Exhibit 99.3

January 31, 2014

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 December 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, with the exception of the exclusion of future income taxes, conform to the FASB Accounting Standards Codification Topic 932, Extractive Activities—Oil and Gas. 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 December 31, 2013, to be:

	Net Reserves				Future Net Revenue (M$)
Category	Oil (MBBL)		Gas (MMCF)		Total		Present Worth at 10%
Proved Developed Producing		1,696.1		107.8		75,599.8		31,494.0
Proved Developed Non-Producing		371.4		0.0		23,702.1		10,792.3
Proved Undeveloped		13,569.4		0.0		546,677.7		223,402.0
Total Proved		15,636.9		107.8		645,979.6		265,688.3
Probable Undeveloped		12,314.6		0.0		568,819.6		235,334.7
Possible Undeveloped		19,964.3		0.0		1,242,788.4		517,547.6

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 January through December 2013. For properties producing in the Diatomite Reservoir, the average Chevron Crude Oil Marketing Midway Sunset posted price of $101.10 per barrel is adjusted for quality, transportation fees, and a regional price differential. For properties producing in the Monterey Reservoir, the average Buena Vista Hills posted price of $103.30 per barrel is adjusted 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 $100.61 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. As requested, operating costs are limited to direct lease- and field-level costs and SME’s estimate of the portion of its headquarters general and administrative overhead expenses necessary to operate the properties. Operating costs have been divided into field-level costs, per-well costs, and per-unit-of-production costs. The field-level costs are allocated by year among the proved reserves categories based on proportionate share of the total proved future net revenue. Estimates of proved developed producing reserves and revenue are consequently dependent on SME completing the proved drilling and workover programs scheduled in this report. 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: January 31, 2014		Date Signed: January 31, 2014

CAS:AST

Please be advised that the digital document you are viewing is provided by Netherland, Sewell & Associates, Inc. (NSAI) as a convenience to our clients. The digital document is intended to be substantively the same as the original signed document maintained by NSAI. The digital document is subject to the parameters, limitations, and conditions stated in the original document. In the event of any differences between the digital document and the original document, the original document shall control and supersede the digital document.

DEFINITIONS OF OIL AND GAS RESERVES

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

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 210.4-10(a)

(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 210.4-10(a)

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 210.4-10(a)

(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 210.4-10(a)

(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 210.4-10(a)

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 Undeveloped Reserves	V
Possible Undeveloped 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 Undeveloped Reserves	23
Possible Undeveloped 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 DECEMBER 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$
12-31-2014		142,441		0		372,785		126,325		0		80,830		101.082		0.000		1.958		12,769.2		0.0		158.3		12,927.5
12-31-2015		460,674		0		709,115		414,873		0		26,944		100.784		0.000		1.958		41,814.5		0.0		52.8		41,867.3
12-31-2016		1,028,640		0		882,327		933,047		0		0		100.601		0.000		0.000		93,869.1		0.0		0.0		93,869.1
12-31-2017		1,288,516		0		938,365		1,167,596		0		0		100.567		0.000		0.000		117,424.3		0.0		0.0		117,424.3
12-31-2018		2,031,943		0		1,229,860		1,816,466		0		0		100.534		0.000		0.000		182,617.6		0.0		0.0		182,617.6
12-31-2019		1,875,422		0		1,125,220		1,648,215		0		0		100.534		0.000		0.000		165,702.9		0.0		0.0		165,702.9
12-31-2020		1,723,250		0		1,021,553		1,495,090		0		0		100.535		0.000		0.000		150,306.9		0.0		0.0		150,306.9
12-31-2021		1,583,263		0		938,605		1,373,468		0		0		100.535		0.000		0.000		138,086.4		0.0		0.0		138,086.4
12-31-2022		1,456,054		0		865,242		1,262,992		0		0		100.536		0.000		0.000		126,981.2		0.0		0.0		126,981.2
12-31-2023		1,289,203		0		776,624		1,118,243		0		0		100.539		0.000		0.000		112,427.5		0.0		0.0		112,427.5
12-31-2024		1,113,828		0		684,350		963,910		0		0		100.544		0.000		0.000		96,904.3		0.0		0.0		96,904.3
12-31-2025		902,063		0		578,042		779,735		0		0		100.553		0.000		0.000		78,403.9		0.0		0.0		78,403.9
12-31-2026		688,772		0		473,430		595,447		0		0		100.569		0.000		0.000		59,887.9		0.0		0.0		59,887.9
12-31-2027		529,224		0		393,858		457,667		0		0		100.588		0.000		0.000		46,036.5		0.0		0.0		46,036.5
12-31-2028		396,638		0		327,249		342,642		0		0		100.616		0.000		0.000		34,468.8		0.0		0.0		34,468.8
SUBTOTAL		16,509,931		0		11,316,625		14,495,716		0		107,774		100.560		0.000		1.958		1,457,701.0		0.0		211.1		1,457,912.1
REMAINING		1,314,413		0		3,265,599		1,141,228		0		0		101.202		0.000		0.000		115,498.8		0.0		0.0		115,498.8
TOTAL		17,824,344		0		14,582,224		15,636,944		0		107,774		100.607		0.000		1.958		1,573,199.8		0.0		211.1		1,573,410.9
CUM PROD		15,901,210				7,382,705
ULTIMATE		33,725,554				21,964,929

					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
12-31-2014		65		64.74		23.2		239.8		82,825.2		0.0		5,775.4		-75,936.1		-75,936.1		-71,273.2		8.000		315,065.6
12-31-2015		179		178.74		64.1		783.8		49,797.2		0.0		15,464.7		-24,242.5		-100,178.6		-93,606.0		12.000		224,145.8
12-31-2016		178		177.74		140.1		1,747.5		36,071.0		0.0		30,654.5		25,256.0		-74,922.6		-73,514.8		15.000		173,413.3
12-31-2017		335		334.33		171.3		2,199.5		83,647.4		0.0		40,017.7		-8,611.6		-83,534.2		-80,845.0		20.000		111,332.1
12-31-2018		336		330.74		264.7		3,402.1		0.0		0.0		58,916.4		120,034.4		36,500.2		-2,619.7		25.000		68,276.6
12-31-2019		335		325.58		237.9		3,094.1		0.0		0.0		54,866.1		107,504.8		144,005.0		61,130.3		30.000		37,724.1
12-31-2020		335		322.64		222.3		2,802.2		0.0		0.0		51,411.7		95,870.7		239,875.7		112,781.7		35.000		15,639.5
12-31-2021		334		321.64		193.2		2,576.1		3,500.0		0.0		48,812.0		83,005.1		322,880.8		153,435.3		40.000		-580.6
12-31-2022		333		320.65		186.4		2,371.9		0.0		0.0		46,428.3		77,994.6		400,875.4		188,165.6		45.000		-12,638.3
12-31-2023		336		323.65		164.4		2,101.1		9,197.5		0.0		42,988.3		57,976.2		458,851.6		211,652.1		50.000		-21,691.9
12-31-2024		334		320.92		135.4		1,805.2		0.0		0.0		39,098.9		55,864.8		514,716.4		232,227.6
12-31-2025		330		316.67		118.3		1,463.1		5,966.0		0.0		34,078.2		36,778.3		551,494.7		244,552.2
12-31-2026		323		309.67		85.4		1,110.1		0.0		0.0		29,108.3		29,584.1		581,078.8		253,563.2
12-31-2027		321		307.67		63.4		858.0		0.0		0.0		25,394.0		19,721.1		600,799.9		259,019.3
12-31-2028		310		296.73		50.4		638.6		0.0		0.0		21,752.5		12,027.3		612,827.2		262,055.4
SUBTOTAL						2,120.5		27,193.1		271,004.3		0.0		544,767.0		612,827.2		612,827.2		262,055.4
REMAINING						199.0		2,141.0		0.0		7,944.4		72,062.0		33,152.4		645,979.6		265,688.3
TOTAL OF 50.0 YRS						2,319.5		29,334.1		271,004.3		7,944.4		616,829.0		645,979.6		645,979.6		265,688.3

