil (Mbbl) :	0.00	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	0.00	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		38.10		114.52		29.74		89.39		76.72		3.17		2,564.98		0.00		157.87		182.12		3,216.15		-991.15		-941.45
2026		29.41		106.44		22.95		83.09		76.72		3.17		2,024.24		0.00		144.12		143.72		0.00		1,736.40		436.06
2027		15.76		63.96		12.30		49.93		76.72		3.17		1,102.14		0.00		102.37		78.25		0.00		921.52		1,098.77
2028		10.86		47.06		8.48		36.73		76.72		3.17		766.82		0.00		88.44		54.45		0.00		623.94		1,506.23
2029		8.26		37.50		6.45		29.27		76.72		3.17		587.49		0.00		81.28		41.71		0.00		464.51		1,781.82
2030		6.68		31.45		5.22		24.55		76.72		3.17		477.96		0.00		77.00		33.94		0.00		367.02		1,979.72
2031		5.61		27.20		4.38		21.23		76.72		3.17		403.31		0.00		74.13		28.64		0.00		300.54		2,127.02
2032		4.85		24.11		3.79		18.82		76.72		3.17		350.01		0.00		72.11		24.85		0.00		253.05		2,239.74
2033		4.25		21.59		3.32		16.85		76.72		3.17		307.84		0.00		70.52		21.86		0.00		215.46		2,326.97
2034		3.79		19.63		2.96		15.32		76.72		3.17		275.50		0.00		69.32		19.56		0.00		186.62		2,395.66
2035		3.42		18.02		2.67		14.07		76.72		3.17		249.40		0.00		68.35		17.71		0.00		163.35		2,450.31
2036		3.12		16.72		2.44		13.06		76.72		3.17		228.49		0.00		67.57		16.22		0.00		144.69		2,494.32
2037		2.86		15.54		2.23		12.13		76.72		3.17		209.81		0.00		66.89		14.90		0.00		128.02		2,529.71
2038		2.65		14.56		2.07		11.36		76.72		3.17		194.46		0.00		66.33		13.81		0.00		114.33		2,558.44

Rem.		26.70	159.77	20.84	124.72	76.72	3.17	1,994.26	0.00	1,090.79	141.59	49.48	712.39	116.49
Total	32.2	166.33	718.07	129.84	560.52	76.72	3.17	11,736.72	0.00	2,297.08	833.32	3,265.63	5,340.70	2,674.94
Ult.		166.33	718.07

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.944

Present Worth Profile (M$)

Initial Rate :

30,416.67

Mcf/month

Return on Investment (undisc) :

2.635

5.00% :

3,676.96

20.00% :

1,549.05

Abandonment :

481.65

Mcf/month

Years to Payout :

2.50

8.00% :

3,022.50

30.00% :

943.79

Initial Decline :

95.000

%/year

b = 1.20

Internal Rate of Return (%) :

76.29

10.00% :

2,674.94

40.00% :

575.47

Initial Ratio :

0.375

bbl/Mcf

12.00% :

2,380.25

50.00% :

334.98

Abandon Ratio :

0.150

bbl/Mcf

15.00% :

2,014.25

60.00% :

170.79

Abandon Day :	03/15/2056		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.98958340	0.00000000	0.00000000
		Revenue Interest :	0.78059440	0.00000000	0.00000000
		Rev. Date :		10/1/2026

TRC Standard Eco.rpt

PES Page 61 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	Und Loc 12-1h 5000
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :		Truleum YE23	Field :
Reserve Cat. :	Probable Undeveloped	All Cases	Operator :	Truleum

Location :	2 & 11-17N-3W	Discount Rate	:	10.00	Reservoir :	Woodford-Mississippian
Archive Set :	default	As of	:	01/01/2024	Co., State :	Logan, OK
					API No. :

