Exhibit 99.3

December 5, 2013

Mr. Kevin Yung

Santa Maria Energy, LLC

2811 Airpark Drive

Santa Maria, California 93455

Dear Mr. Yung:

In accordance with your request, we have estimated the proved, probable, and possible reserves and future revenue, as of October 31, 2013, to the Santa Maria Energy, LLC (SME) interest in certain oil and gas properties located in Orcutt Field, Santa Barbara County, California, as listed in the accompanying tabulations. We completed our evaluation on or about the date of this letter. It is our understanding that the proved reserves estimated in this report constitute all of the proved reserves owned by SME. The estimates in this report have been prepared in accordance with the definitions and regulations of the U.S. Securities and Exchange Commission (SEC) and conform to the FASB Accounting Standards Codification Topic 932, Extractive Activities—Oil and Gas, except that future income taxes and per-well overhead expenses are excluded. Definitions are presented immediately following this letter.

We estimate the net reserves and future net revenue to the SME interest in these properties, as of October 31, 2013, to be:

	Net Reserves				Future Net Revenue (M$)
Category	Oil (MBBL)		Gas (MMCF)		Total		Present Worth at 10%
Proved Developed Producing		1,740.6		121.2		85,754.3		35,012.8
Proved Developed Non-Producing		374.0		0.0		25,606.2		11,692.7
Proved Undeveloped		13,583.1		0.0		609,433.3		254,196.3
Total Proved		15,697.7		121.2		720,793.8		300,901.8
Probable		12,326.2		0.0		704,833.2		313,365.6
Possible		19,978.7		0.0		1,427,284.4		609,955.8

The oil volumes shown include crude oil only. Oil volumes are expressed in thousands of barrels (MBBL); a barrel is equivalent to 42 United States gallons. Gas volumes are expressed in millions of cubic feet (MMCF) at standard temperature and pressure bases. Estimates of net gas reserves do not include the substantial portion of produced gas that is flared or consumed in field operations.

The estimates shown in this report are for proved, probable, and possible reserves. This report does not include any value that could be attributed to interests in undeveloped acreage beyond those tracts for which undeveloped reserves have been estimated. Reserves categorization conveys the relative degree of certainty; reserves subcategorization is based on development and production status. The estimates of reserves and future revenue included herein have not been adjusted for risk.

As shown in the Table of Contents, this report includes summary projections of reserves and revenue by reserves category. Included for each reservoir are reserves and economics data by reserves category; these data include a summary projection of reserves and revenue along with one-line summaries of basic data, reserves, and economics by lease.

Gross revenue shown in this report is SME’s share of the gross (100 percent) revenue from the properties prior to any deductions. Future net revenue is after deductions for SME’s share of production taxes, ad valorem taxes, capital costs, abandonment costs, and operating expenses but before consideration of any income taxes. The future net revenue has been discounted at an annual rate of 10 percent to determine its present worth, which is shown to indicate the effect of time on the value of money. Future net revenue presented in this report, whether discounted or undiscounted, should not be construed as being the fair market value of the properties.

Oil prices used in this report are based on the 12-month unweighted arithmetic average of the first-day-of-the-month price for each month in the period November 2012 through October 2013. The average Brent Futures price of $108.63 per barrel is adjusted by reservoir for quality, transportation fees, and a regional price differential. The fixed contract gas price of $1.78 per MMBTU is adjusted for energy content. Gas sales are scheduled to end April 30, 2015. All prices are held constant throughout the lives of the properties. For the proved reserves, the average adjusted product prices weighted by production over the remaining lives of the properties are $102.97 per barrel of oil and $1.958 per MCF of gas.

Operating costs used in this report are based on operating expense records of SME, the operator of the properties, and include only direct lease- and field-level costs. Operating costs have been divided into per-well costs and per-unit-of-production costs. As requested, these costs do not include the per-well overhead expenses allowed under joint operating agreements, nor do they include the headquarters general and administrative overhead expenses of SME. Operating costs are not escalated for inflation.

Capital costs used in this report were provided by SME and are based on authorizations for expenditure and actual costs from recent activity. Capital costs are included as required for workovers, new development wells, and production equipment. Based on our understanding of future development plans, a review of the records provided to us, and our knowledge of similar properties, we regard these estimated capital costs to be reasonable. As requested, our estimates do not include any salvage value for the lease and well equipment or the cost of abandoning the developed properties. For the undeveloped locations, abandonment costs used in this report are SME’s estimates of the costs to abandon the wells and production facilities, net of any salvage value. Capital costs and abandonment costs are not escalated for inflation.

For the purposes of this report, we did not perform any field inspection of the properties, nor did we examine the mechanical operation or condition of the wells and facilities. We have not investigated possible environmental liability related to the properties; therefore, our estimates do not include any costs due to such possible liability.

We have made no investigation of potential volume and value imbalances resulting from overdelivery or underdelivery to the SME interest. Therefore, our estimates of reserves and future revenue do not include adjustments for the settlement of any such imbalances; our projections are based on SME receiving its net revenue interest share of estimated future gross production.

The reserves shown in this report are estimates only and should not be construed as exact quantities. Proved reserves are those quantities of oil and gas which, by analysis of engineering and geoscience data, can be estimated with reasonable certainty to be economically producible; probable and possible reserves are those additional reserves which are sequentially less certain to be recovered than proved reserves. Estimates of reserves may increase or decrease as a result of market conditions, future operations, changes in regulations, or actual reservoir performance. In addition to the primary economic assumptions discussed herein, our estimates are based on certain assumptions including, but not limited to, that the properties will be developed consistent with current development plans, that the properties will be operated in a prudent manner, that no governmental regulations or controls will be put in place that would impact the ability of the interest owner to recover the reserves, and that our projections of future production will prove consistent with actual performance. If the reserves are recovered, the revenues therefrom and the costs related thereto could be more or less than the estimated amounts. Because of governmental policies and uncertainties of supply and demand, the sales rates, prices received for the reserves, and costs incurred in recovering such reserves may vary from assumptions made while preparing this report.

For the purposes of this report, we used technical and economic data including, but not limited to, well logs, geologic maps, well test data, production data, historical price and cost information, and property ownership interests. The reserves in this report have been estimated using deterministic methods; these estimates have been prepared in accordance with the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers (SPE Standards). We used standard engineering and geoscience methods, or a combination of methods, including performance analysis, volumetric analysis, and analogy, that we considered to be appropriate and necessary to categorize and estimate reserves in accordance with SEC definitions and regulations. A substantial portion of these reserves are for non-producing zones and undeveloped locations; such reserves are based on estimates of reservoir volumes and recovery efficiencies along with analogy to properties with similar geologic and reservoir characteristics. As in all aspects of oil and gas evaluation, there are uncertainties inherent in the interpretation of engineering and geoscience data; therefore, our conclusions necessarily represent only informed professional judgment.

The data used in our estimates were obtained from SME, public data sources, and the nonconfidential files of Netherland, Sewell & Associates, Inc. and were accepted as accurate. Supporting work data are on file in our office. We have not examined the titles to the properties or independently confirmed the actual degree or type of interest owned. The technical persons responsible for preparing the estimates presented herein meet the requirements regarding qualifications, independence, objectivity, and confidentiality set forth in the SPE Standards. We are independent petroleum engineers, geologists, geophysicists, and petrophysicists; we do not own an interest in these properties nor are we employed on a contingent basis.

		Sincerely,
		NETHERLAND, SEWELL & ASSOCIATES, INC.
		Texas Registered Engineering Firm F-2699
		By:	/s/ C.H. (Scott) Rees III
			C.H. (Scott) Rees III, P.E.
			Chairman and Chief Executive Officer
By:	/s/ C. Ashley Smith	By:	/s/ Shane M. Howell
	C. Ashley Smith, P.E. 100560		Shane M. Howell, P.G. 11276
	Vice President		Vice President
Date Signed: December 5, 2013		Date Signed: December 5, 2013

CAS:MSS

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DEFINITIONS OF OIL AND GAS RESERVES

Adapted from U.S. Securities and Exchange Commission Regulation S-X Section 210.4-10a

The following definitions are set forth in U.S. Securities and Exchange Commission (SEC) Regulation S-X Section 210.4-10(a). Also included is supplemental information from (1) the 2007 Petroleum Resources Management System approved by the Society of Petroleum Engineers, (2) the FASB Accounting Standards Codification Topic 932, Extractive Activities—Oil and Gas, and (3) the SEC’s Compliance and Disclosure Interpretations.

(1) Acquisition of properties. Costs incurred to purchase, lease or otherwise acquire a property, including costs of lease bonuses and options to purchase or lease properties, the portion of costs applicable to minerals when land including mineral rights is purchased in fee, brokers’ fees, recording fees, legal costs, and other costs incurred in acquiring properties.

(2) Analogous reservoir. Analogous reservoirs, as used in resources assessments, have similar rock and fluid properties, reservoir conditions (depth, temperature, and pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and estimation of recovery. When used to support proved reserves, an “analogous reservoir” refers to a reservoir that shares the following characteristics with the reservoir of interest:

(i) Same geological formation (but not necessarily in pressure communication with the reservoir of interest);

(ii) Same environment of deposition;

(iii) Similar geological structure; and

(iv) Same drive mechanism.

Instruction to paragraph (a)(2): Reservoir properties must, in the aggregate, be no more favorable in the analog than in the reservoir of interest.

(3) Bitumen. Bitumen, sometimes referred to as natural bitumen, is petroleum in a solid or semi-solid state in natural deposits with a viscosity greater than 10,000 centipoise measured at original temperature in the deposit and atmospheric pressure, on a gas free basis. In its natural state it usually contains sulfur, metals, and other non-hydrocarbons.

(4) Condensate. Condensate is a mixture of hydrocarbons that exists in the gaseous phase at original reservoir temperature and pressure, but that, when produced, is in the liquid phase at surface pressure and temperature.

(5) Deterministic estimate. The method of estimating reserves or resources is called deterministic when a single value for each parameter (from the geoscience, engineering, or economic data) in the reserves calculation is used in the reserves estimation procedure.

(6) Developed oil and gas reserves. Developed oil and gas reserves are reserves of any category that can be expected to be recovered:

(i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and

(ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.

Supplemental definitions from the 2007 Petroleum Resources Management System:

Developed Producing Reserves – Developed Producing Reserves are expected to be recovered from completion intervals that are open and producing at the time of the estimate. Improved recovery reserves are considered producing only after the improved recovery project is in operation.

Developed Non-Producing Reserves – Developed Non-Producing Reserves include shut-in and behind-pipe Reserves. Shut-in Reserves are expected to be recovered from (1) completion intervals which are open at the time of the estimate but which have not yet started producing, (2) wells which were shut-in for market conditions or pipeline connections, or (3) wells not capable of production for mechanical reasons. Behind-pipe Reserves are expected to be recovered from zones in existing wells which will require additional completion work or future recompletion prior to start of production. In all cases, production can be initiated or restored with relatively low expenditure compared to the cost of drilling a new well.

(7) Development costs. Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas. More specifically, development costs, including depreciation and applicable operating costs of support equipment and facilities and other costs of development activities, are costs incurred to:

(i) Gain access to and prepare well locations for drilling, including surveying well locations for the purpose of determining specific development drilling sites, clearing ground, draining, road building, and relocating public roads, gas lines, and power lines, to the extent necessary in developing the proved reserves.

(ii) Drill and equip development wells, development-type stratigraphic test wells, and service wells, including the costs of platforms and of well equipment such as casing, tubing, pumping equipment, and the wellhead assembly.

Definitions - Page 1 of 6

DEFINITIONS OF OIL AND GAS RESERVES

Adapted from U.S. Securities and Exchange Commission Regulation S-X Section 210.4-10a

(iii) Acquire, construct, and install production facilities such as lease flow lines, separators, treaters, heaters, manifolds, measuring devices, and production storage tanks, natural gas cycling and processing plants, and central utility and waste disposal systems.

(iv) Provide improved recovery systems.

(8) Development project. A development project is the means by which petroleum resources are brought to the status of economically producible. As examples, the development of a single reservoir or field, an incremental development in a producing field, or the integrated development of a group of several fields and associated facilities with a common ownership may constitute a development project.

(9) Development well. A well drilled within the proved area of an oil or gas reservoir to the depth of a stratigraphic horizon known to be productive.

(10) Economically producible. The term economically producible, as it relates to a resource, means a resource which generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. The value of the products that generate revenue shall be determined at the terminal point of oil and gas producing activities as defined in paragraph (a)(16) of this section.

(11) Estimated ultimate recovery (EUR). Estimated ultimate recovery is the sum of reserves remaining as of a given date and cumulative production as of that date.

(12) Exploration costs. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are:

(i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or “G&G” costs.

(ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records.

(iii) Dry hole contributions and bottom hole contributions.

(iv) Costs of drilling and equipping exploratory wells.

(v) Costs of drilling exploratory-type stratigraphic test wells.

(13) Exploratory well. An exploratory well is a well drilled to find a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. Generally, an exploratory well is any well that is not a development well, an extension well, a service well, or a stratigraphic test well as those items are defined in this section.

(14) Extension well. An extension well is a well drilled to extend the limits of a known reservoir.

(15) Field. An area consisting of a single reservoir or multiple reservoirs all grouped on or related to the same individual geological structural feature and/or stratigraphic condition. There may be two or more reservoirs in a field which are separated vertically by intervening impervious strata, or laterally by local geologic barriers, or by both. Reservoirs that are associated by being in overlapping or adjacent fields may be treated as a single or common operational field. The geological terms “structural feature” and “stratigraphic condition” are intended to identify localized geological features as opposed to the broader terms of basins, trends, provinces, plays, areas-of-interest, etc.

(16) Oil and gas producing activities.

(i) Oil and gas producing activities include:

(A) The search for crude oil, including condensate and natural gas liquids, or natural gas (“oil and gas”) in their natural states and original locations;

(B) The acquisition of property rights or properties for the purpose of further exploration or for the purpose of removing the oil or gas from such properties;

(C) The construction, drilling, and production activities necessary to retrieve oil and gas from their natural reservoirs, including the acquisition, construction, installation, and maintenance of field gathering and storage systems, such as:

(1) Lifting the oil and gas to the surface; and

(2) Gathering, treating, and field processing (as in the case of processing gas to extract liquid hydrocarbons); and

(D) Extraction of saleable hydrocarbons, in the solid, liquid, or gaseous state, from oil sands, shale, coalbeds, or other nonrenewable natural resources which are intended to be upgraded into synthetic oil or gas, and activities undertaken with a view to such extraction.

Definitions - Page 2 of 6

DEFINITIONS OF OIL AND GAS RESERVES

Adapted from U.S. Securities and Exchange Commission Regulation S-X Section 210.4-10a

Instruction 1 to paragraph (a)(16)(i): The oil and gas production function shall be regarded as ending at a “terminal point”, which is the outlet valve on the lease or field storage tank. If unusual physical or operational circumstances exist, it may be appropriate to regard the terminal point for the production function as:

a. The first point at which oil, gas, or gas liquids, natural or synthetic, are delivered to a main pipeline, a common carrier, a refinery, or a marine terminal; and

b. In the case of natural resources that are intended to be upgraded into synthetic oil or gas, if those natural resources are delivered to a purchaser prior to upgrading, the first point at which the natural resources are delivered to a main pipeline, a common carrier, a refinery, a marine terminal, or a facility which upgrades such natural resources into synthetic oil or gas.

Instruction 2 to paragraph (a)(16)(i): For purposes of this paragraph (a)(16), the term saleable hydrocarbons means hydrocarbons that are saleable in the state in which the hydrocarbons are delivered.

(ii) Oil and gas producing activities do not include:

(A) Transporting, refining, or marketing oil and gas;

(B) Processing of produced oil, gas, or natural resources that can be upgraded into synthetic oil or gas by a registrant that does not have the legal right to produce or a revenue interest in such production;

(C) Activities relating to the production of natural resources other than oil, gas, or natural resources from which synthetic oil and gas can be extracted; or

(D) Production of geothermal steam.

(17) Possible reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves.

(i) When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.

(ii) Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.

(iii) Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than the recovery quantities assumed for probable reserves.

(iv) The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.

(v) Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same accumulation that may be separated from proved areas by faults with displacement less than formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, and the registrant believes that such adjacent portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with the proved reservoir.

(vi) Pursuant to paragraph (a)(22)(iii) of this section, where direct observation has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.

(18) Probable reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.

(i) When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.

Definitions - Page 3 of 6

DEFINITIONS OF OIL AND GAS RESERVES

Adapted from U.S. Securities and Exchange Commission Regulation S-X Section 210.4-10a

(ii) Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas are in communication with the proved reservoir.

(iii) Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than assumed for proved reserves.

(iv) See also guidelines in paragraphs (a)(17)(iv) and (a)(17)(vi) of this section.

(19) Probabilistic estimate. The method of estimation of reserves or resources is called probabilistic when the full range of values that could reasonably occur for each unknown parameter (from the geoscience and engineering data) is used to generate a full range of possible outcomes and their associated probabilities of occurrence.

(20) Production costs.

(i) Costs incurred to operate and maintain wells and related equipment and facilities, including depreciation and applicable operating costs of support equipment and facilities and other costs of operating and maintaining those wells and related equipment and facilities. They become part of the cost of oil and gas produced. Examples of production costs (sometimes called lifting costs) are:

(A) Costs of labor to operate the wells and related equipment and facilities.

(B) Repairs and maintenance.

(C) Materials, supplies, and fuel consumed and supplies utilized in operating the wells and related equipment and facilities.

(D) Property taxes and insurance applicable to proved properties and wells and related equipment and facilities.

(E) Severance taxes.

(ii) Some support equipment or facilities may serve two or more oil and gas producing activities and may also serve transportation, refining, and marketing activities. To the extent that the support equipment and facilities are used in oil and gas producing activities, their depreciation and applicable operating costs become exploration, development or production costs, as appropriate. Depreciation, depletion, and amortization of capitalized acquisition, exploration, and development costs are not production costs but also become part of the cost of oil and gas produced along with production (lifting) costs identified above.

(21) Proved area. The part of a property to which proved reserves have been specifically attributed.

(22) Proved oil and gas reserves. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

(i) The area of the reservoir considered as proved includes:

(A) The area identified by drilling and limited by fluid contacts, if any, and

(B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.

(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.

(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.

(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:

(A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and

(B) The project has been approved for development by all necessary parties and entities, including governmental entities.

(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Definitions - Page 4 of 6

DEFINITIONS OF OIL AND GAS RESERVES

Adapted from U.S. Securities and Exchange Commission Regulation S-X Section 210.4-10a

(23) Proved properties. Properties with proved reserves.

(24) Reasonable certainty. If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

(25) Reliable technology. Reliable technology is a grouping of one or more technologies (including computational methods) that has been field tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation.

(26) Reserves. Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

Note to paragraph (a)(26): Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Excerpted from the FASB Accounting Standards Codification Topic 932, Extractive Activities—Oil and Gas:

932-235-50-30 A standardized measure of discounted future net cash flows relating to an entity’s interests in both of the following shall be disclosed as of the end of the year:

a. Proved oil and gas reserves (see paragraphs 932-235-50-3 through 50-11B)

b. Oil and gas subject to purchase under long-term supply, purchase, or similar agreements and contracts in which the entity participates in the operation of the properties on which the oil or gas is located or otherwise serves as the producer of those reserves (see paragraph 932-235-50-7).

The standardized measure of discounted future net cash flows relating to those two types of interests in reserves may be combined for reporting purposes.

932-235-50-31 All of the following information shall be disclosed in the aggregate and for each geographic area for which reserve quantities are disclosed in accordance with paragraphs 932-235-50-3 through 50-11B:

a. Future cash inflows. These shall be computed by applying prices used in estimating the entity’s proved oil and gas reserves to the year-end quantities of those reserves. Future price changes shall be considered only to the extent provided by contractual arrangements in existence at year-end.

b. Future development and production costs. These costs shall be computed by estimating the expenditures to be incurred in developing and producing the proved oil and gas reserves at the end of the year, based on year-end costs and assuming continuation of existing economic conditions. If estimated development expenditures are significant, they shall be presented separately from estimated production costs.

c. Future income tax expenses. These expenses shall be computed by applying the appropriate year-end statutory tax rates, with consideration of future tax rates already legislated, to the future pretax net cash flows relating to the entity’s proved oil and gas reserves, less the tax basis of the properties involved. The future income tax expenses shall give effect to tax deductions and tax credits and allowances relating to the entity’s proved oil and gas reserves.

d. Future net cash flows. These amounts are the result of subtracting future development and production costs and future income tax expenses from future cash inflows.

Definitions - Page 5 of 6

DEFINITIONS OF OIL AND GAS RESERVES

Adapted from U.S. Securities and Exchange Commission Regulation S-X Section 210.4-10a

e. Discount. This amount shall be derived from using a discount rate of 10 percent a year to reflect the timing of the future net cash flows relating to proved oil and gas reserves.

f. Standardized measure of discounted future net cash flows. This amount is the future net cash flows less the computed discount.

(27) Reservoir. A porous and permeable underground formation containing a natural accumulation of producible oil and/or gas that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs.

(28) Resources. Resources are quantities of oil and gas estimated to exist in naturally occurring accumulations. A portion of the resources may be estimated to be recoverable, and another portion may be considered to be unrecoverable. Resources include both discovered and undiscovered accumulations.

(29) Service well. A well drilled or completed for the purpose of supporting production in an existing field. Specific purposes of service wells include gas injection, water injection, steam injection, air injection, salt-water disposal, water supply for injection, observation, or injection for in-situ combustion.

(30) Stratigraphic test well. A stratigraphic test well is a drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Such wells customarily are drilled without the intent of being completed for hydrocarbon production. The classification also includes tests identified as core tests and all types of expendable holes related to hydrocarbon exploration. Stratigraphic tests are classified as “exploratory type” if not drilled in a known area or “development type” if drilled in a known area.

(31) Undeveloped oil and gas reserves. Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.

(i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.

(ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.

From the SEC’s Compliance and Disclosure Interpretations (October 26, 2009):

Although several types of projects — such as constructing offshore platforms and development in urban areas, remote locations or environmentally sensitive locations — by their nature customarily take a longer time to develop and therefore often do justify longer time periods, this determination must always take into consideration all of the facts and circumstances. No particular type of project per se justifies a longer time period, and any extension beyond five years should be the exception, and not the rule.

Factors that a company should consider in determining whether or not circumstances justify recognizing reserves even though development may extend past five years include, but are not limited to, the following:

• The company’s level of ongoing significant development activities in the area to be developed (for example, drilling only the minimum number of wells necessary to maintain the lease generally would not constitute significant development activities);

• The company’s historical record at completing development of comparable long-term projects;

• The amount of time in which the company has maintained the leases, or booked the reserves, without significant development activities;

• The extent to which the company has followed a previously adopted development plan (for example, if a company has changed its development plan several times without taking significant steps to implement any of those plans, recognizing proved undeveloped reserves typically would not be appropriate); and

• The extent to which delays in development are caused by external factors related to the physical operating environment (for example, restrictions on development on Federal lands, but not obtaining government permits), rather than by internal factors (for example, shifting resources to develop properties with higher priority).

(iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in paragraph (a)(2) of this section, or by other evidence using reliable technology establishing reasonable certainty.

(32) Unproved properties. Properties with no proved reserves.

Definitions - Page 6 of 6

TABLE OF CONTENTS

SUMMARY PROJECTIONS OF RESERVES AND REVENUE
Total Proved Reserves	I
Proved Developed Producing Reserves	II
Proved Developed Non-Producing Reserves	III
Proved Undeveloped Reserves	IV
Probable Reserves	V
Possible Reserves	VI
RESERVES AND ECONOMICS
Diatomite Reservoir
Total Proved Reserves	1
Proved Developed Producing Reserves	2
Proved Developed Non-Producing Reserves	5
Proved Undeveloped Reserves	8
Probable Reserves	23
Possible Reserves	50
Monterey Reservoir
Total Proved Reserves	91
Proved Developed Producing Reserves	92
Proved Developed Non-Producing Reserves	97
Proved Undeveloped Reserves	100

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN ORCUTT FIELD
	TOTAL PROVED RESERVES	SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		21,045		0		48,505		18,689		0		13,472		103.282		0.000		1.958		1,930.2		0.0		26.4		1,956.6
12-31-2014		146,624		0		377,268		130,108		0		80,830		103.329		0.000		1.958		13,443.6		0.0		158.3		13,601.9
12-31-2015		464,495		0		714,247		418,314		0		26,944		103.108		0.000		1.958		43,135.3		0.0		52.8		43,188.1
12-31-2016		1,030,156		0		887,817		934,388		0		0		102.967		0.000		0.000		96,211.9		0.0		0.0		96,211.9
12-31-2017		1,287,973		0		942,851		1,164,298		0		0		102.940		0.000		0.000		119,849.2		0.0		0.0		119,849.2
12-31-2018		2,031,490		0		1,233,050		1,816,018		0		0		102.914		0.000		0.000		186,889.4		0.0		0.0		186,889.4
12-31-2019		1,875,134		0		1,129,879		1,645,594		0		0		102.915		0.000		0.000		169,356.4		0.0		0.0		169,356.4
12-31-2020		1,723,148		0		1,030,650		1,494,947		0		0		102.915		0.000		0.000		153,848.5		0.0		0.0		153,848.5
12-31-2021		1,583,917		0		943,219		1,374,053		0		0		102.915		0.000		0.000		141,410.4		0.0		0.0		141,410.4
12-31-2022		1,456,399		0		869,172		1,263,299		0		0		102.916		0.000		0.000		130,011.0		0.0		0.0		130,011.0
12-31-2023		1,288,799		0		780,119		1,116,728		0		0		102.918		0.000		0.000		114,932.4		0.0		0.0		114,932.4
12-31-2024		1,113,416		0		689,359		962,384		0		0		102.922		0.000		0.000		99,055.8		0.0		0.0		99,055.8
12-31-2025		902,871		0		582,925		780,453		0		0		102.929		0.000		0.000		80,329.3		0.0		0.0		80,329.3
12-31-2026		689,969		0		477,555		596,530		0		0		102.942		0.000		0.000		61,409.7		0.0		0.0		61,409.7
12-31-2027		529,605		0		397,393		458,020		0		0		102.957		0.000		0.000		47,151.8		0.0		0.0		47,151.8
SUBTOTAL		16,145,041		0		11,104,009		14,173,823		0		121,246		102.934		0.000		1.958		1,458,964.9		0.0		237.5		1,459,202.4
REMAINING		1,757,165		0		3,743,409		1,523,867		0		0		103.329		0.000		0.000		157,464.3		0.0		0.0		157,464.3
TOTAL		17,902,206		0		14,847,418		15,697,690		0		121,246		102.973		0.000		1.958		1,616,429.2		0.0		237.5		1,616,666.7
CUM PROD		15,880,751				7,328,761
ULTIMATE		33,782,957				22,176,179

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM								PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$								M$		M$		M$		%		M$
12-31-2013		63		62.70		2.6		36.1		773.0		0.0		883.5		261.4		261.4		261.0		8.000		355,128.2
12-31-2014		66		65.70		23.6		249.6		82,825.2		0.0		5,672.8		-75,169.3		-74,907.9		-69,170.2		12.000		255,380.9
12-31-2015		180		179.70		64.6		794.1		49,797.2		0.0		14,887.8		-22,355.6		-97,263.5		-89,575.6		15.000		199,952.3
12-31-2016		180		179.70		140.3		1,764.0		36,001.0		0.0		29,072.9		29,233.7		-68,029.8		-66,705.0		20.000		132,328.1
12-31-2017		337		335.86		171.5		2,191.0		73,972.7		0.0		38,152.6		5,361.4		-62,668.4		-63,896.6		25.000		85,626.1
12-31-2018		337		331.70		264.9		3,415.0		0.0		0.0		56,483.5		126,726.0		64,057.6		17,396.7		30.000		52,661.1
12-31-2019		337		327.19		235.2		3,095.2		0.0		0.0		52,595.1		113,430.9		177,488.5		83,582.0		35.000		28,870.2
12-31-2020		337		324.55		222.6		2,809.1		1,718.2		0.0		49,466.5		99,632.1		277,120.6		136,439.9		40.000		11,483.9
12-31-2021		336		323.60		193.5		2,579.0		1,718.2		0.0		47,055.2		89,864.5		366,985.1		179,744.6		45.000		-1,442.9
12-31-2022		334		321.65		186.6		2,375.7		0.0		0.0		44,824.1		82,624.6		449,609.7		215,963.7		50.000		-11,105.1
12-31-2023		338		325.36		164.2		2,104.9		4,202.0		0.0		41,510.5		66,950.8		516,560.5		242,651.8
12-31-2024		333		319.65		135.4		1,806.5		0.0		0.0		37,895.5		59,218.4		575,778.9		264,105.1
12-31-2025		332		318.66		118.5		1,468.8		0.0		0.0		33,307.3		45,434.7		621,213.6		279,099.4
12-31-2026		325		311.67		85.8		1,116.5		0.0		0.0		28,604.3		31,603.1		652,816.7		288,581.6
12-31-2027		322		308.67		63.6		862.1		0.0		0.0		25,041.7		21,184.4		674,001.1		294,356.2
SUBTOTAL						2,072.9		26,667.6		251,007.5		0.0		505,453.3		674,001.1		674,001.1		294,356.2
REMAINING						262.7		2,884.6		0.0		13,340.7		94,183.6		46,792.7		720,793.8		300,901.8
TOTAL OF 50.0 YRS						2,335.6		29,552.2		251,007.5		13,340.7		599,636.9		720,793.8		720,793.8		300,901.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Table I

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN ORCUTT FIELD
	PROVED DEVELOPED PRODUCING RESERVES	SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		20,697		0		48,349		18,371		0		13,472		103.289		0.000		1.958		1,897.6		0.0		26.4		1,924.0
12-31-2014		119,149		0		280,467		105,734		0		80,830		103.295		0.000		1.958		10,921.3		0.0		158.3		11,079.6
12-31-2015		110,970		0		265,601		98,431		0		26,944		103.306		0.000		1.958		10,168.8		0.0		52.8		10,221.6
12-31-2016		103,691		0		252,488		91,944		0		0		103.318		0.000		0.000		9,499.4		0.0		0.0		9,499.4
12-31-2017		97,152		0		240,631		86,102		0		0		103.330		0.000		0.000		8,897.7		0.0		0.0		8,897.7
12-31-2018		91,078		0		228,441		80,691		0		0		103.341		0.000		0.000		8,338.7		0.0		0.0		8,338.7
12-31-2019		85,039		0		217,783		75,287		0		0		103.356		0.000		0.000		7,781.2		0.0		0.0		7,781.2
12-31-2020		79,580		0		202,691		70,429		0		0		103.370		0.000		0.000		7,280.4		0.0		0.0		7,280.4
12-31-2021		74,193		0		189,299		65,644		0		0		103.386		0.000		0.000		6,786.9		0.0		0.0		6,786.9
12-31-2022		69,948		0		181,538		61,856		0		0		103.399		0.000		0.000		6,396.0		0.0		0.0		6,396.0
12-31-2023		65,147		0		174,227		57,545		0		0		103.420		0.000		0.000		5,951.3		0.0		0.0		5,951.3
12-31-2024		60,275		0		167,120		53,179		0		0		103.446		0.000		0.000		5,501.0		0.0		0.0		5,501.0
12-31-2025		56,980		0		160,946		50,269		0		0		103.457		0.000		0.000		5,200.6		0.0		0.0		5,200.6
12-31-2026		53,472		0		154,801		47,132		0		0		103.476		0.000		0.000		4,876.9		0.0		0.0		4,876.9
12-31-2027		50,016		0		148,773		44,043		0		0		103.496		0.000		0.000		4,558.2		0.0		0.0		4,558.2
SUBTOTAL		1,137,387		0		2,913,155		1,006,657		0		121,246		103.367		0.000		1.958		104,056.0		0.0		237.5		104,293.5
REMAINING		840,127		0		2,943,589		733,973		0		0		103.660		0.000		0.000		76,083.2		0.0		0.0		76,083.2
TOTAL		1,977,514		0		5,856,744		1,740,630		0		121,246		103.491		0.000		1.958		180,139.2		0.0		237.5		180,376.7
CUM PROD		15,880,751				7,328,761
ULTIMATE		17,858,265				13,185,505