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 I

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 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$
12-31-2014		118,920		0		277,760		105,546		0		80,830		101.022		0.000		1.958		10,662.5		0.0		158.3		10,820.8
12-31-2015		110,650		0		262,029		98,171		0		26,944		101.036		0.000		1.958		9,918.8		0.0		52.8		9,971.6
12-31-2016		103,216		0		247,461		91,543		0		0		101.051		0.000		0.000		9,250.1		0.0		0.0		9,250.1
12-31-2017		96,700		0		235,696		85,727		0		0		101.066		0.000		0.000		8,663.8		0.0		0.0		8,663.8
12-31-2018		90,653		0		224,856		80,334		0		0		101.082		0.000		0.000		8,119.8		0.0		0.0		8,119.8
12-31-2019		84,551		0		212,777		74,874		0		0		101.102		0.000		0.000		7,569.6		0.0		0.0		7,569.6
12-31-2020		78,997		0		193,289		69,944		0		0		101.118		0.000		0.000		7,072.9		0.0		0.0		7,072.9
12-31-2021		72,934		0		184,417		64,504		0		0		101.147		0.000		0.000		6,524.5		0.0		0.0		6,524.5
12-31-2022		69,069		0		177,372		61,061		0		0		101.161		0.000		0.000		6,177.0		0.0		0.0		6,177.0
12-31-2023		64,573		0		170,295		57,039		0		0		101.185		0.000		0.000		5,771.2		0.0		0.0		5,771.2
12-31-2024		59,807		0		163,269		52,788		0		0		101.213		0.000		0.000		5,342.6		0.0		0.0		5,342.6
12-31-2025		56,369		0		156,939		49,727		0		0		101.230		0.000		0.000		5,033.7		0.0		0.0		5,033.7
12-31-2026		52,640		0		150,843		46,381		0		0		101.259		0.000		0.000		4,696.9		0.0		0.0		4,696.9
12-31-2027		49,712		0		145,277		43,759		0		0		101.281		0.000		0.000		4,432.3		0.0		0.0		4,432.3
12-31-2028		38,420		0		136,126		33,574		0		0		101.490		0.000		0.000		3,407.0		0.0		0.0		3,407.0
SUBTOTAL		1,147,211		0		2,938,406		1,014,972		0		107,774		101.130		0.000		1.958		102,642.7		0.0		211.1		102,853.8
REMAINING		779,669		0		2,677,181		681,145		0		0		101.490		0.000		0.000		69,130.1		0.0		0.0		69,130.1
TOTAL		1,926,880		0		5,615,587		1,696,117		0		107,774		101.275		0.000		1.958		171,772.8		0.0		211.1		171,983.9
CUM PROD		15,901,210				7,382,705
ULTIMATE		17,828,090				12,998,292

					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
12-31-2014		61		60.74		19.0		200.8		0.0		0.0		5,303.8		5,297.2		5,297.2		5,056.0		8.000		35,545.6
12-31-2015		61		60.74		16.9		184.9		0.0		0.0		5,109.9		4,659.9		9,957.1		9,100.4		12.000		28,331.9
12-31-2016		60		59.74		15.0		171.3		0.0		0.0		4,927.8		4,136.0		14,093.1		12,362.1		15.000		24,709.1
12-31-2017		60		59.74		14.3		160.9		0.0		0.0		4,776.5		3,712.1		17,805.2		15,023.9		20.000		20,511.4
12-31-2018		60		59.74		13.6		150.4		0.0		0.0		4,625.7		3,330.1		21,135.3		17,194.3		25.000		17,657.7
12-31-2019		59		58.74		12.6		140.7		0.0		0.0		3,688.1		3,728.2		24,863.5		19,403.7		30.000		15,586.6
12-31-2020		58		57.79		11.7		130.8		0.0		0.0		3,486.4		3,444.0		28,307.5		21,258.5		35.000		14,012.3
12-31-2021		55		54.80		11.1		121.2		0.0		0.0		3,168.5		3,223.7		31,531.2		22,836.6		40.000		12,777.4
12-31-2022		54		53.80		10.3		114.3		0.0		0.0		3,080.9		2,971.5		34,502.7		24,159.2		45.000		11,780.6
12-31-2023		54		53.80		10.0		106.9		0.0		0.0		2,918.2		2,736.1		37,238.8		25,266.1		50.000		10,959.6
12-31-2024		51		50.80		8.9		99.0		0.0		0.0		2,704.8		2,529.9		39,768.7		26,196.6
12-31-2025		49		48.85		8.2		93.2		0.0		0.0		2,590.1		2,342.2		42,110.9		26,979.9
12-31-2026		48		47.85		7.8		86.8		0.0		0.0		2,428.8		2,173.5		44,284.4		27,640.3
12-31-2027		46		45.86		7.5		81.9		0.0		0.0		2,323.6		2,019.3		46,303.7		28,198.1
12-31-2028		35		34.91		6.3		62.9		0.0		0.0		1,550.9		1,786.9		48,090.6		28,646.9
SUBTOTAL						173.2		1,906.0		0.0		0.0		52,684.0		48,090.6		48,090.6		28,646.9
REMAINING						128.1		1,276.7		0.0		0.0		40,216.1		27,509.2		75,599.8		31,494.0
TOTAL OF 50.0 YRS						301.3		3,182.7		0.0		0.0		92,900.1		75,599.8		75,599.8		31,494.0

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

Table II

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 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$
12-31-2014		6,245		0		34,538		5,446		0		0		101.490		0.000		0.000		552.7		0.0		0.0		552.7
12-31-2015		17,108		0		64,309		15,108		0		0		101.181		0.000		0.000		1,528.8		0.0		0.0		1,528.8
12-31-2016		42,636		0		59,025		38,384		0		0		100.696		0.000		0.000		3,865.0		0.0		0.0		3,865.0
12-31-2017		40,558		0		49,080		36,516		0		0		100.673		0.000		0.000		3,676.6		0.0		0.0		3,676.6
12-31-2018		35,801		0		41,096		32,199		0		0		100.674		0.000		0.000		3,241.9		0.0		0.0		3,241.9
12-31-2019		31,778		0		35,145		28,547		0		0		100.680		0.000		0.000		2,874.2		0.0		0.0		2,874.2
12-31-2020		28,318		0		30,489		25,405		0		0		100.689		0.000		0.000		2,558.1		0.0		0.0		2,558.1
12-31-2021		25,305		0		26,753		22,671		0		0		100.701		0.000		0.000		2,283.1		0.0		0.0		2,283.1
12-31-2022		22,676		0		23,703		20,280		0		0		100.714		0.000		0.000		2,042.6		0.0		0.0		2,042.6
12-31-2023		20,374		0		21,171		18,191		0		0		100.728		0.000		0.000		1,832.5		0.0		0.0		1,832.5
12-31-2024		18,214		0		17,444		16,207		0		0		100.749		0.000		0.000		1,632.4		0.0		0.0		1,632.4
12-31-2025		12,715		0		13,316		11,211		0		0		100.847		0.000		0.000		1,129.9		0.0		0.0		1,129.9
12-31-2026		9,878		0		11,672		8,640		0		0		100.937		0.000		0.000		871.9		0.0		0.0		871.9
12-31-2027		8,648		0		10,807		7,531		0		0		100.986		0.000		0.000		760.3		0.0		0.0		760.3
12-31-2028		4,335		0		8,593		3,623		0		0		101.490		0.000		0.000		367.7		0.0		0.0		367.7
SUBTOTAL		324,589		0		447,141		289,959		0		0		100.766		0.000		0.000		29,217.7		0.0		0.0		29,217.7
REMAINING		97,189		0		190,164		81,479		0		0		101.490		0.000		0.000		8,269.3		0.0		0.0		8,269.3
TOTAL		421,778		0		637,305		371,438		0		0		100.925		0.000		0.000		37,487.0		0.0		0.0		37,487.0
CUM PROD		0				0
ULTIMATE		421,778				637,305