Est. Cum Oil (Mbbl) :	0.00	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	0.00	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		38.10		114.52		18.91		56.85		76.72		3.17		1,631.16		0.00		101.37		115.81		2,065.05		-651.07		-616.96
2026		29.41		106.44		14.70		53.25		76.72		3.17		1,296.84		0.00		92.54		92.08		0.00		1,112.22		265.10
2027		15.76		63.96		8.14		33.02		76.72		3.17		728.93		0.00		65.73		51.75		0.00		611.44		704.81
2028		10.86		47.06		5.61		24.29		76.72		3.17		507.16		0.00		56.78		36.01		0.00		414.36		975.41
2029		8.26		37.50		4.27		19.36		76.72		3.17		388.55		0.00		52.19		27.59		0.00		308.78		1,158.60
2030		6.68		31.45		3.45		16.24		76.72		3.17		316.11		0.00		49.44		22.44		0.00		244.22		1,290.29
2031		5.61		27.20		2.90		14.04		76.72		3.17		266.74		0.00		47.60		18.94		0.00		200.20		1,388.41
2032		4.85		24.11		2.50		12.44		76.72		3.17		231.48		0.00		46.30		16.44		0.00		168.75		1,463.57
2033		4.25		21.59		2.19		11.14		76.72		3.17		203.60		0.00		45.28		14.46		0.00		143.86		1,521.82
2034		3.79		19.63		1.96		10.13		76.72		3.17		182.21		0.00		44.51		12.94		0.00		124.76		1,567.74
2035		3.42		18.02		1.77		9.30		76.72		3.17		164.95		0.00		43.89		11.71		0.00		109.35		1,604.32
2036		3.12		16.72		1.61		8.63		76.72		3.17		151.12		0.00		43.39		10.73		0.00		97.00		1,633.82
2037		2.86		15.54		1.48		8.02		76.72		3.17		138.76		0.00		42.95		9.85		0.00		85.96		1,657.59
2038		2.65		14.56		1.37		7.51		76.72		3.17		128.61		0.00		42.59		9.13		0.00		76.89		1,676.91

Rem.		27.14	162.71	14.01	84.00	76.72	3.17	1,341.18	0.00	720.79	95.23	31.77	493.40	79.64
Total	32.7	166.77	721.01	84.86	368.25	76.72	3.17	7,677.39	0.00	1,495.33	545.11	2,096.82	3,540.13	1,756.55
Ult.		166.77	721.01

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.965

Present Worth Profile (M$)

Initial Rate :

30,416.67

Mcf/month

Return on Investment (undisc) :

2.688

5.00% :

2,423.56

20.00% :

1,012.11

Abandonment :

469.10

Mcf/month

Years to Payout :

2.52

8.00% :

1,987.44

30.00% :

614.21

Initial Decline :

95.000

%/year

b = 1.20

Internal Rate of Return (%) :

75.91

10.00% :

1,756.55

40.00% :

372.97

Initial Ratio :

0.375

bbl/Mcf

12.00% :

1,561.19

50.00% :

215.91

Abandon Ratio :

0.150

bbl/Mcf

15.00% :

1,319.08

60.00% :

108.96

Abandon Day :	09/19/2056		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.63540000	0.63540000	0.00000000
		Revenue Interest :	0.49640625	0.51626250	0.00000000
		Rev. Date :		10/1/2026

TRC Standard Eco.rpt

PES Page 62 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	Und Loc 12-2h 5000
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :		Truleum YE23	Field :
Reserve Cat. :	Probable Undeveloped	All Cases	Operator :	Truleum

Location :	1&12-17N-3W	Discount Rate	:	10.00	Reservoir :	Woodford-Mississippian
Archive Set :	default	As of	:	01/01/2024	Co., State :	Logan, OK
					API No. :

Est. Cum Oil (Mbbl) :	0.00	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	0.00	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		38.10		114.52		18.91		56.85		76.72		3.17		1,631.16		0.00		101.37		115.81		2,065.05		-651.07		-616.96
2026		29.41		106.44		14.70		53.24		76.72		3.17		1,296.49		0.00		92.51		92.05		0.00		1,111.92		264.87
2027		15.76		63.96		8.13		32.97		76.72		3.17		727.89		0.00		65.64		51.68		0.00		610.58		703.96
2028		10.86		47.06		5.60		24.26		76.72		3.17		506.44		0.00		56.70		35.96		0.00		413.78		974.17
2029		8.26		37.50		4.26		19.33		76.72		3.17		388.00		0.00		52.11		27.55		0.00		308.34		1,157.11
2030		6.68		31.45		3.44		16.21		76.72		3.17		315.66		0.00		49.37		22.41		0.00		243.88		1,288.61
2031		5.61		27.20		2.89		14.02		76.72		3.17		266.36		0.00		47.53		18.91		0.00		199.92		1,386.59
2032		4.85		24.11		2.50		12.43		76.72		3.17		231.16		0.00		46.23		16.41		0.00		168.51		1,461.65
2033		4.25		21.59		2.19		11.13		76.72		3.17		203.31		0.00		45.22		14.44		0.00		143.65		1,519.81
2034		3.79		19.63		1.95		10.12		76.72		3.17		181.95		0.00		44.44		12.92		0.00		124.59		1,565.66
2035		3.42		18.02		1.76		9.29		76.72		3.17		164.72		0.00		43.82		11.69		0.00		109.20		1,602.20
2036		3.12		16.72		1.61		8.62		76.72		3.17		150.90		0.00		43.33		10.71		0.00		96.86		1,631.66
2037		2.86		15.54		1.48		8.01		76.72		3.17		138.56		0.00		42.89		9.84		0.00		85.84		1,655.39
2038		2.65		14.56		1.36		7.50		76.72		3.17		128.43		0.00		42.53		9.12		0.00		76.78		1,674.68