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM								PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$								M$		M$		M$		%		M$
12-31-2013		62		61.70		2.6		35.5		0.0		0.0		875.3		1,010.6		1,010.6		1,003.2		8.000		39,584.4
12-31-2014		62		61.70		19.0		203.3		0.0		0.0		5,138.5		5,718.8		6,729.4		6,375.8		12.000		31,458.5
12-31-2015		62		61.70		17.0		187.3		0.0		0.0		4,963.5		5,053.8		11,783.2		10,693.1		15.000		27,401.1
12-31-2016		62		61.70		15.0		174.3		0.0		0.0		4,806.0		4,504.1		16,287.3		14,189.5		20.000		22,716.1
12-31-2017		62		61.70		14.5		162.8		0.0		0.0		4,663.0		4,057.4		20,344.7		17,052.5		25.000		19,539.6
12-31-2018		62		61.70		14.0		152.9		0.0		0.0		4,519.2		3,652.6		23,997.3		19,395.4		30.000		17,238.0
12-31-2019		61		60.70		12.8		142.7		0.0		0.0		3,503.5		4,122.2		28,119.5		21,799.3		35.000		15,490.6
12-31-2020		60		59.70		12.2		133.2		0.0		0.0		3,309.7		3,825.3		31,944.8		23,827.2		40.000		14,120.8
12-31-2021		58		57.75		11.4		124.4		0.0		0.0		3,124.9		3,526.2		35,471.0		25,526.3		45.000		13,016.0
12-31-2022		56		55.80		10.5		117.3		0.0		0.0		3,012.7		3,255.5		38,726.5		26,952.9		50.000		12,102.3
12-31-2023		56		55.80		9.9		109.1		0.0		0.0		2,825.5		3,006.8		41,733.3		28,149.9
12-31-2024		52		51.80		9.0		101.3		0.0		0.0		2,604.7		2,786.0		44,519.3		29,158.7
12-31-2025		51		50.85		8.6		95.5		0.0		0.0		2,510.7		2,585.8		47,105.1		30,009.8
12-31-2026		50		49.85		8.1		89.4		0.0		0.0		2,375.4		2,404.0		49,509.1		30,729.0
12-31-2027		47		46.86		7.7		83.5		0.0		0.0		2,226.8		2,240.2		51,749.3		31,338.4
SUBTOTAL						172.3		1,912.5		0.0		0.0		50,459.4		51,749.3		51,749.3		31,338.4
REMAINING						138.8		1,397.5		0.0		0.0		40,541.9		34,005.0		85,754.3		35,012.8
TOTAL OF 50.0 YRS						311.1		3,310.0		0.0		0.0		91,001.3		85,754.3		85,754.3		35,012.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Table II

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN ORCUTT FIELD
	PROVED DEVELOPED NON-PRODUCING RESERVES	SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		348		0		156		318		0		0		102.880		0.000		0.000		32.6		0.0		0.0		32.6
12-31-2014		10,199		0		36,314		9,041		0		0		103.353		0.000		0.000		934.6		0.0		0.0		934.6
12-31-2015		20,609		0		65,869		18,289		0		0		103.327		0.000		0.000		1,890.0		0.0		0.0		1,890.0
12-31-2016		43,677		0		59,488		39,324		0		0		103.038		0.000		0.000		4,051.8		0.0		0.0		4,051.8
12-31-2017		39,563		0		48,631		35,604		0		0		103.027		0.000		0.000		3,668.0		0.0		0.0		3,668.0
12-31-2018		34,923		0		40,701		31,394		0		0		103.028		0.000		0.000		3,234.7		0.0		0.0		3,234.7
12-31-2019		31,002		0		34,798		27,835		0		0		103.033		0.000		0.000		2,867.9		0.0		0.0		2,867.9
12-31-2020		27,633		0		30,184		24,777		0		0		103.040		0.000		0.000		2,552.4		0.0		0.0		2,552.4
12-31-2021		24,700		0		26,485		22,116		0		0		103.049		0.000		0.000		2,278.5		0.0		0.0		2,278.5
12-31-2022		22,142		0		23,467		19,792		0		0		103.059		0.000		0.000		2,039.8		0.0		0.0		2,039.8
12-31-2023		19,396		0		20,734		17,298		0		0		103.076		0.000		0.000		1,783.0		0.0		0.0		1,783.0
12-31-2024		17,334		0		18,602		15,430		0		0		103.091		0.000		0.000		1,590.7		0.0		0.0		1,590.7
12-31-2025		12,912		0		14,192		11,387		0		0		103.158		0.000		0.000		1,173.7		0.0		0.0		1,173.7
12-31-2026		10,243		0		11,839		8,972		0		0		103.216		0.000		0.000		925.8		0.0		0.0		925.8
12-31-2027		8,725		0		10,846		7,600		0		0		103.263		0.000		0.000		784.7		0.0		0.0		784.7
SUBTOTAL		323,406		0		442,306		289,177		0		0		103.087		0.000		0.000		29,808.2		0.0		0.0		29,808.2
REMAINING		101,190		0		198,254		84,821		0		0		103.660		0.000		0.000		8,792.6		0.0		0.0		8,792.6
TOTAL		424,596		0		640,560		373,998		0		0		103.217		0.000		0.000		38,600.8		0.0		0.0		38,600.8
CUM PROD		0				0
ULTIMATE		424,596				640,560

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM								PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$								M$		M$		M$		%		M$
12-31-2013		1		1.00		0.0		0.6		70.0		0.0		8.2		-46.2		-46.2		-46.4		8.000		13,161.3
12-31-2014		1		1.00		1.7		17.1		863.0		0.0		210.9		-158.1		-204.3		-190.5		12.000		10,486.8
12-31-2015		1		1.00		3.3		34.7		417.0		0.0		421.0		1,014.0		809.7		675.5		15.000		9,031.5
12-31-2016		1		1.00		5.7		74.2		175.0		0.0		993.1		2,803.8		3,613.5		2,845.1		20.000		7,236.8
12-31-2017		1		1.00		5.2		67.1		0.0		0.0		907.1		2,688.6		6,302.1		4,743.7		25.000		5,944.4
12-31-2018		1		1.00		4.8		59.2		0.0		0.0		807.3		2,363.4		8,665.5		6,260.8		30.000		4,977.9
12-31-2019		2		2.00		4.7		52.5		0.0		0.0		755.9		2,054.8		10,720.3		7,460.1		35.000		4,232.0
12-31-2020		3		2.99		3.7		46.8		0.0		0.0		712.2		1,789.7		12,510.0		8,410.1		40.000		3,640.9
12-31-2021		4		3.99		2.8		41.8		0.0		0.0		696.4		1,537.5		14,047.5		9,151.5		45.000		3,166.2
12-31-2022		4		3.99		2.7		37.3		0.0		0.0		657.8		1,342.0		15,389.5		9,739.7		50.000		2,778.8
12-31-2023		8		7.99		2.5		32.6		0.0		0.0		629.8		1,118.1		16,507.6		10,185.6
12-31-2024		7		6.99		2.5		29.1		0.0		0.0		670.8		888.3		17,395.9		10,507.5
12-31-2025		7		6.95		1.8		21.4		0.0		0.0		377.8		772.7		18,168.6		10,762.3
12-31-2026		1		0.95		1.7		17.2		0.0		0.0		243.3		663.6		18,832.2		10,961.4
12-31-2027		1		0.95		1.5		14.3		0.0		0.0		206.3		562.6		19,394.8		11,114.9
SUBTOTAL						44.6		545.9		1,525.0		0.0		8,297.9		19,394.8		19,394.8		11,114.9
REMAINING						14.4		161.5		0.0		0.0		2,405.3		6,211.4		25,606.2		11,692.7
TOTAL OF 50.0 YRS						59.0		707.4		1,525.0		0.0		10,703.2		25,606.2		25,606.2		11,692.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Table III

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN ORCUTT FIELD
	PROVED UNDEVELOPED RESERVES	SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		17,276		0		60,487		15,333		0		0		103.548		0.000		0.000		1,587.7		0.0		0.0		1,587.7
12-31-2015		332,916		0		382,777		301,594		0		0		103.030		0.000		0.000		31,076.5		0.0		0.0		31,076.5
12-31-2016		882,788		0		575,841		803,120		0		0		102.923		0.000		0.000		82,660.7		0.0		0.0		82,660.7
12-31-2017		1,151,258		0		653,589		1,042,592		0		0		102.905		0.000		0.000		107,283.5		0.0		0.0		107,283.5
12-31-2018		1,905,489		0		963,908		1,703,933		0		0		102.892		0.000		0.000		175,316.0		0.0		0.0		175,316.0
12-31-2019		1,759,093		0		877,298		1,542,472		0		0		102.891		0.000		0.000		158,707.3		0.0		0.0		158,707.3
12-31-2020		1,615,935		0		797,775		1,399,741		0		0		102.890		0.000		0.000		144,015.7		0.0		0.0		144,015.7
12-31-2021		1,485,024		0		727,435		1,286,293		0		0		102.889		0.000		0.000		132,345.0		0.0		0.0		132,345.0
12-31-2022		1,364,309		0		664,167		1,181,651		0		0		102.888		0.000		0.000		121,575.2		0.0		0.0		121,575.2
12-31-2023		1,204,256		0		585,158		1,041,885		0		0		102.888		0.000		0.000		107,198.1		0.0		0.0		107,198.1
12-31-2024		1,035,807		0		503,637		893,775		0		0		102.888		0.000		0.000		91,964.1		0.0		0.0		91,964.1
12-31-2025		832,979		0		407,787		718,797		0		0		102.889		0.000		0.000		73,955.0		0.0		0.0		73,955.0
12-31-2026		626,254		0		310,915		540,426		0		0		102.891		0.000		0.000		55,607.0		0.0		0.0		55,607.0
12-31-2027		470,864		0		237,774		406,377		0		0		102.892		0.000		0.000		41,808.9		0.0		0.0		41,808.9
SUBTOTAL		14,684,248		0		7,748,548		12,877,989		0		0		102.897		0.000		0.000		1,325,100.7		0.0		0.0		1,325,100.7
REMAINING		815,848		0		601,566		705,073		0		0		102.945		0.000		0.000		72,588.5		0.0		0.0		72,588.5
TOTAL		15,500,096		0		8,350,114		13,583,062		0		0		102.900		0.000		0.000		1,397,689.2		0.0		0.0		1,397,689.2
CUM PROD		0				0
ULTIMATE		15,500,096				8,350,114

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM								PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$								M$		M$		M$		%		M$
12-31-2013		0		0.00		0.0		0.0		703.0		0.0		0.0		-703.0		-703.0		-695.8		8.000		302,382.5
12-31-2014		3		3.00		2.9		29.2		81,962.2		0.0		323.4		-80,730.0		-81,433.0		-75,355.5		12.000		213,435.6
12-31-2015		117		117.00		44.3		572.1		49,380.2		0.0		9,503.3		-28,423.4		-109,856.4		-100,944.2		15.000		163,519.7
12-31-2016		117		117.00		119.6		1,515.5		35,826.0		0.0		23,273.8		21,925.8		-87,930.6		-83,739.6		20.000		102,375.2
12-31-2017		274		273.17		151.8		1,961.1		73,972.7		0.0		32,582.5		-1,384.6		-89,315.2		-85,692.8		25.000		60,142.1
12-31-2018		274		269.00		246.1		3,202.9		0.0		0.0		51,157.0		120,710.0		31,394.8		-8,259.5		30.000		30,445.2
12-31-2019		274		264.49		217.7		2,900.0		0.0		0.0		48,335.7		107,253.9		138,648.7		54,322.6		35.000		9,147.6
12-31-2020		274		261.86		206.7		2,629.1		1,718.2		0.0		45,444.6		94,017.1		232,665.8		104,202.6		40.000		-6,277.8
12-31-2021		274		261.86		179.3		2,412.8		1,718.2		0.0		43,233.9		84,800.8		317,466.6		145,066.8		45.000		-17,625.1
12-31-2022		274		261.86		173.4		2,221.1		0.0		0.0		41,153.6		78,027.1		395,493.7		179,271.1		50.000		-25,986.2
12-31-2023		274		261.57		151.8		1,963.2		4,202.0		0.0		38,055.2		62,825.9		458,319.6		204,316.3
12-31-2024		274		260.86		123.9		1,676.1		0.0		0.0		34,620.0		55,544.1		513,863.7		224,438.9
12-31-2025		274		260.86		108.1		1,351.9		0.0		0.0		30,418.8		42,076.2		555,939.9		238,327.3
12-31-2026		274		260.86		76.0		1,009.9		0.0		0.0		25,985.6		28,535.5		584,475.4		246,891.2
12-31-2027		274		260.86		54.4		764.3		0.0		0.0		22,608.6		18,381.6		602,857.0		251,902.9
SUBTOTAL						1,856.0		24,209.2		249,482.5		0.0		446,696.0		602,857.0		602,857.0		251,902.9
REMAINING						109.5		1,325.6		0.0		13,340.7		51,236.4		6,576.3		609,433.3		254,196.3
TOTAL OF 37.6 YRS						1,965.5		25,534.8		249,482.5		13,340.7		497,932.4		609,433.3		609,433.3		254,196.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Table IV

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN ORCUTT FIELD
	PROBABLE RESERVES	SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		424		0		191		387		0		0		102.880		0.000		0.000		39.8		0.0		0.0		39.8
12-31-2015		46,719		0		21,048		42,633		0		0		102.880		0.000		0.000		4,384.6		0.0		0.0		4,384.6
12-31-2016		199,244		0		89,678		181,586		0		0		102.880		0.000		0.000		18,681.0		0.0		0.0		18,681.0
12-31-2017		269,342		0		121,189		208,268		0		0		102.880		0.000		0.000		21,422.0		0.0		0.0		21,422.0
12-31-2018		1,413,777		0		636,289		1,278,133		0		0		102.880		0.000		0.000		131,486.8		0.0		0.0		131,486.8
12-31-2019		1,759,272		0		791,685		1,570,669		0		0		102.880		0.000		0.000		161,593.7		0.0		0.0		161,593.7
12-31-2020		1,618,531		0		728,350		1,433,222		0		0		102.880		0.000		0.000		147,464.4		0.0		0.0		147,464.4
12-31-2021		1,489,068		0		670,018		1,288,211		0		0		102.880		0.000		0.000		132,533.6		0.0		0.0		132,533.6
12-31-2022		1,369,782		0		616,344		1,181,188		0		0		102.880		0.000		0.000		121,508.3		0.0		0.0		121,508.3
12-31-2023		1,248,202		0		561,654		1,077,111		0		0		102.880		0.000		0.000		110,817.0		0.0		0.0		110,817.0
12-31-2024		1,131,296		0		509,027		978,654		0		0		102.880		0.000		0.000		100,692.8		0.0		0.0		100,692.8
12-31-2025		993,572		0		447,172		859,635		0		0		102.880		0.000		0.000		88,434.6		0.0		0.0		88,434.6
12-31-2026		768,903		0		346,012		665,220		0		0		102.880		0.000		0.000		68,448.9		0.0		0.0		68,448.9
12-31-2027		576,720		0		259,500		498,437		0		0		102.880		0.000		0.000		51,283.8		0.0		0.0		51,283.8
SUBTOTAL		12,884,852		0		5,798,157		11,263,354		0		0		102.880		0.000		0.000		1,158,791.3		0.0		0.0		1,158,791.3
REMAINING		1,231,924		0		554,418		1,062,813		0		0		102.880		0.000		0.000		109,359.7		0.0		0.0		109,359.7
TOTAL		14,116,776		0		6,352,575		12,326,167		0		0		102.880		0.000		0.000		1,268,151.0		0.0		0.0		1,268,151.0
CUM PROD		0				0
ULTIMATE		14,116,776				6,352,575

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM								PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$								M$		M$		M$		%		M$
12-31-2013		0		0.00		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		8.000		364,634.6
12-31-2014		0		0.00		0.1		0.7		0.0		0.0		9.0		30.0		30.0		27.2		12.000		270,589.2
12-31-2015		0		0.00		10.1		77.9		0.0		0.0		991.9		3,304.7		3,334.7		2,752.4		15.000		218,993.6
12-31-2016		0		0.00		22.2		343.8		0.0		0.0		4,239.1		14,075.9		17,410.6		13,674.8		20.000		157,151.6
12-31-2017		86		81.00		33.5		393.2		47,810.3		0.0		5,375.7		-32,190.7		-14,780.1		-8,128.3		25.000		115,465.8
12-31-2018		238		235.55		179.5		2,406.0		52,887.5		0.0		38,626.5		37,387.3		22,607.2		14,360.6		30.000		86,613.9
12-31-2019		238		230.86		220.2		2,955.5		0.0		0.0		46,502.5		111,915.5		134,522.7		79,615.7		35.000		66,195.4
12-31-2020		238		233.18		208.9		2,691.0		0.0		0.0		43,084.3		101,480.2		236,002.9		133,440.6		40.000		51,453.8
12-31-2021		238		226.67		185.3		2,421.6		0.0		0.0		39,481.8		90,444.9		326,447.8		177,049.6		45.000		40,582.6
12-31-2022		238		226.18		162.6		2,216.3		0.0		0.0		36,932.4		82,197.0		408,644.8		213,072.2		50.000		32,453.8
12-31-2023		238		226.18		145.8		2,021.1		-11.0		0.0		34,551.6		74,109.5		482,754.3		242,611.8
12-31-2024		238		227.18		137.2		1,840.2		0.0		0.0		32,335.4		66,380.0		549,134.3		266,653.3
12-31-2025		238		227.18		121.9		1,609.1		0.0		0.0		29,662.6		57,041.0		606,175.3		285,461.6
12-31-2026		238		227.18		88.2		1,253.8		0.0		0.0		25,146.4		41,960.5		648,135.8		298,042.7
12-31-2027		238		226.86		69.8		944.0		0.0		0.0		21,218.8		29,051.2		677,187.0		305,966.6
SUBTOTAL						1,585.3		21,174.2		100,686.8		0.0		358,158.0		677,187.0		677,187.0		305,966.6
REMAINING						150.2		2,001.7		0.0		11,314.5		68,247.1		27,646.2		704,833.2		313,365.6
TOTAL OF 19.3 YRS						1,735.5		23,175.9		100,686.8		11,314.5		426,405.1		704,833.2		704,833.2		313,365.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Table V

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN ORCUTT FIELD
	POSSIBLE RESERVES	SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		624		0		281		569		0		0		102.880		0.000		0.000		58.5		0.0		0.0		58.5
12-31-2015		68,755		0		30,963		62,693		0		0		102.880		0.000		0.000		6,445.9		0.0		0.0		6,445.9
12-31-2016		303,353		0		136,519		276,389		0		0		102.880		0.000		0.000		28,437.5		0.0		0.0		28,437.5
12-31-2017		367,820		0		165,524		322,626		0		0		102.880		0.000		0.000		33,191.0		0.0		0.0		33,191.0
12-31-2018		988,523		0		444,816		867,032		0		0		102.880		0.000		0.000		89,201.3		0.0		0.0		89,201.3
12-31-2019		2,520,470		0		1,134,223		2,260,922		0		0		102.880		0.000		0.000		232,597.9		0.0		0.0		232,597.9
12-31-2020		2,729,514		0		1,228,201		2,418,186		0		0		102.880		0.000		0.000		248,787.0		0.0		0.0		248,787.0
12-31-2021		2,511,171		0		1,130,009		2,176,611		0		0		102.880		0.000		0.000		223,923.9		0.0		0.0		223,923.9
12-31-2022		2,309,968		0		1,039,442		1,998,035		0		0		102.880		0.000		0.000		205,551.2		0.0		0.0		205,551.2
12-31-2023		2,106,846		0		948,097		1,822,865		0		0		102.880		0.000		0.000		187,541.6		0.0		0.0		187,541.6
12-31-2024		1,912,312		0		860,483		1,652,688		0		0		102.880		0.000		0.000		170,027.2		0.0		0.0		170,027.2
12-31-2025		1,712,552		0		770,611		1,475,921		0		0		102.880		0.000		0.000		151,839.6		0.0		0.0		151,839.6
12-31-2026		1,452,808		0		653,818		1,251,173		0		0		102.880		0.000		0.000		128,725.6		0.0		0.0		128,725.6
12-31-2027		1,108,776		0		498,972		955,524		0		0		102.880		0.000		0.000		98,307.6		0.0		0.0		98,307.6
SUBTOTAL		20,093,492		0		9,041,959		17,541,234		0		0		102.880		0.000		0.000		1,804,635.8		0.0		0.0		1,804,635.8
REMAINING		2,825,132		0		1,271,620		2,437,467		0		0		102.880		0.000		0.000		250,753.0		0.0		0.0		250,753.0
TOTAL		22,918,624		0		10,313,579		19,978,701		0		0		102.880		0.000		0.000		2,055,388.8		0.0		0.0		2,055,388.8
CUM PROD		0				0
ULTIMATE		22,918,624				10,313,579

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM								PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$								M$		M$		M$		%		M$
12-31-2013		0		0.00		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		8.000		714,068.0
12-31-2014		0		0.00		0.1		1.1		0.0		0.0		12.2		45.1		45.1		41.0		12.000		523,965.8
12-31-2015		0		0.00		10.3		121.3		0.0		0.0		1,329.9		4,984.4		5,029.5		4,167.8		15.000		421,216.9
12-31-2016		0		0.00		44.3		521.3		0.0		0.0		4,031.6		23,840.3		28,869.8		22,658.1		20.000		300,029.1
12-31-2017		0		0.00		41.4		608.4		0.0		0.0		3,024.9		29,516.3		58,386.1		43,332.4		25.000		219,585.9
12-31-2018		178		170.86		118.7		1,633.2		86,735.5		0.0		12,934.7		-12,220.8		46,165.3		36,184.5		30.000		164,625.6
12-31-2019		295		288.86		317.2		4,256.4		38,079.0		0.0		47,457.4		142,487.9		188,653.2		118,004.8		35.000		126,050.4
12-31-2020		295		281.78		338.1		4,542.6		0.0		0.0		44,576.6		199,329.7		387,982.9		223,682.2		40.000		98,388.4
12-31-2021		295		282.15		308.6		4,095.5		0.0		0.0		36,669.9		182,849.9		570,832.8		311,819.9		45.000		78,138.7
12-31-2022		295		281.20		282.3		3,760.5		0.0		0.0		33,845.7		167,662.7		738,495.5		385,310.9		50.000		63,045.1
12-31-2023		295		281.59		254.3		3,430.5		0.0		0.0		32,415.4		151,441.4		889,936.9		445,664.6
12-31-2024		295		280.68		241.7		3,115.5		0.0		0.0		31,037.9		135,632.1		1,025,569.0		494,813.5
12-31-2025		295		279.92		213.8		2,770.2		0.0		0.0		29,711.3		119,144.3		1,144,713.3		534,052.0
12-31-2026		295		279.59		187.9		2,348.5		0.0		0.0		27,981.4		98,207.8		1,242,921.1		563,481.6
12-31-2027		295		279.59		129.6		1,794.6		0.0		0.0		24,469.8		71,913.6		1,314,834.7		583,085.9
SUBTOTAL						2,488.3		32,999.6		124,814.5		0.0		329,498.7		1,314,834.7		1,314,834.7		583,085.9
REMAINING						340.2		4,590.5		0.0		14,024.2		119,348.4		112,449.7		1,427,284.4		609,955.8
TOTAL OF 20.5 YRS						2,828.5		37,590.1		124,814.5		14,024.2		448,847.1		1,427,284.4		1,427,284.4		609,955.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Table VI

DIATOMITE RESERVOIR

ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	TOTAL PROVED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		9,974		0		4,490		9,059		0		0		102.880		0.000		0.000		931.8		0.0		0.0		931.8
12-31-2014		60,892		0		27,403		55,290		0		0		102.880		0.000		0.000		5,688.3		0.0		0.0		5,688.3
12-31-2015		325,077		0		146,267		296,063		0		0		102.880		0.000		0.000		30,462.7		0.0		0.0		30,462.7
12-31-2016		911,433		0		410,146		830,384		0		0		102.880		0.000		0.000		85,431.1		0.0		0.0		85,431.1
12-31-2017		1,185,028		0		533,260		1,074,216		0		0		102.880		0.000		0.000		110,510.6		0.0		0.0		110,510.6
12-31-2018		1,939,838		0		872,983		1,735,879		0		0		102.880		0.000		0.000		178,582.3		0.0		0.0		178,582.3
12-31-2019		1,791,854		0		806,312		1,572,828		0		0		102.880		0.000		0.000		161,813.7		0.0		0.0		161,813.7
12-31-2020		1,646,536		0		740,977		1,428,032		0		0		102.880		0.000		0.000		146,912.1		0.0		0.0		146,912.1
12-31-2021		1,512,836		0		680,845		1,311,968		0		0		102.880		0.000		0.000		134,975.0		0.0		0.0		134,975.0
12-31-2022		1,389,736		0		625,389		1,205,096		0		0		102.880		0.000		0.000		123,977.3		0.0		0.0		123,977.3
12-31-2023		1,225,870		0		551,675		1,061,807		0		0		102.880		0.000		0.000		109,239.3		0.0		0.0		109,239.3
12-31-2024		1,053,739		0		474,140		910,314		0		0		102.880		0.000		0.000		93,658.3		0.0		0.0		93,658.3
12-31-2025		846,196		0		380,773		731,017		0		0		102.880		0.000		0.000		75,204.9		0.0		0.0		75,204.9
12-31-2026		635,949		0		286,125		549,418		0		0		102.880		0.000		0.000		56,526.1		0.0		0.0		56,526.1
12-31-2027		478,023		0		215,034		413,043		0		0		102.880		0.000		0.000		42,489.6		0.0		0.0		42,489.6
SUBTOTAL		15,012,981		0		6,755,819		13,184,414		0		0		102.880		0.000		0.000		1,356,403.1		0.0		0.0		1,356,403.1
REMAINING		749,826		0		337,478		646,735		0		0		102.880		0.000		0.000		66,540.9		0.0		0.0		66,540.9
TOTAL		15,762,807		0		7,093,297		13,831,149		0		0		102.880		0.000		0.000		1,422,944.0		0.0		0.0		1,422,944.0
CUM PROD		264,746				129,951
ULTIMATE		16,027,553				7,223,248

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM								PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$								M$		M$		M$		%		M$
12-31-2013		21		20.93		1.4		17.1		773.0		0.0		539.9		-399.6		-399.6		-395.7		8.000		315,985.2
12-31-2014		22		21.93		7.8		103.7		77,812.2		0.0		3,288.6		-75,524.0		-75,923.6		-70,136.4		12.000		226,248.0
12-31-2015		132		131.93		40.3		560.6		40,352.2		0.0		11,601.7		-22,092.1		-98,015.7		-90,020.4		15.000		175,792.6
12-31-2016		132		131.93		120.4		1,565.5		36,001.0		0.0		26,113.2		21,631.0		-76,384.7		-73,056.4		20.000		113,860.4
12-31-2017		289		288.09		154.2		2,019.8		73,972.7		0.0		35,445.2		-1,081.3		-77,466.0		-74,796.6		25.000		70,966.1
12-31-2018		289		283.92		249.1		3,262.4		0.0		0.0		53,969.2		121,101.6		43,635.6		2,887.6		30.000		40,716.1
12-31-2019		290		280.42		221.2		2,956.6		0.0		0.0		50,220.9		108,415.0		152,050.6		66,147.5		35.000		18,944.5
12-31-2020		290		277.78		209.5		2,682.0		1,718.2		0.0		47,210.4		95,092.0		247,142.6		116,598.1		40.000		3,108.7
12-31-2021		290		277.78		181.6		2,460.7		1,718.2		0.0		44,906.8		85,707.7		332,850.3		157,899.2		45.000		-8,595.9
12-31-2022		289		276.79		175.7		2,264.6		0.0		0.0		42,751.5		78,785.5		411,635.8		192,436.0		50.000		-17,275.6
12-31-2023		293		280.50		153.9		2,000.4		4,202.0		0.0		39,500.2		63,382.8		475,018.6		217,703.7
12-31-2024		288		274.79		125.9		1,707.0		0.0		0.0		35,939.7		55,885.7		530,904.3		237,950.4
12-31-2025		287		273.79		109.2		1,374.6		0.0		0.0		31,412.3		42,308.8		573,213.1		251,916.0
12-31-2026		281		267.80		76.7		1,026.8		0.0		0.0		26,763.1		28,659.5		601,872.6		260,517.5
12-31-2027		279		265.81		54.8		776.5		0.0		0.0		23,252.7		18,405.6		620,278.2		265,536.2
SUBTOTAL						1,881.7		24,778.3		236,549.5		0.0		472,915.4		620,278.2		620,278.2		265,536.2
REMAINING						97.9		1,214.5		0.0		12,740.7		48,095.1		4,392.7		624,670.9		267,395.6
TOTAL OF 18.4 YRS						1,979.6		25,992.8		236,549.5		12,740.7		521,010.5		624,670.9		624,670.9		267,395.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 1

PROVED DEVELOPED PRODUCING RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		9,626		0		4,334		8,741		0		0		102.880		0.000		0.000		899.2		0.0		0.0		899.2
12-31-2014		54,565		0		24,555		49,524		0		0		102.880		0.000		0.000		5,094.9		0.0		0.0		5,094.9
12-31-2015		49,210		0		22,146		44,662		0		0		102.880		0.000		0.000		4,595.0		0.0		0.0		4,595.0
12-31-2016		44,440		0		19,997		40,333		0		0		102.880		0.000		0.000		4,149.5		0.0		0.0		4,149.5
12-31-2017		40,176		0		18,079		36,464		0		0		102.880		0.000		0.000		3,751.5		0.0		0.0		3,751.5
12-31-2018		36,355		0		16,361		32,998		0		0		102.880		0.000		0.000		3,395.0		0.0		0.0		3,395.0
12-31-2019		32,308		0		14,540		29,318		0		0		102.880		0.000		0.000		3,016.4		0.0		0.0		3,016.4
12-31-2020		28,825		0		12,973		26,162		0		0		102.880		0.000		0.000		2,691.4		0.0		0.0		2,691.4
12-31-2021		25,408		0		11,430		23,057		0		0		102.880		0.000		0.000		2,372.4		0.0		0.0		2,372.4
12-31-2022		22,809		0		10,264		20,700		0		0		102.880		0.000		0.000		2,129.3		0.0		0.0		2,129.3
12-31-2023		19,535		0		8,788		17,719		0		0		102.880		0.000		0.000		1,822.9		0.0		0.0		1,822.9
12-31-2024		16,125		0		7,254		14,624		0		0		102.880		0.000		0.000		1,504.3		0.0		0.0		1,504.3
12-31-2025		14,439		0		6,499		13,093		0		0		102.880		0.000		0.000		1,347.0		0.0		0.0		1,347.0
12-31-2026		12,280		0		5,525		11,135		0		0		102.880		0.000		0.000		1,145.5		0.0		0.0		1,145.5
12-31-2027		10,219		0		4,600		9,266		0		0		102.880		0.000		0.000		953.3		0.0		0.0		953.3
SUBTOTAL		416,320		0		187,345		377,796		0		0		102.880		0.000		0.000		38,867.6		0.0		0.0		38,867.6
REMAINING		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
TOTAL		416,320		0		187,345		377,796		0		0		102.880		0.000		0.000		38,867.6		0.0		0.0		38,867.6
CUM PROD		264,746				129,951
ULTIMATE		681,066				317,296