					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
12-31-2014		1		1.00		1.3		10.2		863.0		0.0		125.6		-447.4		-447.4		-422.0		8.000		12,161.4
12-31-2015		1		1.00		2.9		28.6		417.0		0.0		360.9		719.4		272.0		202.8		12.000		9,670.1
12-31-2016		1		1.00		5.5		72.0		245.0		0.0		1,030.1		2,512.4		2,784.4		2,174.3		15.000		8,314.3
12-31-2017		1		1.00		5.2		68.7		0.0		0.0		989.3		2,613.4		5,397.8		4,049.1		20.000		6,637.6
12-31-2018		2		2.00		5.0		60.4		0.0		0.0		885.8		2,290.7		7,688.5		5,542.8		25.000		5,430.0
12-31-2019		2		2.00		4.9		53.5		0.0		0.0		829.8		1,986.0		9,674.5		6,720.8		30.000		4,523.3
12-31-2020		3		2.99		3.9		47.8		0.0		0.0		770.7		1,735.7		11,410.2		7,656.4		35.000		3,823.6
12-31-2021		5		4.99		2.8		42.6		0.0		0.0		799.8		1,437.9		12,848.1		8,360.7		40.000		3,270.2
12-31-2022		5		4.99		2.7		38.1		0.0		0.0		741.1		1,260.7		14,108.8		8,922.2		45.000		2,826.2
12-31-2023		8		7.99		2.6		34.1		0.0		0.0		737.9		1,057.9		15,166.7		9,351.1		50.000		2,461.5
12-31-2024		9		8.94		2.6		30.4		0.0		0.0		746.9		852.5		16,019.2		9,665.3
12-31-2025		7		6.95		2.0		21.0		0.0		0.0		378.0		728.9		16,748.1		9,909.4
12-31-2026		1		0.95		1.6		16.3		0.0		0.0		249.0		605.0		17,353.1		10,093.9
12-31-2027		1		0.95		1.5		14.0		0.0		0.0		217.4		527.4		17,880.5		10,239.6
12-31-2028		1		0.95		0.5		6.8		0.0		0.0		97.8		262.6		18,143.1		10,305.5
SUBTOTAL						45.0		544.5		1,525.0		0.0		8,960.1		18,143.1		18,143.1		10,305.5
REMAINING						13.8		152.8		0.0		0.0		2,543.7		5,559.0		23,702.1		10,792.3
TOTAL OF 50.0 YRS						58.8		697.3		1,525.0		0.0		11,503.8		23,702.1		23,702.1		10,792.3

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 III

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 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$
12-31-2014		17,276		0		60,487		15,333		0		0		101.346		0.000		0.000		1,554.0		0.0		0.0		1,554.0
12-31-2015		332,916		0		382,777		301,594		0		0		100.682		0.000		0.000		30,366.9		0.0		0.0		30,366.9
12-31-2016		882,788		0		575,841		803,120		0		0		100.545		0.000		0.000		80,754.0		0.0		0.0		80,754.0
12-31-2017		1,151,258		0		653,589		1,045,353		0		0		100.522		0.000		0.000		105,083.9		0.0		0.0		105,083.9
12-31-2018		1,905,489		0		963,908		1,703,933		0		0		100.506		0.000		0.000		171,255.9		0.0		0.0		171,255.9
12-31-2019		1,759,093		0		877,298		1,544,794		0		0		100.504		0.000		0.000		155,259.1		0.0		0.0		155,259.1
12-31-2020		1,615,935		0		797,775		1,399,741		0		0		100.503		0.000		0.000		140,675.9		0.0		0.0		140,675.9
12-31-2021		1,485,024		0		727,435		1,286,293		0		0		100.501		0.000		0.000		129,278.8		0.0		0.0		129,278.8
12-31-2022		1,364,309		0		664,167		1,181,651		0		0		100.501		0.000		0.000		118,761.6		0.0		0.0		118,761.6
12-31-2023		1,204,256		0		585,158		1,043,013		0		0		100.500		0.000		0.000		104,823.8		0.0		0.0		104,823.8
12-31-2024		1,035,807		0		503,637		894,915		0		0		100.500		0.000		0.000		89,929.3		0.0		0.0		89,929.3
12-31-2025		832,979		0		407,787		718,797		0		0		100.501		0.000		0.000		72,240.3		0.0		0.0		72,240.3
12-31-2026		626,254		0		310,915		540,426		0		0		100.503		0.000		0.000		54,319.1		0.0		0.0		54,319.1
12-31-2027		470,864		0		237,774		406,377		0		0		100.506		0.000		0.000		40,843.9		0.0		0.0		40,843.9
12-31-2028		353,883		0		182,530		305,445		0		0		100.509		0.000		0.000		30,694.1		0.0		0.0		30,694.1
SUBTOTAL		15,038,131		0		7,931,078		13,190,785		0		0		100.512		0.000		0.000		1,325,840.6		0.0		0.0		1,325,840.6
REMAINING		437,555		0		398,254		378,604		0		0		100.622		0.000		0.000		38,099.4		0.0		0.0		38,099.4
TOTAL		15,475,686		0		8,329,332		13,569,389		0		0		100.515		0.000		0.000		1,363,940.0		0.0		0.0		1,363,940.0
CUM PROD		0				0
ULTIMATE		15,475,686				8,329,332

					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
12-31-2014		3		3.00		2.9		28.8		81,962.2		0.0		346.0		-80,785.9		-80,785.9		-75,907.2		8.000		267,358.6
12-31-2015		117		117.00		44.3		570.3		49,380.2		0.0		9,993.9		-29,621.8		-110,407.7		-102,909.2		12.000		186,143.8
12-31-2016		117		117.00		119.6		1,504.2		35,826.0		0.0		24,696.6		18,607.6		-91,800.1		-88,051.2		15.000		140,389.9
12-31-2017		274		273.58		151.8		1,969.9		83,647.4		0.0		34,251.9		-14,937.1		-106,737.2		-99,918.0		20.000		84,183.1
12-31-2018		274		269.00		246.1		3,191.3		0.0		0.0		53,404.9		114,413.6		7,676.4		-25,356.8		25.000		45,188.9
12-31-2019		274		264.84		220.4		2,899.9		0.0		0.0		50,348.2		101,790.6		109,467.0		35,005.8		30.000		17,614.2
12-31-2020		274		261.86		206.7		2,623.6		0.0		0.0		47,154.6		90,691.0		200,158.0		83,866.8		35.000		-2,196.4
12-31-2021		274		261.86		179.3		2,412.3		3,500.0		0.0		44,843.7		78,343.5		278,501.5		122,238.0		40.000		-16,628.2
12-31-2022		274		261.86		173.4		2,219.5		0.0		0.0		42,606.3		73,762.4		352,263.9		155,084.2		45.000		-27,245.1
12-31-2023		274		261.86		151.8		1,960.1		9,197.5		0.0		39,332.2		54,182.2		406,446.1		177,034.9		50.000		-35,113.0
12-31-2024		274		261.18		123.9		1,675.8		0.0		0.0		35,647.2		52,482.4		458,928.5		196,365.7
12-31-2025		274		260.86		108.1		1,348.9		5,966.0		0.0		31,110.1		33,707.2		492,635.7		207,662.9
12-31-2026		274		260.86		76.0		1,007.0		0.0		0.0		26,430.5		26,805.6		519,441.3		215,829.0
12-31-2027		274		260.86		54.4		762.1		0.0		0.0		22,853.0		17,174.4		536,615.7		220,581.6
12-31-2028		274		260.86		43.6		568.9		0.0		0.0		20,103.8		9,977.8		546,593.5		223,103.0
SUBTOTAL						1,902.3		24,742.6		269,479.3		0.0		483,122.9		546,593.5		546,593.5		223,103.0
REMAINING						57.1		711.5		0.0		7,944.4		29,302.2		84.2		546,677.7		223,402.0
TOTAL OF 35.0 YRS						1,959.4		25,454.1		269,479.3		7,944.4		512,425.1		546,677.7		546,677.7		223,402.0