Rem.		27.14	162.71	13.99	83.88	76.72	3.17	1,339.28	0.00	719.77	95.09	31.73	492.70	79.53
Total	32.7	166.77	721.01	84.79	367.87	76.72	3.17	7,670.31	0.00	1,493.46	544.60	2,096.78	3,535.47	1,754.21
Ult.		166.77	721.01

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.964

Present Worth Profile (M$)

Initial Rate :

30,416.67

Mcf/month

Return on Investment (undisc) :

2.686

5.00% :

2,420.37

20.00% :

1,010.69

Abandonment :

469.10

Mcf/month

Years to Payout :

2.52

8.00% :

1,984.80

30.00% :

613.25

Initial Decline :

95.000

%/year

b = 1.20

Internal Rate of Return (%) :

75.86

10.00% :

1,754.21

40.00% :

372.29

Initial Ratio :

0.375

bbl/Mcf

12.00% :

1,559.10

50.00% :

215.41

Abandon Ratio :

0.150

bbl/Mcf

15.00% :

1,317.28

60.00% :

108.57

Abandon Day :	09/19/2056		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.63540000	0.63450000	0.00000000
		Revenue Interest :	0.49640625	0.51553125	0.00000000
		Rev. Date :		10/1/2026

TRC Standard Eco.rpt

PES Page 63 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	Und Loc 12-3h 7500
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :		Truleum YE23	Field :
Reserve Cat. :	Probable Undeveloped	All Cases	Operator :	Truleum

Location :	1&12-17N-3W	Discount Rate	:	10.00	Reservoir :	Woodford-Mississippian
Archive Set :	default	As of	:	01/01/2024	Co., State :	Logan, OK
					API No. :

Est. Cum Oil (Mbbl) :	0.00	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	0.00	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		50.80		137.42		21.81		59.00		76.72		3.17		1,860.17		0.00		109.02		132.08		2,481.45		-862.37		-809.36
2026		39.21		127.73		16.89		55.03		76.72		3.17		1,470.09		0.00		94.52		104.38		0.00		1,271.19		198.91
2027		21.02		76.75		9.19		33.56		76.72		3.17		811.26		0.00		64.31		57.60		0.00		689.35		694.63
2028		14.48		56.47		6.33		24.69		76.72		3.17		563.97		0.00		54.20		40.04		0.00		469.73		1,001.37
2029		11.02		45.00		4.82		19.67		76.72		3.17		431.81		0.00		49.00		30.66		0.00		352.15		1,210.29
2030		8.91		37.74		3.90		16.50		76.72		3.17		351.13		0.00		45.89		24.93		0.00		280.31		1,361.43
2031		7.48		32.64		3.27		14.27		76.72		3.17		296.17		0.00		43.81		21.03		0.00		231.33		1,474.80
2032		6.47		28.93		2.83		12.65		76.72		3.17		256.93		0.00		42.33		18.24		0.00		196.35		1,562.26
2033		5.67		25.91		2.48		11.33		76.72		3.17		225.91		0.00		41.18		16.04		0.00		168.68		1,630.55
2034		5.05		23.55		2.21		10.30		76.72		3.17		202.12		0.00		40.30		14.35		0.00		147.46		1,684.82
2035		4.56		21.63		1.99		9.46		76.72		3.17		182.92		0.00		39.60		12.99		0.00		130.34		1,728.42
2036		4.17		20.07		1.82		8.77		76.72		3.17		167.55		0.00		39.04		11.90		0.00		116.61		1,763.89
2037		3.82		18.64		1.67		8.15		76.72		3.17		153.81		0.00		38.54		10.92		0.00		104.35		1,792.73
2038		3.53		17.47		1.54		7.64		76.72		3.17		142.54		0.00		38.13		10.12		0.00		94.28		1,816.43