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM								PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$								M$		M$		M$		%		M$
12-31-2013		21		20.93		1.4		16.5		0.0		0.0		531.7		349.6		349.6		346.5		8.000		8,474.8
12-31-2014		21		20.93		7.1		92.9		0.0		0.0		3,119.1		1,875.8		2,225.4		2,110.2		12.000		7,394.2
12-31-2015		21		20.93		6.4		84.1		0.0		0.0		2,993.6		1,510.9		3,736.3		3,402.2		15.000		6,753.1
12-31-2016		21		20.93		5.5		75.7		0.0		0.0		2,880.3		1,188.0		4,924.3		4,325.6		20.000		5,909.4
12-31-2017		21		20.93		5.2		68.7		0.0		0.0		2,777.8		899.8		5,824.1		4,961.8		25.000		5,270.4
12-31-2018		21		20.93		4.7		62.0		0.0		0.0		2,685.2		643.1		6,467.2		5,375.1		30.000		4,772.8
12-31-2019		21		20.93		4.0		55.1		0.0		0.0		1,759.8		1,197.5		7,664.7		6,074.5		35.000		4,373.6
12-31-2020		20		19.93		3.7		49.2		0.0		0.0		1,641.0		997.5		8,662.2		6,604.1		40.000		4,049.3
12-31-2021		19		18.93		3.2		43.3		0.0		0.0		1,499.5		826.4		9,488.6		7,002.6		45.000		3,780.5
12-31-2022		18		17.94		2.8		38.8		0.0		0.0		1,412.7		675.0		10,163.6		7,298.8		50.000		3,552.2
12-31-2023		18		17.94		2.5		33.4		0.0		0.0		1,247.4		539.6		10,703.2		7,514.3
12-31-2024		14		13.94		2.0		27.5		0.0		0.0		1,047.3		427.5		11,130.7		7,669.4
12-31-2025		14		13.94		1.8		24.6		0.0		0.0		991.8		328.8		11,459.5		7,778.1
12-31-2026		13		12.94		1.5		21.0		0.0		0.0		880.8		242.2		11,701.7		7,850.8
12-31-2027		11		10.95		1.1		17.3		0.0		0.0		764.5		170.4		11,872.1		7,897.3
SUBTOTAL						52.9		710.1		0.0		0.0		26,232.5		11,872.1		11,872.1		7,897.3
REMAINING						0.0		0.0		0.0		0.0		0.0		0.0		11,872.1		7,897.3
TOTAL OF 14.2 YRS						52.9		710.1		0.0		0.0		26,232.5		11,872.1		11,872.1		7,897.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 2

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF			GROSS OPERATING
LEASE						OIL/COND		GAS																					EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END	START		END		YRS
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
000104	59 SI		0		0		1,716		139		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000	0.000		0.0		0.0		0.0
000031	1312		1		0		30,324		14,463		100.000		100.000		91.129		91.129		102.880		102.880		0.000		0.000		0.000	0.000		5.2		4.0		14.2
000045	1514		1		0		22,410		7,323		99.250		99.250		90.790		90.790		102.880		102.880		0.000		0.000		0.000	0.000		10.5		5.0		6.8
000046	1515		1		0		37,815		14,213		99.250		99.250		90.790		90.790		102.880		102.880		0.000		0.000		0.000	0.000		11.5		6.0		14.2
000047	1516		1		0		32,439		11,884		99.250		99.250		90.790		90.790		102.880		102.880		0.000		0.000		0.000	0.000		8.7		5.7		14.2
000048	1517		1		0		24,840		10,700		99.250		99.250		90.790		90.790		102.880		102.880		0.000		0.000		0.000	0.000		9.9		5.5		13.0
000049	1615		1		0		39,321		15,597		99.250		99.250		90.790		90.790		102.880		102.880		0.000		0.000		0.000	0.000		9.2		5.9		14.2
000050	1616		1		0		41,258		18,731		99.250		99.250		90.790		90.790		102.880		102.880		0.000		0.000		0.000	0.000		11.1		6.6		14.2
000051	1617		1		0		30,185		13,178		99.250		99.250		90.790		90.790		102.880		102.880		0.000		0.000		0.000	0.000		10.5		5.7		14.2
000052	1714		1		0		42,045		16,034		99.250		99.250		90.790		90.790		102.880		102.880		0.000		0.000		0.000	0.000		11.7		6.4		14.2
000032	1715		1		0		29,543		11,238		100.000		100.000		91.129		91.129		102.880		102.880		0.000		0.000		0.000	0.000		8.6		5.5		11.8
000033	1716		1		0		15,559		7,970		100.000		100.000		91.129		91.129		102.880		102.880		0.000		0.000		0.000	0.000		8.6		6.6		5.4
000053	1717		1		0		11,945		5,968		99.250		99.250		90.790		90.790		102.880		102.880		0.000		0.000		0.000	0.000		8.9		6.2		7.6
000034	1814		1		0		54,760		25,971		100.000		100.000		91.129		91.129		102.880		102.880		0.000		0.000		0.000	0.000		11.8		6.6		14.2
000037	1815		1		0		32,904		12,170		100.000		100.000		91.129		91.129		102.880		102.880		0.000		0.000		0.000	0.000		9.9		6.0		10.1
000038	1816		1		0		22,216		14,017		100.000		100.000		91.129		91.129		102.880		102.880		0.000		0.000		0.000	0.000		9.0		5.8		9.3
000039	1817		1		0		23,847		12,211		100.000		100.000		91.129		91.129		102.880		102.880		0.000		0.000		0.000	0.000		9.2		5.8		9.6
000055	1914		1		0		31,034		14,359		99.250		99.250		90.790		90.790		102.880		102.880		0.000		0.000		0.000	0.000		11.8		5.7		14.2
000040	1915		1		0		37,871		16,262		100.000		100.000		91.129		91.129		102.880		102.880		0.000		0.000		0.000	0.000		11.7		5.7		14.2
000041	1916		1		0		33,220		18,189		100.000		100.000		91.129		91.129		102.880		102.880		0.000		0.000		0.000	0.000		9.2		5.5		12.7
000042	1917		1		0		18,609		9,934		100.000		100.000		91.129		91.129		102.880		102.880		0.000		0.000		0.000	0.000		7.8		5.4		10.1
000099	2014X SI		0		0		8,477		7,946		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000	0.000		0.0		0.0		0.0
000023	2624 SI		0		0		1,513		681		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000	0.000		0.0		0.0		0.0
000101	2716X SI		0		0		4,126		12,745		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000	0.000		0.0		0.0		0.0
000102	3024 SI		0		0		2,796		1,317		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000	0.000		0.0		0.0		0.0
000043	3318 SI		0		0		1,930		4,310		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000	0.000		0.0		0.0		0.0
000103	3823 SI		0		0		641		356		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000	0.000		0.0		0.0		0.0
000056	B-2		1		0		47,722		19,390		100.000		100.000		88.367		88.367		102.880		102.880		0.000		0.000		0.000	0.000		6.2		4.2		14.2
010001	FIXED EXP DIAT PDP		0		0		0		0		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000	0.000		66.1		0.6		14.2
FIELD TOTAL			21		0		681,066		317,296
TOTAL CALIFORNIA			21		0		681,066		317,296
TOTAL ALL LEASES			21		0		681,066		317,296

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 3

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
000104	59 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000031	1312		19,005		0		8,552		17,319		0		0		1,781.9		0.0		0.0		34.9		0.0		0.0		757.1		989.9		669.9
000045	1514		11,949		0		5,377		10,849		0		0		1,116.2		0.0		0.0		21.9		0.0		0.0		567.1		527.2		445.1
000046	1515		26,606		0		11,973		24,156		0		0		2,485.1		0.0		0.0		48.8		0.0		0.0		1,397.1		1,039.2		708.6
000047	1516		23,264		0		10,469		21,122		0		0		2,173.1		0.0		0.0		42.7		0.0		0.0		1,173.1		957.3		665.2
000048	1517		18,216		0		8,197		16,539		0		0		1,701.5		0.0		0.0		33.4		0.0		0.0		1,129.8		538.3		387.0
000049	1615		25,590		0		11,516		23,234		0		0		2,390.2		0.0		0.0		46.9		0.0		0.0		1,230.8		1,112.5		764.4
000050	1616		33,258		0		14,967		30,195		0		0		3,106.4		0.0		0.0		61.1		0.0		0.0		1,440.7		1,604.6		1,078.3
000051	1617		22,985		0		10,343		20,868		0		0		2,146.7		0.0		0.0		42.1		0.0		0.0		1,287.8		816.8		567.3
000052	1714		30,243		0		13,609		27,458		0		0		2,825.0		0.0		0.0		55.4		0.0		0.0		1,445.3		1,324.3		893.6
000032	1715		15,516		0		6,982		14,139		0		0		1,454.6		0.0		0.0		28.4		0.0		0.0		968.1		458.1		336.9
000033	1716		6,059		0		2,727		5,522		0		0		568.1		0.0		0.0		11.1		0.0		0.0		487.5		69.5		59.4
000053	1717		8,891		0		4,001		8,072		0		0		830.5		0.0		0.0		16.2		0.0		0.0		666.9		147.4		118.8
000034	1814		32,569		0		14,656		29,681		0		0		3,053.7		0.0		0.0		60.3		0.0		0.0		1,487.1		1,506.3		1,012.3
000037	1815		13,170		0		5,926		12,001		0		0		1,234.5		0.0		0.0		24.2		0.0		0.0		926.4		283.9		216.7
000038	1816		11,254		0		5,065		10,256		0		0		1,055.1		0.0		0.0		20.6		0.0		0.0		800.8		233.7		181.4
000039	1817		11,888		0		5,349		10,833		0		0		1,114.7		0.0		0.0		21.8		0.0		0.0		838.0		254.9		196.3
000055	1914		23,756		0		10,691		21,568		0		0		2,218.8		0.0		0.0		43.6		0.0		0.0		1,379.8		795.4		547.9
000040	1915		22,330		0		10,048		20,350		0		0		2,093.7		0.0		0.0		41.2		0.0		0.0		1,376.9		675.6		472.6
000041	1916		17,663		0		7,948		16,096		0		0		1,655.8		0.0		0.0		32.6		0.0		0.0		1,073.2		550.0		397.6
000042	1917		11,865		0		5,340		10,813		0		0		1,112.4		0.0		0.0		21.8		0.0		0.0		781.8		308.8		235.7
000099	2014X SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000023	2624 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000101	2716X SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000102	3024 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000043	3318 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000103	3823 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000056	B-2		30,243		0		13,609		26,725		0		0		2,749.6		0.0		0.0		54.0		0.0		0.0		850.9		1,844.7		1,207.7
010001	FIXED EXP DIAT PDP		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		4,166.3		-4,166.3		-3,265.4
FIELD TOTAL			416,320		0		187,345		377,796		0		0		38,867.6		0.0		0.0		763.0		0.0		0.0		26,232.5		11,872.1		7,897.3
TOTAL CALIFORNIA			416,320		0		187,345		377,796		0		0		38,867.6		0.0		0.0		763.0		0.0		0.0		26,232.5		11,872.1		7,897.3
TOTAL ALL LEASES			416,320		0		187,345		377,796		0		0		38,867.6		0.0		0.0		763.0		0.0		0.0		26,232.5		11,872.1		7,897.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 4

PROVED DEVELOPED NON-PRODUCING RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED DEVELOPED NON-PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		348		0		156		318		0		0		102.880		0.000		0.000		32.6		0.0		0.0		32.6
12-31-2014		3,900		0		1,756		3,554		0		0		102.880		0.000		0.000		365.8		0.0		0.0		365.8
12-31-2015		8,580		0		3,860		7,802		0		0		102.880		0.000		0.000		802.8		0.0		0.0		802.8
12-31-2016		34,510		0		15,530		31,385		0		0		102.880		0.000		0.000		3,228.8		0.0		0.0		3,228.8
12-31-2017		31,771		0		14,296		28,896		0		0		102.880		0.000		0.000		2,972.7		0.0		0.0		2,972.7
12-31-2018		27,960		0		12,579		25,428		0		0		102.880		0.000		0.000		2,616.4		0.0		0.0		2,616.4
12-31-2019		24,603		0		11,074		22,378		0		0		102.880		0.000		0.000		2,302.2		0.0		0.0		2,302.2
12-31-2020		21,655		0		9,743		19,696		0		0		102.880		0.000		0.000		2,025.8		0.0		0.0		2,025.8
12-31-2021		19,052		0		8,573		17,331		0		0		102.880		0.000		0.000		1,782.5		0.0		0.0		1,782.5
12-31-2022		16,765		0		7,547		15,247		0		0		102.880		0.000		0.000		1,568.8		0.0		0.0		1,568.8
12-31-2023		14,249		0		6,410		12,958		0		0		102.880		0.000		0.000		1,333.1		0.0		0.0		1,333.1
12-31-2024		12,389		0		5,574		11,266		0		0		102.880		0.000		0.000		1,159.2		0.0		0.0		1,159.2
12-31-2025		8,063		0		3,623		7,330		0		0		102.880		0.000		0.000		753.3		0.0		0.0		753.3
12-31-2026		5,626		0		2,534		5,113		0		0		102.880		0.000		0.000		525.8		0.0		0.0		525.8
12-31-2027		4,256		0		1,921		3,865		0		0		102.880		0.000		0.000		397.5		0.0		0.0		397.5
SUBTOTAL		233,727		0		105,176		212,567		0		0		102.880		0.000		0.000		21,867.3		0.0		0.0		21,867.3
REMAINING		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
TOTAL		233,727		0		105,176		212,567		0		0		102.880		0.000		0.000		21,867.3		0.0		0.0		21,867.3
CUM PROD		0				0
ULTIMATE		233,727				105,176

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST		ABDNMNT COST		OPERATING EXPENSE		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM								PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2013		0		0.00		0.0		0.6		70.0		0.0		8.2		-46.2		-46.2		-46.4		8.000		9,152.1
12-31-2014		0		0.00		0.4		6.6		0.0		0.0		93.2		265.6		219.4		202.8		12.000		7,551.9
12-31-2015		0		0.00		1.0		14.8		417.0		0.0		204.6		165.4		384.8		342.4		15.000		6,605.1
12-31-2016		0		0.00		4.0		59.0		175.0		0.0		822.3		2,168.5		2,553.3		2,018.2		20.000		5,376.2
12-31-2017		0		0.00		3.8		54.3		0.0		0.0		758.4		2,156.2		4,709.5		3,540.8		25.000		4,455.4
12-31-2018		0		0.00		3.6		47.9		0.0		0.0		672.0		1,892.9		6,602.4		4,755.9		30.000		3,753.1
12-31-2019		1		1.00		3.6		42.2		0.0		0.0		630.1		1,626.3		8,228.7		5,705.3		35.000		3,203.8
12-31-2020		2		1.99		2.6		37.1		0.0		0.0		593.2		1,392.9		9,621.6		6,444.7		40.000		2,764.9
12-31-2021		3		2.99		1.9		32.6		0.0		0.0		583.1		1,164.9		10,786.5		7,006.4		45.000		2,411.7
12-31-2022		3		2.99		1.9		28.6		0.0		0.0		549.1		989.2		11,775.7		7,440.1		50.000		2,122.9
12-31-2023		7		6.99		1.8		24.3		0.0		0.0		524.8		782.2		12,557.9		7,752.2
12-31-2024		6		5.99		1.8		21.2		0.0		0.0		569.4		566.8		13,124.7		7,957.8
12-31-2025		5		4.99		1.1		13.8		0.0		0.0		273.8		464.6		13,589.3		8,111.2
12-31-2026		0		0.00		1.0		9.7		0.0		0.0		148.2		366.9		13,956.2		8,221.5
12-31-2027		0		0.00		0.9		7.2		0.0		0.0		113.7		275.7		14,231.9		8,296.9
SUBTOTAL						29.4		399.9		662.0		0.0		6,544.1		14,231.9		14,231.9		8,296.9
REMAINING						0.0		0.0		0.0		0.0		0.0		0.0		14,231.9		8,296.9
TOTAL OF 14.2 YRS						29.4		399.9		662.0		0.0		6,544.1		14,231.9		14,231.9		8,296.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 5

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED DEVELOPED NON-PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/COND BBL		GAS MCF
		OIL		GAS						START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
200045	1514 AP		1		0		11,446		5,150		99.250		99.250		90.790		90.790		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		11.4
200046	1515 AP		0		0		12,922		5,815		99.250		99.250		90.790		90.790		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.0		14.2
200047	1516 AP		0		0		12,959		5,832		99.250		99.250		90.790		90.790		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.0		14.2
200048	1517 AP		0		0		12,402		5,581		99.250		99.250		90.790		90.790		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.1		13.0
200049	1615 AP		0		0		12,996		5,848		99.250		99.250		90.790		90.790		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.0		14.2
200050	1616 AP		0		0		12,996		5,848		99.250		99.250		90.790		90.790		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.0		14.2
200051	1617 AP		0		0		13,032		5,865		99.250		99.250		90.790		90.790		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.0		14.2
200052	1714 AP		0		0		13,032		5,865		99.250		99.250		90.790		90.790		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.0		14.2
200032	1715 AP		0		0		12,770		5,746		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.1		11.8
200033	1716 AP		1		0		11,392		5,126		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		11.4
200053	1717 AP		1		0		11,446		5,150		99.250		99.250		90.790		90.790		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		11.1
200034	1814 AP		0		0		12,847		5,781		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.0		14.2
200037	1815 AP		1		0		11,392		5,126		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		11.5
200038	1816 AP		1		0		11,392		5,126		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		9.3
200039	1817 AP		1		0		11,392		5,126		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		11.6
200055	1914 AP		0		0		13,068		5,881		99.250		99.250		90.790		90.790		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.0		14.2
200040	1915 AP		0		0		12,808		5,764		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.0		14.2
200041	1916 AP		0		0		12,043		5,420		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		1.2		12.7
200042	1917 AP		1		0		11,392		5,126		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		11.4
FIELD TOTAL			7		0		233,727		105,176
TOTAL CALIFORNIA			7		0		233,727		105,176
TOTAL ALL LEASES			7		0		233,727		105,176

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 6

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED DEVELOPED NON-PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
		OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
200045	1514 AP		11,446		0		5,150		10,391		0		0		1,069.2		0.0		0.0		20.9		34.7		0.0		474.8		538.8		343.2
200046	1515 AP		12,922		0		5,815		11,732		0		0		1,207.1		0.0		0.0		23.7		34.7		0.0		317.7		831.0		455.0
200047	1516 AP		12,959		0		5,832		11,766		0		0		1,210.3		0.0		0.0		23.6		34.7		0.0		318.5		833.5		459.6
200048	1517 AP		12,402		0		5,581		11,259		0		0		1,158.2		0.0		0.0		22.6		34.7		0.0		303.7		797.2		449.6
200049	1615 AP		12,996		0		5,848		11,799		0		0		1,213.7		0.0		0.0		23.9		34.7		0.0		319.7		835.4		463.8
200050	1616 AP		12,996		0		5,848		11,799		0		0		1,213.7		0.0		0.0		23.9		34.7		0.0		319.7		835.4		463.8
200051	1617 AP		13,032		0		5,865		11,832		0		0		1,217.0		0.0		0.0		23.9		34.7		0.0		320.5		837.9		468.1
200052	1714 AP		13,032		0		5,865		11,832		0		0		1,217.0		0.0		0.0		23.9		34.7		0.0		320.5		837.9		468.1
200032	1715 AP		12,770		0		5,746		11,637		0		0		1,197.2		0.0		0.0		23.5		35.0		0.0		315.5		823.2		548.8
200033	1716 AP		11,392		0		5,126		10,382		0		0		1,067.8		0.0		0.0		21.1		35.0		0.0		533.2		478.5		307.5
200053	1717 AP		11,446		0		5,150		10,391		0		0		1,069.1		0.0		0.0		21.1		34.7		0.0		425.8		587.5		379.5
200034	1814 AP		12,847		0		5,781		11,707		0		0		1,204.4		0.0		0.0		23.6		35.0		0.0		317.7		828.1		447.9
200037	1815 AP		11,392		0		5,126		10,382		0		0		1,068.1		0.0		0.0		20.8		35.0		0.0		339.1		673.2		398.0
200038	1816 AP		11,392		0		5,126		10,382		0		0		1,068.1		0.0		0.0		20.9		35.0		0.0		282.6		729.6		514.1
200039	1817 AP		11,392		0		5,126		10,382		0		0		1,068.0		0.0		0.0		20.9		35.0		0.0		364.1		648.0		385.2
200055	1914 AP		13,068		0		5,881		11,865		0		0		1,220.7		0.0		0.0		24.1		34.7		0.0		321.8		840.1		472.4
200040	1915 AP		12,808		0		5,764		11,672		0		0		1,200.9		0.0		0.0		23.6		35.0		0.0		317.0		825.3		443.5
200041	1916 AP		12,043		0		5,420		10,975		0		0		1,129.0		0.0		0.0		22.2		35.0		0.0		296.4		775.4		426.1
200042	1917 AP		11,392		0		5,126		10,382		0		0		1,067.8		0.0		0.0		21.1		35.0		0.0		335.8		675.9		402.7
FIELD TOTAL			233,727		0		105,176		212,567		0		0		21,867.3		0.0		0.0		429.3		662.0		0.0		6,544.1		14,231.9		8,296.9
TOTAL CALIFORNIA			233,727		0		105,176		212,567		0		0		21,867.3		0.0		0.0		429.3		662.0		0.0		6,544.1		14,231.9		8,296.9
TOTAL ALL LEASES			233,727		0		105,176		212,567		0		0		21,867.3		0.0		0.0		429.3		662.0		0.0		6,544.1		14,231.9		8,296.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 7

PROVED UNDEVELOPED RESERVES

SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		2,427		0		1,092		2,212		0		0		102.880		0.000		0.000		227.6		0.0		0.0		227.6
12-31-2015		267,287		0		120,261		243,599		0		0		102.880		0.000		0.000		25,064.9		0.0		0.0		25,064.9
12-31-2016		832,483		0		374,619		758,666		0		0		102.880		0.000		0.000		78,052.8		0.0		0.0		78,052.8
12-31-2017		1,113,081		0		500,885		1,008,856		0		0		102.880		0.000		0.000		103,786.4		0.0		0.0		103,786.4
12-31-2018		1,875,523		0		844,043		1,677,453		0		0		102.880		0.000		0.000		172,570.9		0.0		0.0		172,570.9
12-31-2019		1,734,943		0		780,698		1,521,132		0		0		102.880		0.000		0.000		156,495.1		0.0		0.0		156,495.1
12-31-2020		1,596,056		0		718,261		1,382,174		0		0		102.880		0.000		0.000		142,194.9		0.0		0.0		142,194.9
12-31-2021		1,468,376		0		660,842		1,271,580		0		0		102.880		0.000		0.000		130,820.1		0.0		0.0		130,820.1
12-31-2022		1,350,162		0		607,578		1,169,149		0		0		102.880		0.000		0.000		120,279.2		0.0		0.0		120,279.2
12-31-2023		1,192,086		0		536,477		1,031,130		0		0		102.880		0.000		0.000		106,083.3		0.0		0.0		106,083.3
12-31-2024		1,025,225		0		461,312		884,424		0		0		102.880		0.000		0.000		90,994.8		0.0		0.0		90,994.8
12-31-2025		823,694		0		370,651		710,594		0		0		102.880		0.000		0.000		73,104.6		0.0		0.0		73,104.6
12-31-2026		618,043		0		278,066		533,170		0		0		102.880		0.000		0.000		54,854.8		0.0		0.0		54,854.8
12-31-2027		463,548		0		208,513		399,912		0		0		102.880		0.000		0.000		41,138.8		0.0		0.0		41,138.8
SUBTOTAL		14,362,934		0		6,463,298		12,594,051		0		0		102.880		0.000		0.000		1,295,668.2		0.0		0.0		1,295,668.2
REMAINING		749,826		0		337,478		646,735		0		0		102.880		0.000		0.000		66,540.9		0.0		0.0		66,540.9
TOTAL		15,112,760		0		6,800,776		13,240,786		0		0		102.880		0.000		0.000		1,362,209.1		0.0		0.0		1,362,209.1
CUM PROD		0				0
ULTIMATE		15,112,760				6,800,776

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF ACTIVE COMPLETIONS				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
					PRODUCTION M$		AD VALOREM M$								PERIOD M$		CUM M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET
12-31-2013		0		0.00		0.0		0.0		703.0		0.0		0.0		-703.0		-703.0		-695.8		8.000		298,358.3
12-31-2014		1		1.00		0.3		4.2		77,812.2		0.0		76.3		-77,665.4		-78,368.4		-72,449.4		12.000		211,301.9
12-31-2015		111		111.00		32.9		461.7		39,935.2		0.0		8,403.5		-23,768.4		-102,136.8		-93,765.0		15.000		162,434.4
12-31-2016		111		111.00		110.9		1,430.8		35,826.0		0.0		22,410.6		18,274.5		-83,862.3		-79,400.2		20.000		102,574.8
12-31-2017		268		267.17		145.2		1,896.8		73,972.7		0.0		31,909.0		-4,137.3		-87,999.6		-83,299.2		25.000		61,240.3
12-31-2018		268		263.00		240.8		3,152.5		0.0		0.0		50,612.0		118,565.6		30,566.0		-7,243.4		30.000		32,190.2
12-31-2019		268		258.49		213.6		2,859.3		0.0		0.0		47,831.0		105,591.2		136,157.2		54,367.7		35.000		11,367.1
12-31-2020		268		255.86		203.2		2,595.7		1,718.2		0.0		44,976.2		92,701.6		228,858.8		103,549.3		40.000		-3,705.5
12-31-2021		268		255.86		176.5		2,384.8		1,718.2		0.0		42,824.2		83,716.4		312,575.2		143,890.2		45.000		-14,788.1
12-31-2022		268		255.86		171.0		2,197.2		0.0		0.0		40,789.7		77,121.3		389,696.5		177,697.1		50.000		-22,950.7
12-31-2023		268		255.57		149.6		1,942.7		4,202.0		0.0		37,728.0		62,061.0		451,757.5		202,437.2
12-31-2024		268		254.86		122.1		1,658.3		0.0		0.0		34,323.0		54,891.4		506,648.9		222,323.2
12-31-2025		268		254.86		106.3		1,336.2		0.0		0.0		30,146.7		41,515.4		548,164.3		236,026.7
12-31-2026		268		254.86		74.2		996.1		0.0		0.0		25,734.1		28,050.4		576,214.7		244,445.2
12-31-2027		268		254.86		52.8		752.0		0.0		0.0		22,374.5		17,959.5		594,174.2		249,342.0
SUBTOTAL						1,799.4		23,668.3		235,887.5		0.0		440,138.8		594,174.2		594,174.2		249,342.0
REMAINING						97.9		1,214.5		0.0		12,740.7		48,095.1		4,392.7		598,566.9		251,201.4
TOTAL OF 18.4 YRS						1,897.3		24,882.8		235,887.5		12,740.7		488,233.9		598,566.9		598,566.9		251,201.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 8

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/COND BBL		GAS MCF
		OIL		GAS						START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
400001	110 WELL 001		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400002	110 WELL 002		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400003	110 WELL 003		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400004	110 WELL 004		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400005	110 WELL 005		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400006	110 WELL 006		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400007	110 WELL 007		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400008	110 WELL 008		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400009	110 WELL 009		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400010	110 WELL 010		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400011	110 WELL 011		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400012	110 WELL 012		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400013	110 WELL 013		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400014	110 WELL 014		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400015	110 WELL 015		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400016	110 WELL 016		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400017	110 WELL 017		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400018	110 WELL 018		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400019	110 WELL 019		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400020	110 WELL 020		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400021	110 WELL 021		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400022	110 WELL 022		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400023	110 WELL 023		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400024	110 WELL 024		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400025	110 WELL 025		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400026	110 WELL 026		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400027	110 WELL 027		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400028	110 WELL 028		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400029	110 WELL 029		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400030	110 WELL 030		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400031	110 WELL 031		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400032	110 WELL 032		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400033	110 WELL 033		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400034	110 WELL 034		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400035	110 WELL 035		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400036	110 WELL 036		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400037	110 WELL 037		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400038	110 WELL 038		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400039	110 WELL 039		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400040	110 WELL 040		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400041	110 WELL 041		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400042	110 WELL 042		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 9

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
		OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
400001	110 WELL 001		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,454.1
400002	110 WELL 002		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,454.1
400003	110 WELL 003		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,454.1
400004	110 WELL 004		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,454.1
400005	110 WELL 005		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,454.1
400006	110 WELL 006		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,454.1
400007	110 WELL 007		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,454.1
400008	110 WELL 008		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,454.1
400009	110 WELL 009		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,454.1
400010	110 WELL 010		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,460.4
400011	110 WELL 011		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,460.4
400012	110 WELL 012		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,460.4
400013	110 WELL 013		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,460.4
400014	110 WELL 014		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,460.4
400015	110 WELL 015		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,460.4
400016	110 WELL 016		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,460.4
400017	110 WELL 017		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,460.4
400018	110 WELL 018		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,460.4
400019	110 WELL 019		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400020	110 WELL 020		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400021	110 WELL 021		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400022	110 WELL 022		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400023	110 WELL 023		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400024	110 WELL 024		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400025	110 WELL 025		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400026	110 WELL 026		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400027	110 WELL 027		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400028	110 WELL 028		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400029	110 WELL 029		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400030	110 WELL 030		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400031	110 WELL 031		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400032	110 WELL 032		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400033	110 WELL 033		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400034	110 WELL 034		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400035	110 WELL 035		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400036	110 WELL 036		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,463.5
400037	110 WELL 037		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,469.6
400038	110 WELL 038		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,469.6
400039	110 WELL 039		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,469.6
400040	110 WELL 040		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,469.6
400041	110 WELL 041		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,469.6
400042	110 WELL 042		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,469.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 10

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/COND BBL		GAS MCF
		OIL		GAS						START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
400043	110 WELL 043		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400044	110 WELL 044		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400045	110 WELL 045		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400046	110 WELL 046		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400047	110 WELL 047		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400048	110 WELL 048		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400049	110 WELL 049		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400050	110 WELL 050		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400051	110 WELL 051		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400052	110 WELL 052		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400053	110 WELL 053		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400054	110 WELL 054		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400055	110 WELL 055		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400056	110 WELL 056		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400057	110 WELL 057		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400058	110 WELL 058		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400059	110 WELL 059		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400060	110 WELL 060		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400061	110 WELL 061		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400062	110 WELL 062		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400063	110 WELL 063		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400064	110 WELL 064		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400065	110 WELL 065		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400066	110 WELL 066		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400067	110 WELL 067		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400068	110 WELL 068		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400069	110 WELL 069		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400070	110 WELL 070		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400071	110 WELL 071		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400072	110 WELL 072		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400073	110 WELL 073		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400074	110 WELL 074		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400075	110 WELL 075		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400076	110 WELL 076		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400077	110 WELL 077		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400078	110 WELL 078		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400079	110 WELL 079		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400080	110 WELL 080		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400081	110 WELL 081		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400082	110 WELL 082		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400083	110 WELL 083		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400084	110 WELL 084		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 11

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
		OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
400043	110 WELL 043		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,469.6
400044	110 WELL 044		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,469.6
400045	110 WELL 045		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,469.6
400046	110 WELL 046		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400047	110 WELL 047		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400048	110 WELL 048		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400049	110 WELL 049		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400050	110 WELL 050		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400051	110 WELL 051		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400052	110 WELL 052		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400053	110 WELL 053		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400054	110 WELL 054		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400055	110 WELL 055		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400056	110 WELL 056		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400057	110 WELL 057		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400058	110 WELL 058		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400059	110 WELL 059		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400060	110 WELL 060		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400061	110 WELL 061		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400062	110 WELL 062		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400063	110 WELL 063		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,472.7
400064	110 WELL 064		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,478.7
400065	110 WELL 065		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,478.7
400066	110 WELL 066		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,478.7
400067	110 WELL 067		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,478.7
400068	110 WELL 068		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,478.7
400069	110 WELL 069		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,478.7
400070	110 WELL 070		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,478.7
400071	110 WELL 071		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,478.7
400072	110 WELL 072		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,478.7
400073	110 WELL 073		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400074	110 WELL 074		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400075	110 WELL 075		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400076	110 WELL 076		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400077	110 WELL 077		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400078	110 WELL 078		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400079	110 WELL 079		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400080	110 WELL 080		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400081	110 WELL 081		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400082	110 WELL 082		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400083	110 WELL 083		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400084	110 WELL 084		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 12