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

Table IV

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN ORCUTT FIELD
	PROBABLE 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$
12-31-2014		424		0		191		387		0		0		100.490		0.000		0.000		38.9		0.0		0.0		38.9
12-31-2015		46,719		0		21,048		42,633		0		0		100.490		0.000		0.000		4,285.0		0.0		0.0		4,285.0
12-31-2016		199,244		0		89,678		181,586		0		0		100.490		0.000		0.000		18,247.3		0.0		0.0		18,247.3
12-31-2017		269,342		0		121,189		205,408		0		0		100.490		0.000		0.000		20,644.0		0.0		0.0		20,644.0
12-31-2018		1,413,777		0		636,289		1,280,860		0		0		100.490		0.000		0.000		128,707.1		0.0		0.0		128,707.1
12-31-2019		1,759,272		0		791,685		1,594,892		0		0		100.490		0.000		0.000		160,266.2		0.0		0.0		160,266.2
12-31-2020		1,618,531		0		728,350		1,401,436		0		0		100.490		0.000		0.000		140,828.0		0.0		0.0		140,828.0
12-31-2021		1,489,068		0		670,018		1,288,815		0		0		100.490		0.000		0.000		129,513.7		0.0		0.0		129,513.7
12-31-2022		1,369,782		0		616,344		1,184,088		0		0		100.490		0.000		0.000		118,983.4		0.0		0.0		118,983.4
12-31-2023		1,248,202		0		561,654		1,079,080		0		0		100.490		0.000		0.000		108,436.0		0.0		0.0		108,436.0
12-31-2024		1,131,296		0		509,027		980,071		0		0		100.490		0.000		0.000		98,488.3		0.0		0.0		98,488.3
12-31-2025		993,572		0		447,172		857,076		0		0		100.490		0.000		0.000		86,129.6		0.0		0.0		86,129.6
12-31-2026		768,903		0		346,012		663,283		0		0		100.490		0.000		0.000		66,659.9		0.0		0.0		66,659.9
12-31-2027		576,720		0		259,500		497,429		0		0		100.490		0.000		0.000		49,990.6		0.0		0.0		49,990.6
12-31-2028		432,827		0		194,728		373,360		0		0		100.490		0.000		0.000		37,519.1		0.0		0.0		37,519.1
SUBTOTAL		13,317,679		0		5,992,885		11,630,404		0		0		100.490		0.000		0.000		1,168,737.1		0.0		0.0		1,168,737.1
REMAINING		793,179		0		356,918		684,186		0		0		100.490		0.000		0.000		68,768.6		0.0		0.0		68,768.6
TOTAL		14,110,858		0		6,349,803		12,314,590		0		0		100.490		0.000		0.000		1,237,505.7		0.0		0.0		1,237,505.7
CUM PROD		0				0
ULTIMATE		14,110,858				6,349,803

					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 M$		COST		COST		EXPENSE		PERIOD		CUM		CUM		DISC RATE		CUM PW
M-D-Y	GROSS		NET		M$				M$		M$		M$		M$		M$		M$		%		M$
12-31-2014		0		0.00		0.1		0.7		0.0		0.0		9.8		28.3		28.3		26.1		8.000		278,398.6
12-31-2015		0		0.00		10.1		77.9		0.0		0.0		1,079.8		3,117.2		3,145.5		2,640.1		12.000		199,648.8
12-31-2016		0		0.00		22.2		343.8		0.0		0.0		4,595.3		13,286.0		16,431.5		13,118.8		15.000		157,011.0
12-31-2017		86		81.00		33.5		383.3		130,404.6		0.0		5,646.3		-115,823.7		-99,392.2		-68,289.4		20.000		106,731.2
12-31-2018		238		238.00		179.5		2,407.6		52,887.5		0.0		40,083.9		33,148.6		-66,243.6		-48,173.7		25.000		73,638.1
12-31-2019		238		242.43		220.2		2,995.0		0.0		0.0		48,810.0		108,241.0		41,997.4		15,996.5		30.000		51,337.4
12-31-2020		238		227.18		197.5		2,630.3		0.0		0.0		43,661.0		94,339.2		136,336.6		66,824.8		35.000		36,091.1
12-31-2021		238		226.77		185.3		2,415.6		0.0		0.0		40,848.5		86,064.3		222,400.9		108,974.3		40.000		25,512.2
12-31-2022		238		226.77		162.6		2,221.7		0.0		0.0		38,234.3		78,364.8		300,765.7		143,862.9		45.000		18,024.8
12-31-2023		238		226.77		145.8		2,020.6		2,725.4		0.0		35,665.4		67,878.8		368,644.5		171,377.8		50.000		12,730.6
12-31-2024		238		227.28		137.2		1,842.9		4,836.4		0.0		33,322.1		58,349.7		426,994.2		192,807.1
12-31-2025		238		226.29		121.9		1,605.8		3,268.0		0.0		30,320.3		50,813.6		477,807.8		209,854.7
12-31-2026		238		226.29		88.2		1,253.8		5,776.0		0.0		25,575.4		33,966.5		511,774.3		220,151.5
12-31-2027		238		226.29		69.8		938.6		0.0		0.0		21,497.2		27,485.0		539,259.3		227,765.0
12-31-2028		239		227.29		47.7		695.1		0.0		0.0		18,466.2		18,310.1		557,569.4		232,373.2
SUBTOTAL						1,621.6		21,832.7		199,897.9		0.0		387,815.5		557,569.4		557,569.4		232,373.2
REMAINING						94.4		1,280.6		0.0		6,788.7		49,354.7		11,250.2		568,819.6		235,334.7
TOTAL OF 19.0 YRS						1,716.0		23,113.3		199,897.9		6,788.7		437,170.2		568,819.6		568,819.6		235,334.7

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 V

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN ORCUTT FIELD
	POSSIBLE UNDEVELOPED RESERVES	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$
12-31-2014		624		0		281		569		0		0		100.490		0.000		0.000		57.1		0.0		0.0		57.1
12-31-2015		68,755		0		30,963		62,693		0		0		100.490		0.000		0.000		6,291.4		0.0		0.0		6,291.4
12-31-2016		303,353		0		136,519		276,389		0		0		100.490		0.000		0.000		27,772.0		0.0		0.0		27,772.0
12-31-2017		367,820		0		165,524		322,626		0		0		100.490		0.000		0.000		32,414.7		0.0		0.0		32,414.7
12-31-2018		988,523		0		444,816		889,168		0		0		100.490		0.000		0.000		89,345.4		0.0		0.0		89,345.4
12-31-2019		2,520,470		0		1,134,223		2,296,049		0		0		100.490		0.000		0.000		230,731.5		0.0		0.0		230,731.5
12-31-2020		2,729,514		0		1,228,201		2,363,386		0		0		100.490		0.000		0.000		237,491.9		0.0		0.0		237,491.9
12-31-2021		2,511,171		0		1,130,009		2,174,108		0		0		100.490		0.000		0.000		218,481.9		0.0		0.0		218,481.9
12-31-2022		2,309,968		0		1,039,442		1,999,504		0		0		100.490		0.000		0.000		200,925.3		0.0		0.0		200,925.3
12-31-2023		2,106,846		0		948,097		1,821,781		0		0		100.490		0.000		0.000		183,071.1		0.0		0.0		183,071.1
12-31-2024		1,912,312		0		860,483		1,644,342		0		0		100.490		0.000		0.000		165,232.3		0.0		0.0		165,232.3
12-31-2025		1,712,552		0		770,611		1,477,178		0		0		100.490		0.000		0.000		148,444.2		0.0		0.0		148,444.2
12-31-2026		1,452,808		0		653,818		1,253,164		0		0		100.490		0.000		0.000		125,934.9		0.0		0.0		125,934.9
12-31-2027		1,108,776		0		498,972		956,478		0		0		100.490		0.000		0.000		96,113.3		0.0		0.0		96,113.3
12-31-2028		831,643		0		374,207		717,442		0		0		100.490		0.000		0.000		72,088.8		0.0		0.0		72,088.8
SUBTOTAL		20,925,135		0		9,416,166		18,254,877		0		0		100.490		0.000		0.000		1,834,395.8		0.0		0.0		1,834,395.8
REMAINING		1,981,020		0		891,717		1,709,427		0		0		100.490		0.000		0.000		171,770.8		0.0		0.0		171,770.8
TOTAL		22,906,155		0		10,307,883		19,964,304		0		0		100.490		0.000		0.000		2,006,166.6		0.0		0.0		2,006,166.6
CUM PROD		0				0
ULTIMATE		22,906,155				10,307,883