Rem.		40.19	219.82	17.57	96.11	76.72	3.17	1,652.51	0.00	776.60	117.33	27.57	731.01	107.90
Total	36.7	226.36	889.77	98.31	387.12	76.72	3.17	8,768.88	0.00	1,516.47	622.60	2,509.02	4,120.79	1,924.32
Ult.		226.36	889.77

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.880

Present Worth Profile (M$)

Initial Rate :

36,500.00

Mcf/month

Return on Investment (undisc) :

2.642

5.00% :

2,720.56

20.00% :

1,065.04

Abandonment :

457.93

Mcf/month

Years to Payout :

2.61

8.00% :

2,196.83

30.00% :

616.38

Initial Decline :

95.000

%/year

b = 1.20

Internal Rate of Return (%) :

66.99

10.00% :

1,924.32

40.00% :

348.12

Initial Ratio :

0.417

bbl/Mcf

12.00% :

1,696.10

50.00% :

175.48

Abandon Ratio :

0.159

bbl/Mcf

15.00% :

1,416.04

60.00% :

59.25

Abandon Day :	09/28/2060		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.55143330	0.55143330	0.00000000
		Revenue Interest :	0.42931492	0.43720630	0.00000000
		Rev. Date :		10/1/2026

TRC Standard Eco.rpt

PES Page 64 of 103

Date : 03/27/2024	9:55:04AM	ECONOMIC PROJECTION	Case :	Und Loc 12-4h 7500
Partner :	All Cases		Type :	LEASE CASE
Retrieval Code :		Truleum YE23	Field :
Reserve Cat. :	Probable Undeveloped	All Cases	Operator :	Truleum

Location :	1&12-17N-3W	Discount Rate	:	10.00	Reservoir :	Woodford-Mississippian
Archive Set :	default	As of	:	01/01/2024	Co., State :	Logan, OK
					API No. :

Est. Cum Oil (Mbbl) :	0.00	SEC YE23 Pricing
Est. Cum Gas (MMcf) :	0.00	$78.22/bbl
Est. Cum Water (Mbbl) :	0.00	$2.64/mmbtu

	Oil Gross		Gas Gross		Oil Net		Gas Net		Oil Price		Gas Price		Oil & Gas Rev. Net		Misc. Rev. Net		Costs Net		Taxes Net		Invest. Net		NonDisc. CF Annual		Cum Disc. CF
Year	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		($/bbl)		($/Mcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
2024		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
2025		50.80		137.42		21.81		59.00		76.72		3.17		1,860.17		0.00		109.02		132.08		2,481.45		-862.37		-809.36
2026		39.21		127.73		16.89		55.03		76.72		3.17		1,470.09		0.00		94.52		104.38		0.00		1,271.19		198.91
2027		21.02		76.75		9.19		33.56		76.72		3.17		811.26		0.00		64.31		57.60		0.00		689.35		694.63
2028		14.48		56.47		6.33		24.69		76.72		3.17		563.97		0.00		54.20		40.04		0.00		469.73		1,001.37
2029		11.02		45.00		4.82		19.67		76.72		3.17		431.81		0.00		49.00		30.66		0.00		352.15		1,210.29
2030		8.91		37.74		3.90		16.50		76.72		3.17		351.13		0.00		45.89		24.93		0.00		280.31		1,361.43
2031		7.48		32.64		3.27		14.27		76.72		3.17		296.17		0.00		43.81		21.03		0.00		231.33		1,474.80
2032		6.47		28.93		2.83		12.65		76.72		3.17		256.93		0.00		42.33		18.24		0.00		196.35		1,562.26
2033		5.67		25.91		2.48		11.33		76.72		3.17		225.91		0.00		41.18		16.04		0.00		168.68		1,630.55
2034		5.05		23.55		2.21		10.30		76.72		3.17		202.12		0.00		40.30		14.35		0.00		147.46		1,684.82
2035		4.56		21.63		1.99		9.46		76.72		3.17		182.92		0.00		39.60		12.99		0.00		130.34		1,728.42
2036		4.17		20.07		1.82		8.77		76.72		3.17		167.55		0.00		39.04		11.90		0.00		116.61		1,763.89
2037		3.82		18.64		1.67		8.15		76.72		3.17		153.81		0.00		38.54		10.92		0.00		104.35		1,792.73
2038		3.53		17.47		1.54		7.64		76.72		3.17		142.54		0.00		38.13		10.12		0.00		94.28		1,816.43