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/COND BBL		GAS MCF
		OIL		GAS						START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
400085	110 WELL 085		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400086	110 WELL 086		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400087	110 WELL 087		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400088	110 WELL 088		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400089	110 WELL 089		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400090	110 WELL 090		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400091	110 WELL 091		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400092	110 WELL 092		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400093	110 WELL 093		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400094	110 WELL 094		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400095	110 WELL 095		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400096	110 WELL 096		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400097	110 WELL 097		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400098	110 WELL 098		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400099	110 WELL 099		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.7
400100	110 WELL 100		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400101	110 WELL 101		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400102	110 WELL 102		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400103	110 WELL 103		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400104	110 WELL 104		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400105	110 WELL 105		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400106	110 WELL 106		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400107	110 WELL 107		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400108	110 WELL 108		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400109	110 WELL 109		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400110	110 WELL 110		1		0		56,539		25,443		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		15.8
400119	2014X RD		1		0		56,539		25,443		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		14.8
500001	FBO LOC 001		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500002	FBO LOC 002		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500003	FBO LOC 003		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500004	FBO LOC 004		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500005	FBO LOC 005		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500006	FBO LOC 006		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500007	FBO LOC 007		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500008	FBO LOC 008		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500009	FBO LOC 009		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500010	FBO LOC 010		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500011	FBO LOC 011		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500012	FBO LOC 012		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500013	FBO LOC 013		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500014	FBO LOC 014		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500015	FBO LOC 015		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 13

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
		OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
400085	110 WELL 085		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400086	110 WELL 086		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400087	110 WELL 087		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400088	110 WELL 088		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400089	110 WELL 089		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400090	110 WELL 090		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,481.7
400091	110 WELL 091		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,487.5
400092	110 WELL 092		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,487.5
400093	110 WELL 093		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,487.5
400094	110 WELL 094		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,487.5
400095	110 WELL 095		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,487.5
400096	110 WELL 096		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,487.5
400097	110 WELL 097		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,487.5
400098	110 WELL 098		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,487.5
400099	110 WELL 099		56,539		0		25,443		49,637		0		0		5,106.6		0.0		0.0		100.4		461.3		0.0		1,802.5		2,742.4		1,487.5
400100	110 WELL 100		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400101	110 WELL 101		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400102	110 WELL 102		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400103	110 WELL 103		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400104	110 WELL 104		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400105	110 WELL 105		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400106	110 WELL 106		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400107	110 WELL 107		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400108	110 WELL 108		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400109	110 WELL 109		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400110	110 WELL 110		56,539		0		25,443		49,611		0		0		5,103.9		0.0		0.0		100.3		461.3		0.0		1,802.3		2,740.0		1,474.4
400119	2014X RD		56,539		0		25,443		51,524		0		0		5,300.9		0.0		0.0		104.4		300.0		0.0		1,869.8		3,026.7		1,837.7
500001	FBO LOC 001		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500002	FBO LOC 002		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500003	FBO LOC 003		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500004	FBO LOC 004		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500005	FBO LOC 005		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500006	FBO LOC 006		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500007	FBO LOC 007		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500008	FBO LOC 008		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500009	FBO LOC 009		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500010	FBO LOC 010		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500011	FBO LOC 011		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500012	FBO LOC 012		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500013	FBO LOC 013		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500014	FBO LOC 014		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500015	FBO LOC 015		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 14

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/COND BBL		GAS MCF
		OIL		GAS						START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500016	FBO LOC 016		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500017	FBO LOC 017		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500018	FBO LOC 018		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500019	FBO LOC 019		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500020	FBO LOC 020		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500021	FBO LOC 021		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500022	FBO LOC 022		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500023	FBO LOC 023		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500024	FBO LOC 024		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500025	FBO LOC 025		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500026	FBO LOC 026		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500027	FBO LOC 027		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		17.4
500028	FBO LOC 028		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500029	FBO LOC 029		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500030	FBO LOC 030		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500031	FBO LOC 031		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500032	FBO LOC 032		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500033	FBO LOC 033		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500034	FBO LOC 034		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500035	FBO LOC 035		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500036	FBO LOC 036		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500037	FBO LOC 037		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500038	FBO LOC 038		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500039	FBO LOC 039		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500040	FBO LOC 040		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500041	FBO LOC 041		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500042	FBO LOC 042		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500043	FBO LOC 043		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500044	FBO LOC 044		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500045	FBO LOC 045		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500046	FBO LOC 046		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500047	FBO LOC 047		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500048	FBO LOC 048		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500049	FBO LOC 049		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500050	FBO LOC 050		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500051	FBO LOC 051		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500052	FBO LOC 052		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500053	FBO LOC 053		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500054	FBO LOC 054		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500055	FBO LOC 055		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500056	FBO LOC 056		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500057	FBO LOC 057		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 15

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
		OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500016	FBO LOC 016		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500017	FBO LOC 017		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500018	FBO LOC 018		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500019	FBO LOC 019		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500020	FBO LOC 020		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500021	FBO LOC 021		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500022	FBO LOC 022		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500023	FBO LOC 023		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500024	FBO LOC 024		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500025	FBO LOC 025		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500026	FBO LOC 026		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500027	FBO LOC 027		56,429		0		25,393		49,355		0		0		5,077.7		0.0		0.0		99.5		423.1		0.0		1,787.8		2,767.3		1,254.6
500028	FBO LOC 028		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500029	FBO LOC 029		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500030	FBO LOC 030		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500031	FBO LOC 031		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500032	FBO LOC 032		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500033	FBO LOC 033		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500034	FBO LOC 034		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500035	FBO LOC 035		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500036	FBO LOC 036		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500037	FBO LOC 037		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500038	FBO LOC 038		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500039	FBO LOC 039		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500040	FBO LOC 040		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500041	FBO LOC 041		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500042	FBO LOC 042		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500043	FBO LOC 043		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500044	FBO LOC 044		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500045	FBO LOC 045		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500046	FBO LOC 046		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500047	FBO LOC 047		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500048	FBO LOC 048		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500049	FBO LOC 049		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500050	FBO LOC 050		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500051	FBO LOC 051		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500052	FBO LOC 052		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500053	FBO LOC 053		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500054	FBO LOC 054		56,372		0		25,367		49,306		0		0		5,072.6		0.0		0.0		99.5		423.1		0.0		1,783.2		2,766.8		1,244.4
500055	FBO LOC 055		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500056	FBO LOC 056		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500057	FBO LOC 057		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 16

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/COND BBL		GAS MCF
		OIL		GAS						START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500058	FBO LOC 058		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500059	FBO LOC 059		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500060	FBO LOC 060		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500061	FBO LOC 061		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500062	FBO LOC 062		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500063	FBO LOC 063		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500064	FBO LOC 064		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500065	FBO LOC 065		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500066	FBO LOC 066		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500067	FBO LOC 067		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500068	FBO LOC 068		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500069	FBO LOC 069		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500070	FBO LOC 070		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500071	FBO LOC 071		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500072	FBO LOC 072		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500073	FBO LOC 073		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500074	FBO LOC 074		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500075	FBO LOC 075		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500076	FBO LOC 076		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500077	FBO LOC 077		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500078	FBO LOC 078		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500079	FBO LOC 079		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500080	FBO LOC 080		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500081	FBO LOC 081		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500082	FBO LOC 082		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500083	FBO LOC 083		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500084	FBO LOC 084		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500085	FBO LOC 085		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500086	FBO LOC 086		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500087	FBO LOC 087		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500088	FBO LOC 088		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500089	FBO LOC 089		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500090	FBO LOC 090		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500091	FBO LOC 091		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500092	FBO LOC 092		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500093	FBO LOC 093		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500094	FBO LOC 094		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500095	FBO LOC 095		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500096	FBO LOC 096		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500097	FBO LOC 097		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500098	FBO LOC 098		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500099	FBO LOC 099		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 17

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
		OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500058	FBO LOC 058		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500059	FBO LOC 059		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500060	FBO LOC 060		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500061	FBO LOC 061		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500062	FBO LOC 062		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500063	FBO LOC 063		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500064	FBO LOC 064		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500065	FBO LOC 065		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500066	FBO LOC 066		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500067	FBO LOC 067		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500068	FBO LOC 068		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500069	FBO LOC 069		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500070	FBO LOC 070		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500071	FBO LOC 071		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500072	FBO LOC 072		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500073	FBO LOC 073		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500074	FBO LOC 074		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500075	FBO LOC 075		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500076	FBO LOC 076		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500077	FBO LOC 077		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500078	FBO LOC 078		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500079	FBO LOC 079		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500080	FBO LOC 080		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500081	FBO LOC 081		56,313		0		25,341		49,256		0		0		5,067.4		0.0		0.0		99.7		423.1		0.0		1,778.2		2,766.4		1,234.5
500082	FBO LOC 082		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500083	FBO LOC 083		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500084	FBO LOC 084		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500085	FBO LOC 085		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500086	FBO LOC 086		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500087	FBO LOC 087		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500088	FBO LOC 088		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500089	FBO LOC 089		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500090	FBO LOC 090		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500091	FBO LOC 091		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500092	FBO LOC 092		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500093	FBO LOC 093		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500094	FBO LOC 094		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500095	FBO LOC 095		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500096	FBO LOC 096		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500097	FBO LOC 097		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500098	FBO LOC 098		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500099	FBO LOC 099		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 18

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M
LEASE NUMBER						OIL/COND BBL		GAS MCF																										LIFE YRS
	LEASE NAME	OIL		GAS						START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500100	FBO LOC 100		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500101	FBO LOC 101		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500102	FBO LOC 102		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500103	FBO LOC 103		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500104	FBO LOC 104		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500105	FBO LOC 105		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500106	FBO LOC 106		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500107	FBO LOC 107		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500108	FBO LOC 108		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.1		17.4
500109	FBO LOC 109		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500110	FBO LOC 110		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500111	FBO LOC 111		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500112	FBO LOC 112		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500113	FBO LOC 113		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500114	FBO LOC 114		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500115	FBO LOC 115		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500116	FBO LOC 116		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500117	FBO LOC 117		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500118	FBO LOC 118		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500119	FBO LOC 119		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500120	FBO LOC 120		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500121	FBO LOC 121		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500122	FBO LOC 122		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500123	FBO LOC 123		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500124	FBO LOC 124		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500125	FBO LOC 125		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500126	FBO LOC 126		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500127	FBO LOC 127		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500128	FBO LOC 128		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500129	FBO LOC 129		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500130	FBO LOC 130		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500131	FBO LOC 131		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500132	FBO LOC 132		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500133	FBO LOC 133		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500134	FBO LOC 134		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500135	FBO LOC 135		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500136	FBO LOC 136		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500137	FBO LOC 137		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500138	FBO LOC 138		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500139	FBO LOC 139		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500140	FBO LOC 140		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500141	FBO LOC 141		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 19

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
		OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500100	FBO LOC 100		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500101	FBO LOC 101		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500102	FBO LOC 102		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500103	FBO LOC 103		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500104	FBO LOC 104		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500105	FBO LOC 105		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500106	FBO LOC 106		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500107	FBO LOC 107		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500108	FBO LOC 108		56,253		0		25,314		49,204		0		0		5,062.1		0.0		0.0		99.5		423.1		0.0		1,773.7		2,765.8		1,224.6
500109	FBO LOC 109		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500110	FBO LOC 110		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500111	FBO LOC 111		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500112	FBO LOC 112		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500113	FBO LOC 113		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500114	FBO LOC 114		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500115	FBO LOC 115		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500116	FBO LOC 116		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500117	FBO LOC 117		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500118	FBO LOC 118		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500119	FBO LOC 119		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500120	FBO LOC 120		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500121	FBO LOC 121		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500122	FBO LOC 122		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500123	FBO LOC 123		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500124	FBO LOC 124		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500125	FBO LOC 125		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500126	FBO LOC 126		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500127	FBO LOC 127		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500128	FBO LOC 128		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500129	FBO LOC 129		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500130	FBO LOC 130		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500131	FBO LOC 131		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500132	FBO LOC 132		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500133	FBO LOC 133		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500134	FBO LOC 134		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500135	FBO LOC 135		56,192		0		25,286		49,151		0		0		5,056.7		0.0		0.0		99.8		423.1		0.0		1,768.6		2,765.2		1,214.9
500136	FBO LOC 136		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500137	FBO LOC 137		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500138	FBO LOC 138		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500139	FBO LOC 139		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500140	FBO LOC 140		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500141	FBO LOC 141		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 20

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M
LEASE NUMBER	LEASE NAME					OIL/COND BBL		GAS MCF																										LIFE YRS
		OIL		GAS						START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500142	FBO LOC 142		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500143	FBO LOC 143		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500144	FBO LOC 144		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500145	FBO LOC 145		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500146	FBO LOC 146		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500147	FBO LOC 147		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500148	FBO LOC 148		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500149	FBO LOC 149		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500150	FBO LOC 150		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500151	FBO LOC 151		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500152	FBO LOC 152		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500153	FBO LOC 153		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500154	FBO LOC 154		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500155	FBO LOC 155		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500156	FBO LOC 156		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
500157	FBO LOC 157		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.2		17.4
400111	CAPEX 110 PROJECT		0		0		0		0		100.000		95.455		91.129		86.584		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		7.7
501431	CAPEX FBO PUD		0		0		0		0		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		3.3
410001	FIXED EXP DIAT PUD		0		0		0		0		100.000		95.455		91.129		86.584		0.000		0.000		0.000		0.000		0.000		0.000		0.0		66.1		17.4
410003	ABAN DIAT PUD		0		0		0		0		100.000		95.080		91.129		86.262		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		18.4
FIELD TOTAL			268		0		15,112,760		6,800,776
TOTAL CALIFORNIA			268		0		15,112,760		6,800,776
TOTAL ALL LEASES			268		0		15,112,760		6,800,776

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 21

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500142	FBO LOC 142		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500143	FBO LOC 143		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500144	FBO LOC 144		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500145	FBO LOC 145		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500146	FBO LOC 146		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500147	FBO LOC 147		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500148	FBO LOC 148		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500149	FBO LOC 149		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500150	FBO LOC 150		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500151	FBO LOC 151		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500152	FBO LOC 152		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500153	FBO LOC 153		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500154	FBO LOC 154		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500155	FBO LOC 155		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500156	FBO LOC 156		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
500157	FBO LOC 157		56,129		0		25,258		49,097		0		0		5,051.2		0.0		0.0		99.4		423.1		0.0		1,763.9		2,764.8		1,205.2
400111	CAPEX 110 PROJECT		0		0		0		0		0		0		0.0		0.0		0.0		0.0		62,740.2		0.0		0.0		-62,740.2		-56,217.8
501431	CAPEX FBO PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		55,677.6		0.0		0.0		-55,677.6		-43,967.4
410001	FIXED EXP DIAT PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		9,215.0		-9,215.0		-3,318.7
410003	ABAN DIAT PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		12,740.7		0.0		-12,740.7		-2,211.1
FIELD TOTAL			15,112,760		0		6,800,776		13,240,786		0		0		1,362,209.1		0.0		0.0		26,780.1		235,887.5		12,740.7		488,233.9		598,566.9		251,201.4
TOTAL CALIFORNIA			15,112,760		0		6,800,776		13,240,786		0		0		1,362,209.1		0.0		0.0		26,780.1		235,887.5		12,740.7		488,233.9		598,566.9		251,201.4
TOTAL ALL LEASES			15,112,760		0		6,800,776		13,240,786		0		0		1,362,209.1		0.0		0.0		26,780.1		235,887.5		12,740.7		488,233.9		598,566.9		251,201.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 22

PROBABLE RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		424		0		191		387		0		0		102.880		0.000		0.000		39.8		0.0		0.0		39.8
12-31-2015		46,719		0		21,048		42,633		0		0		102.880		0.000		0.000		4,384.6		0.0		0.0		4,384.6
12-31-2016		199,244		0		89,678		181,586		0		0		102.880		0.000		0.000		18,681.0		0.0		0.0		18,681.0
12-31-2017		269,342		0		121,189		208,268		0		0		102.880		0.000		0.000		21,422.0		0.0		0.0		21,422.0
12-31-2018		1,413,777		0		636,289		1,278,133		0		0		102.880		0.000		0.000		131,486.8		0.0		0.0		131,486.8
12-31-2019		1,759,272		0		791,685		1,570,669		0		0		102.880		0.000		0.000		161,593.7		0.0		0.0		161,593.7
12-31-2020		1,618,531		0		728,350		1,433,222		0		0		102.880		0.000		0.000		147,464.4		0.0		0.0		147,464.4
12-31-2021		1,489,068		0		670,018		1,288,211		0		0		102.880		0.000		0.000		132,533.6		0.0		0.0		132,533.6
12-31-2022		1,369,782		0		616,344		1,181,188		0		0		102.880		0.000		0.000		121,508.3		0.0		0.0		121,508.3
12-31-2023		1,248,202		0		561,654		1,077,111		0		0		102.880		0.000		0.000		110,817.0		0.0		0.0		110,817.0
12-31-2024		1,131,296		0		509,027		978,654		0		0		102.880		0.000		0.000		100,692.8		0.0		0.0		100,692.8
12-31-2025		993,572		0		447,172		859,635		0		0		102.880		0.000		0.000		88,434.6		0.0		0.0		88,434.6
12-31-2026		768,903		0		346,012		665,220		0		0		102.880		0.000		0.000		68,448.9		0.0		0.0		68,448.9
12-31-2027		576,720		0		259,500		498,437		0		0		102.880		0.000		0.000		51,283.8		0.0		0.0		51,283.8
SUBTOTAL		12,884,852		0		5,798,157		11,263,354		0		0		102.880		0.000		0.000		1,158,791.3		0.0		0.0		1,158,791.3
REMAINING		1,231,924		0		554,418		1,062,813		0		0		102.880		0.000		0.000		109,359.7		0.0		0.0		109,359.7
TOTAL		14,116,776		0		6,352,575		12,326,167		0		0		102.880		0.000		0.000		1,268,151.0		0.0		0.0		1,268,151.0
CUM PROD		0				0
ULTIMATE		14,116,776				6,352,575

PERIOD ENDING M-D-Y	NUMBER OF ACTIVE COMPLETIONS				NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE						PRESENT WORTH PROFILE
					TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%
					PRODUCTION M$		AD VALOREM M$								PERIOD M$		CUM M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET
12-31-2013		0		0.00		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		8.000		364,634.6
12-31-2014		0		0.00		0.1		0.7		0.0		0.0		9.0		30.0		30.0		27.2		12.000		270,589.2
12-31-2015		0		0.00		10.1		77.9		0.0		0.0		991.9		3,304.7		3,334.7		2,752.4		15.000		218,993.6
12-31-2016		0		0.00		22.2		343.8		0.0		0.0		4,239.1		14,075.9		17,410.6		13,674.8		20.000		157,151.6
12-31-2017		86		81.00		33.5		393.2		47,810.3		0.0		5,375.7		-32,190.7		-14,780.1		-8,128.3		25.000		115,465.8
12-31-2018		238		235.55		179.5		2,406.0		52,887.5		0.0		38,626.5		37,387.3		22,607.2		14,360.6		30.000		86,613.9
12-31-2019		238		230.86		220.2		2,955.5		0.0		0.0		46,502.5		111,915.5		134,522.7		79,615.7		35.000		66,195.4
12-31-2020		238		233.18		208.9		2,691.0		0.0		0.0		43,084.3		101,480.2		236,002.9		133,440.6		40.000		51,453.8
12-31-2021		238		226.67		185.3		2,421.6		0.0		0.0		39,481.8		90,444.9		326,447.8		177,049.6		45.000		40,582.6
12-31-2022		238		226.18		162.6		2,216.3		0.0		0.0		36,932.4		82,197.0		408,644.8		213,072.2		50.000		32,453.8
12-31-2023		238		226.18		145.8		2,021.1		-11.0		0.0		34,551.6		74,109.5		482,754.3		242,611.8
12-31-2024		238		227.18		137.2		1,840.2		0.0		0.0		32,335.4		66,380.0		549,134.3		266,653.3
12-31-2025		238		227.18		121.9		1,609.1		0.0		0.0		29,662.6		57,041.0		606,175.3		285,461.6
12-31-2026		238		227.18		88.2		1,253.8		0.0		0.0		25,146.4		41,960.5		648,135.8		298,042.7
12-31-2027		238		226.86		69.8		944.0		0.0		0.0		21,218.8		29,051.2		677,187.0		305,966.6
SUBTOTAL						1,585.3		21,174.2		100,686.8		0.0		358,158.0		677,187.0		677,187.0		305,966.6
REMAINING						150.2		2,001.7		0.0		11,314.5		68,247.1		27,646.2		704,833.2		313,365.6
TOTAL OF 19.3 YRS						1,735.5		23,175.9		100,686.8		11,314.5		426,405.1		704,833.2		704,833.2		313,365.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 23

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/COND BBL		GAS MCF
		OIL		GAS						START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
510001	110 WELL 001 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510002	110 WELL 002 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510003	110 WELL 003 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510004	110 WELL 004 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510005	110 WELL 005 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510006	110 WELL 006 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510007	110 WELL 007 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510008	110 WELL 008 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510009	110 WELL 009 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510010	110 WELL 010 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510011	110 WELL 011 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510012	110 WELL 012 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510013	110 WELL 013 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510014	110 WELL 014 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510015	110 WELL 015 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510016	110 WELL 016 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510017	110 WELL 017 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510018	110 WELL 018 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510019	110 WELL 019 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510020	110 WELL 020 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510021	110 WELL 021 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510022	110 WELL 022 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510023	110 WELL 023 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510024	110 WELL 024 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510025	110 WELL 025 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510026	110 WELL 026 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510027	110 WELL 027 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510028	110 WELL 028 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510029	110 WELL 029 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510030	110 WELL 030 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510031	110 WELL 031 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510032	110 WELL 032 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510033	110 WELL 033 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510034	110 WELL 034 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510035	110 WELL 035 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510036	110 WELL 036 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510037	110 WELL 037 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510038	110 WELL 038 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510039	110 WELL 039 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510040	110 WELL 040 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510041	110 WELL 041 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510042	110 WELL 042 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 24

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
510001	110 WELL 001 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510002	110 WELL 002 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510003	110 WELL 003 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510004	110 WELL 004 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510005	110 WELL 005 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510006	110 WELL 006 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510007	110 WELL 007 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510008	110 WELL 008 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510009	110 WELL 009 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510010	110 WELL 010 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510011	110 WELL 011 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510012	110 WELL 012 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510013	110 WELL 013 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510014	110 WELL 014 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510015	110 WELL 015 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510016	110 WELL 016 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510017	110 WELL 017 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510018	110 WELL 018 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510019	110 WELL 019 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510020	110 WELL 020 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510021	110 WELL 021 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510022	110 WELL 022 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510023	110 WELL 023 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510024	110 WELL 024 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510025	110 WELL 025 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510026	110 WELL 026 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510027	110 WELL 027 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510028	110 WELL 028 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510029	110 WELL 029 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510030	110 WELL 030 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510031	110 WELL 031 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510032	110 WELL 032 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510033	110 WELL 033 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510034	110 WELL 034 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510035	110 WELL 035 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510036	110 WELL 036 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510037	110 WELL 037 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510038	110 WELL 038 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510039	110 WELL 039 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510040	110 WELL 040 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510041	110 WELL 041 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510042	110 WELL 042 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 25

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/COND		GAS
		OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
510043	110 WELL 043 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510044	110 WELL 044 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510045	110 WELL 045 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510046	110 WELL 046 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510047	110 WELL 047 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510048	110 WELL 048 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510049	110 WELL 049 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510050	110 WELL 050 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510051	110 WELL 051 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510052	110 WELL 052 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510053	110 WELL 053 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510054	110 WELL 054 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510055	110 WELL 055 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510056	110 WELL 056 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510057	110 WELL 057 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510058	110 WELL 058 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510059	110 WELL 059 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510060	110 WELL 060 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510061	110 WELL 061 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510062	110 WELL 062 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510063	110 WELL 063 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510064	110 WELL 064 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510065	110 WELL 065 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510066	110 WELL 066 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510067	110 WELL 067 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510068	110 WELL 068 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510069	110 WELL 069 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510070	110 WELL 070 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510071	110 WELL 071 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510072	110 WELL 072 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510073	110 WELL 073 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510074	110 WELL 074 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510075	110 WELL 075 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510076	110 WELL 076 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510077	110 WELL 077 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510078	110 WELL 078 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510079	110 WELL 079 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510080	110 WELL 080 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510081	110 WELL 081 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510082	110 WELL 082 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510083	110 WELL 083 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510084	110 WELL 084 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 26

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
510043	110 WELL 043 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510044	110 WELL 044 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510045	110 WELL 045 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510046	110 WELL 046 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510047	110 WELL 047 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510048	110 WELL 048 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510049	110 WELL 049 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510050	110 WELL 050 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510051	110 WELL 051 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510052	110 WELL 052 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510053	110 WELL 053 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510054	110 WELL 054 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510055	110 WELL 055 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510056	110 WELL 056 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510057	110 WELL 057 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510058	110 WELL 058 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510059	110 WELL 059 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510060	110 WELL 060 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510061	110 WELL 061 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510062	110 WELL 062 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510063	110 WELL 063 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510064	110 WELL 064 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510065	110 WELL 065 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510066	110 WELL 066 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510067	110 WELL 067 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510068	110 WELL 068 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510069	110 WELL 069 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510070	110 WELL 070 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510071	110 WELL 071 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510072	110 WELL 072 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510073	110 WELL 073 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510074	110 WELL 074 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510075	110 WELL 075 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510076	110 WELL 076 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510077	110 WELL 077 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510078	110 WELL 078 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510079	110 WELL 079 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510080	110 WELL 080 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510081	110 WELL 081 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510082	110 WELL 082 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510083	110 WELL 083 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510084	110 WELL 084 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 27

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/COND		GAS
		OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
510085	110 WELL 085 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510086	110 WELL 086 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510087	110 WELL 087 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510088	110 WELL 088 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510089	110 WELL 089 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510090	110 WELL 090 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510091	110 WELL 091 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510092	110 WELL 092 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510093	110 WELL 093 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510094	110 WELL 094 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510095	110 WELL 095 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510096	110 WELL 096 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510097	110 WELL 097 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510098	110 WELL 098 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510099	110 WELL 099 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.6
510100	110 WELL 100 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510101	110 WELL 101 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510102	110 WELL 102 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510103	110 WELL 103 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510104	110 WELL 104 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510105	110 WELL 105 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510106	110 WELL 106 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510107	110 WELL 107 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510108	110 WELL 108 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510109	110 WELL 109 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510110	110 WELL 110 IPB		1		0		13,967		6,285		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		16.7
510119	2014X RD IPB		1		0		14,019		6,309		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.7		15.7
520001	FBO LOC 001 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520002	FBO LOC 002 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520003	FBO LOC 003 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520004	FBO LOC 004 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520005	FBO LOC 005 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520006	FBO LOC 006 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520007	FBO LOC 007 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520008	FBO LOC 008 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520009	FBO LOC 009 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520010	FBO LOC 010 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520011	FBO LOC 011 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520012	FBO LOC 012 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520013	FBO LOC 013 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520014	FBO LOC 014 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520015	FBO LOC 015 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 28

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
510085	110 WELL 085 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510086	110 WELL 086 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510087	110 WELL 087 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510088	110 WELL 088 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510089	110 WELL 089 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510090	110 WELL 090 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510091	110 WELL 091 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510092	110 WELL 092 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510093	110 WELL 093 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510094	110 WELL 094 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510095	110 WELL 095 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510096	110 WELL 096 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510097	110 WELL 097 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510098	110 WELL 098 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510099	110 WELL 099 IPB		13,967		0		6,285		11,881		0		0		1,222.4		0.0		0.0		24.1		-0.1		0.0		283.2		915.2		503.4
510100	110 WELL 100 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510101	110 WELL 101 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510102	110 WELL 102 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510103	110 WELL 103 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510104	110 WELL 104 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510105	110 WELL 105 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510106	110 WELL 106 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510107	110 WELL 107 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510108	110 WELL 108 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510109	110 WELL 109 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510110	110 WELL 110 IPB		13,967		0		6,285		11,872		0		0		1,221.6		0.0		0.0		23.9		-0.1		0.0		282.9		914.9		498.7
510119	2014X RD IPB		14,019		0		6,309		12,776		0		0		1,314.3		0.0		0.0		25.8		0.0		0.0		308.6		979.9		593.8
520001	FBO LOC 001 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520002	FBO LOC 002 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520003	FBO LOC 003 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520004	FBO LOC 004 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520005	FBO LOC 005 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520006	FBO LOC 006 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520007	FBO LOC 007 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520008	FBO LOC 008 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520009	FBO LOC 009 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520010	FBO LOC 010 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520011	FBO LOC 011 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520012	FBO LOC 012 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520013	FBO LOC 013 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520014	FBO LOC 014 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520015	FBO LOC 015 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 29

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

LEASE NUMBER	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/COND		GAS
		OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520016	FBO LOC 016 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520017	FBO LOC 017 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520018	FBO LOC 018 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520019	FBO LOC 019 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520020	FBO LOC 020 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520021	FBO LOC 021 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520022	FBO LOC 022 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520023	FBO LOC 023 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520024	FBO LOC 024 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520025	FBO LOC 025 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520026	FBO LOC 026 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520027	FBO LOC 027 IPB		1		0		13,970		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.3
520028	FBO LOC 028 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520029	FBO LOC 029 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520030	FBO LOC 030 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520031	FBO LOC 031 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520032	FBO LOC 032 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520033	FBO LOC 033 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520034	FBO LOC 034 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520035	FBO LOC 035 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520036	FBO LOC 036 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520037	FBO LOC 037 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520038	FBO LOC 038 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520039	FBO LOC 039 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520040	FBO LOC 040 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520041	FBO LOC 041 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520042	FBO LOC 042 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520043	FBO LOC 043 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520044	FBO LOC 044 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520045	FBO LOC 045 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520046	FBO LOC 046 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520047	FBO LOC 047 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520048	FBO LOC 048 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520049	FBO LOC 049 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520050	FBO LOC 050 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520051	FBO LOC 051 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520052	FBO LOC 052 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520053	FBO LOC 053 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520054	FBO LOC 054 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520055	FBO LOC 055 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520056	FBO LOC 056 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520057	FBO LOC 057 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 30

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520016	FBO LOC 016 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520017	FBO LOC 017 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520018	FBO LOC 018 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520019	FBO LOC 019 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520020	FBO LOC 020 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520021	FBO LOC 021 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520022	FBO LOC 022 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520023	FBO LOC 023 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520024	FBO LOC 024 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520025	FBO LOC 025 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520026	FBO LOC 026 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520027	FBO LOC 027 IPB		13,970		0		6,287		12,041		0		0		1,238.9		0.0		0.0		24.4		0.0		0.0		288.1		926.4		429.1
520028	FBO LOC 028 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520029	FBO LOC 029 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520030	FBO LOC 030 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520031	FBO LOC 031 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520032	FBO LOC 032 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520033	FBO LOC 033 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520034	FBO LOC 034 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520035	FBO LOC 035 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520036	FBO LOC 036 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520037	FBO LOC 037 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520038	FBO LOC 038 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520039	FBO LOC 039 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520040	FBO LOC 040 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520041	FBO LOC 041 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520042	FBO LOC 042 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520043	FBO LOC 043 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520044	FBO LOC 044 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520045	FBO LOC 045 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520046	FBO LOC 046 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520047	FBO LOC 047 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520048	FBO LOC 048 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520049	FBO LOC 049 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520050	FBO LOC 050 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520051	FBO LOC 051 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520052	FBO LOC 052 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520053	FBO LOC 053 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520054	FBO LOC 054 IPB		13,972		0		6,287		12,042		0		0		1,239.1		0.0		0.0		24.5		0.0		0.0		288.3		926.3		426.0
520055	FBO LOC 055 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520056	FBO LOC 056 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520057	FBO LOC 057 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 31