					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
12-31-2014		0		0.00		0.1		1.1		0.0		0.0		13.3		42.6		42.6		39.4		8.000		609,272.4
12-31-2015		0		0.00		10.3		121.3		0.0		0.0		1,451.4		4,708.4		4,751.0		4,001.3		12.000		441,988.8
12-31-2016		0		0.00		44.3		521.3		0.0		0.0		4,576.2		22,630.2		27,381.2		21,847.4		15.000		352,159.7
12-31-2017		0		0.00		41.4		608.4		288.3		0.0		3,594.5		27,882.1		55,263.3		41,700.8		20.000		246,885.9
12-31-2018		178		178.00		124.1		1,671.0		186,261.7		0.0		14,565.2		-113,276.6		-58,013.3		-31,387.6		25.000		177,732.0
12-31-2019		295		311.76		317.2		4,311.8		40,639.7		0.0		50,595.4		134,867.4		76,854.1		47,178.9		30.000		131,068.6
12-31-2020		295		281.59		329.1		4,437.2		0.0		0.0		45,929.0		186,796.6		263,650.7		147,792.0		35.000		98,715.0
12-31-2021		295		281.59		305.9		4,077.5		0.0		0.0		38,936.7		175,161.8		438,812.5		233,569.4		40.000		75,880.4
12-31-2022		295		281.59		282.3		3,752.4		0.0		0.0		35,965.7		160,924.9		599,737.4		305,225.8		45.000		59,309.0
12-31-2023		295		279.93		254.3		3,419.7		0.0		0.0		34,252.6		145,144.5		744,881.9		363,999.0		50.000		47,240.5
12-31-2024		295		279.00		241.7		3,081.3		5,641.4		0.0		32,436.7		123,831.2		868,713.1		409,629.0
12-31-2025		295		280.48		213.8		2,775.6		3,708.1		0.0		31,218.0		110,528.7		979,241.8		446,575.3
12-31-2026		295		280.48		187.9		2,344.7		6,764.0		0.0		29,237.1		87,401.2		1,066,643.0		473,231.9
12-31-2027		295		280.48		129.6		1,791.9		4,446.0		0.0		25,311.6		64,434.2		1,131,077.2		491,041.8
12-31-2028		295		280.48		94.5		1,340.8		0.0		0.0		22,001.4		48,652.1		1,179,729.3		503,297.5
SUBTOTAL						2,576.5		34,256.0		247,749.2		0.0		370,084.8		1,179,729.3		1,179,729.3		503,297.5
REMAINING						228.8		3,199.7		0.0		8,414.5		96,868.7		63,059.1		1,242,788.4		517,547.6
TOTAL OF 20.2 YRS						2,805.3		37,455.7		247,749.2		8,414.5		466,953.5		1,242,788.4		1,242,788.4		517,547.6

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 VI

DIATOMITE RESERVOIR

ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 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	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$
12-31-2014		56,824		0		25,571		51,585		0		0		100.490		0.000		0.000		5,183.7		0.0		0.0		5,183.7
12-31-2015		321,494		0		144,650		292,799		0		0		100.490		0.000		0.000		29,425.0		0.0		0.0		29,425.0
12-31-2016		910,306		0		409,642		829,359		0		0		100.490		0.000		0.000		83,346.3		0.0		0.0		83,346.3
12-31-2017		1,185,941		0		533,671		1,077,810		0		0		100.490		0.000		0.000		108,312.4		0.0		0.0		108,312.4
12-31-2018		1,940,491		0		873,278		1,736,479		0		0		100.490		0.000		0.000		174,499.7		0.0		0.0		174,499.7
12-31-2019		1,792,339		0		806,528		1,575,595		0		0		100.490		0.000		0.000		158,332.9		0.0		0.0		158,332.9
12-31-2020		1,647,097		0		741,226		1,428,542		0		0		100.490		0.000		0.000		143,552.9		0.0		0.0		143,552.9
12-31-2021		1,512,423		0		680,663		1,311,595		0		0		100.490		0.000		0.000		131,806.5		0.0		0.0		131,806.5
12-31-2022		1,389,590		0		625,322		1,204,960		0		0		100.490		0.000		0.000		121,091.6		0.0		0.0		121,091.6
12-31-2023		1,226,475		0		551,951		1,063,492		0		0		100.490		0.000		0.000		106,871.1		0.0		0.0		106,871.1
12-31-2024		1,054,546		0		474,505		912,186		0		0		100.490		0.000		0.000		91,655.3		0.0		0.0		91,655.3
12-31-2025		845,887		0		380,644		730,738		0		0		100.490		0.000		0.000		73,431.1		0.0		0.0		73,431.1
12-31-2026		635,103		0		285,747		548,646		0		0		100.490		0.000		0.000		55,137.3		0.0		0.0		55,137.3
12-31-2027		477,826		0		214,936		412,854		0		0		100.490		0.000		0.000		41,488.3		0.0		0.0		41,488.3
12-31-2028		347,325		0		156,297		299,648		0		0		100.490		0.000		0.000		30,106.1		0.0		0.0		30,106.1
SUBTOTAL		15,343,667		0		6,904,631		13,476,288		0		0		100.490		0.000		0.000		1,354,240.2		0.0		0.0		1,354,240.2
REMAINING		380,839		0		171,373		328,487		0		0		100.490		0.000		0.000		33,012.5		0.0		0.0		33,012.5
TOTAL		15,724,506		0		7,076,004		13,804,775		0		0		100.490		0.000		0.000		1,387,252.7		0.0		0.0		1,387,252.7
CUM PROD		274,033				134,441
ULTIMATE		15,998,539				7,210,445

					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
12-31-2014		22		21.93		7.4		96.8		77,812.2		0.0		3,211.8		-75,944.5		-75,944.5		-71,256.9		8.000		279,937.6
12-31-2015		132		131.93		39.9		554.2		40,352.2		0.0		11,937.8		-23,459.1		-99,403.6		-92,608.0		12.000		198,065.8
12-31-2016		132		131.93		120.1		1,553.4		36,071.0		0.0		27,490.6		18,111.2		-81,292.4		-78,155.8		15.000		151,859.7
12-31-2017		289		288.51		154.1		2,031.0		83,647.4		0.0		37,123.5		-14,643.6		-95,936.0		-89,813.0		20.000		94,993.3
12-31-2018		290		284.92		249.2		3,252.3		0.0		0.0		56,213.8		114,784.4		18,848.4		-15,009.9		25.000		55,447.8
12-31-2019		289		279.76		224.2		2,957.6		0.0		0.0		52,311.2		102,839.9		121,688.3		45,975.4		30.000		27,411.0
12-31-2020		290		277.78		209.6		2,678.0		0.0		0.0		49,005.2		91,660.1		213,348.4		95,359.3		35.000		7,205.1
12-31-2021		290		277.78		181.5		2,459.9		3,500.0		0.0		46,503.4		79,161.7		292,510.1		134,131.5		40.000		-7,565.7
12-31-2022		289		276.79		175.6		2,263.2		0.0		0.0		44,197.3		74,455.5		366,965.6		167,286.7		45.000		-18,478.8
12-31-2023		292		279.79		154.0		1,998.5		9,197.5		0.0		40,823.5		54,697.6		421,663.2		189,446.8		50.000		-26,610.3
12-31-2024		289		276.11		126.0		1,708.3		0.0		0.0		37,010.9		52,810.1		474,473.3		208,899.0
12-31-2025		288		274.80		109.3		1,371.3		5,966.0		0.0		32,066.7		33,917.8		508,391.1		220,267.2
12-31-2026		281		267.80		76.4		1,022.5		0.0		0.0		27,142.1		26,896.3		535,287.4		228,461.5
12-31-2027		279		265.81		54.8		774.0		0.0		0.0		23,469.2		17,190.3		552,477.7		233,218.3
12-31-2028		268		254.86		42.4		558.0		0.0		0.0		19,865.7		9,640.0		562,117.7		235,654.6
SUBTOTAL						1,924.5		25,279.0		256,546.3		0.0		508,372.7		562,117.7		562,117.7		235,654.6
REMAINING						47.1		617.6		0.0		7,644.4		26,350.9		-1,647.5		560,470.2		235,646.2
TOTAL OF 18.2 YRS						1,971.6		25,896.6		256,546.3		7,644.4		534,723.6		560,470.2		560,470.2		235,646.2