Rem.		40.19	219.82	17.57	96.11	76.72	3.17	1,652.51	0.00	776.60	117.33	27.57	731.01	107.90
Total	36.7	226.36	889.77	98.31	387.12	76.72	3.17	8,768.88	0.00	1,516.47	622.60	2,509.02	4,120.79	1,924.32
Ult.		226.36	889.77

Eco. Indicators

Major Phase :

Gas

Return on Investment (disc) :

1.880

Present Worth Profile (M$)

Initial Rate :

36,500.00

Mcf/month

Return on Investment (undisc) :

2.642

5.00% :

2,720.56

20.00% :

1,065.04

Abandonment :

457.93

Mcf/month

Years to Payout :

2.61

8.00% :

2,196.83

30.00% :

616.38

Initial Decline :

95.000

%/year

b = 1.20

Internal Rate of Return (%) :

66.99

10.00% :

1,924.32

40.00% :

348.12

Initial Ratio :

0.417

bbl/Mcf

12.00% :

1,696.10

50.00% :

175.48

Abandon Ratio :

0.159

bbl/Mcf

15.00% :

1,416.04

60.00% :

59.25

Abandon Day :	09/28/2060		Initial	1st Rev.	2nd Rev.
		Working Interest :	0.55143330	0.55143330	0.00000000
		Revenue Interest :	0.42931492	0.43720630	0.00000000
		Rev. Date :		10/1/2026

TRC Standard Eco.rpt

PES Page 65 of 103

Production Decline

Curves

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		March 27, 2024

Truleum Inc
14143 Denver West Parkway, Suite 100
Golden, CO 80401

	Re:	Year-End 2023
		Reserve & Economic Evaluation
		Effective Date: January 1, 2024
		SEC Pricing

			*Remaining Reserves*
ResCat	Wells		Gross Oil (Mbbl)		Gross Gas (MMcf)		Net Oil (Mbbl)		Net Gas (MMcf)		Investment (M$)		Non-Disc'd Cash (M$)			Disc'd Cash (PV10) M$
PDP		5		17.35		61.02		13.39		46.70	$	89.64	$	351.32		$	227.55
PDNP		6		151.84		387.88		115.41		296.57	$	1,150.07	$	4,832.59		$	1,831.48
P-BP		8		51.61		237.50		38.72		180.51	$	334.48	$	1,308.53		$	551.60
PDSI		6		-		-		-		-	$	113.21	$	(113.21	)	$	(87.51	)
Proved Subtotal		25		220.80		686.40		167.52		523.78	$	1,687.40	$	6,379.24		$	2,523.12
PROB-BP		2		24.51		123.37		18.55		94.11	$	252.50	$	781.03		$	206.97
PROB-NP		2		35.81		156.97		27.32		119.48	$	270.00	$	1,413.71		$	591.63
PROB-UD		8		1,571.15		6,417.45		894.13		3,675.97	$	22,520.51	$	37,334.56		$	18,073.67
Non-Proved Subtotal		12		1,631.47		6,697.79		939.99		3,889.56	$	23,043.01	$	39,529.29		$	18,872.27
Grand Total		37		1,852.27		7,384.19		1,107.50		4,413.34	$	24,730.41	$	45,908.53		$	21,395.39