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520058	FBO LOC 058 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520059	FBO LOC 059 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520060	FBO LOC 060 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520061	FBO LOC 061 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520062	FBO LOC 062 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520063	FBO LOC 063 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520064	FBO LOC 064 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520065	FBO LOC 065 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520066	FBO LOC 066 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520067	FBO LOC 067 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520068	FBO LOC 068 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520069	FBO LOC 069 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520070	FBO LOC 070 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520071	FBO LOC 071 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520072	FBO LOC 072 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520073	FBO LOC 073 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520074	FBO LOC 074 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520075	FBO LOC 075 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520076	FBO LOC 076 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520077	FBO LOC 077 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520078	FBO LOC 078 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520079	FBO LOC 079 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520080	FBO LOC 080 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520081	FBO LOC 081 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520082	FBO LOC 082 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520083	FBO LOC 083 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520084	FBO LOC 084 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520085	FBO LOC 085 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520086	FBO LOC 086 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520087	FBO LOC 087 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520088	FBO LOC 088 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520089	FBO LOC 089 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520090	FBO LOC 090 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520091	FBO LOC 091 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520092	FBO LOC 092 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520093	FBO LOC 093 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520094	FBO LOC 094 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520095	FBO LOC 095 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520096	FBO LOC 096 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520097	FBO LOC 097 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520098	FBO LOC 098 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520099	FBO LOC 099 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 32

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520058	FBO LOC 058 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520059	FBO LOC 059 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520060	FBO LOC 060 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520061	FBO LOC 061 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520062	FBO LOC 062 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520063	FBO LOC 063 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520064	FBO LOC 064 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520065	FBO LOC 065 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520066	FBO LOC 066 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520067	FBO LOC 067 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520068	FBO LOC 068 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520069	FBO LOC 069 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520070	FBO LOC 070 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520071	FBO LOC 071 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520072	FBO LOC 072 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520073	FBO LOC 073 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520074	FBO LOC 074 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520075	FBO LOC 075 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520076	FBO LOC 076 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520077	FBO LOC 077 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520078	FBO LOC 078 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520079	FBO LOC 079 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520080	FBO LOC 080 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520081	FBO LOC 081 IPB		13,973		0		6,288		12,044		0		0		1,239.0		0.0		0.0		24.5		0.0		0.0		288.7		925.8		422.3
520082	FBO LOC 082 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520083	FBO LOC 083 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520084	FBO LOC 084 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520085	FBO LOC 085 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520086	FBO LOC 086 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520087	FBO LOC 087 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520088	FBO LOC 088 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520089	FBO LOC 089 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520090	FBO LOC 090 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520091	FBO LOC 091 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520092	FBO LOC 092 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520093	FBO LOC 093 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520094	FBO LOC 094 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520095	FBO LOC 095 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520096	FBO LOC 096 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520097	FBO LOC 097 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520098	FBO LOC 098 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520099	FBO LOC 099 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 33

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520100	FBO LOC 100 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520101	FBO LOC 101 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520102	FBO LOC 102 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520103	FBO LOC 103 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520104	FBO LOC 104 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520105	FBO LOC 105 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520106	FBO LOC 106 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520107	FBO LOC 107 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520108	FBO LOC 108 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.9		18.3
520109	FBO LOC 109 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520110	FBO LOC 110 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520111	FBO LOC 111 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520112	FBO LOC 112 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520113	FBO LOC 113 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520114	FBO LOC 114 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520115	FBO LOC 115 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520116	FBO LOC 116 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520117	FBO LOC 117 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520118	FBO LOC 118 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520119	FBO LOC 119 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520120	FBO LOC 120 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520121	FBO LOC 121 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520122	FBO LOC 122 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520123	FBO LOC 123 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520124	FBO LOC 124 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520125	FBO LOC 125 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520126	FBO LOC 126 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520127	FBO LOC 127 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520128	FBO LOC 128 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520129	FBO LOC 129 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520130	FBO LOC 130 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520131	FBO LOC 131 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520132	FBO LOC 132 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520133	FBO LOC 133 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520134	FBO LOC 134 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520135	FBO LOC 135 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520136	FBO LOC 136 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520137	FBO LOC 137 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520138	FBO LOC 138 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520139	FBO LOC 139 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520140	FBO LOC 140 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520141	FBO LOC 141 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 34

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520100	FBO LOC 100 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520101	FBO LOC 101 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520102	FBO LOC 102 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520103	FBO LOC 103 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520104	FBO LOC 104 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520105	FBO LOC 105 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520106	FBO LOC 106 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520107	FBO LOC 107 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520108	FBO LOC 108 IPB		13,974		0		6,289		12,045		0		0		1,239.4		0.0		0.0		24.4		0.0		0.0		288.7		926.3		419.1
520109	FBO LOC 109 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520110	FBO LOC 110 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520111	FBO LOC 111 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520112	FBO LOC 112 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520113	FBO LOC 113 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520114	FBO LOC 114 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520115	FBO LOC 115 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520116	FBO LOC 116 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520117	FBO LOC 117 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520118	FBO LOC 118 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520119	FBO LOC 119 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520120	FBO LOC 120 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520121	FBO LOC 121 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520122	FBO LOC 122 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520123	FBO LOC 123 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520124	FBO LOC 124 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520125	FBO LOC 125 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520126	FBO LOC 126 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520127	FBO LOC 127 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520128	FBO LOC 128 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520129	FBO LOC 129 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520130	FBO LOC 130 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520131	FBO LOC 131 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520132	FBO LOC 132 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520133	FBO LOC 133 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520134	FBO LOC 134 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520135	FBO LOC 135 IPB		13,976		0		6,289		12,046		0		0		1,239.4		0.0		0.0		24.3		0.0		0.0		288.9		926.2		415.7
520136	FBO LOC 136 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520137	FBO LOC 137 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520138	FBO LOC 138 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520139	FBO LOC 139 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520140	FBO LOC 140 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520141	FBO LOC 141 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 35

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520142	FBO LOC 142 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520143	FBO LOC 143 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520144	FBO LOC 144 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520145	FBO LOC 145 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520146	FBO LOC 146 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520147	FBO LOC 147 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520148	FBO LOC 148 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520149	FBO LOC 149 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520150	FBO LOC 150 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520151	FBO LOC 151 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520152	FBO LOC 152 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520153	FBO LOC 153 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520154	FBO LOC 154 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520155	FBO LOC 155 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520156	FBO LOC 156 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
520157	FBO LOC 157 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		5.0		18.3
500158	FBO LOC 158		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500159	FBO LOC 159		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500160	FBO LOC 160		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500161	FBO LOC 161		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500162	FBO LOC 162		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500163	FBO LOC 163		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500164	FBO LOC 164		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500165	FBO LOC 165		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500166	FBO LOC 166		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500167	FBO LOC 167		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500168	FBO LOC 168		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500169	FBO LOC 169		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500170	FBO LOC 170		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500171	FBO LOC 171		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500172	FBO LOC 172		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500173	FBO LOC 173		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500174	FBO LOC 174		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500175	FBO LOC 175		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500176	FBO LOC 176		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500177	FBO LOC 177		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500178	FBO LOC 178		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500179	FBO LOC 179		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500180	FBO LOC 180		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500181	FBO LOC 181		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500182	FBO LOC 182		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500183	FBO LOC 183		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 36

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520142	FBO LOC 142 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520143	FBO LOC 143 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520144	FBO LOC 144 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520145	FBO LOC 145 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520146	FBO LOC 146 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520147	FBO LOC 147 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520148	FBO LOC 148 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520149	FBO LOC 149 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520150	FBO LOC 150 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520151	FBO LOC 151 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520152	FBO LOC 152 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520153	FBO LOC 153 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520154	FBO LOC 154 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520155	FBO LOC 155 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520156	FBO LOC 156 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
520157	FBO LOC 157 IPB		13,978		0		6,290		12,048		0		0		1,239.4		0.0		0.0		24.2		0.0		0.0		289.3		925.9		412.5
500158	FBO LOC 158		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		841.6
500159	FBO LOC 159		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		841.6
500160	FBO LOC 160		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		841.6
500161	FBO LOC 161		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		841.6
500162	FBO LOC 162		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		841.6
500163	FBO LOC 163		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500164	FBO LOC 164		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500165	FBO LOC 165		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500166	FBO LOC 166		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500167	FBO LOC 167		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500168	FBO LOC 168		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500169	FBO LOC 169		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500170	FBO LOC 170		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500171	FBO LOC 171		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500172	FBO LOC 172		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500173	FBO LOC 173		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500174	FBO LOC 174		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500175	FBO LOC 175		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500176	FBO LOC 176		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500177	FBO LOC 177		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500178	FBO LOC 178		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500179	FBO LOC 179		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500180	FBO LOC 180		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500181	FBO LOC 181		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500182	FBO LOC 182		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500183	FBO LOC 183		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 37

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500184	FBO LOC 184		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500185	FBO LOC 185		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500186	FBO LOC 186		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500187	FBO LOC 187		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500188	FBO LOC 188		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500189	FBO LOC 189		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.3
500190	FBO LOC 190		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500191	FBO LOC 191		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500192	FBO LOC 192		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500193	FBO LOC 193		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500194	FBO LOC 194		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500195	FBO LOC 195		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500196	FBO LOC 196		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500197	FBO LOC 197		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500198	FBO LOC 198		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500199	FBO LOC 199		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500200	FBO LOC 200		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500201	FBO LOC 201		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500202	FBO LOC 202		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500203	FBO LOC 203		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500204	FBO LOC 204		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500205	FBO LOC 205		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500206	FBO LOC 206		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500207	FBO LOC 207		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500208	FBO LOC 208		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500209	FBO LOC 209		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500210	FBO LOC 210		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500211	FBO LOC 211		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500212	FBO LOC 212		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500213	FBO LOC 213		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500214	FBO LOC 214		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500215	FBO LOC 215		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500216	FBO LOC 216		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.4
500217	FBO LOC 217		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500218	FBO LOC 218		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500219	FBO LOC 219		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500220	FBO LOC 220		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500221	FBO LOC 221		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500222	FBO LOC 222		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500223	FBO LOC 223		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500224	FBO LOC 224		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500225	FBO LOC 225		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 38

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500184	FBO LOC 184		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500185	FBO LOC 185		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500186	FBO LOC 186		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500187	FBO LOC 187		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500188	FBO LOC 188		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500189	FBO LOC 189		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.4		423.1		0.0		1,466.5		1,973.5		835.0
500190	FBO LOC 190		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500191	FBO LOC 191		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500192	FBO LOC 192		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500193	FBO LOC 193		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500194	FBO LOC 194		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500195	FBO LOC 195		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500196	FBO LOC 196		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500197	FBO LOC 197		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500198	FBO LOC 198		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500199	FBO LOC 199		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500200	FBO LOC 200		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500201	FBO LOC 201		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500202	FBO LOC 202		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500203	FBO LOC 203		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500204	FBO LOC 204		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500205	FBO LOC 205		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500206	FBO LOC 206		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500207	FBO LOC 207		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500208	FBO LOC 208		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500209	FBO LOC 209		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500210	FBO LOC 210		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500211	FBO LOC 211		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500212	FBO LOC 212		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500213	FBO LOC 213		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500214	FBO LOC 214		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500215	FBO LOC 215		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500216	FBO LOC 216		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.3		423.1		0.0		1,466.3		1,973.8		828.5
500217	FBO LOC 217		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500218	FBO LOC 218		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500219	FBO LOC 219		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500220	FBO LOC 220		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500221	FBO LOC 221		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500222	FBO LOC 222		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500223	FBO LOC 223		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500224	FBO LOC 224		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500225	FBO LOC 225		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 39

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500226	FBO LOC 226		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500227	FBO LOC 227		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500228	FBO LOC 228		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500229	FBO LOC 229		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500230	FBO LOC 230		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500231	FBO LOC 231		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500232	FBO LOC 232		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500233	FBO LOC 233		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500234	FBO LOC 234		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500235	FBO LOC 235		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500236	FBO LOC 236		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500237	FBO LOC 237		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500238	FBO LOC 238		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500239	FBO LOC 239		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500240	FBO LOC 240		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500241	FBO LOC 241		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500242	FBO LOC 242		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500243	FBO LOC 243		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.5
500244	FBO LOC 244		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500245	FBO LOC 245		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500246	FBO LOC 246		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500247	FBO LOC 247		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500248	FBO LOC 248		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500249	FBO LOC 249		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500250	FBO LOC 250		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500251	FBO LOC 251		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500252	FBO LOC 252		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500253	FBO LOC 253		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500254	FBO LOC 254		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500255	FBO LOC 255		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500256	FBO LOC 256		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500257	FBO LOC 257		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500258	FBO LOC 258		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500259	FBO LOC 259		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500260	FBO LOC 260		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500261	FBO LOC 261		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500262	FBO LOC 262		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500263	FBO LOC 263		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500264	FBO LOC 264		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500265	FBO LOC 265		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500266	FBO LOC 266		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500267	FBO LOC 267		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 40

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500226	FBO LOC 226		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500227	FBO LOC 227		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500228	FBO LOC 228		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500229	FBO LOC 229		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500230	FBO LOC 230		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500231	FBO LOC 231		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500232	FBO LOC 232		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500233	FBO LOC 233		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500234	FBO LOC 234		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500235	FBO LOC 235		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500236	FBO LOC 236		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500237	FBO LOC 237		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500238	FBO LOC 238		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500239	FBO LOC 239		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500240	FBO LOC 240		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500241	FBO LOC 241		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500242	FBO LOC 242		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500243	FBO LOC 243		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.2		423.1		0.0		1,466.3		1,973.9		821.8
500244	FBO LOC 244		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500245	FBO LOC 245		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500246	FBO LOC 246		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500247	FBO LOC 247		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500248	FBO LOC 248		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500249	FBO LOC 249		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500250	FBO LOC 250		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500251	FBO LOC 251		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500252	FBO LOC 252		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500253	FBO LOC 253		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500254	FBO LOC 254		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500255	FBO LOC 255		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500256	FBO LOC 256		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500257	FBO LOC 257		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500258	FBO LOC 258		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500259	FBO LOC 259		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500260	FBO LOC 260		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500261	FBO LOC 261		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500262	FBO LOC 262		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500263	FBO LOC 263		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500264	FBO LOC 264		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500265	FBO LOC 265		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500266	FBO LOC 266		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500267	FBO LOC 267		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 41

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500268	FBO LOC 268		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500269	FBO LOC 269		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500270	FBO LOC 270		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.6
500271	FBO LOC 271		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500272	FBO LOC 272		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500273	FBO LOC 273		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500274	FBO LOC 274		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500275	FBO LOC 275		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500276	FBO LOC 276		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500277	FBO LOC 277		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500278	FBO LOC 278		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500279	FBO LOC 279		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500280	FBO LOC 280		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500281	FBO LOC 281		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500282	FBO LOC 282		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500283	FBO LOC 283		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500284	FBO LOC 284		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500285	FBO LOC 285		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500286	FBO LOC 286		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500287	FBO LOC 287		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500288	FBO LOC 288		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500289	FBO LOC 289		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500290	FBO LOC 290		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500291	FBO LOC 291		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500292	FBO LOC 292		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500293	FBO LOC 293		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500294	FBO LOC 294		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500295	FBO LOC 295		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500296	FBO LOC 296		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500297	FBO LOC 297		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500298	FBO LOC 298		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500299	FBO LOC 299		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500300	FBO LOC 300		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500301	FBO LOC 301		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500302	FBO LOC 302		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500303	FBO LOC 303		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500304	FBO LOC 304		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500305	FBO LOC 305		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500306	FBO LOC 306		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500307	FBO LOC 307		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500308	FBO LOC 308		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500309	FBO LOC 309		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 42

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500268	FBO LOC 268		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500269	FBO LOC 269		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500270	FBO LOC 270		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		815.4
500271	FBO LOC 271		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500272	FBO LOC 272		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500273	FBO LOC 273		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500274	FBO LOC 274		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500275	FBO LOC 275		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500276	FBO LOC 276		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500277	FBO LOC 277		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500278	FBO LOC 278		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500279	FBO LOC 279		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500280	FBO LOC 280		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500281	FBO LOC 281		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500282	FBO LOC 282		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500283	FBO LOC 283		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500284	FBO LOC 284		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500285	FBO LOC 285		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500286	FBO LOC 286		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500287	FBO LOC 287		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500288	FBO LOC 288		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500289	FBO LOC 289		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500290	FBO LOC 290		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500291	FBO LOC 291		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500292	FBO LOC 292		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500293	FBO LOC 293		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500294	FBO LOC 294		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500295	FBO LOC 295		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500296	FBO LOC 296		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500297	FBO LOC 297		43,582		0		19,612		38,301		0		0		3,940.5		0.0		0.0		77.5		423.1		0.0		1,466.4		1,973.5		809.0
500298	FBO LOC 298		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500299	FBO LOC 299		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500300	FBO LOC 300		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500301	FBO LOC 301		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500302	FBO LOC 302		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500303	FBO LOC 303		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500304	FBO LOC 304		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500305	FBO LOC 305		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500306	FBO LOC 306		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500307	FBO LOC 307		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500308	FBO LOC 308		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500309	FBO LOC 309		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 43

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500310	FBO LOC 310		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500311	FBO LOC 311		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500312	FBO LOC 312		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500313	FBO LOC 313		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500314	FBO LOC 314		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500315	FBO LOC 315		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500316	FBO LOC 316		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500317	FBO LOC 317		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500318	FBO LOC 318		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500319	FBO LOC 319		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500320	FBO LOC 320		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500321	FBO LOC 321		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500322	FBO LOC 322		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500323	FBO LOC 323		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500324	FBO LOC 324		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500325	FBO LOC 325		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500326	FBO LOC 326		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500327	FBO LOC 327		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500328	FBO LOC 328		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500329	FBO LOC 329		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500330	FBO LOC 330		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.7
500331	FBO LOC 331		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500332	FBO LOC 332		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500333	FBO LOC 333		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500334	FBO LOC 334		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500335	FBO LOC 335		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500336	FBO LOC 336		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500337	FBO LOC 337		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500338	FBO LOC 338		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500339	FBO LOC 339		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500340	FBO LOC 340		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500341	FBO LOC 341		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500342	FBO LOC 342		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500343	FBO LOC 343		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500344	FBO LOC 344		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500345	FBO LOC 345		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500346	FBO LOC 346		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500347	FBO LOC 347		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500348	FBO LOC 348		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500349	FBO LOC 349		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500350	FBO LOC 350		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500351	FBO LOC 351		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 44

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500310	FBO LOC 310		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500311	FBO LOC 311		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500312	FBO LOC 312		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500313	FBO LOC 313		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500314	FBO LOC 314		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500315	FBO LOC 315		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500316	FBO LOC 316		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500317	FBO LOC 317		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500318	FBO LOC 318		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500319	FBO LOC 319		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500320	FBO LOC 320		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500321	FBO LOC 321		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500322	FBO LOC 322		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500323	FBO LOC 323		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500324	FBO LOC 324		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500325	FBO LOC 325		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500326	FBO LOC 326		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500327	FBO LOC 327		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500328	FBO LOC 328		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500329	FBO LOC 329		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500330	FBO LOC 330		43,582		0		19,612		38,301		0		0		3,940.3		0.0		0.0		77.4		423.1		0.0		1,466.0		1,973.8		802.8
500331	FBO LOC 331		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500332	FBO LOC 332		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500333	FBO LOC 333		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500334	FBO LOC 334		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500335	FBO LOC 335		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500336	FBO LOC 336		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500337	FBO LOC 337		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500338	FBO LOC 338		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500339	FBO LOC 339		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500340	FBO LOC 340		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500341	FBO LOC 341		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500342	FBO LOC 342		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500343	FBO LOC 343		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500344	FBO LOC 344		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500345	FBO LOC 345		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500346	FBO LOC 346		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500347	FBO LOC 347		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500348	FBO LOC 348		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500349	FBO LOC 349		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500350	FBO LOC 350		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500351	FBO LOC 351		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 45

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500352	FBO LOC 352		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500353	FBO LOC 353		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500354	FBO LOC 354		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500355	FBO LOC 355		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500356	FBO LOC 356		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500357	FBO LOC 357		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.8
500358	FBO LOC 358		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500359	FBO LOC 359		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500360	FBO LOC 360		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500361	FBO LOC 361		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500362	FBO LOC 362		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500363	FBO LOC 363		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500364	FBO LOC 364		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500365	FBO LOC 365		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500366	FBO LOC 366		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500367	FBO LOC 367		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500368	FBO LOC 368		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500369	FBO LOC 369		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500370	FBO LOC 370		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500371	FBO LOC 371		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500372	FBO LOC 372		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500373	FBO LOC 373		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500374	FBO LOC 374		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500375	FBO LOC 375		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500376	FBO LOC 376		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500377	FBO LOC 377		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500378	FBO LOC 378		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500379	FBO LOC 379		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500380	FBO LOC 380		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500381	FBO LOC 381		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500382	FBO LOC 382		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500383	FBO LOC 383		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500384	FBO LOC 384		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		17.9
500385	FBO LOC 385		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0
500386	FBO LOC 386		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0
500387	FBO LOC 387		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0
500388	FBO LOC 388		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0
500389	FBO LOC 389		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0
500390	FBO LOC 390		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0
500391	FBO LOC 391		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0
500392	FBO LOC 392		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0
500393	FBO LOC 393		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 46

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500352	FBO LOC 352		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500353	FBO LOC 353		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500354	FBO LOC 354		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500355	FBO LOC 355		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500356	FBO LOC 356		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500357	FBO LOC 357		43,582		0		19,612		38,301		0		0		3,940.6		0.0		0.0		77.5		423.1		0.0		1,466.5		1,973.5		796.1
500358	FBO LOC 358		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500359	FBO LOC 359		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500360	FBO LOC 360		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500361	FBO LOC 361		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500362	FBO LOC 362		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500363	FBO LOC 363		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500364	FBO LOC 364		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500365	FBO LOC 365		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500366	FBO LOC 366		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500367	FBO LOC 367		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500368	FBO LOC 368		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500369	FBO LOC 369		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500370	FBO LOC 370		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500371	FBO LOC 371		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500372	FBO LOC 372		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500373	FBO LOC 373		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500374	FBO LOC 374		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500375	FBO LOC 375		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500376	FBO LOC 376		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500377	FBO LOC 377		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500378	FBO LOC 378		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500379	FBO LOC 379		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500380	FBO LOC 380		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500381	FBO LOC 381		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500382	FBO LOC 382		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500383	FBO LOC 383		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500384	FBO LOC 384		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.2		423.1		0.0		1,466.6		1,973.5		789.9
500385	FBO LOC 385		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7
500386	FBO LOC 386		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7
500387	FBO LOC 387		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7
500388	FBO LOC 388		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7
500389	FBO LOC 389		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7
500390	FBO LOC 390		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7
500391	FBO LOC 391		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7
500392	FBO LOC 392		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7
500393	FBO LOC 393		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 47

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500394	FBO LOC 394		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0
500395	FBO LOC 395		1		0		43,582		19,612		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.8		18.0
510112	FIXED EXP DIAT PRB		0		0		0		0		100.000		95.080		91.129		86.262		0.000		0.000		0.000		0.000		0.000		0.000		0.0		66.1		18.3
510113	ABAN DIAT PRB		0		0		0		0		100.000		95.080		91.129		86.262		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		19.3
FIELD TOTAL			506		0		14,116,776		6,352,575
TOTAL CALIFORNIA			506		0		14,116,776		6,352,575
TOTAL ALL LEASES			506		0		14,116,776		6,352,575

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 48

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500394	FBO LOC 394		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7
500395	FBO LOC 395		43,582		0		19,612		38,301		0		0		3,940.4		0.0		0.0		77.4		423.1		0.0		1,466.4		1,973.5		783.7
510112	FIXED EXP DIAT PRB		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		629.5		-629.5		-115.1
510113	ABAN DIAT PRB		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		11,314.5		0.0		-11,314.5		-1,644.8
FIELD TOTAL			14,116,776		0		6,352,575		12,326,167		0		0		1,268,151.0		0.0		0.0		24,911.4		100,686.8		11,314.5		426,405.1		704,833.2		313,365.6
TOTAL CALIFORNIA			14,116,776		0		6,352,575		12,326,167		0		0		1,268,151.0		0.0		0.0		24,911.4		100,686.8		11,314.5		426,405.1		704,833.2		313,365.6
TOTAL ALL LEASES			14,116,776		0		6,352,575		12,326,167		0		0		1,268,151.0		0.0		0.0		24,911.4		100,686.8		11,314.5		426,405.1		704,833.2		313,365.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 49

POSSIBLE RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		624		0		281		569		0		0		102.880		0.000		0.000		58.5		0.0		0.0		58.5
12-31-2015		68,755		0		30,963		62,693		0		0		102.880		0.000		0.000		6,445.9		0.0		0.0		6,445.9
12-31-2016		303,353		0		136,519		276,389		0		0		102.880		0.000		0.000		28,437.5		0.0		0.0		28,437.5
12-31-2017		367,820		0		165,524		322,626		0		0		102.880		0.000		0.000		33,191.0		0.0		0.0		33,191.0
12-31-2018		988,523		0		444,816		867,032		0		0		102.880		0.000		0.000		89,201.3		0.0		0.0		89,201.3
12-31-2019		2,520,470		0		1,134,223		2,260,922		0		0		102.880		0.000		0.000		232,597.9		0.0		0.0		232,597.9
12-31-2020		2,729,514		0		1,228,201		2,418,186		0		0		102.880		0.000		0.000		248,787.0		0.0		0.0		248,787.0
12-31-2021		2,511,171		0		1,130,009		2,176,611		0		0		102.880		0.000		0.000		223,923.9		0.0		0.0		223,923.9
12-31-2022		2,309,968		0		1,039,442		1,998,035		0		0		102.880		0.000		0.000		205,551.2		0.0		0.0		205,551.2
12-31-2023		2,106,846		0		948,097		1,822,865		0		0		102.880		0.000		0.000		187,541.6		0.0		0.0		187,541.6
12-31-2024		1,912,312		0		860,483		1,652,688		0		0		102.880		0.000		0.000		170,027.2		0.0		0.0		170,027.2
12-31-2025		1,712,552		0		770,611		1,475,921		0		0		102.880		0.000		0.000		151,839.6		0.0		0.0		151,839.6
12-31-2026		1,452,808		0		653,818		1,251,173		0		0		102.880		0.000		0.000		128,725.6		0.0		0.0		128,725.6
12-31-2027		1,108,776		0		498,972		955,524		0		0		102.880		0.000		0.000		98,307.6		0.0		0.0		98,307.6
SUBTOTAL		20,093,492		0		9,041,959		17,541,234		0		0		102.880		0.000		0.000		1,804,635.8		0.0		0.0		1,804,635.8
REMAINING		2,825,132		0		1,271,620		2,437,467		0		0		102.880		0.000		0.000		250,753.0		0.0		0.0		250,753.0
TOTAL		22,918,624		0		10,313,579		19,978,701		0		0		102.880		0.000		0.000		2,055,388.8		0.0		0.0		2,055,388.8
CUM PROD		0				0
ULTIMATE		22,918,624				10,313,579

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF ACTIVE COMPLETIONS				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
					PRODUCTION M$		AD VALOREM M$								PERIOD M$		CUM M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET
12-31-2013		0		0.00		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		8.000		714,068.0
12-31-2014		0		0.00		0.1		1.1		0.0		0.0		12.2		45.1		45.1		41.0		12.000		523,965.8
12-31-2015		0		0.00		10.3		121.3		0.0		0.0		1,329.9		4,984.4		5,029.5		4,167.8		15.000		421,216.9
12-31-2016		0		0.00		44.3		521.3		0.0		0.0		4,031.6		23,840.3		28,869.8		22,658.1		20.000		300,029.1
12-31-2017		0		0.00		41.4		608.4		0.0		0.0		3,024.9		29,516.3		58,386.1		43,332.4		25.000		219,585.9
12-31-2018		178		170.86		118.7		1,633.2		86,735.5		0.0		12,934.7		-12,220.8		46,165.3		36,184.5		30.000		164,625.6
12-31-2019		295		288.86		317.2		4,256.4		38,079.0		0.0		47,457.4		142,487.9		188,653.2		118,004.8		35.000		126,050.4
12-31-2020		295		281.78		338.1		4,542.6		0.0		0.0		44,576.6		199,329.7		387,982.9		223,682.2		40.000		98,388.4
12-31-2021		295		282.15		308.6		4,095.5		0.0		0.0		36,669.9		182,849.9		570,832.8		311,819.9		45.000		78,138.7
12-31-2022		295		281.20		282.3		3,760.5		0.0		0.0		33,845.7		167,662.7		738,495.5		385,310.9		50.000		63,045.1
12-31-2023		295		281.59		254.3		3,430.5		0.0		0.0		32,415.4		151,441.4		889,936.9		445,664.6
12-31-2024		295		280.68		241.7		3,115.5		0.0		0.0		31,037.9		135,632.1		1,025,569.0		494,813.5
12-31-2025		295		279.92		213.8		2,770.2		0.0		0.0		29,711.3		119,144.3		1,144,713.3		534,052.0
12-31-2026		295		279.59		187.9		2,348.5		0.0		0.0		27,981.4		98,207.8		1,242,921.1		563,481.6
12-31-2027		295		279.59		129.6		1,794.6		0.0		0.0		24,469.8		71,913.6		1,314,834.7		583,085.9
SUBTOTAL						2,488.3		32,999.6		124,814.5		0.0		329,498.7		1,314,834.7		1,314,834.7		583,085.9
REMAINING						340.2		4,590.5		0.0		14,024.2		119,348.4		112,449.7		1,427,284.4		609,955.8
TOTAL OF 20.5 YRS						2,828.5		37,590.1		124,814.5		14,024.2		448,847.1		1,427,284.4		1,427,284.4		609,955.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 50

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
710001	110 WELL 001 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710002	110 WELL 002 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710003	110 WELL 003 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710004	110 WELL 004 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710005	110 WELL 005 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710006	110 WELL 006 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710007	110 WELL 007 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710008	110 WELL 008 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710009	110 WELL 009 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710010	110 WELL 010 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710011	110 WELL 011 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710012	110 WELL 012 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710013	110 WELL 013 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710014	110 WELL 014 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710015	110 WELL 015 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710016	110 WELL 016 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710017	110 WELL 017 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710018	110 WELL 018 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710019	110 WELL 019 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710020	110 WELL 020 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710021	110 WELL 021 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710022	110 WELL 022 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710023	110 WELL 023 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710024	110 WELL 024 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710025	110 WELL 025 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710026	110 WELL 026 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710027	110 WELL 027 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710028	110 WELL 028 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710029	110 WELL 029 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710030	110 WELL 030 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710031	110 WELL 031 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710032	110 WELL 032 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710033	110 WELL 033 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710034	110 WELL 034 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710035	110 WELL 035 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710036	110 WELL 036 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710037	110 WELL 037 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710038	110 WELL 038 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710039	110 WELL 039 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710040	110 WELL 040 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710041	110 WELL 041 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710042	110 WELL 042 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 51