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 1

PROVED DEVELOPED PRODUCING RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 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	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$
12-31-2014		54,397		0		24,479		49,373		0		0		100.490		0.000		0.000		4,961.4		0.0		0.0		4,961.4
12-31-2015		49,059		0		22,073		44,526		0		0		100.490		0.000		0.000		4,474.4		0.0		0.0		4,474.4
12-31-2016		44,299		0		19,937		40,206		0		0		100.490		0.000		0.000		4,040.2		0.0		0.0		4,040.2
12-31-2017		40,049		0		18,022		36,349		0		0		100.490		0.000		0.000		3,652.8		0.0		0.0		3,652.8
12-31-2018		36,094		0		16,244		32,764		0		0		100.490		0.000		0.000		3,292.0		0.0		0.0		3,292.0
12-31-2019		31,987		0		14,394		29,029		0		0		100.490		0.000		0.000		2,917.0		0.0		0.0		2,917.0
12-31-2020		28,678		0		12,904		26,026		0		0		100.490		0.000		0.000		2,615.4		0.0		0.0		2,615.4
12-31-2021		24,371		0		10,968		22,114		0		0		100.490		0.000		0.000		2,222.0		0.0		0.0		2,222.0
12-31-2022		22,113		0		9,951		20,064		0		0		100.490		0.000		0.000		2,016.3		0.0		0.0		2,016.3
12-31-2023		19,149		0		8,618		17,374		0		0		100.490		0.000		0.000		1,745.8		0.0		0.0		1,745.8
12-31-2024		16,123		0		7,255		14,619		0		0		100.490		0.000		0.000		1,469.1		0.0		0.0		1,469.1
12-31-2025		14,256		0		6,418		12,928		0		0		100.490		0.000		0.000		1,299.1		0.0		0.0		1,299.1
12-31-2026		11,800		0		5,312		10,696		0		0		100.490		0.000		0.000		1,074.6		0.0		0.0		1,074.6
12-31-2027		10,100		0		4,537		9,148		0		0		100.490		0.000		0.000		919.3		0.0		0.0		919.3
SUBTOTAL		402,475		0		181,112		365,216		0		0		100.490		0.000		0.000		36,699.4		0.0		0.0		36,699.4
REMAINING		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
TOTAL		402,475		0		181,112		365,216		0		0		100.490		0.000		0.000		36,699.4		0.0		0.0		36,699.4
CUM PROD		274,033				134,441
ULTIMATE		676,508				315,553

					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
12-31-2014		21		20.93		7.1		92.6		0.0		0.0		3,131.8		1,729.9		1,729.9		1,653.6		8.000		7,511.7
12-31-2015		21		20.93		6.4		83.6		0.0		0.0		2,998.7		1,385.7		3,115.6		2,858.1		12.000		6,559.4
12-31-2016		21		20.93		5.4		75.3		0.0		0.0		2,878.4		1,081.1		4,196.7		3,712.4		15.000		5,991.5
12-31-2017		21		20.93		5.1		68.2		0.0		0.0		2,770.2		809.3		5,006.0		4,294.3		20.000		5,245.1
12-31-2018		21		20.93		4.6		61.3		0.0		0.0		2,659.1		567.0		5,573.0		4,665.3		25.000		4,677.9
12-31-2019		20		19.93		4.1		54.6		0.0		0.0		1,762.0		1,096.3		6,669.3		5,316.1		30.000		4,236.2
12-31-2020		20		19.93		3.6		48.9		0.0		0.0		1,648.9		914.0		7,583.3		5,809.5		35.000		3,881.3
12-31-2021		18		17.93		3.1		41.5		0.0		0.0		1,422.0		755.4		8,338.7		6,180.0		40.000		3,593.7
12-31-2022		17		16.94		2.7		37.5		0.0		0.0		1,358.5		617.6		8,956.3		6,455.5		45.000		3,354.4
12-31-2023		17		16.94		2.5		32.5		0.0		0.0		1,219.0		491.8		9,448.1		6,654.9		50.000		3,153.0
12-31-2024		14		13.94		2.0		27.4		0.0		0.0		1,052.2		387.5		9,835.6		6,797.9
12-31-2025		14		13.94		1.7		24.3		0.0		0.0		978.9		294.2		10,129.8		6,896.7
12-31-2026		13		12.94		1.3		20.1		0.0		0.0		837.9		215.3		10,345.1		6,962.5
12-31-2027		11		10.95		1.1		17.1		0.0		0.0		752.7		148.4		10,493.5		7,003.7
SUBTOTAL						50.7		684.9		0.0		0.0		25,470.3		10,493.5		10,493.5		7,003.7
REMAINING						0.0		0.0		0.0		0.0		0.0		0.0		10,493.5		7,003.7
TOTAL OF 14.0 YRS						50.7		684.9		0.0		0.0		25,470.3		10,493.5		10,493.5		7,003.7

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 2

	BASIC DATA
	AS OF DECEMBER 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				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
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		30,318		14,399		100.000		100.000		91.129		91.129		100.490		100.490		0.000		0.000		0.000		0.000		5.4		4.0		14.0
000045	1514		1		0		22,473		7,312		99.250		99.250		90.790		90.790		100.490		100.490		0.000		0.000		0.000		0.000		10.5		5.0		6.5
000046	1515		1		0		37,767		14,175		99.250		99.250		90.790		90.790		100.490		100.490		0.000		0.000		0.000		0.000		11.8		6.0		14.0
000047	1516		1		0		32,353		11,816		99.250		99.250		90.790		90.790		100.490		100.490		0.000		0.000		0.000		0.000		8.9		5.7		14.0
000048	1517		1		0		24,589		10,561		99.250		99.250		90.790		90.790		100.490		100.490		0.000		0.000		0.000		0.000		10.0		5.5		12.5
000049	1615		1		0		39,337		15,509		99.250		99.250		90.790		90.790		100.490		100.490		0.000		0.000		0.000		0.000		9.4		5.9		14.0
000050	1616		1		0		41,256		18,693		99.250		99.250		90.790		90.790		100.490		100.490		0.000		0.000		0.000		0.000		11.6		6.7		14.0
000051	1617		1		0		30,042		13,180		99.250		99.250		90.790		90.790		100.490		100.490		0.000		0.000		0.000		0.000		10.6		5.7		14.0
000052	1714		1		0		42,037		15,951		99.250		99.250		90.790		90.790		100.490		100.490		0.000		0.000		0.000		0.000		11.9		6.4		14.0
000032	1715		1		0		29,362		11,156		100.000		100.000		91.129		91.129		100.490		100.490		0.000		0.000		0.000		0.000		8.8		5.5		11.4
000033	1716		1		0		15,194		7,893		100.000		100.000		91.129		91.129		100.490		100.490		0.000		0.000		0.000		0.000		8.5		6.7		4.8
000053	1717		1		0		11,660		5,888		99.250		99.250		90.790		90.790		100.490		100.490		0.000		0.000		0.000		0.000		8.9		6.2		7.1
000034	1814		1		0		54,599		25,877		100.000		100.000		91.129		91.129		100.490		100.490		0.000		0.000		0.000		0.000		12.1		6.6		14.0
000037	1815		1		0		32,673		12,064		100.000		100.000		91.129		91.129		100.490		100.490		0.000		0.000		0.000		0.000		9.9		6.1		9.6
000038	1816		1		0		23,280		14,523		100.000		100.000		91.129		91.129		100.490		100.490		0.000		0.000		0.000		0.000		9.4		5.9		9.4
000039	1817		1		0		25,005		12,728		100.000		100.000		91.129		91.129		100.490		100.490		0.000		0.000		0.000		0.000		9.6		5.9		9.7
000055	1914		1		0		31,081		14,351		99.250		99.250		90.790		90.790		100.490		100.490		0.000		0.000		0.000		0.000		12.0		5.7		14.0
000040	1915		1		0		37,682		16,372		100.000		100.000		91.129		91.129		100.490		100.490		0.000		0.000		0.000		0.000		11.9		5.7		13.8
000041	1916		1		0		32,921		18,110		100.000		100.000		91.129		91.129		100.490		100.490		0.000		0.000		0.000		0.000		9.3		5.5		12.2
000042	1917		1		0		14,002		7,932		100.000		100.000		91.129		91.129		100.490		100.490		0.000		0.000		0.000		0.000		6.9		5.3		7.0
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
000106	6724X		0		0		0		28		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
000105	7330X		0		0		12		295		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		47,666		19,246		100.000		100.000		88.367		88.367		100.490		100.490		0.000		0.000		0.000		0.000		6.6		4.3		14.0
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		63.2		0.6		14.0
	FIELD TOTAL		21		0		676,508		315,553
	TOTAL CALIFORNIA		21		0		676,508		315,553
	TOTAL ALL LEASES		21		0		676,508		315,553