Case Name	ResCat	API Number	Location	County	State	Operator	Reservoir	Working Interest	Revenue Interest	Fixed Cost ($/mo)	Oil Price Diff ($/bbl)	Gas Price Diff (%)
LOGAN COUNTY 1-31	PDP	35083239730000	N 17.0/W 3.0/SEC 1.0 SE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	1.00000000	0.78000000	$500.00	-$1.50	-15
LOGAN COUNTY 11-18	PDP	35083237990000	N 17.0/W 3.0/SEC 11.0 NESWSWNE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	1.00000000	0.78071875	$500.00	-$1.50	-15
LOGAN COUNTY 11-32	PDP		N 17.0/W 3.0/SEC 11.0 W2E2SESW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	CARMICHAEL	0.96406250	0.75661135	$250.00	-$1.50	-15
LOGAN COUNTY 2-19/2-24*	PDP	35083238120000	N 17.0/W 3.0/SEC 2.0 SE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPIAN	1.00000000	0.78040180	$500.00	-$1.50	-15
RIVER 1-1	PDP	35083238860000	N 17.0/W 3.0/SEC 1.0 NW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI	1.00000000	0.75000000	$500.00	-$1.50	-15
LOGAN COUNTY 11-14*/11-32	P-BP	35083239040000	N 17.0/W 3.0/SEC 11.0 NW NW SE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	VIOLA	0.96406250	0.75661135	$500.00	-$1.50	-15
LOGAN COUNTY 11-15	P-BP	35083238060000	N 17.0/W 3.0/SEC 11.0 NWSENWNW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	BP VIOLA OSWG	1.00000000	0.78000000	$500.00	-$1.50	-15
LOGAN COUNTY 11-21	P-BP	35083238170000	N 17.0/W 3.0/SEC 11.0 SW SE NE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	BP OSWG CLVLD	1.00000000	0.78071875	$500.00	-$1.50	-15
LOGAN COUNTY 11-5	P-BP	35083237260000	N 17.0/W 3.0/SEC 11.0 C NE NW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISS RESTART, BP OSW VIOL	0.88605491	0.69656757	$500.00	-$1.50	-15
LOGAN COUNTY 12-11	P-BP	35083237630000	N 17.0/W 3.0/SEC 12.0 SW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	BP OSWEGO	0.93750000	0.73125000	$500.00	-$1.50	-15
LOGAN COUNTY 2-19*/2-24	P-BP	35083238120000	N 17.0/W 3.0/SEC 2.0 SE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISS, ADD BP MSNR OSWG	1.00000000	0.78040180	$500.00	-$1.50	-15
LOGAN COUNTY 2-20*/2-28	P-BP	35083238100000	N 17.0/W 3.0/SEC 2.0 SW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	BP VIOLA, WLCX OSWG	1.00000000	0.78000000	$500.00	-$1.50	-15
LOGAN COUNTY 2-20/2-28*	P-BP	35083238100000	N 17.0/W 3.0/SEC 2.0 SW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	BP LAYTON	1.00000000	0.78000000	$500.00	-$1.50	-15
LOGAN COUNTY 11-1	PDNP	35083236450000	N 17.0/W 3.0/SEC 11.0 NW SW NW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISS - RESTART	1.00000000	0.78000000	$500.00	-$1.50	-15
LOGAN COUNTY 11-16	PDNP	35083238310000	N 17.0/W 3.0/SEC 11.0 E2W2NESW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	0.93750000	0.73125000	$500.00	-$1.50	-15
LOGAN COUNTY 11-26* /11-14,32,34	PDNP	35083239040000	N 17.0/W 3.0/SEC 11.0 NW NW SE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	0.96406250	0.75661135	$500.00	-$1.50	-15
LOGAN COUNTY 11-6*/11-23	PDNP	35083237070000	N 17.0/W 3.0/SEC 11.0 C NW NE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	0.92812500	0.72393750	$500.00	-$1.50	-15