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
710001	110 WELL 001 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710002	110 WELL 002 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710003	110 WELL 003 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710004	110 WELL 004 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710005	110 WELL 005 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710006	110 WELL 006 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710007	110 WELL 007 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710008	110 WELL 008 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710009	110 WELL 009 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710010	110 WELL 010 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710011	110 WELL 011 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710012	110 WELL 012 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710013	110 WELL 013 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710014	110 WELL 014 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710015	110 WELL 015 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710016	110 WELL 016 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710017	110 WELL 017 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710018	110 WELL 018 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710019	110 WELL 019 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710020	110 WELL 020 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710021	110 WELL 021 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710022	110 WELL 022 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710023	110 WELL 023 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710024	110 WELL 024 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710025	110 WELL 025 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710026	110 WELL 026 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710027	110 WELL 027 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710028	110 WELL 028 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710029	110 WELL 029 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710030	110 WELL 030 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710031	110 WELL 031 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710032	110 WELL 032 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710033	110 WELL 033 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710034	110 WELL 034 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710035	110 WELL 035 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710036	110 WELL 036 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710037	110 WELL 037 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710038	110 WELL 038 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710039	110 WELL 039 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710040	110 WELL 040 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710041	110 WELL 041 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710042	110 WELL 042 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 52

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
710043	110 WELL 043 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710044	110 WELL 044 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710045	110 WELL 045 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710046	110 WELL 046 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710047	110 WELL 047 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710048	110 WELL 048 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710049	110 WELL 049 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710050	110 WELL 050 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710051	110 WELL 051 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710052	110 WELL 052 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710053	110 WELL 053 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710054	110 WELL 054 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710055	110 WELL 055 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710056	110 WELL 056 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710057	110 WELL 057 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710058	110 WELL 058 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710059	110 WELL 059 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710060	110 WELL 060 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710061	110 WELL 061 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710062	110 WELL 062 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710063	110 WELL 063 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710064	110 WELL 064 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710065	110 WELL 065 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710066	110 WELL 066 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710067	110 WELL 067 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710068	110 WELL 068 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710069	110 WELL 069 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710070	110 WELL 070 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710071	110 WELL 071 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710072	110 WELL 072 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710073	110 WELL 073 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710074	110 WELL 074 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710075	110 WELL 075 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710076	110 WELL 076 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710077	110 WELL 077 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710078	110 WELL 078 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710079	110 WELL 079 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710080	110 WELL 080 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710081	110 WELL 081 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710082	110 WELL 082 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710083	110 WELL 083 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710084	110 WELL 084 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 53

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
710043	110 WELL 043 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710044	110 WELL 044 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710045	110 WELL 045 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710046	110 WELL 046 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710047	110 WELL 047 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710048	110 WELL 048 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710049	110 WELL 049 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710050	110 WELL 050 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710051	110 WELL 051 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710052	110 WELL 052 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710053	110 WELL 053 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710054	110 WELL 054 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710055	110 WELL 055 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710056	110 WELL 056 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710057	110 WELL 057 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710058	110 WELL 058 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710059	110 WELL 059 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710060	110 WELL 060 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710061	110 WELL 061 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710062	110 WELL 062 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710063	110 WELL 063 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710064	110 WELL 064 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710065	110 WELL 065 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710066	110 WELL 066 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710067	110 WELL 067 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710068	110 WELL 068 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710069	110 WELL 069 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710070	110 WELL 070 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710071	110 WELL 071 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710072	110 WELL 072 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710073	110 WELL 073 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710074	110 WELL 074 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710075	110 WELL 075 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710076	110 WELL 076 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710077	110 WELL 077 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710078	110 WELL 078 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710079	110 WELL 079 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710080	110 WELL 080 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710081	110 WELL 081 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710082	110 WELL 082 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710083	110 WELL 083 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710084	110 WELL 084 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 54

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
710085	110 WELL 085 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710086	110 WELL 086 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710087	110 WELL 087 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710088	110 WELL 088 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710089	110 WELL 089 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710090	110 WELL 090 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710091	110 WELL 091 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710092	110 WELL 092 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710093	110 WELL 093 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710094	110 WELL 094 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710095	110 WELL 095 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710096	110 WELL 096 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710097	110 WELL 097 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710098	110 WELL 098 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710099	110 WELL 099 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.7
710100	110 WELL 100 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710101	110 WELL 101 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710102	110 WELL 102 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710103	110 WELL 103 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710104	110 WELL 104 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710105	110 WELL 105 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710106	110 WELL 106 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710107	110 WELL 107 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710108	110 WELL 108 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710109	110 WELL 109 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710110	110 WELL 110 IPS		1		0		21,319		9,594		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		17.8
710119	2014X RD IPS		1		0		21,316		9,592		100.000		100.000		91.129		91.129		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		16.8
720001	FBO LOC 001 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720002	FBO LOC 002 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720003	FBO LOC 003 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720004	FBO LOC 004 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720005	FBO LOC 005 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720006	FBO LOC 006 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720007	FBO LOC 007 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720008	FBO LOC 008 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720009	FBO LOC 009 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720010	FBO LOC 010 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720011	FBO LOC 011 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720012	FBO LOC 012 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720013	FBO LOC 013 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720014	FBO LOC 014 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720015	FBO LOC 015 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 55

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
710085	110 WELL 085 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710086	110 WELL 086 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710087	110 WELL 087 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710088	110 WELL 088 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710089	110 WELL 089 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710090	110 WELL 090 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710091	110 WELL 091 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710092	110 WELL 092 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710093	110 WELL 093 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710094	110 WELL 094 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710095	110 WELL 095 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710096	110 WELL 096 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710097	110 WELL 097 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710098	110 WELL 098 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710099	110 WELL 099 IPS		21,319		0		9,594		18,586		0		0		1,911.9		0.0		0.0		37.9		0.0		0.0		99.1		1,774.9		969.9
710100	110 WELL 100 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710101	110 WELL 101 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710102	110 WELL 102 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710103	110 WELL 103 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710104	110 WELL 104 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710105	110 WELL 105 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710106	110 WELL 106 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710107	110 WELL 107 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710108	110 WELL 108 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710109	110 WELL 109 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710110	110 WELL 110 IPS		21,319		0		9,594		18,575		0		0		1,911.2		0.0		0.0		37.7		0.0		0.0		98.9		1,774.6		961.7
710119	2014X RD IPS		21,316		0		9,592		19,425		0		0		1,998.4		0.0		0.0		39.3		0.0		0.0		101.5		1,857.6		1,112.5
720001	FBO LOC 001 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720002	FBO LOC 002 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720003	FBO LOC 003 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720004	FBO LOC 004 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720005	FBO LOC 005 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720006	FBO LOC 006 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720007	FBO LOC 007 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720008	FBO LOC 008 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720009	FBO LOC 009 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720010	FBO LOC 010 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720011	FBO LOC 011 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720012	FBO LOC 012 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720013	FBO LOC 013 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720014	FBO LOC 014 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720015	FBO LOC 015 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 56

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720016	FBO LOC 016 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720017	FBO LOC 017 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720018	FBO LOC 018 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720019	FBO LOC 019 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720020	FBO LOC 020 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720021	FBO LOC 021 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720022	FBO LOC 022 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720023	FBO LOC 023 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720024	FBO LOC 024 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720025	FBO LOC 025 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720026	FBO LOC 026 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720027	FBO LOC 027 IPS		1		0		21,378		9,620		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
720028	FBO LOC 028 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720029	FBO LOC 029 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720030	FBO LOC 030 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720031	FBO LOC 031 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720032	FBO LOC 032 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720033	FBO LOC 033 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720034	FBO LOC 034 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720035	FBO LOC 035 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720036	FBO LOC 036 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720037	FBO LOC 037 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720038	FBO LOC 038 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720039	FBO LOC 039 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720040	FBO LOC 040 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720041	FBO LOC 041 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720042	FBO LOC 042 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720043	FBO LOC 043 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720044	FBO LOC 044 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720045	FBO LOC 045 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720046	FBO LOC 046 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720047	FBO LOC 047 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720048	FBO LOC 048 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720049	FBO LOC 049 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720050	FBO LOC 050 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720051	FBO LOC 051 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720052	FBO LOC 052 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720053	FBO LOC 053 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720054	FBO LOC 054 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720055	FBO LOC 055 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720056	FBO LOC 056 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720057	FBO LOC 057 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 57

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720016	FBO LOC 016 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720017	FBO LOC 017 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720018	FBO LOC 018 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720019	FBO LOC 019 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720020	FBO LOC 020 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720021	FBO LOC 021 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720022	FBO LOC 022 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720023	FBO LOC 023 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720024	FBO LOC 024 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720025	FBO LOC 025 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720026	FBO LOC 026 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720027	FBO LOC 027 IPS		21,378		0		9,620		18,409		0		0		1,893.9		0.0		0.0		37.2		0.0		0.0		99.0		1,757.7		803.8
720028	FBO LOC 028 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720029	FBO LOC 029 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720030	FBO LOC 030 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720031	FBO LOC 031 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720032	FBO LOC 032 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720033	FBO LOC 033 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720034	FBO LOC 034 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720035	FBO LOC 035 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720036	FBO LOC 036 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720037	FBO LOC 037 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720038	FBO LOC 038 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720039	FBO LOC 039 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720040	FBO LOC 040 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720041	FBO LOC 041 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720042	FBO LOC 042 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720043	FBO LOC 043 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720044	FBO LOC 044 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720045	FBO LOC 045 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720046	FBO LOC 046 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720047	FBO LOC 047 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720048	FBO LOC 048 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720049	FBO LOC 049 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720050	FBO LOC 050 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720051	FBO LOC 051 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720052	FBO LOC 052 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720053	FBO LOC 053 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720054	FBO LOC 054 IPS		21,383		0		9,622		18,414		0		0		1,894.5		0.0		0.0		37.3		0.0		0.0		99.4		1,757.8		797.5
720055	FBO LOC 055 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720056	FBO LOC 056 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720057	FBO LOC 057 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 58

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720058	FBO LOC 058 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720059	FBO LOC 059 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720060	FBO LOC 060 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720061	FBO LOC 061 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720062	FBO LOC 062 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720063	FBO LOC 063 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720064	FBO LOC 064 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720065	FBO LOC 065 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720066	FBO LOC 066 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720067	FBO LOC 067 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720068	FBO LOC 068 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720069	FBO LOC 069 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720070	FBO LOC 070 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720071	FBO LOC 071 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720072	FBO LOC 072 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720073	FBO LOC 073 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720074	FBO LOC 074 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720075	FBO LOC 075 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720076	FBO LOC 076 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720077	FBO LOC 077 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720078	FBO LOC 078 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720079	FBO LOC 079 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720080	FBO LOC 080 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720081	FBO LOC 081 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720082	FBO LOC 082 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720083	FBO LOC 083 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720084	FBO LOC 084 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720085	FBO LOC 085 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720086	FBO LOC 086 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720087	FBO LOC 087 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720088	FBO LOC 088 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720089	FBO LOC 089 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720090	FBO LOC 090 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720091	FBO LOC 091 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720092	FBO LOC 092 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720093	FBO LOC 093 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720094	FBO LOC 094 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720095	FBO LOC 095 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720096	FBO LOC 096 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720097	FBO LOC 097 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720098	FBO LOC 098 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720099	FBO LOC 099 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 59

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720058	FBO LOC 058 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720059	FBO LOC 059 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720060	FBO LOC 060 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720061	FBO LOC 061 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720062	FBO LOC 062 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720063	FBO LOC 063 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720064	FBO LOC 064 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720065	FBO LOC 065 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720066	FBO LOC 066 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720067	FBO LOC 067 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720068	FBO LOC 068 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720069	FBO LOC 069 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720070	FBO LOC 070 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720071	FBO LOC 071 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720072	FBO LOC 072 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720073	FBO LOC 073 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720074	FBO LOC 074 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720075	FBO LOC 075 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720076	FBO LOC 076 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720077	FBO LOC 077 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720078	FBO LOC 078 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720079	FBO LOC 079 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720080	FBO LOC 080 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720081	FBO LOC 081 IPS		21,389		0		9,625		18,419		0		0		1,894.8		0.0		0.0		37.2		0.0		0.0		100.0		1,757.6		791.1
720082	FBO LOC 082 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720083	FBO LOC 083 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720084	FBO LOC 084 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720085	FBO LOC 085 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720086	FBO LOC 086 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720087	FBO LOC 087 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720088	FBO LOC 088 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720089	FBO LOC 089 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720090	FBO LOC 090 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720091	FBO LOC 091 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720092	FBO LOC 092 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720093	FBO LOC 093 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720094	FBO LOC 094 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720095	FBO LOC 095 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720096	FBO LOC 096 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720097	FBO LOC 097 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720098	FBO LOC 098 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720099	FBO LOC 099 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 60

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720100	FBO LOC 100 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720101	FBO LOC 101 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720102	FBO LOC 102 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720103	FBO LOC 103 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720104	FBO LOC 104 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720105	FBO LOC 105 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720106	FBO LOC 106 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720107	FBO LOC 107 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720108	FBO LOC 108 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720109	FBO LOC 109 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720110	FBO LOC 110 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720111	FBO LOC 111 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720112	FBO LOC 112 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720113	FBO LOC 113 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720114	FBO LOC 114 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720115	FBO LOC 115 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720116	FBO LOC 116 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720117	FBO LOC 117 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720118	FBO LOC 118 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720119	FBO LOC 119 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720120	FBO LOC 120 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720121	FBO LOC 121 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720122	FBO LOC 122 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720123	FBO LOC 123 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720124	FBO LOC 124 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720125	FBO LOC 125 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720126	FBO LOC 126 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720127	FBO LOC 127 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720128	FBO LOC 128 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720129	FBO LOC 129 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720130	FBO LOC 130 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720131	FBO LOC 131 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720132	FBO LOC 132 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720133	FBO LOC 133 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720134	FBO LOC 134 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720135	FBO LOC 135 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
720136	FBO LOC 136 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720137	FBO LOC 137 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720138	FBO LOC 138 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720139	FBO LOC 139 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720140	FBO LOC 140 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720141	FBO LOC 141 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 61

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720100	FBO LOC 100 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720101	FBO LOC 101 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720102	FBO LOC 102 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720103	FBO LOC 103 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720104	FBO LOC 104 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720105	FBO LOC 105 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720106	FBO LOC 106 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720107	FBO LOC 107 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720108	FBO LOC 108 IPS		21,394		0		9,627		18,424		0		0		1,895.4		0.0		0.0		37.3		0.0		0.0		100.4		1,757.7		784.9
720109	FBO LOC 109 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720110	FBO LOC 110 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720111	FBO LOC 111 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720112	FBO LOC 112 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720113	FBO LOC 113 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720114	FBO LOC 114 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720115	FBO LOC 115 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720116	FBO LOC 116 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720117	FBO LOC 117 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720118	FBO LOC 118 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720119	FBO LOC 119 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720120	FBO LOC 120 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720121	FBO LOC 121 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720122	FBO LOC 122 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720123	FBO LOC 123 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720124	FBO LOC 124 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720125	FBO LOC 125 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720126	FBO LOC 126 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720127	FBO LOC 127 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720128	FBO LOC 128 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720129	FBO LOC 129 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720130	FBO LOC 130 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720131	FBO LOC 131 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720132	FBO LOC 132 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720133	FBO LOC 133 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720134	FBO LOC 134 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720135	FBO LOC 135 IPS		21,400		0		9,630		18,429		0		0		1,896.1		0.0		0.0		37.1		0.0		0.0		100.7		1,758.3		778.8
720136	FBO LOC 136 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720137	FBO LOC 137 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720138	FBO LOC 138 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720139	FBO LOC 139 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720140	FBO LOC 140 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720141	FBO LOC 141 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 62

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720142	FBO LOC 142 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720143	FBO LOC 143 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720144	FBO LOC 144 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720145	FBO LOC 145 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720146	FBO LOC 146 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720147	FBO LOC 147 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720148	FBO LOC 148 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720149	FBO LOC 149 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720150	FBO LOC 150 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720151	FBO LOC 151 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720152	FBO LOC 152 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720153	FBO LOC 153 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720154	FBO LOC 154 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720155	FBO LOC 155 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720156	FBO LOC 156 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
720157	FBO LOC 157 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.6		19.5
700158	FBO LOC 158 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700159	FBO LOC 159 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700160	FBO LOC 160 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700161	FBO LOC 161 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700162	FBO LOC 162 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700163	FBO LOC 163 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700164	FBO LOC 164 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700165	FBO LOC 165 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700166	FBO LOC 166 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700167	FBO LOC 167 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700168	FBO LOC 168 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700169	FBO LOC 169 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700170	FBO LOC 170 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700171	FBO LOC 171 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700172	FBO LOC 172 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700173	FBO LOC 173 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700174	FBO LOC 174 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700175	FBO LOC 175 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700176	FBO LOC 176 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700177	FBO LOC 177 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700178	FBO LOC 178 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700179	FBO LOC 179 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700180	FBO LOC 180 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700181	FBO LOC 181 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700182	FBO LOC 182 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700183	FBO LOC 183 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 63

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720142	FBO LOC 142 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720143	FBO LOC 143 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720144	FBO LOC 144 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720145	FBO LOC 145 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720146	FBO LOC 146 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720147	FBO LOC 147 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720148	FBO LOC 148 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720149	FBO LOC 149 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720150	FBO LOC 150 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720151	FBO LOC 151 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720152	FBO LOC 152 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720153	FBO LOC 153 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720154	FBO LOC 154 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720155	FBO LOC 155 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720156	FBO LOC 156 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
720157	FBO LOC 157 IPS		21,406		0		9,633		18,434		0		0		1,896.5		0.0		0.0		37.2		0.0		0.0		100.7		1,758.6		772.6
700158	FBO LOC 158 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.1		0.0		0.0		-20.5		726.0		321.8
700159	FBO LOC 159 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.1		0.0		0.0		-20.5		726.0		321.8
700160	FBO LOC 160 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.1		0.0		0.0		-20.5		726.0		321.8
700161	FBO LOC 161 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.1		0.0		0.0		-20.5		726.0		321.8
700162	FBO LOC 162 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.1		0.0		0.0		-20.5		726.0		321.8
700163	FBO LOC 163 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700164	FBO LOC 164 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700165	FBO LOC 165 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700166	FBO LOC 166 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700167	FBO LOC 167 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700168	FBO LOC 168 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700169	FBO LOC 169 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700170	FBO LOC 170 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700171	FBO LOC 171 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700172	FBO LOC 172 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700173	FBO LOC 173 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700174	FBO LOC 174 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700175	FBO LOC 175 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700176	FBO LOC 176 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700177	FBO LOC 177 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700178	FBO LOC 178 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700179	FBO LOC 179 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700180	FBO LOC 180 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700181	FBO LOC 181 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700182	FBO LOC 182 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700183	FBO LOC 183 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 64

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700184	FBO LOC 184 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700185	FBO LOC 185 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700186	FBO LOC 186 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700187	FBO LOC 187 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700188	FBO LOC 188 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700189	FBO LOC 189 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700190	FBO LOC 190 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700191	FBO LOC 191 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700192	FBO LOC 192 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700193	FBO LOC 193 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700194	FBO LOC 194 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700195	FBO LOC 195 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700196	FBO LOC 196 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700197	FBO LOC 197 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700198	FBO LOC 198 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700199	FBO LOC 199 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700200	FBO LOC 200 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700201	FBO LOC 201 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700202	FBO LOC 202 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700203	FBO LOC 203 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700204	FBO LOC 204 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700205	FBO LOC 205 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700206	FBO LOC 206 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700207	FBO LOC 207 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700208	FBO LOC 208 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700209	FBO LOC 209 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700210	FBO LOC 210 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700211	FBO LOC 211 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700212	FBO LOC 212 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700213	FBO LOC 213 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700214	FBO LOC 214 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700215	FBO LOC 215 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700216	FBO LOC 216 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700217	FBO LOC 217 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700218	FBO LOC 218 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700219	FBO LOC 219 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700220	FBO LOC 220 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700221	FBO LOC 221 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700222	FBO LOC 222 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700223	FBO LOC 223 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700224	FBO LOC 224 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700225	FBO LOC 225 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 65

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700184	FBO LOC 184 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700185	FBO LOC 185 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700186	FBO LOC 186 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700187	FBO LOC 187 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700188	FBO LOC 188 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700189	FBO LOC 189 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.0		0.0		0.0		-20.7		726.4		319.1
700190	FBO LOC 190 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700191	FBO LOC 191 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700192	FBO LOC 192 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700193	FBO LOC 193 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700194	FBO LOC 194 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700195	FBO LOC 195 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700196	FBO LOC 196 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700197	FBO LOC 197 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700198	FBO LOC 198 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700199	FBO LOC 199 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700200	FBO LOC 200 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700201	FBO LOC 201 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700202	FBO LOC 202 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700203	FBO LOC 203 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700204	FBO LOC 204 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700205	FBO LOC 205 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700206	FBO LOC 206 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700207	FBO LOC 207 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700208	FBO LOC 208 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700209	FBO LOC 209 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700210	FBO LOC 210 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700211	FBO LOC 211 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700212	FBO LOC 212 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700213	FBO LOC 213 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700214	FBO LOC 214 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700215	FBO LOC 215 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700216	FBO LOC 216 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.0		0.0		0.0		-20.5		726.0		316.6
700217	FBO LOC 217 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700218	FBO LOC 218 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700219	FBO LOC 219 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700220	FBO LOC 220 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700221	FBO LOC 221 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700222	FBO LOC 222 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700223	FBO LOC 223 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700224	FBO LOC 224 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700225	FBO LOC 225 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 66

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700226	FBO LOC 226 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700227	FBO LOC 227 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700228	FBO LOC 228 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700229	FBO LOC 229 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700230	FBO LOC 230 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700231	FBO LOC 231 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700232	FBO LOC 232 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700233	FBO LOC 233 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700234	FBO LOC 234 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700235	FBO LOC 235 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700236	FBO LOC 236 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700237	FBO LOC 237 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700238	FBO LOC 238 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700239	FBO LOC 239 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700240	FBO LOC 240 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700241	FBO LOC 241 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700242	FBO LOC 242 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700243	FBO LOC 243 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700244	FBO LOC 244 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700245	FBO LOC 245 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700246	FBO LOC 246 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700247	FBO LOC 247 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700248	FBO LOC 248 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700249	FBO LOC 249 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700250	FBO LOC 250 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700251	FBO LOC 251 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700252	FBO LOC 252 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700253	FBO LOC 253 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700254	FBO LOC 254 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700255	FBO LOC 255 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700256	FBO LOC 256 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700257	FBO LOC 257 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700258	FBO LOC 258 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700259	FBO LOC 259 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700260	FBO LOC 260 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700261	FBO LOC 261 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700262	FBO LOC 262 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700263	FBO LOC 263 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700264	FBO LOC 264 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700265	FBO LOC 265 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700266	FBO LOC 266 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700267	FBO LOC 267 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 67

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700226	FBO LOC 226 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700227	FBO LOC 227 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700228	FBO LOC 228 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700229	FBO LOC 229 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700230	FBO LOC 230 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700231	FBO LOC 231 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700232	FBO LOC 232 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700233	FBO LOC 233 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700234	FBO LOC 234 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700235	FBO LOC 235 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700236	FBO LOC 236 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700237	FBO LOC 237 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700238	FBO LOC 238 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700239	FBO LOC 239 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700240	FBO LOC 240 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700241	FBO LOC 241 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700242	FBO LOC 242 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700243	FBO LOC 243 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.2		0.0		0.0		-20.6		726.0		314.0
700244	FBO LOC 244 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700245	FBO LOC 245 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700246	FBO LOC 246 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700247	FBO LOC 247 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700248	FBO LOC 248 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700249	FBO LOC 249 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700250	FBO LOC 250 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700251	FBO LOC 251 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700252	FBO LOC 252 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700253	FBO LOC 253 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700254	FBO LOC 254 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700255	FBO LOC 255 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700256	FBO LOC 256 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700257	FBO LOC 257 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700258	FBO LOC 258 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700259	FBO LOC 259 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700260	FBO LOC 260 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700261	FBO LOC 261 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700262	FBO LOC 262 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700263	FBO LOC 263 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700264	FBO LOC 264 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700265	FBO LOC 265 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700266	FBO LOC 266 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700267	FBO LOC 267 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 68

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700268	FBO LOC 268 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700269	FBO LOC 269 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700270	FBO LOC 270 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700271	FBO LOC 271 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700272	FBO LOC 272 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700273	FBO LOC 273 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700274	FBO LOC 274 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700275	FBO LOC 275 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700276	FBO LOC 276 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700277	FBO LOC 277 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700278	FBO LOC 278 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700279	FBO LOC 279 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700280	FBO LOC 280 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700281	FBO LOC 281 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700282	FBO LOC 282 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700283	FBO LOC 283 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700284	FBO LOC 284 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700285	FBO LOC 285 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700286	FBO LOC 286 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700287	FBO LOC 287 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700288	FBO LOC 288 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700289	FBO LOC 289 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700290	FBO LOC 290 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700291	FBO LOC 291 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700292	FBO LOC 292 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700293	FBO LOC 293 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700294	FBO LOC 294 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700295	FBO LOC 295 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700296	FBO LOC 296 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700297	FBO LOC 297 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700298	FBO LOC 298 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700299	FBO LOC 299 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700300	FBO LOC 300 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700301	FBO LOC 301 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700302	FBO LOC 302 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700303	FBO LOC 303 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700304	FBO LOC 304 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700305	FBO LOC 305 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700306	FBO LOC 306 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700307	FBO LOC 307 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700308	FBO LOC 308 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700309	FBO LOC 309 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 69

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700268	FBO LOC 268 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700269	FBO LOC 269 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700270	FBO LOC 270 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.5		725.8		311.7
700271	FBO LOC 271 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700272	FBO LOC 272 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700273	FBO LOC 273 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700274	FBO LOC 274 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700275	FBO LOC 275 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700276	FBO LOC 276 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700277	FBO LOC 277 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700278	FBO LOC 278 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700279	FBO LOC 279 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700280	FBO LOC 280 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700281	FBO LOC 281 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700282	FBO LOC 282 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700283	FBO LOC 283 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700284	FBO LOC 284 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700285	FBO LOC 285 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700286	FBO LOC 286 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700287	FBO LOC 287 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700288	FBO LOC 288 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700289	FBO LOC 289 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700290	FBO LOC 290 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700291	FBO LOC 291 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700292	FBO LOC 292 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700293	FBO LOC 293 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700294	FBO LOC 294 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700295	FBO LOC 295 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700296	FBO LOC 296 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700297	FBO LOC 297 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.2		0.0		0.0		-20.8		726.1		309.2
700298	FBO LOC 298 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700299	FBO LOC 299 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700300	FBO LOC 300 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700301	FBO LOC 301 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700302	FBO LOC 302 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700303	FBO LOC 303 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700304	FBO LOC 304 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700305	FBO LOC 305 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700306	FBO LOC 306 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700307	FBO LOC 307 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700308	FBO LOC 308 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700309	FBO LOC 309 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 70

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700310	FBO LOC 310 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700311	FBO LOC 311 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700312	FBO LOC 312 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700313	FBO LOC 313 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700314	FBO LOC 314 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700315	FBO LOC 315 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700316	FBO LOC 316 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700317	FBO LOC 317 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700318	FBO LOC 318 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700319	FBO LOC 319 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700320	FBO LOC 320 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700321	FBO LOC 321 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700322	FBO LOC 322 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700323	FBO LOC 323 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700324	FBO LOC 324 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700325	FBO LOC 325 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700326	FBO LOC 326 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700327	FBO LOC 327 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700328	FBO LOC 328 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700329	FBO LOC 329 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700330	FBO LOC 330 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700331	FBO LOC 331 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700332	FBO LOC 332 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700333	FBO LOC 333 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700334	FBO LOC 334 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700335	FBO LOC 335 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700336	FBO LOC 336 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700337	FBO LOC 337 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700338	FBO LOC 338 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700339	FBO LOC 339 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700340	FBO LOC 340 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700341	FBO LOC 341 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700342	FBO LOC 342 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700343	FBO LOC 343 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700344	FBO LOC 344 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700345	FBO LOC 345 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700346	FBO LOC 346 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700347	FBO LOC 347 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700348	FBO LOC 348 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700349	FBO LOC 349 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700350	FBO LOC 350 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700351	FBO LOC 351 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 71

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700310	FBO LOC 310 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700311	FBO LOC 311 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700312	FBO LOC 312 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700313	FBO LOC 313 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700314	FBO LOC 314 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700315	FBO LOC 315 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700316	FBO LOC 316 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700317	FBO LOC 317 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700318	FBO LOC 318 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700319	FBO LOC 319 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700320	FBO LOC 320 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700321	FBO LOC 321 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700322	FBO LOC 322 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700323	FBO LOC 323 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700324	FBO LOC 324 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700325	FBO LOC 325 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700326	FBO LOC 326 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700327	FBO LOC 327 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700328	FBO LOC 328 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700329	FBO LOC 329 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700330	FBO LOC 330 IPS		8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.7		726.0		306.7
700331	FBO LOC 331 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700332	FBO LOC 332 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700333	FBO LOC 333 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700334	FBO LOC 334 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700335	FBO LOC 335 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700336	FBO LOC 336 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700337	FBO LOC 337 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700338	FBO LOC 338 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700339	FBO LOC 339 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700340	FBO LOC 340 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700341	FBO LOC 341 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700342	FBO LOC 342 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700343	FBO LOC 343 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700344	FBO LOC 344 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700345	FBO LOC 345 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700346	FBO LOC 346 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700347	FBO LOC 347 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700348	FBO LOC 348 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700349	FBO LOC 349 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700350	FBO LOC 350 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700351	FBO LOC 351 IPS		8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 72

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700352	FBO LOC 352 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700353	FBO LOC 353 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700354	FBO LOC 354 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700355	FBO LOC 355 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700356	FBO LOC 356 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700357	FBO LOC 357 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.7
700358	FBO LOC 358 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700359	FBO LOC 359 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700360	FBO LOC 360 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700361	FBO LOC 361 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700362	FBO LOC 362 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700363	FBO LOC 363 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700364	FBO LOC 364 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700365	FBO LOC 365 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700366	FBO LOC 366 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700367	FBO LOC 367 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700368	FBO LOC 368 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700369	FBO LOC 369 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700370	FBO LOC 370 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700371	FBO LOC 371 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700372	FBO LOC 372 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700373	FBO LOC 373 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700374	FBO LOC 374 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700375	FBO LOC 375 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700376	FBO LOC 376 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700377	FBO LOC 377 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700378	FBO LOC 378 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700379	FBO LOC 379 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700380	FBO LOC 380 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700381	FBO LOC 381 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700382	FBO LOC 382 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700383	FBO LOC 383 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700384	FBO LOC 384 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700385	FBO LOC 385 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700386	FBO LOC 386 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700387	FBO LOC 387 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700388	FBO LOC 388 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700389	FBO LOC 389 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700390	FBO LOC 390 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700391	FBO LOC 391 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700392	FBO LOC 392 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700393	FBO LOC 393 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 73

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES					NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL	NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL	BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700352	FBO LOC 352 IPS	8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700353	FBO LOC 353 IPS	8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700354	FBO LOC 354 IPS	8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700355	FBO LOC 355 IPS	8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700356	FBO LOC 356 IPS	8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700357	FBO LOC 357 IPS	8,146		0		3,666		6,994		0		0		719.5		0.0		0.0		14.3		0.0		0.0		-20.5		725.7		304.3
700358	FBO LOC 358 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700359	FBO LOC 359 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700360	FBO LOC 360 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700361	FBO LOC 361 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700362	FBO LOC 362 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700363	FBO LOC 363 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700364	FBO LOC 364 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700365	FBO LOC 365 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700366	FBO LOC 366 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700367	FBO LOC 367 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700368	FBO LOC 368 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700369	FBO LOC 369 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700370	FBO LOC 370 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700371	FBO LOC 371 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700372	FBO LOC 372 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700373	FBO LOC 373 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700374	FBO LOC 374 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700375	FBO LOC 375 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700376	FBO LOC 376 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700377	FBO LOC 377 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700378	FBO LOC 378 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700379	FBO LOC 379 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700380	FBO LOC 380 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700381	FBO LOC 381 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700382	FBO LOC 382 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700383	FBO LOC 383 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700384	FBO LOC 384 IPS	8,146		0		3,666		6,994		0		0		719.6		0.0		0.0		14.3		0.0		0.0		-20.3		725.6		301.8
700385	FBO LOC 385 IPS	8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4
700386	FBO LOC 386 IPS	8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4
700387	FBO LOC 387 IPS	8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4
700388	FBO LOC 388 IPS	8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4
700389	FBO LOC 389 IPS	8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4
700390	FBO LOC 390 IPS	8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4
700391	FBO LOC 391 IPS	8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4
700392	FBO LOC 392 IPS	8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4
700393	FBO LOC 393 IPS	8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 74