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 DECEMBER 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 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
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		18,621		0		8,379		16,969		0		0		1,705.2		0.0		0.0		34.1		0.0		0.0		763.3		907.8		618.3
000045	1514		11,277		0		5,075		10,239		0		0		1,028.9		0.0		0.0		20.6		0.0		0.0		549.3		459.0		389.7
000046	1515		26,069		0		11,731		23,668		0		0		2,378.3		0.0		0.0		47.7		0.0		0.0		1,392.1		938.5		644.1
000047	1516		22,768		0		10,246		20,671		0		0		2,077.1		0.0		0.0		41.7		0.0		0.0		1,170.8		864.6		605.9
000048	1517		17,590		0		7,915		15,970		0		0		1,604.8		0.0		0.0		32.0		0.0		0.0		1,096.4		476.4		345.9
000049	1615		25,063		0		11,278		22,755		0		0		2,286.5		0.0		0.0		45.9		0.0		0.0		1,230.9		1,009.7		698.8
000050	1616		32,587		0		14,664		29,586		0		0		2,973.0		0.0		0.0		59.7		0.0		0.0		1,450.9		1,462.4		988.0
000051	1617		22,493		0		10,121		20,421		0		0		2,052.1		0.0		0.0		41.1		0.0		0.0		1,279.4		731.6		512.5
000052	1714		29,562		0		13,302		26,839		0		0		2,697.2		0.0		0.0		54.0		0.0		0.0		1,443.5		1,199.7		814.5
000032	1715		14,978		0		6,740		13,649		0		0		1,371.6		0.0		0.0		27.4		0.0		0.0		940.5		403.7		300.0
000033	1716		5,457		0		2,456		4,973		0		0		499.6		0.0		0.0		10.0		0.0		0.0		437.2		52.4		45.5
000053	1717		8,356		0		3,761		7,587		0		0		762.4		0.0		0.0		15.2		0.0		0.0		626.2		121.0		99.2
000034	1814		31,856		0		14,335		29,031		0		0		2,917.1		0.0		0.0		58.7		0.0		0.0		1,489.9		1,368.5		925.4
000037	1815		12,595		0		5,667		11,477		0		0		1,153.5		0.0		0.0		23.1		0.0		0.0		886.7		243.7		188.0
000038	1816		11,962		0		5,383		10,901		0		0		1,095.4		0.0		0.0		21.9		0.0		0.0		836.9		236.6		183.2
000039	1817		12,602		0		5,672		11,485		0		0		1,154.1		0.0		0.0		23.0		0.0		0.0		874.5		256.6		197.1
000055	1914		23,276		0		10,474		21,133		0		0		2,123.5		0.0		0.0		42.6		0.0		0.0		1,369.5		711.4		494.1
000040	1915		21,753		0		9,789		19,824		0		0		1,991.9		0.0		0.0		40.1		0.0		0.0		1,353.2		598.6		423.4
000041	1916		16,989		0		7,645		15,482		0		0		1,555.9		0.0		0.0		31.3		0.0		0.0		1,039.7		484.9		354.0
000042	1917		7,059		0		3,177		6,433		0		0		646.5		0.0		0.0		12.9		0.0		0.0		506.4		127.2		104.7
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
000106	6724X		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000105	7330X		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		29,562		0		13,302		26,123		0		0		2,624.8		0.0		0.0		52.6		0.0		0.0		873.6		1,698.6		1,117.3
010001	FIXED EXP DIAT PDP		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		3,859.4		-3,859.4		-3,045.9
	FIELD TOTAL		402,475		0		181,112		365,216		0		0		36,699.4		0.0		0.0		735.6		0.0		0.0		25,470.3		10,493.5		7,003.7
	TOTAL CALIFORNIA		402,475		0		181,112		365,216		0		0		36,699.4		0.0		0.0		735.6		0.0		0.0		25,470.3		10,493.5		7,003.7
	TOTAL ALL LEASES		402,475		0		181,112		365,216		0		0		36,699.4		0.0		0.0		735.6		0.0		0.0		25,470.3		10,493.5		7,003.7

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 4

PROVED DEVELOPED NON-PRODUCING RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 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$
12-31-2014		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2015		5,148		0		2,316		4,674		0		0		100.490		0.000		0.000		469.6		0.0		0.0		469.6
12-31-2016		33,524		0		15,086		30,487		0		0		100.490		0.000		0.000		3,063.5		0.0		0.0		3,063.5
12-31-2017		32,811		0		14,764		29,844		0		0		100.490		0.000		0.000		2,999.4		0.0		0.0		2,999.4
12-31-2018		28,874		0		12,991		26,262		0		0		100.490		0.000		0.000		2,639.3		0.0		0.0		2,639.3
12-31-2019		25,409		0		11,436		23,112		0		0		100.490		0.000		0.000		2,322.6		0.0		0.0		2,322.6
12-31-2020		22,363		0		10,061		20,342		0		0		100.490		0.000		0.000		2,044.2		0.0		0.0		2,044.2
12-31-2021		19,676		0		8,853		17,901		0		0		100.490		0.000		0.000		1,798.8		0.0		0.0		1,798.8
12-31-2022		17,315		0		7,793		15,747		0		0		100.490		0.000		0.000		1,582.6		0.0		0.0		1,582.6
12-31-2023		15,240		0		6,856		13,860		0		0		100.490		0.000		0.000		1,393.0		0.0		0.0		1,393.0
12-31-2024		13,198		0		5,938		12,003		0		0		100.490		0.000		0.000		1,205.8		0.0		0.0		1,205.8
12-31-2025		7,937		0		3,575		7,216		0		0		100.490		0.000		0.000		724.4		0.0		0.0		724.4
12-31-2026		5,260		0		2,369		4,780		0		0		100.490		0.000		0.000		480.2		0.0		0.0		480.2
12-31-2027		4,178		0		1,886		3,794		0		0		100.490		0.000		0.000		381.1		0.0		0.0		381.1
SUBTOTAL		230,933		0		103,924		210,022		0		0		100.490		0.000		0.000		21,104.5		0.0		0.0		21,104.5
REMAINING		0		0		0		0		0		0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
TOTAL		230,933		0		103,924		210,022		0		0		100.490		0.000		0.000		21,104.5		0.0		0.0		21,104.5
CUM PROD		0				0
ULTIMATE		230,933				103,924