LOGAN COUNTY 2-9*/2-4	PDNP	35083237970000	N 17.0/W 3.0/SEC 2.0 SE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI	1.00000000	0.78040180	$500.00	-$1.50	-15
LOGAN COUNTY 22-11	PDNP	35083238670000	N 17.0/W 3.0/SEC 11.0 SW NW SW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPIAN	0.93750000	0.73125000	$500.00	-$1.50	-15
LOGAN COUNTY 11-34* /11-14,32,34,26	PDSI	35083239040000	N 17.0/W 3.0/SEC 11.0 NW NW SE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	0.96406250	0.75661135	$500.00	-$1.50	-15
LOGAN COUNTY 11-6/11-23*	PDSI	35083237070000	N 17.0/W 3.0/SEC 11.0 C NW NE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	1.00000000	0.78071875	$500.00	-$1.50	-15
LOGAN COUNTY 12-27	PDSI	35083238480000	N 17.0/W 3.0/SEC 12.0 NW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPIAN	0.93750000	0.73125000	$500.00	-$1.50	-15
LOGAN COUNTY 2-2*/2-3	PDSI	35083236730000	N 17.0/W 3.0/SEC 2.0 SW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	1.00000000	0.78000000	$500.00	-$1.50	-15
LOGAN COUNTY 2-2/2-3*	PDSI	35083236730000	N 17.0/W 3.0/SEC 2.0 SW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	1.00000000	0.78000000	$500.00	-$1.50	-15
LOGAN COUNTY 2-4	PDSI	35083236960000	N 17.0/W 3.0/SEC 2.0 SE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	1.00000000	0.78040180	$500.00	-$1.50	-15
LOGAN COUNTY 11-18 BP	Prob-BP	35083237990000	N 17.0/W 3.0/SEC 11.0 NESWSWNE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	BP VIOLA CLVLD	1.00000000	0.78071875	$500.00	-$1.50	-15
LOGAN COUNTY 11-33	Prob-BP	35083239090000	N 17.0/W 3.0/SEC 11.0 W2E2SESW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	VIOLA	0.93750000	0.73125000	$500.00	-$1.50	-15
LOGAN COUNTY 29-1	Prob-NP	35083239280000	N 17.0/W 3.0/SEC 1.0 NE	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	1.00000000	0.75000000	$500.00	-$1.50	-15
LOGAN COUNTY 30	Prob-NP	35083239660000	N 17.0/W 2.0/SEC 6.0 SW	LOGAN	OK	ALPHA ENERGY TEXAS OPERATING L	MISSISSIPPI LIME	1.00000000	0.78000000	$500.00	-$1.50	-15
UND LOC 11-1H 7500	Prob-UD		2 & 11-17N-3W	LOGAN	OK	TRULEUM	WOODFORD-MISSISSIPPIAN	0.80993330	0.65047550	$5,000.00	-$1.50	20
UND LOC 11-2H 7500	Prob-UD		2&11-17N-3W	LOGAN	OK	TRULEUM	WOODFORD-MISSISSIPPIAN	0.67210000	0.53524790	$5,000.00	-$1.50	20
UND LOC 11-3H 5000	Prob-UD		2&11-17N-3W	LOGAN	OK	TRULEUM	WOODFORD-MISSISSIPPIAN	1.00000000	0.78092800	$5,000.00	-$1.50	20
UND LOC 11-4H 5000	Prob-UD		2&11-17N-3W	LOGAN	OK	TRULEUM	WOODFORD-MISSISSIPPIAN	0.98958340	0.78059440	$5,000.00	-$1.50	20
UND LOC 12-1H 5000	Prob-UD		1&12-17N-3W	LOGAN	OK	TRULEUM	WOODFORD-MISSISSIPPIAN	0.63540000	0.49640625	$5,000.00	-$1.50	20
UND LOC 12-2H 5000	Prob-UD		1&12-17N-3W	LOGAN	OK	TRULEUM	WOODFORD-MISSISSIPPIAN	0.63540000	0.49640625	$5,000.00	-$1.50	20
UND LOC 12-3H 7500	Prob-UD		1&12-17N-3W	LOGAN	OK	TRULEUM	WOODFORD-MISSISSIPPIAN	0.55143330	0.42931492	$5,000.00	-$1.50	20
UND LOC 12-4H 7500	Prob-UD		1&12-17N-3W	LOGAN	OK	TRULEUM	WOODFORD-MISSISSIPPIAN	0.55143330	0.42931492	$5,000.00	-$1.50	20