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700394	FBO LOC 394 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
700395	FBO LOC 395 IPS		1		0		8,146		3,666		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500396	FBO LOC 396		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500397	FBO LOC 397		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500398	FBO LOC 398		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500399	FBO LOC 399		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500400	FBO LOC 400		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500401	FBO LOC 401		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500402	FBO LOC 402		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500403	FBO LOC 403		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500404	FBO LOC 404		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500405	FBO LOC 405		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500406	FBO LOC 406		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500407	FBO LOC 407		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500408	FBO LOC 408		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500409	FBO LOC 409		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500410	FBO LOC 410		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500411	FBO LOC 411		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500412	FBO LOC 412		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500413	FBO LOC 413		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500414	FBO LOC 414		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500415	FBO LOC 415		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500416	FBO LOC 416		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500417	FBO LOC 417		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500418	FBO LOC 418		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500419	FBO LOC 419		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500420	FBO LOC 420		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500421	FBO LOC 421		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500422	FBO LOC 422		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500423	FBO LOC 423		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500424	FBO LOC 424		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500425	FBO LOC 425		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500426	FBO LOC 426		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500427	FBO LOC 427		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500428	FBO LOC 428		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500429	FBO LOC 429		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500430	FBO LOC 430		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500431	FBO LOC 431		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500432	FBO LOC 432		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500433	FBO LOC 433		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500434	FBO LOC 434		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500435	FBO LOC 435		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 75

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$		TAXES M$		COST M$		COST M$		EXPENSE M$		REVENUE M$		10.000% M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700394	FBO LOC 394 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4
700395	FBO LOC 395 IPS		8,146		0		3,666		6,994		0		0		719.7		0.0		0.0		14.1		0.0		0.0		-20.4		726.0		299.4
500396	FBO LOC 396		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500397	FBO LOC 397		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500398	FBO LOC 398		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500399	FBO LOC 399		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500400	FBO LOC 400		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500401	FBO LOC 401		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500402	FBO LOC 402		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500403	FBO LOC 403		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500404	FBO LOC 404		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500405	FBO LOC 405		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500406	FBO LOC 406		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500407	FBO LOC 407		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500408	FBO LOC 408		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500409	FBO LOC 409		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500410	FBO LOC 410		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500411	FBO LOC 411		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.3		423.1		0.0		1,445.9		2,699.7		1,083.0
500412	FBO LOC 412		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500413	FBO LOC 413		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500414	FBO LOC 414		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500415	FBO LOC 415		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500416	FBO LOC 416		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500417	FBO LOC 417		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500418	FBO LOC 418		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500419	FBO LOC 419		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500420	FBO LOC 420		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500421	FBO LOC 421		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500422	FBO LOC 422		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500423	FBO LOC 423		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500424	FBO LOC 424		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500425	FBO LOC 425		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500426	FBO LOC 426		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500427	FBO LOC 427		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500428	FBO LOC 428		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500429	FBO LOC 429		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500430	FBO LOC 430		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500431	FBO LOC 431		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500432	FBO LOC 432		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500433	FBO LOC 433		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500434	FBO LOC 434		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500435	FBO LOC 435		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 76

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500436	FBO LOC 436		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500437	FBO LOC 437		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500438	FBO LOC 438		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500439	FBO LOC 439		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500440	FBO LOC 440		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500441	FBO LOC 441		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500442	FBO LOC 442		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500443	FBO LOC 443		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500444	FBO LOC 444		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500445	FBO LOC 445		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500446	FBO LOC 446		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500447	FBO LOC 447		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500448	FBO LOC 448		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500449	FBO LOC 449		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500450	FBO LOC 450		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500451	FBO LOC 451		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500452	FBO LOC 452		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500453	FBO LOC 453		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500454	FBO LOC 454		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500455	FBO LOC 455		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500456	FBO LOC 456		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500457	FBO LOC 457		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500458	FBO LOC 458		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500459	FBO LOC 459		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500460	FBO LOC 460		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500461	FBO LOC 461		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500462	FBO LOC 462		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500463	FBO LOC 463		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500464	FBO LOC 464		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500465	FBO LOC 465		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500466	FBO LOC 466		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500467	FBO LOC 467		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500468	FBO LOC 468		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500469	FBO LOC 469		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500470	FBO LOC 470		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500471	FBO LOC 471		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500472	FBO LOC 472		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500473	FBO LOC 473		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500474	FBO LOC 474		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500475	FBO LOC 475		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500476	FBO LOC 476		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500477	FBO LOC 477		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 77

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$		TAXES M$		COST M$		COST M$		EXPENSE M$		REVENUE M$		10.000% M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500436	FBO LOC 436		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500437	FBO LOC 437		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500438	FBO LOC 438		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,446.0		2,699.5		1,074.5
500439	FBO LOC 439		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500440	FBO LOC 440		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500441	FBO LOC 441		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500442	FBO LOC 442		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500443	FBO LOC 443		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500444	FBO LOC 444		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500445	FBO LOC 445		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500446	FBO LOC 446		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500447	FBO LOC 447		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500448	FBO LOC 448		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500449	FBO LOC 449		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500450	FBO LOC 450		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500451	FBO LOC 451		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500452	FBO LOC 452		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500453	FBO LOC 453		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500454	FBO LOC 454		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500455	FBO LOC 455		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500456	FBO LOC 456		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500457	FBO LOC 457		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500458	FBO LOC 458		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500459	FBO LOC 459		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500460	FBO LOC 460		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500461	FBO LOC 461		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500462	FBO LOC 462		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500463	FBO LOC 463		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500464	FBO LOC 464		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500465	FBO LOC 465		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.7		1,066.1
500466	FBO LOC 466		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500467	FBO LOC 467		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500468	FBO LOC 468		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500469	FBO LOC 469		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500470	FBO LOC 470		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500471	FBO LOC 471		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500472	FBO LOC 472		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500473	FBO LOC 473		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500474	FBO LOC 474		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500475	FBO LOC 475		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500476	FBO LOC 476		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500477	FBO LOC 477		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 78

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500478	FBO LOC 478		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500479	FBO LOC 479		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500480	FBO LOC 480		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500481	FBO LOC 481		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500482	FBO LOC 482		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500483	FBO LOC 483		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500484	FBO LOC 484		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500485	FBO LOC 485		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500486	FBO LOC 486		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500487	FBO LOC 487		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500488	FBO LOC 488		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500489	FBO LOC 489		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500490	FBO LOC 490		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500491	FBO LOC 491		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500492	FBO LOC 492		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500493	FBO LOC 493		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500494	FBO LOC 494		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500495	FBO LOC 495		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500496	FBO LOC 496		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500497	FBO LOC 497		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500498	FBO LOC 498		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500499	FBO LOC 499		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500500	FBO LOC 500		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500501	FBO LOC 501		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500502	FBO LOC 502		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500503	FBO LOC 503		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500504	FBO LOC 504		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500505	FBO LOC 505		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500506	FBO LOC 506		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500507	FBO LOC 507		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500508	FBO LOC 508		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500509	FBO LOC 509		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500510	FBO LOC 510		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500511	FBO LOC 511		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500512	FBO LOC 512		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500513	FBO LOC 513		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500514	FBO LOC 514		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500515	FBO LOC 515		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500516	FBO LOC 516		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500517	FBO LOC 517		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500518	FBO LOC 518		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500519	FBO LOC 519		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.2

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 79

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500478	FBO LOC 478		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500479	FBO LOC 479		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500480	FBO LOC 480		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500481	FBO LOC 481		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500482	FBO LOC 482		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500483	FBO LOC 483		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500484	FBO LOC 484		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500485	FBO LOC 485		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500486	FBO LOC 486		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500487	FBO LOC 487		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500488	FBO LOC 488		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500489	FBO LOC 489		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500490	FBO LOC 490		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500491	FBO LOC 491		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500492	FBO LOC 492		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.9		2,699.4		1,057.5
500493	FBO LOC 493		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500494	FBO LOC 494		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500495	FBO LOC 495		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500496	FBO LOC 496		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500497	FBO LOC 497		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500498	FBO LOC 498		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500499	FBO LOC 499		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500500	FBO LOC 500		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500501	FBO LOC 501		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500502	FBO LOC 502		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500503	FBO LOC 503		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500504	FBO LOC 504		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500505	FBO LOC 505		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500506	FBO LOC 506		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500507	FBO LOC 507		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500508	FBO LOC 508		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500509	FBO LOC 509		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500510	FBO LOC 510		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500511	FBO LOC 511		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500512	FBO LOC 512		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500513	FBO LOC 513		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500514	FBO LOC 514		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500515	FBO LOC 515		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500516	FBO LOC 516		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500517	FBO LOC 517		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500518	FBO LOC 518		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2
500519	FBO LOC 519		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.8		2,699.7		1,049.2

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 80

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500520	FBO LOC 520		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500521	FBO LOC 521		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500522	FBO LOC 522		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500523	FBO LOC 523		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500524	FBO LOC 524		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500525	FBO LOC 525		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500526	FBO LOC 526		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500527	FBO LOC 527		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500528	FBO LOC 528		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500529	FBO LOC 529		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500530	FBO LOC 530		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500531	FBO LOC 531		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500532	FBO LOC 532		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500533	FBO LOC 533		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500534	FBO LOC 534		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500535	FBO LOC 535		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500536	FBO LOC 536		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500537	FBO LOC 537		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500538	FBO LOC 538		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500539	FBO LOC 539		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500540	FBO LOC 540		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500541	FBO LOC 541		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500542	FBO LOC 542		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500543	FBO LOC 543		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500544	FBO LOC 544		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500545	FBO LOC 545		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500546	FBO LOC 546		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500547	FBO LOC 547		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500548	FBO LOC 548		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500549	FBO LOC 549		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500550	FBO LOC 550		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500551	FBO LOC 551		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500552	FBO LOC 552		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500553	FBO LOC 553		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500554	FBO LOC 554		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500555	FBO LOC 555		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500556	FBO LOC 556		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500557	FBO LOC 557		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500558	FBO LOC 558		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500559	FBO LOC 559		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500560	FBO LOC 560		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500561	FBO LOC 561		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 81

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500520	FBO LOC 520		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500521	FBO LOC 521		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500522	FBO LOC 522		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500523	FBO LOC 523		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500524	FBO LOC 524		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500525	FBO LOC 525		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500526	FBO LOC 526		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500527	FBO LOC 527		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500528	FBO LOC 528		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500529	FBO LOC 529		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500530	FBO LOC 530		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500531	FBO LOC 531		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500532	FBO LOC 532		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500533	FBO LOC 533		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500534	FBO LOC 534		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500535	FBO LOC 535		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500536	FBO LOC 536		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500537	FBO LOC 537		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500538	FBO LOC 538		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500539	FBO LOC 539		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500540	FBO LOC 540		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500541	FBO LOC 541		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500542	FBO LOC 542		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500543	FBO LOC 543		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500544	FBO LOC 544		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500545	FBO LOC 545		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500546	FBO LOC 546		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.8		2,699.5		1,041.0
500547	FBO LOC 547		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500548	FBO LOC 548		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500549	FBO LOC 549		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500550	FBO LOC 550		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500551	FBO LOC 551		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500552	FBO LOC 552		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500553	FBO LOC 553		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500554	FBO LOC 554		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500555	FBO LOC 555		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500556	FBO LOC 556		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500557	FBO LOC 557		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500558	FBO LOC 558		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500559	FBO LOC 559		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500560	FBO LOC 560		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500561	FBO LOC 561		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 82

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500562	FBO LOC 562		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500563	FBO LOC 563		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500564	FBO LOC 564		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500565	FBO LOC 565		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500566	FBO LOC 566		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500567	FBO LOC 567		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500568	FBO LOC 568		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500569	FBO LOC 569		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500570	FBO LOC 570		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500571	FBO LOC 571		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500572	FBO LOC 572		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500573	FBO LOC 573		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.3
500574	FBO LOC 574		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500575	FBO LOC 575		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500576	FBO LOC 576		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500577	FBO LOC 577		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500578	FBO LOC 578		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500579	FBO LOC 579		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500580	FBO LOC 580		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500581	FBO LOC 581		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500582	FBO LOC 582		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500583	FBO LOC 583		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500584	FBO LOC 584		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500585	FBO LOC 585		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500586	FBO LOC 586		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500587	FBO LOC 587		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500588	FBO LOC 588		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500589	FBO LOC 589		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500590	FBO LOC 590		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500591	FBO LOC 591		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500592	FBO LOC 592		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500593	FBO LOC 593		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500594	FBO LOC 594		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500595	FBO LOC 595		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500596	FBO LOC 596		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500597	FBO LOC 597		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500598	FBO LOC 598		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500599	FBO LOC 599		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500600	FBO LOC 600		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.4
500601	FBO LOC 601		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500602	FBO LOC 602		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500603	FBO LOC 603		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 83

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500562	FBO LOC 562		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500563	FBO LOC 563		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500564	FBO LOC 564		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500565	FBO LOC 565		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500566	FBO LOC 566		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500567	FBO LOC 567		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500568	FBO LOC 568		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500569	FBO LOC 569		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500570	FBO LOC 570		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500571	FBO LOC 571		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500572	FBO LOC 572		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500573	FBO LOC 573		51,728		0		23,278		45,296		0		0		4,660.1		0.0		0.0		91.5		423.1		0.0		1,445.6		2,699.9		1,032.7
500574	FBO LOC 574		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500575	FBO LOC 575		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500576	FBO LOC 576		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500577	FBO LOC 577		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500578	FBO LOC 578		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500579	FBO LOC 579		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500580	FBO LOC 580		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500581	FBO LOC 581		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500582	FBO LOC 582		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500583	FBO LOC 583		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500584	FBO LOC 584		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500585	FBO LOC 585		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500586	FBO LOC 586		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500587	FBO LOC 587		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500588	FBO LOC 588		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500589	FBO LOC 589		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500590	FBO LOC 590		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500591	FBO LOC 591		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500592	FBO LOC 592		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500593	FBO LOC 593		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500594	FBO LOC 594		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500595	FBO LOC 595		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500596	FBO LOC 596		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500597	FBO LOC 597		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500598	FBO LOC 598		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500599	FBO LOC 599		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500600	FBO LOC 600		51,728		0		23,278		45,296		0		0		4,659.9		0.0		0.0		91.5		423.1		0.0		1,445.9		2,699.4		1,024.4
500601	FBO LOC 601		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500602	FBO LOC 602		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500603	FBO LOC 603		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 84

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500604	FBO LOC 604		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500605	FBO LOC 605		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500606	FBO LOC 606		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500607	FBO LOC 607		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500608	FBO LOC 608		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500609	FBO LOC 609		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500610	FBO LOC 610		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500611	FBO LOC 611		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500612	FBO LOC 612		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500613	FBO LOC 613		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500614	FBO LOC 614		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500615	FBO LOC 615		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500616	FBO LOC 616		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500617	FBO LOC 617		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500618	FBO LOC 618		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500619	FBO LOC 619		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500620	FBO LOC 620		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500621	FBO LOC 621		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500622	FBO LOC 622		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500623	FBO LOC 623		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500624	FBO LOC 624		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500625	FBO LOC 625		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500626	FBO LOC 626		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500627	FBO LOC 627		1		0		51,728		23,278		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500628	FBO LOC 628		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500629	FBO LOC 629		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500630	FBO LOC 630		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500631	FBO LOC 631		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500632	FBO LOC 632		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500633	FBO LOC 633		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500634	FBO LOC 634		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500635	FBO LOC 635		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500636	FBO LOC 636		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500637	FBO LOC 637		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500638	FBO LOC 638		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500639	FBO LOC 639		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500640	FBO LOC 640		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500641	FBO LOC 641		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500642	FBO LOC 642		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500643	FBO LOC 643		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500644	FBO LOC 644		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500645	FBO LOC 645		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 85

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500604	FBO LOC 604		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500605	FBO LOC 605		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500606	FBO LOC 606		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500607	FBO LOC 607		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500608	FBO LOC 608		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500609	FBO LOC 609		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500610	FBO LOC 610		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500611	FBO LOC 611		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500612	FBO LOC 612		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500613	FBO LOC 613		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500614	FBO LOC 614		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500615	FBO LOC 615		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500616	FBO LOC 616		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500617	FBO LOC 617		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500618	FBO LOC 618		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500619	FBO LOC 619		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500620	FBO LOC 620		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500621	FBO LOC 621		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500622	FBO LOC 622		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500623	FBO LOC 623		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500624	FBO LOC 624		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500625	FBO LOC 625		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500626	FBO LOC 626		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500627	FBO LOC 627		51,728		0		23,278		45,296		0		0		4,660.0		0.0		0.0		91.6		423.1		0.0		1,445.7		2,699.6		1,016.3
500628	FBO LOC 628		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500629	FBO LOC 629		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500630	FBO LOC 630		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500631	FBO LOC 631		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500632	FBO LOC 632		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500633	FBO LOC 633		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500634	FBO LOC 634		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500635	FBO LOC 635		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500636	FBO LOC 636		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500637	FBO LOC 637		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500638	FBO LOC 638		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500639	FBO LOC 639		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500640	FBO LOC 640		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500641	FBO LOC 641		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500642	FBO LOC 642		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500643	FBO LOC 643		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500644	FBO LOC 644		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500645	FBO LOC 645		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 86

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500646	FBO LOC 646		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500647	FBO LOC 647		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500648	FBO LOC 648		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500649	FBO LOC 649		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500650	FBO LOC 650		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500651	FBO LOC 651		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500652	FBO LOC 652		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500653	FBO LOC 653		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500654	FBO LOC 654		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500655	FBO LOC 655		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500656	FBO LOC 656		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500657	FBO LOC 657		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500658	FBO LOC 658		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500659	FBO LOC 659		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500660	FBO LOC 660		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500661	FBO LOC 661		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500662	FBO LOC 662		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500663	FBO LOC 663		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500664	FBO LOC 664		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500665	FBO LOC 665		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500666	FBO LOC 666		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500667	FBO LOC 667		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500668	FBO LOC 668		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500669	FBO LOC 669		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500670	FBO LOC 670		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500671	FBO LOC 671		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500672	FBO LOC 672		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500673	FBO LOC 673		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500674	FBO LOC 674		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500675	FBO LOC 675		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500676	FBO LOC 676		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500677	FBO LOC 677		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500678	FBO LOC 678		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500679	FBO LOC 679		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500680	FBO LOC 680		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500681	FBO LOC 681		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500682	FBO LOC 682		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500683	FBO LOC 683		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500684	FBO LOC 684		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500685	FBO LOC 685		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500686	FBO LOC 686		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5
500687	FBO LOC 687		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.4		19.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 87

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500646	FBO LOC 646		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500647	FBO LOC 647		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500648	FBO LOC 648		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500649	FBO LOC 649		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500650	FBO LOC 650		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500651	FBO LOC 651		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500652	FBO LOC 652		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500653	FBO LOC 653		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500654	FBO LOC 654		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500655	FBO LOC 655		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500656	FBO LOC 656		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500657	FBO LOC 657		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500658	FBO LOC 658		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500659	FBO LOC 659		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500660	FBO LOC 660		51,679		0		23,256		45,254		0		0		4,655.7		0.0		0.0		91.4		423.1		0.0		1,441.4		2,699.8		1,008.4
500661	FBO LOC 661		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500662	FBO LOC 662		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500663	FBO LOC 663		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500664	FBO LOC 664		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500665	FBO LOC 665		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500666	FBO LOC 666		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500667	FBO LOC 667		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500668	FBO LOC 668		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500669	FBO LOC 669		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500670	FBO LOC 670		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500671	FBO LOC 671		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500672	FBO LOC 672		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500673	FBO LOC 673		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500674	FBO LOC 674		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500675	FBO LOC 675		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500676	FBO LOC 676		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500677	FBO LOC 677		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500678	FBO LOC 678		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500679	FBO LOC 679		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500680	FBO LOC 680		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500681	FBO LOC 681		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500682	FBO LOC 682		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500683	FBO LOC 683		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500684	FBO LOC 684		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500685	FBO LOC 685		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500686	FBO LOC 686		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3
500687	FBO LOC 687		51,630		0		23,233		45,211		0		0		4,651.3		0.0		0.0		91.4		423.1		0.0		1,437.2		2,699.6		1,000.3

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 88

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500688	FBO LOC 688		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
500689	FBO LOC 689		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
500690	FBO LOC 690		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		102.880		0.000		0.000		0.000		0.000		0.0		4.5		19.5
710112	FIXED EXP DIAT POS		0		0		0		0		100.000		95.080		91.129		86.262		0.000		0.000		0.000		0.000		0.000		0.000		0.0		66.1		19.5
710113	ABAN DIAT POS		0		0		0		0		100.000		95.080		91.129		86.262		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		20.5
FIELD TOTAL			801		0		22,918,624		10,313,579
TOTAL CALIFORNIA			801		0		22,918,624		10,313,579
TOTAL ALL LEASES			801		0		22,918,624		10,313,579

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 89

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500688	FBO LOC 688		51,579		0		23,210		45,167		0		0		4,646.7		0.0		0.0		91.3		423.1		0.0		1,433.1		2,699.2		992.5
500689	FBO LOC 689		51,579		0		23,210		45,167		0		0		4,646.7		0.0		0.0		91.3		423.1		0.0		1,433.1		2,699.2		992.5
500690	FBO LOC 690		51,579		0		23,210		45,167		0		0		4,646.7		0.0		0.0		91.3		423.1		0.0		1,433.1		2,699.2		992.5
710112	FIXED EXP DIAT POS		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		943.1		-943.1		-156.1
710113	ABAN DIAT POS		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		14,024.2		0.0		-14,024.2		-1,562.4
FIELD TOTAL			22,918,624		0		10,313,579		19,978,701		0		0		2,055,388.8		0.0		0.0		40,418.6		124,814.5		14,024.2		448,847.1		1,427,284.4		609,955.8
TOTAL CALIFORNIA			22,918,624		0		10,313,579		19,978,701		0		0		2,055,388.8		0.0		0.0		40,418.6		124,814.5		14,024.2		448,847.1		1,427,284.4		609,955.8
TOTAL ALL LEASES			22,918,624		0		10,313,579		19,978,701		0		0		2,055,388.8		0.0		0.0		40,418.6		124,814.5		14,024.2		448,847.1		1,427,284.4		609,955.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 90

MONTEREY RESERVOIR

ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	TOTAL PROVED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		11,071		0		44,015		9,630		0		13,472		103.660		0.000		1.958		998.4		0.0		26.4		1,024.8
12-31-2014		85,732		0		349,865		74,818		0		80,830		103.660		0.000		1.958		7,755.3		0.0		158.3		7,913.6
12-31-2015		139,418		0		567,980		122,251		0		26,944		103.660		0.000		1.958		12,672.6		0.0		52.8		12,725.4
12-31-2016		118,723		0		477,671		104,004		0		0		103.660		0.000		0.000		10,780.8		0.0		0.0		10,780.8
12-31-2017		102,945		0		409,591		90,082		0		0		103.660		0.000		0.000		9,338.6		0.0		0.0		9,338.6
12-31-2018		91,652		0		360,067		80,139		0		0		103.660		0.000		0.000		8,307.1		0.0		0.0		8,307.1
12-31-2019		83,280		0		323,567		72,766		0		0		103.660		0.000		0.000		7,542.7		0.0		0.0		7,542.7
12-31-2020		76,612		0		289,673		66,915		0		0		103.660		0.000		0.000		6,936.4		0.0		0.0		6,936.4
12-31-2021		71,081		0		262,374		62,085		0		0		103.660		0.000		0.000		6,435.4		0.0		0.0		6,435.4
12-31-2022		66,663		0		243,783		58,203		0		0		103.660		0.000		0.000		6,033.7		0.0		0.0		6,033.7
12-31-2023		62,929		0		228,444		54,921		0		0		103.660		0.000		0.000		5,693.1		0.0		0.0		5,693.1
12-31-2024		59,677		0		215,219		52,070		0		0		103.660		0.000		0.000		5,397.5		0.0		0.0		5,397.5
12-31-2025		56,675		0		202,152		49,436		0		0		103.660		0.000		0.000		5,124.4		0.0		0.0		5,124.4
12-31-2026		54,020		0		191,430		47,112		0		0		103.660		0.000		0.000		4,883.6		0.0		0.0		4,883.6
12-31-2027		51,582		0		182,359		44,977		0		0		103.660		0.000		0.000		4,662.2		0.0		0.0		4,662.2
SUBTOTAL		1,132,060		0		4,348,190		989,409		0		121,246		103.660		0.000		1.958		102,561.8		0.0		237.5		102,799.3
REMAINING		1,007,339		0		3,405,931		877,132		0		0		103.660		0.000		0.000		90,923.4		0.0		0.0		90,923.4
TOTAL		2,139,399		0		7,754,121		1,866,541		0		121,246		103.660		0.000		1.958		193,485.2		0.0		237.5		193,722.7
CUM PROD		15,616,005				7,198,810
ULTIMATE		17,755,404				14,952,931

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF ACTIVE COMPLETIONS				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
					PRODUCTION M$		AD VALOREM M$								PERIOD M$		CUM M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET
12-31-2013		42		41.77		1.2		19.0		0.0		0.0		343.6		661.0		661.0		656.7		8.000		39,143.0
12-31-2014		44		43.77		15.8		145.9		5,013.0		0.0		2,384.2		354.7		1,015.7		966.2		12.000		29,132.9
12-31-2015		48		47.77		24.3		233.5		9,445.0		0.0		3,286.1		-263.5		752.2		444.8		15.000		24,159.7
12-31-2016		48		47.77		19.9		198.5		0.0		0.0		2,959.7		7,602.7		8,354.9		6,351.4		20.000		18,467.7
12-31-2017		48		47.77		17.3		171.2		0.0		0.0		2,707.4		6,442.7		14,797.6		10,900.0		25.000		14,660.0
12-31-2018		48		47.77		15.8		152.6		0.0		0.0		2,514.3		5,624.4		20,422.0		14,509.1		30.000		11,945.0
12-31-2019		47		46.77		14.0		138.6		0.0		0.0		2,374.2		5,015.9		25,437.9		17,434.5		35.000		9,925.7
12-31-2020		47		46.77		13.1		127.1		0.0		0.0		2,256.1		4,540.1		29,978.0		19,841.8		40.000		8,375.2
12-31-2021		46		45.82		11.9		118.3		0.0		0.0		2,148.4		4,156.8		34,134.8		21,845.4		45.000		7,153.0
12-31-2022		45		44.86		10.9		111.1		0.0		0.0		2,072.6		3,839.1		37,973.9		23,527.7		50.000		6,170.5
12-31-2023		45		44.86		10.3		104.5		0.0		0.0		2,010.3		3,568.0		41,541.9		24,948.1
12-31-2024		45		44.86		9.5		99.5		0.0		0.0		1,955.8		3,332.7		44,874.6		26,154.7
12-31-2025		45		44.86		9.3		94.2		0.0		0.0		1,895.0		3,125.9		48,000.5		27,183.4
12-31-2026		44		43.86		9.1		89.7		0.0		0.0		1,841.2		2,943.6		50,944.1		28,064.1
12-31-2027		43		42.86		8.8		85.6		0.0		0.0		1,789.0		2,778.8		53,722.9		28,820.0
SUBTOTAL						191.2		1,889.3		14,458.0		0.0		32,537.9		53,722.9		53,722.9		28,820.0
REMAINING						164.8		1,670.1		0.0		600.0		46,088.5		42,400.0		96,122.9		33,506.2
TOTAL OF 50.0 YRS						356.0		3,559.4		14,458.0		600.0		78,626.4		96,122.9		96,122.9		33,506.2

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 91

PROVED DEVELOPED PRODUCING RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		11,071		0		44,015		9,630		0		13,472		103.660		0.000		1.958		998.4		0.0		26.4		1,024.8
12-31-2014		64,584		0		255,912		56,210		0		80,830		103.660		0.000		1.958		5,826.4		0.0		158.3		5,984.7
12-31-2015		61,760		0		243,455		53,769		0		26,944		103.660		0.000		1.958		5,573.8		0.0		52.8		5,626.6
12-31-2016		59,251		0		232,491		51,611		0		0		103.660		0.000		0.000		5,349.9		0.0		0.0		5,349.9
12-31-2017		56,976		0		222,552		49,638		0		0		103.660		0.000		0.000		5,146.2		0.0		0.0		5,146.2
12-31-2018		54,723		0		212,080		47,693		0		0		103.660		0.000		0.000		4,943.7		0.0		0.0		4,943.7
12-31-2019		52,731		0		203,243		45,969		0		0		103.660		0.000		0.000		4,764.8		0.0		0.0		4,764.8
12-31-2020		50,755		0		189,718		44,267		0		0		103.660		0.000		0.000		4,589.0		0.0		0.0		4,589.0
12-31-2021		48,785		0		177,869		42,587		0		0		103.660		0.000		0.000		4,414.5		0.0		0.0		4,414.5
12-31-2022		47,139		0		171,274		41,156		0		0		103.660		0.000		0.000		4,266.7		0.0		0.0		4,266.7
12-31-2023		45,612		0		165,439		39,826		0		0		103.660		0.000		0.000		4,128.4		0.0		0.0		4,128.4
12-31-2024		44,150		0		159,866		38,555		0		0		103.660		0.000		0.000		3,996.7		0.0		0.0		3,996.7
12-31-2025		42,541		0		154,447		37,176		0		0		103.660		0.000		0.000		3,853.6		0.0		0.0		3,853.6
12-31-2026		41,192		0		149,276		35,997		0		0		103.660		0.000		0.000		3,731.4		0.0		0.0		3,731.4
12-31-2027		39,797		0		144,173		34,777		0		0		103.660		0.000		0.000		3,604.9		0.0		0.0		3,604.9
SUBTOTAL		721,067		0		2,725,810		628,861		0		121,246		103.660		0.000		1.958		65,188.4		0.0		237.5		65,425.9
REMAINING		840,127		0		2,943,589		733,973		0		0		103.660		0.000		0.000		76,083.2		0.0		0.0		76,083.2
TOTAL		1,561,194		0		5,669,399		1,362,834		0		121,246		103.660		0.000		1.958		141,271.6		0.0		237.5		141,509.1
CUM PROD		15,616,005				7,198,810
ULTIMATE		17,177,199				12,868,209