Project Name :	Truleum YE23	As of Date: 1/1/2024
Ownership Group :	All Cases	SEC YE23 Pricing

	Gross Reserves				Net Reserves				Net Revenue						Expense				Cash Flow
Lease Name	Oil		Gas		Oil		Gas		Oil		Gas		Other		& Tax		Invest.		Non-Disc.		Disc. CF
*Risked* / UnRisked	(Mbbl)		(MMcf)		(Mbbl)		(MMcf)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)		(M$)
Grand Total		1,852.27		7,384.19		1,107.50		4,413.34		84,967.74		13,300.13		0.00		27,628.93		24,730.41		45,908.53		21,395.39

Proved Producing Rsv Class & Category		17.35		61.02		13.39		46.70		1,027.61		104.80		0.00		691.44		89.64		351.32		227.55
LOGAN COUNTY 1-31 - 1-31		1.81		16.45		1.41		12.83		108.44		28.79		0.00		121.37		20.00		-4.14		6.49
LOGAN COUNTY 11-18 - 11-18		10.14		0.00		7.92		0.00		607.64		0.00		0.00		351.33		20.00		236.31		122.64
LOGAN COUNTY 11-32 - 11-32		0.00		13.35		0.00		10.10		0.00		22.67		0.00		19.53		9.64		-6.49		-1.37
LOGAN COUNTY 2-19/2-24* - 2		0.60		11.58		0.47		9.03		35.94		20.27		0.00		44.31		20.00		-8.10		1.13
RIVER 1-1 - 1-1		4.79		19.64		3.59		14.73		275.59		33.06		0.00		154.91		20.00		133.74		98.66

Proved Behind Pipe Rsv Class & Category		151.84		387.88		115.41		296.57		8,853.91		665.50		0.00		3,536.75		1,150.07		4,832.59		1,831.48
LOGAN COUNTY 11-14*/11-32		10.84		49.48		8.20		37.44		629.39		84.01		0.00		262.02		110.87		340.51		172.20
LOGAN COUNTY 11-15 - 11-15		15.03		84.36		11.72		65.80		899.34		147.65		0.00		397.85		218.00		431.14		163.00
LOGAN COUNTY 11-21 - 11-21		16.87		49.83		13.17		38.90		1,010.64		87.30		0.00		433.27		145.00		519.66		187.11
LOGAN COUNTY 11-5 - 11-5		23.30		58.45		16.23		40.72		1,244.95		91.37		0.00		587.36		191.39		557.57		219.57
LOGAN COUNTY 12-11 - 12-11		17.45		0.00		12.76		0.00		978.77		0.00		0.00		389.11		92.81		496.85		244.39
LOGAN COUNTY 2-19*/2-24 - 2		20.47		60.15		15.98		46.94		1,225.67		105.34		0.00		453.74		110.00		767.27		302.56
LOGAN COUNTY 2-20*/2-28 - 2		17.12		85.61		13.35		66.77		1,024.59		149.84		0.00		480.62		215.00		478.81		152.85
LOGAN COUNTY 2-20/2-28* - 2		30.76		0.00		23.99		0.00		1,840.57		0.00		0.00		532.77		67.00		1,240.79		389.81

Proved Non-Producing Rsv Class & Category		51.61		237.50		38.72		180.51		2,970.35		405.06		0.00		1,732.40		334.48		1,308.53		551.60
LOGAN COUNTY 11-1 - 11-1		7.54		33.45		5.88		26.09		451.05		58.55		0.00		346.65		59.00		103.95		55.92
LOGAN COUNTY 11-16 - 11-16		14.62		67.36		10.69		49.25		820.26		110.53		0.00		392.35		189.38		349.06		117.60
LOGAN COUNTY 11-26* /11-14		0.00		28.23		0.00		21.36		0.00		47.94		0.00		34.21		14.46		-0.74		5.11
LOGAN COUNTY 11-6*/11-23 -		1.94		0.00		1.41		0.00		107.86		0.00		0.00		89.54		23.20		-4.89		3.59
LOGAN COUNTY 2-9*/2-4 - 2-9		12.65		91.40		9.87		71.33		757.12		160.06		0.00		441.45		25.00		450.72		207.18
LOGAN COUNTY 22-11 - 22-11		14.87		17.06		10.87		12.48		834.06		28.00		0.00		428.19		23.44		410.42		162.20

Proved Shut-In Rsv Class & Category		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		113.21		-113.21		-87.51
LOGAN COUNTY 11-34* /11-14		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		14.46		-14.46		-10.86
LOGAN COUNTY 11-6/11-23* -		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-16.53
LOGAN COUNTY 12-27 - 12-27		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		18.75		-18.75		-14.09
LOGAN COUNTY 2-2*/2-3 - 2-2		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-13.66
LOGAN COUNTY 2-2/2-3* - 2-2		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-17.34
LOGAN COUNTY 2-4 - 2-4		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		20.00		-20.00		-15.03

Probable Behind Pipe Rsv Class & Category		24.51		123.37		18.55		94.11		1,422.90		211.18		0.00		600.55		252.50		781.03		206.97
LOGAN COUNTY 11-18 BP - 11-		12.58		78.62		9.82		61.38		753.41		137.73		0.00		291.27		140.00		459.86		65.01