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF ACTIVE COMPLETIONS				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
					PRODUCTION M$		AD VALOREM M$								PERIOD M$		CUM M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET
12-31-2013		41		40.77		1.2		19.0		0.0		0.0		343.6		661.0		661.0		656.7		8.000		31,109.6
12-31-2014		41		40.77		11.9		110.4		0.0		0.0		2,019.4		3,843.0		4,504.0		4,265.6		12.000		24,064.3
12-31-2015		41		40.77		10.6		103.2		0.0		0.0		1,969.9		3,542.9		8,046.9		7,290.9		15.000		20,648.0
12-31-2016		41		40.77		9.5		98.6		0.0		0.0		1,925.7		3,316.1		11,363.0		9,863.9		20.000		16,806.7
12-31-2017		41		40.77		9.3		94.1		0.0		0.0		1,885.2		3,157.6		14,520.6		12,090.7		25.000		14,269.2
12-31-2018		41		40.77		9.3		90.9		0.0		0.0		1,834.0		3,009.5		17,530.1		14,020.3		30.000		12,465.2
12-31-2019		40		39.77		8.8		87.6		0.0		0.0		1,743.7		2,924.7		20,454.8		15,724.8		35.000		11,117.0
12-31-2020		40		39.77		8.5		84.0		0.0		0.0		1,668.7		2,827.8		23,282.6		17,223.1		40.000		10,071.5
12-31-2021		39		38.82		8.2		81.1		0.0		0.0		1,625.4		2,699.8		25,982.4		18,523.7		45.000		9,235.5
12-31-2022		38		37.86		7.7		78.5		0.0		0.0		1,600.0		2,580.5		28,562.9		19,654.1		50.000		8,550.1
12-31-2023		38		37.86		7.4		75.7		0.0		0.0		1,578.1		2,467.2		31,030.1		20,635.6
12-31-2024		38		37.86		7.0		73.8		0.0		0.0		1,557.4		2,358.5		33,388.6		21,489.3
12-31-2025		37		36.91		6.8		70.9		0.0		0.0		1,518.9		2,257.0		35,645.6		22,231.7
12-31-2026		37		36.91		6.6		68.4		0.0		0.0		1,494.6		2,161.8		37,807.4		22,878.2
12-31-2027		36		35.91		6.6		66.2		0.0		0.0		1,462.3		2,069.8		39,877.2		23,441.1
SUBTOTAL						119.4		1,202.4		0.0		0.0		24,226.9		39,877.2		39,877.2		23,441.1
REMAINING						138.8		1,397.5		0.0		0.0		40,541.9		34,005.0		73,882.2		27,115.5
TOTAL OF 50.0 YRS						258.2		2,599.9		0.0		0.0		64,768.8		73,882.2		73,882.2		27,115.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 92

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
000010	2A-GTL SI		0		0		8,018		7,891		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000001	3 SI		0		0		134,079		180,824		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000019	4		1		0		188,808		180,033		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.3		1.5		37.4
000014	4A-GTL SI		0		0		10,295		13,977		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000035	5		1		0		64,835		173,345		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.1		1.5		41.7
000064	6		1		0		197,155		141,403		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.1		1.5		20.7
000016	6-GTL		1		0		110,584		905,911		95.455		95.455		77.356		77.356		103.660		103.660		0.000		0.000		0.000		0.000		5.8		2.5		50.0
000074	7 SI		0		0		117,440		108,081		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000082	11		1		0		135,181		93,348		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.0		1.5		26.3
000086	12 SI		0		0		82,118		79,849		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000090	14 SI		0		0		99,502		130,291		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000002	16-GTL		1		0		58,081		123,788		95.455		95.455		77.356		77.356		103.660		103.660		0.000		0.000		0.000		0.000		4.4		1.6		11.2
000004	18		1		0		159,757		151,837		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.4		1.5		37.3
000094	21		1		0		1,239,826		61,552		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.5		1.6		50.0
000095	22		1		0		141,816		155,398		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		3.2		1.8		50.0
000084	23 SI		0		0		5,321		5,327		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000096	24		1		0		301,718		144,410		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		3.9		2.2		50.0
000085	25 SI		0		0		763,977		8,416		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000005	26-GTL WTR		0		0		178		0		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000006	29 SI		0		0		623,833		45,500		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000007	30 SI		0		0		217,401		7,808		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000087	31-GTL SI		0		0		43,790		61,850		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000008	34 SI		0		0		770,336		262,144		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000088	36-GTL		1		0		66,955		562,839		95.455		95.455		77.356		77.356		103.660		103.660		0.000		0.000		0.000		0.000		2.9		1.6		33.5
000009	37		1		0		1,453,752		1,023,918		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		7.1		2.9		50.0
000011	37-GTL		1		0		26,403		132,600		95.455		95.455		77.356		77.356		103.660		103.660		0.000		0.000		0.000		0.000		1.7		1.6		7.3
000015	40		1		0		525,062		83,735		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		3.0		1.6		50.0
000017	43		0		0		527,244		187,049		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000018	44		1		0		575,500		319,102		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		8.0		3.2		50.0
000030	45		1		0		430,630		212,354		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.2		1.5		38.2
000020	46		1		0		43,649		42,987		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		1.7		1.5		4.4
000012	46-GTL		1		0		16,207		132,191		95.455		95.455		77.356		77.356		103.660		103.660		0.000		0.000		0.000		0.000		1.9		1.6		6.5
000021	47		1		0		576,708		191,994		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		3.1		1.8		50.0
000013	47A-GTL SI		0		0		831		8,965		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000089	47X-GTL WTR		0		0		251		1,003		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000022	48		1		0		288,692		178,008		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		3.7		1.8		50.0
000024	49		1		0		826,952		690,540		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		7.5		3.0		50.0
000025	50		1		0		165,407		162,467		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.8		1.7		50.0
000026	51		1		0		239,322		381,192		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		3.0		1.7		50.0
000027	52		1		0		368,002		230,923		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.4		1.5		37.3
000028	54 SI		0		0		657,307		238,780		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000029	55		0		0		156,494		16,514		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 93

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL TAXES M$		NET CAP COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10.000% M$
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
000010	2A-GTL SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000001	3 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000019	4		15,217		0		15,217		13,446		0		0		1,393.6		0.0		0.0		28.1		0.0		0.0		828.0		537.5		241.7
000014	4A-GTL SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000035	5		15,307		0		141,094		13,527		0		0		1,402.2		0.0		0.0		30.2		0.0		0.0		893.7		478.3		198.0
000064	6		7,630		0		9,574		6,742		0		0		698.8		0.0		0.0		13.9		0.0		0.0		444.2		240.7		144.6
000016	6-GTL		84,900		0		832,640		65,676		0		0		6,807.8		0.0		0.0		143.2		0.0		0.0		2,179.5		4,485.1		1,366.7
000074	7 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000082	11		9,056		0		13,618		8,002		0		0		829.4		0.0		0.0		16.5		0.0		0.0		552.4		260.5		138.9
000086	12 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000090	14 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000002	16-GTL		9,538		0		3,537		7,379		0		0		764.8		0.0		0.0		15.0		0.0		0.0		323.4		426.4		329.4
000004	18		16,056		0		17,170		14,188		0		0		1,470.7		0.0		0.0		29.4		0.0		0.0		842.0		599.3		271.5
000094	21		24,132		0		48,397		21,325		0		0		2,210.5		0.0		0.0		44.0		0.0		0.0		1,175.7		990.8		350.3
000095	22		37,356		0		37,694		33,011		0		0		3,422.0		0.0		0.0		67.6		0.0		0.0		1,416.8		1,937.6		626.3
000084	23 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000096	24		54,670		0		41,911		48,310		0		0		5,008.1		0.0		0.0		99.4		0.0		0.0		1,732.0		3,176.7		919.7
000085	25 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000005	26-GTL WTR		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000006	29 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000007	30 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000087	31-GTL SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000008	34 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000088	36-GTL		18,369		0		101,409		14,210		0		0		1,473.1		0.0		0.0		30.2		0.0		0.0		790.7		652.2		319.9
000009	37		109,352		0		393,708		96,631		0		0		10,016.8		0.0		0.0		202.3		0.0		0.0		2,727.7		7,086.8		2,128.0
000011	37-GTL		1,930		0		23,766		1,493		0		0		154.7		0.0		0.0		2.9		0.0		0.0		136.9		14.9		12.0
000015	40		30,728		0		51,389		27,153		0		0		2,814.6		0.0		0.0		55.5		0.0		0.0		1,295.9		1,463.2		526.6
000017	43		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000018	44		127,350		0		164,065		112,536		0		0		11,665.6		0.0		0.0		232.6		0.0		0.0		3,055.5		8,377.5		2,504.4
000030	45		14,855		0		25,026		13,127		0		0		1,360.6		0.0		0.0		27.7		0.0		0.0		832.6		500.3		221.0
000020	46		1,101		0		9,680		973		0		0		100.9		0.0		0.0		1.9		0.0		0.0		84.9		14.1		12.0
000012	46-GTL		2,161		0		82,150		1,671		0		0		173.2		0.0		0.0		4.0		0.0		0.0		129.1		40.1		33.3
000021	47		35,658		0		4,157		31,510		0		0		3,266.5		0.0		0.0		64.1		0.0		0.0		1,385.6		1,816.8		591.0
000013	47A-GTL SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000089	47X-GTL WTR		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000022	48		41,482		0		26,386		36,657		0		0		3,799.9		0.0		0.0		75.2		0.0		0.0		1,491.6		2,233.1		764.4
000024	49		118,181		0		325,488		104,434		0		0		10,825.6		0.0		0.0		217.4		0.0		0.0		2,888.4		7,719.8		2,312.6
000025	50		28,629		0		4,076		25,298		0		0		2,622.5		0.0		0.0		51.7		0.0		0.0		1,257.6		1,313.2		444.5
000026	51		32,262		0		121,882		28,509		0		0		2,955.3		0.0		0.0		59.1		0.0		0.0		1,323.8		1,572.4		519.8
000027	52		16,039		0		72,114		14,173		0		0		1,469.1		0.0		0.0		29.6		0.0		0.0		840.5		599.0		271.2
000028	54 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000029	55		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 94

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
000036	56 SI		0		0		935,116		142,874		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000044	57		1		0		167,563		301,160		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		6.7		2.1		50.0
000054	60 WTR		1		0		206,349		218,931		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		3.9		2.0		50.0
000057	61		1		0		382,201		300,151		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		8.4		2.8		50.0
000058	62		1		0		274,314		237,687		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		3.1		1.5		44.3
000003	63		1		0		135,041		452,017		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		4.0		1.8		50.0
000059	64		1		0		155,112		600,685		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.9		1.6		50.0
000060	66 SI		0		0		22,008		0		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000061	73 SI		0		0		254,715		228,188		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000062	74 WTR		0		0		83,659		569		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000063	75		1		0		201,392		242,777		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.0		1.5		37.7
000065	76		1		0		160,150		350,790		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		4.8		2.0		50.0
000066	77		1		0		177,178		145,077		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		3.5		1.9		50.0
000067	78 SI		0		0		76,750		1,947		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000068	79		1		0		110,967		545,122		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		7.1		1.5		47.4
000069	80 SI		0		0		158,460		8,680		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000070	84		1		0		139,455		184,430		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.2		1.5		45.9
000071	85 SI		0		0		60,730		0		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000072	86 SI		0		0		26,547		7,123		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000073	88		1		0		151,597		114,543		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.9		1.5		50.0
000075	89		1		0		219,120		49,318		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		2.4		1.5		12.9
000076	90-31 RD		1		0		43,254		169,845		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		5.5		1.3		35.7
000100	90-31 SI		0		0		286,965		157,467		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000077	91 SI		0		0		93,592		0		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000078	92 SI		0		0		2,261		2,579		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000079	93 SI		0		0		12,192		446		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000080	126-GTL SI		0		0		15,998		18,846		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000081	136-GTL SI		0		0		11,090		22,146		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000083	146D-GTL SI		0		0		2,652		8,427		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000091	B-1		1		0		77,324		275,350		100.000		100.000		84.490		84.490		103.660		103.660		0.000		0.000		0.000		0.000		3.2		1.7		50.0
000092	B-3		1		0		45,263		115,235		100.000		100.000		84.490		84.490		103.660		103.660		0.000		0.000		0.000		0.000		2.5		1.6		50.0
000093	B-4		1		0		68,767		125,655		100.000		100.000		84.490		84.490		103.660		103.660		0.000		0.000		0.000		0.000		3.5		1.9		50.0
000098	B-5 WTR		0		0		0		0		100.000		100.000		83.333		83.333		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		0.0
000097	FIELD GAS		0		0		0		0		98.946		98.946		85.600		85.600		0.000		0.000		0.000		0.000		1.958		1.958		0.0		0.0		1.5
010002	FIXED EXP MONT PDP		0		0		0		0		99.150		99.150		90.790		90.790		0.000		0.000		0.000		0.000		0.000		0.000		21.7		21.7		50.0
FIELD TOTAL			41		0		17,177,199		12,868,209
TOTAL CALIFORNIA			41		0		17,177,199		12,868,209
TOTAL ALL LEASES			41		0		17,177,199		12,868,209

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 95

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TAXES		COST		COST		EXPENSE		REVENUE		10.000%
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
000036	56 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000044	57		83,780		0		246,541		74,034		0		0		7,674.4		0.0		0.0		154.3		0.0		0.0		2,261.9		5,258.2		1,805.1
000054	60 WTR		50,601		0		206,145		44,714		0		0		4,635.2		0.0		0.0		94.4		0.0		0.0		1,657.9		2,882.9		902.2
000057	61		121,682		0		266,888		107,527		0		0		11,146.4		0.0		0.0		223.0		0.0		0.0		2,952.2		7,971.2		2,538.5
000058	62		25,708		0		212,100		22,718		0		0		2,354.8		0.0		0.0		49.0		0.0		0.0		1,119.8		1,186.0		505.4
000003	63		47,628		0		422,517		42,088		0		0		4,362.8		0.0		0.0		91.6		0.0		0.0		1,603.7		2,667.5		899.3
000059	64		27,655		0		404,207		24,438		0		0		2,533.2		0.0		0.0		54.8		0.0		0.0		1,239.8		1,238.6		457.2
000060	66 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000061	73 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000062	74 WTR		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000063	75		12,966		0		48,471		11,458		0		0		1,187.6		0.0		0.0		24.0		0.0		0.0		790.6		373.0		163.0
000065	76		60,841		0		301,959		53,763		0		0		5,573.2		0.0		0.0		113.7		0.0		0.0		1,844.3		3,615.2		1,192.1
000066	77		42,450		0		49,593		37,512		0		0		3,888.5		0.0		0.0		77.2		0.0		0.0		1,509.3		2,302.0		732.7
000067	78 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000068	79		59,371		0		493,647		52,464		0		0		5,438.2		0.0		0.0		113.5		0.0		0.0		1,779.3		3,545.4		1,610.4
000069	80 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000070	84		17,879		0		14,748		15,799		0		0		1,637.8		0.0		0.0		32.8		0.0		0.0		1,001.8		603.2		236.5
000071	85 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000072	86 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000073	88		26,350		0		109,678		23,285		0		0		2,413.8		0.0		0.0		48.7		0.0		0.0		1,216.3		1,148.8		446.1
000075	89		5,675		0		7,894		5,015		0		0		520.0		0.0		0.0		10.0		0.0		0.0		293.6		216.4		155.7
000076	90-31 RD		26,627		0		138,624		23,529		0		0		2,439.2		0.0		0.0		49.7		0.0		0.0		869.9		1,519.6		859.0
000100	90-31 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000077	91 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000078	92 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000079	93 SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000080	126-GTL SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000081	136-GTL SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000083	146D-GTL SI		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000091	B-1		33,800		0		105,326		28,558		0		0		2,960.2		0.0		0.0		58.8		0.0		0.0		1,351.9		1,549.5		553.4
000092	B-3		23,772		0		18,420		20,085		0		0		2,082.0		0.0		0.0		41.4		0.0		0.0		1,169.4		871.2		315.5
000093	B-4		42,450		0		56,493		35,866		0		0		3,718.0		0.0		0.0		73.6		0.0		0.0		1,509.3		2,135.1		683.9
000098	B-5 WTR		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000097	FIELD GAS		0		0		0		0		0		121,246		0.0		0.0		237.5		6.1		0.0		0.0		0.0		231.4		215.6
010002	FIXED EXP MONT PDP		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		11,969.3		-11,969.3		-2,403.9
FIELD TOTAL			1,561,194		0		5,669,399		1,362,834		0		121,246		141,271.6		0.0		237.5		2,858.1		0.0		0.0		64,768.8		73,882.2		27,115.5
TOTAL CALIFORNIA			1,561,194		0		5,669,399		1,362,834		0		121,246		141,271.6		0.0		237.5		2,858.1		0.0		0.0		64,768.8		73,882.2		27,115.5
TOTAL ALL LEASES			1,561,194		0		5,669,399		1,362,834		0		121,246		141,271.6		0.0		237.5		2,858.1		0.0		0.0		64,768.8		73,882.2		27,115.5

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 96

PROVED DEVELOPED NON-PRODUCING RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED NON-PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
ENDING M-D-Y	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		6,299		0		34,558		5,487		0		0		103.660		0.000		0.000		568.8		0.0		0.0		568.8
12-31-2015		12,029		0		62,009		10,487		0		0		103.660		0.000		0.000		1,087.2		0.0		0.0		1,087.2
12-31-2016		9,167		0		43,958		7,939		0		0		103.660		0.000		0.000		823.0		0.0		0.0		823.0
12-31-2017		7,792		0		34,335		6,708		0		0		103.660		0.000		0.000		695.3		0.0		0.0		695.3
12-31-2018		6,963		0		28,122		5,966		0		0		103.660		0.000		0.000		618.3		0.0		0.0		618.3
12-31-2019		6,399		0		23,724		5,457		0		0		103.660		0.000		0.000		565.7		0.0		0.0		565.7
12-31-2020		5,978		0		20,441		5,081		0		0		103.660		0.000		0.000		526.6		0.0		0.0		526.6
12-31-2021		5,648		0		17,912		4,785		0		0		103.660		0.000		0.000		496.0		0.0		0.0		496.0
12-31-2022		5,377		0		15,920		4,545		0		0		103.660		0.000		0.000		471.0		0.0		0.0		471.0
12-31-2023		5,147		0		14,324		4,340		0		0		103.660		0.000		0.000		449.9		0.0		0.0		449.9
12-31-2024		4,945		0		13,028		4,164		0		0		103.660		0.000		0.000		431.5		0.0		0.0		431.5
12-31-2025		4,849		0		10,569		4,057		0		0		103.660		0.000		0.000		420.4		0.0		0.0		420.4
12-31-2026		4,617		0		9,305		3,859		0		0		103.660		0.000		0.000		400.0		0.0		0.0		400.0
12-31-2027		4,469		0		8,925		3,735		0		0		103.660		0.000		0.000		387.2		0.0		0.0		387.2
SUBTOTAL		89,679		0		337,130		76,610		0		0		103.660		0.000		0.000		7,940.9		0.0		0.0		7,940.9
REMAINING		101,190		0		198,254		84,821		0		0		103.660		0.000		0.000		8,792.6		0.0		0.0		8,792.6
TOTAL		190,869		0		535,384		161,431		0		0		103.660		0.000		0.000		16,733.5		0.0		0.0		16,733.5
CUM PROD		0				0
ULTIMATE		190,869				535,384

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD	NUMBER OF				TAXES				CAPITAL		ABDNMNT		OPERATING		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
ENDING	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		COST		EXPENSE		PERIOD		CUM		CUM		DISC RATE		CUM PW
M-D-Y	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2013		1		1.00		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		8.000		4,009.2
12-31-2014		1		1.00		1.3		10.5		863.0		0.0		117.7		-423.7		-423.7		-393.3		12.000		2,934.9
12-31-2015		1		1.00		2.3		19.9		0.0		0.0		216.4		848.6		424.9		333.1		15.000		2,426.4
12-31-2016		1		1.00		1.7		15.2		0.0		0.0		170.8		635.3		1,060.2		826.9		20.000		1,860.6
12-31-2017		1		1.00		1.4		12.8		0.0		0.0		148.7		532.4		1,592.6		1,202.9		25.000		1,489.0
12-31-2018		1		1.00		1.2		11.3		0.0		0.0		135.3		470.5		2,063.1		1,504.9		30.000		1,224.8
12-31-2019		1		1.00		1.1		10.3		0.0		0.0		125.8		428.5		2,491.6		1,754.8		35.000		1,028.2
12-31-2020		1		1.00		1.1		9.7		0.0		0.0		119.0		396.8		2,888.4		1,965.4		40.000		876.0
12-31-2021		1		1.00		0.9		9.2		0.0		0.0		113.3		372.6		3,261.0		2,145.1		45.000		754.5
12-31-2022		1		1.00		0.8		8.7		0.0		0.0		108.7		352.8		3,613.8		2,299.6		50.000		655.9
12-31-2023		1		1.00		0.7		8.3		0.0		0.0		105.0		335.9		3,949.7		2,433.4
12-31-2024		1		1.00		0.7		7.9		0.0		0.0		101.4		321.5		4,271.2		2,549.7
12-31-2025		2		1.95		0.7		7.6		0.0		0.0		104.0		308.1		4,579.3		2,651.1
12-31-2026		1		0.95		0.7		7.5		0.0		0.0		95.1		296.7		4,876.0		2,739.9
12-31-2027		1		0.95		0.6		7.1		0.0		0.0		92.6		286.9		5,162.9		2,818.0
SUBTOTAL						15.2		146.0		863.0		0.0		1,753.8		5,162.9		5,162.9		2,818.0
REMAINING						14.4		161.5		0.0		0.0		2,405.3		6,211.4		11,374.3		3,395.8
TOTAL OF 50.0 YRS						29.6		307.5		863.0		0.0		4,159.1		11,374.3		11,374.3		3,395.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 97

	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED NON-PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
200001	16-GTL IPNP		1		0		65,704		24,362		95.455		95.455		77.356		77.356		103.660		103.660		0.000		0.000		0.000		0.000		4.4		2.2		50.0
200002	49 IPNP		0		0		82,743		227,885		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		7.5		4.5		50.0
200004	73 RTP		1		0		9,832		113,466		100.000		100.000		88.367		88.367		0.000		103.660		0.000		0.000		0.000		0.000		0.0		1.5		11.5
200007	90-31 RD IPNP 1		1		0		12,362		64,361		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		5.5		1.3		38.6
200008	90-31 RD IPNP 2		1		0		20,228		105,310		100.000		100.000		88.367		88.367		103.660		103.660		0.000		0.000		0.000		0.000		5.5		1.3		44.7
FIELD TOTAL			4		0		190,869		535,384
TOTAL CALIFORNIA			4		0		190,869		535,384
TOTAL ALL LEASES			4		0		190,869		535,384

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 98

	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED NON-PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$		TAXES M$		COST M$		COST M$		EXPENSE M$		REVENUE M$		10.000% M$
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
200001	16-GTL IPNP		65,704		0		24,362		50,826		0		0		5,268.4		0.0		0.0		104.3		148.0		0.0		1,688.4		3,327.7		788.2
200002	49 IPNP		82,743		0		227,885		73,118		0		0		7,579.3		0.0		0.0		153.0		40.0		0.0		1,506.9		5,879.4		1,498.3
200004	73 RTP		9,832		0		113,466		8,688		0		0		900.5		0.0		0.0		19.0		150.0		0.0		340.8		390.7		258.5
200007	90-31 RD IPNP 1		12,362		0		64,361		10,924		0		0		1,132.4		0.0		0.0		23.0		75.0		0.0		229.2		805.2		508.3
200008	90-31 RD IPNP 2		20,228		0		105,310		17,875		0		0		1,852.9		0.0		0.0		37.8		450.0		0.0		393.8		971.3		342.5
FIELD TOTAL			190,869		0		535,384		161,431		0		0		16,733.5		0.0		0.0		337.1		863.0		0.0		4,159.1		11,374.3		3,395.8
TOTAL CALIFORNIA			190,869		0		535,384		161,431		0		0		16,733.5		0.0		0.0		337.1		863.0		0.0		4,159.1		11,374.3		3,395.8
TOTAL ALL LEASES			190,869		0		535,384		161,431		0		0		16,733.5		0.0		0.0		337.1		863.0		0.0		4,159.1		11,374.3		3,395.8

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 99

PROVED UNDEVELOPED RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		14,849		0		59,395		13,121		0		0		103.660		0.000		0.000		1,360.1		0.0		0.0		1,360.1
12-31-2015		65,629		0		262,516		57,995		0		0		103.660		0.000		0.000		6,011.6		0.0		0.0		6,011.6
12-31-2016		50,305		0		201,222		44,454		0		0		103.660		0.000		0.000		4,607.9		0.0		0.0		4,607.9
12-31-2017		38,177		0		152,704		33,736		0		0		103.660		0.000		0.000		3,497.1		0.0		0.0		3,497.1
12-31-2018		29,966		0		119,865		26,480		0		0		103.660		0.000		0.000		2,745.1		0.0		0.0		2,745.1
12-31-2019		24,150		0		96,600		21,340		0		0		103.660		0.000		0.000		2,212.2		0.0		0.0		2,212.2
12-31-2020		19,879		0		79,514		17,567		0		0		103.660		0.000		0.000		1,820.8		0.0		0.0		1,820.8
12-31-2021		16,648		0		66,593		14,713		0		0		103.660		0.000		0.000		1,524.9		0.0		0.0		1,524.9
12-31-2022		14,147		0		56,589		12,502		0		0		103.660		0.000		0.000		1,296.0		0.0		0.0		1,296.0
12-31-2023		12,170		0		48,681		10,755		0		0		103.660		0.000		0.000		1,114.8		0.0		0.0		1,114.8
12-31-2024		10,582		0		42,325		9,351		0		0		103.660		0.000		0.000		969.3		0.0		0.0		969.3
12-31-2025		9,285		0		37,136		8,203		0		0		103.660		0.000		0.000		850.4		0.0		0.0		850.4
12-31-2026		8,211		0		32,849		7,256		0		0		103.660		0.000		0.000		752.2		0.0		0.0		752.2
12-31-2027		7,316		0		29,261		6,465		0		0		103.660		0.000		0.000		670.1		0.0		0.0		670.1
SUBTOTAL		321,314		0		1,285,250		283,938		0		0		103.660		0.000		0.000		29,432.5		0.0		0.0		29,432.5
REMAINING		66,022		0		264,088		58,338		0		0		103.660		0.000		0.000		6,047.6		0.0		0.0		6,047.6
TOTAL		387,336		0		1,549,338		342,276		0		0		103.660		0.000		0.000		35,480.1		0.0		0.0		35,480.1
CUM PROD		0				0
ULTIMATE		387,336				1,549,338

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF ACTIVE COMPLETIONS				TAXES				CAPITAL COST M$		ABDNMNT COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
					PRODUCTION M$		AD VALOREM M$								PERIOD M$		CUM M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET
12-31-2013		0		0.00		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		8.000		4,024.2
12-31-2014		2		2.00		2.6		25.0		4,150.0		0.0		247.1		-3,064.6		-3,064.6		-2,906.1		12.000		2,133.7
12-31-2015		6		6.00		11.4		110.4		9,445.0		0.0		1,099.8		-4,655.0		-7,719.6		-7,179.2		15.000		1,085.3
12-31-2016		6		6.00		8.7		84.7		0.0		0.0		863.2		3,651.3		-4,068.3		-4,339.4		20.000		-199.6
12-31-2017		6		6.00		6.6		64.3		0.0		0.0		673.5		2,752.7		-1,315.6		-2,393.6		25.000		-1,098.2
12-31-2018		6		6.00		5.3		50.4		0.0		0.0		545.0		2,144.4		828.8		-1,016.1		30.000		-1,745.0
12-31-2019		6		6.00		4.1		40.7		0.0		0.0		504.7		1,662.7		2,491.5		-45.1		35.000		-2,219.5
12-31-2020		6		6.00		3.5		33.4		0.0		0.0		468.4		1,315.5		3,807.0		653.3		40.000		-2,572.3
12-31-2021		6		6.00		2.8		28.0		0.0		0.0		409.7		1,084.4		4,891.4		1,176.6		45.000		-2,837.0
12-31-2022		6		6.00		2.4		23.9		0.0		0.0		363.9		905.8		5,797.2		1,574.0		50.000		-3,035.5
12-31-2023		6		6.00		2.2		20.5		0.0		0.0		327.2		764.9		6,562.1		1,879.1
12-31-2024		6		6.00		1.8		17.8		0.0		0.0		297.0		652.7		7,214.8		2,115.7
12-31-2025		6		6.00		1.8		15.7		0.0		0.0		272.1		560.8		7,775.6		2,300.6
12-31-2026		6		6.00		1.8		13.8		0.0		0.0		251.5		485.1		8,260.7		2,446.0
12-31-2027		6		6.00		1.6		12.3		0.0		0.0		234.1		422.1		8,682.8		2,560.9
SUBTOTAL						56.6		540.9		13,595.0		0.0		6,557.2		8,682.8		8,682.8		2,560.9
REMAINING						11.6		111.1		0.0		600.0		3,141.3		2,183.6		10,866.4		2,994.9
TOTAL OF 37.6 YRS						68.2		652.0		13,595.0		600.0		9,698.5		10,866.4		10,866.4		2,994.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

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	BASIC DATA
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
400118	3 HZ		1		0		64,556		258,223		100.000		100.000		88.367		88.367		0.000		103.660		0.000		0.000		0.000		0.000		0.0		1.3		36.6
400113	7-31 HZ		1		0		64,556		258,223		100.000		100.000		88.367		88.367		0.000		103.660		0.000		0.000		0.000		0.000		0.0		1.3		35.6
400114	12-31 HZ		1		0		64,556		258,223		100.000		100.000		88.367		88.367		0.000		103.660		0.000		0.000		0.000		0.000		0.0		1.3		36.1
400117	51 HZ		1		0		64,556		258,223		100.000		100.000		88.367		88.367		0.000		103.660		0.000		0.000		0.000		0.000		0.0		1.3		36.5
400115	54-31 HZ		1		0		64,556		258,223		100.000		100.000		88.367		88.367		0.000		103.660		0.000		0.000		0.000		0.000		0.0		1.3		36.4
400116	B1 HZ		1		0		64,556		258,223		100.000		100.000		88.367		88.367		0.000		103.660		0.000		0.000		0.000		0.000		0.0		1.3		36.4
410002	FIXED EXP MONT PUD		0		0		0		0		99.150		99.150		90.790		90.790		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.1		36.6
410004	ABAN MONT PUD		0		0		0		0		100.000		100.000		100.000		100.000		0.000		0.000		0.000		0.000		0.000		0.000		0.0		0.0		37.6
FIELD TOTAL			6		0		387,336		1,549,338
TOTAL CALIFORNIA			6		0		387,336		1,549,338
TOTAL ALL LEASES			6		0		387,336		1,549,338

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

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	RESERVES AND ECONOMICS
	AS OF OCTOBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE MONTEREY RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE						TOTAL		NET CAP		ABDNMNT		OPERATING		NET		CUM P.W.
LEASE NUMBER	LEASE NAME	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL M$		NGL M$		GAS M$		TAXES M$		COST M$		COST M$		EXPENSE M$		REVENUE M$		10.000% M$
CALIFORNIA
ORCUTT FIELD, SANTA BARBARA COUNTY
400118	3 HZ		64,556		0		258,223		57,046		0		0		5,913.4		0.0		0.0		120.0		2,640.0		0.0		1,457.0		1,696.4		200.2
400113	7-31 HZ		64,556		0		258,223		57,046		0		0		5,913.4		0.0		0.0		120.0		2,075.0		0.0		1,457.0		2,261.4		765.6
400114	12-31 HZ		64,556		0		258,223		57,046		0		0		5,913.4		0.0		0.0		119.8		2,075.0		0.0		1,457.0		2,261.6		730.0
400117	51 HZ		64,556		0		258,223		57,046		0		0		5,913.5		0.0		0.0		120.0		2,365.0		0.0		1,456.9		1,971.6		445.2
400115	54-31 HZ		64,556		0		258,223		57,046		0		0		5,913.2		0.0		0.0		120.2		2,075.0		0.0		1,457.1		2,260.9		707.2
400116	B1 HZ		64,556		0		258,223		57,046		0		0		5,913.2		0.0		0.0		120.2		2,365.0		0.0		1,457.1		1,970.9		448.7
410002	FIXED EXP MONT PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		956.4		-956.4		-285.2
410004	ABAN MONT PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		600.0		0.0		-600.0		-16.8
FIELD TOTAL			387,336		0		1,549,338		342,276		0		0		35,480.1		0.0		0.0		720.2		13,595.0		600.0		9,698.5		10,866.4		2,994.9
TOTAL CALIFORNIA			387,336		0		1,549,338		342,276		0		0		35,480.1		0.0		0.0		720.2		13,595.0		600.0		9,698.5		10,866.4		2,994.9
TOTAL ALL LEASES			387,336		0		1,549,338		342,276		0		0		35,480.1		0.0		0.0		720.2		13,595.0		600.0		9,698.5		10,866.4		2,994.9

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. BASED ON SEC PRICE AND COST PARAMETERS

Page 102