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE						PRESENT WORTH PROFILE
PERIOD ENDING M-D-Y	NUMBER OF ACTIVE COMPLETIONS				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
12-31-2014		0		0.00		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		8.000		8,364.8
12-31-2015		0		0.00		0.6		9.0		417.0		0.0		129.6		-86.6		-86.6		-76.2		12.000		6,882.3
12-31-2016		0		0.00		3.8		57.2		245.0		0.0		847.4		1,910.1		1,823.5		1,419.8		15.000		6,004.9
12-31-2017		0		0.00		3.8		56.1		0.0		0.0		829.9		2,109.6		3,933.1		2,932.9		20.000		4,861.8
12-31-2018		1		1.00		3.8		49.3		0.0		0.0		740.7		1,845.5		5,778.6		4,136.3		25.000		4,006.0
12-31-2019		1		1.00		3.8		43.2		0.0		0.0		694.6		1,581.0		7,359.6		5,074.2		30.000		3,349.4
12-31-2020		2		1.99		2.8		38.3		0.0		0.0		642.8		1,360.3		8,719.9		5,807.6		35.000		2,836.8
12-31-2021		4		3.99		1.9		33.6		0.0		0.0		677.8		1,085.5		9,805.4		6,339.4		40.000		2,429.0
12-31-2022		4		3.99		1.9		29.6		0.0		0.0		623.9		927.2		10,732.6		6,752.4		45.000		2,100.9
12-31-2023		7		6.99		1.9		26.0		0.0		0.0		624.8		740.3		11,472.9		7,052.8		50.000		1,831.0
12-31-2024		7		6.99		1.9		22.6		0.0		0.0		632.3		549.0		12,021.9		7,255.4
12-31-2025		6		6.00		1.3		13.5		0.0		0.0		272.3		437.3		12,459.2		7,402.0
12-31-2026		0		0.00		0.9		9.0		0.0		0.0		146.2		324.1		12,783.3		7,501.0
12-31-2027		0		0.00		0.9		7.1		0.0		0.0		117.3		255.8		13,039.1		7,571.7
SUBTOTAL						29.3		394.5		662.0		0.0		6,979.6		13,039.1		13,039.1		7,571.7
REMAINING						0.0		0.0		0.0		0.0		0.0		0.0		13,039.1		7,571.7
TOTAL OF 14.0 YRS						29.3		394.5		662.0		0.0		6,979.6		13,039.1		13,039.1		7,571.7

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 5

	BASIC DATA
	AS OF DECEMBER 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

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE NUMBER		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
	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
200045	1514 AP		1		0		11,284		5,078		99.250		99.250		90.790		90.790		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		11.0
200046	1515 AP		0		0		12,922		5,815		99.250		99.250		90.790		90.790		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.1		14.0
200047	1516 AP		0		0		12,959		5,832		99.250		99.250		90.790		90.790		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.1		14.0
200048	1517 AP		0		0		12,226		5,502		99.250		99.250		90.790		90.790		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.3		12.5
200049	1615 AP		0		0		12,996		5,848		99.250		99.250		90.790		90.790		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.0		14.0
200050	1616 AP		0		0		12,996		5,848		99.250		99.250		90.790		90.790		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.0		14.0
200051	1617 AP		0		0		13,032		5,865		99.250		99.250		90.790		90.790		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.0		14.0
200052	1714 AP		0		0		13,032		5,865		99.250		99.250		90.790		90.790		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.0		14.0
200032	1715 AP		1		0		11,284		5,078		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		11.6
200033	1716 AP		1		0		11,284		5,078		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		11.1
200053	1717 AP		1		0		11,284		5,078		99.250		99.250		90.790		90.790		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		10.7
200034	1814 AP		0		0		12,847		5,781		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.1		14.0
200037	1815 AP		1		0		11,284		5,078		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		11.2
200038	1816 AP		1		0		11,284		5,078		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		11.6
200039	1817 AP		1		0		11,284		5,078		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		11.2
200055	1914 AP		0		0		13,068		5,881		99.250		99.250		90.790		90.790		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.0		14.0
200040	1915 AP		0		0		12,730		5,729		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.1		13.8
200041	1916 AP		0		0		11,853		5,334		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		1.4		12.2
200042	1917 AP		1		0		11,284		5,078		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		11.1
	FIELD TOTAL		8		0		230,933		103,924
	TOTAL CALIFORNIA		8		0		230,933		103,924
	TOTAL ALL LEASES		8		0		230,933		103,924

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 DECEMBER 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

		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
200045	1514 AP		11,284		0		5,078		10,245		0		0		1,029.4		0.0		0.0		20.6		34.7		0.0		474.3		499.8		324.7
200046	1515 AP		12,922		0		5,815		11,732		0		0		1,178.9		0.0		0.0		23.7		34.7		0.0		336.0		784.5		436.2
200047	1516 AP		12,959		0		5,832		11,766		0		0		1,182.3		0.0		0.0		23.5		34.7		0.0		337.2		786.9		440.2
200048	1517 AP		12,226		0		5,502		11,100		0		0		1,115.5		0.0		0.0		22.1		34.7		0.0		316.8		741.9		427.4
200049	1615 AP		12,996		0		5,848		11,799		0		0		1,185.6		0.0		0.0		23.9		34.7		0.0		338.3		788.7		444.3
200050	1616 AP		12,996		0		5,848		11,799		0		0		1,185.6		0.0		0.0		23.9		34.7		0.0		338.3		788.7		444.3
200051	1617 AP		13,032		0		5,865		11,832		0		0		1,189.1		0.0		0.0		23.9		34.7		0.0		339.2		791.3		448.4
200052	1714 AP		13,032		0		5,865		11,832		0		0		1,189.1		0.0		0.0		23.9		34.7		0.0		339.2		791.3		448.4
200032	1715 AP		11,284		0		5,078		10,283		0		0		1,033.2		0.0		0.0		20.8		35.0		0.0		299.8		677.6		381.6
200033	1716 AP		11,284		0		5,078		10,283		0		0		1,033.3		0.0		0.0		20.9		35.0		0.0		549.6		427.8		280.5
200053	1717 AP		11,284		0		5,078		10,245		0		0		1,029.5		0.0		0.0		20.8		34.7		0.0		436.9		537.1		355.0
200034	1814 AP		12,847		0		5,781		11,707		0		0		1,176.3		0.0		0.0		23.5		35.0		0.0		336.5		781.3		428.7
200037	1815 AP		11,284		0		5,078		10,283		0		0		1,033.2		0.0		0.0		20.6		35.0		0.0		357.9		619.7		375.1
200038	1816 AP		11,284		0		5,078		10,283		0		0		1,033.2		0.0		0.0		20.8		35.0		0.0		382.1		595.3		351.1
200039	1817 AP		11,284		0		5,078		10,283		0		0		1,033.3		0.0		0.0		20.6		35.0		0.0		354.7		623.0		373.6
200055	1914 AP		13,068		0		5,881		11,865		0		0		1,192.4		0.0		0.0		24.1		34.7		0.0		340.3		793.3		452.6
200040	1915 AP		12,730		0		5,729		11,601		0		0		1,165.9		0.0		0.0		23.4		35.0		0.0		333.3		774.2		423.7
200041	1916 AP		11,853		0		5,334		10,801		0		0		1,085.4		0.0		0.0		21.9		35.0		0.0		308.6		719.9		404.6
200042	1917 AP		11,284		0		5,078		10,283		0		0		1,033.3		0.0		0.0		20.9		35.0		0.0		460.6		516.8		331.3
	FIELD TOTAL		230,933		0		103,924		210,022		0		0		21,104.5		0.0		0.0		423.8		662.0		0.0		6,979.6		13,039.1		7,571.7
	TOTAL CALIFORNIA		230,933		0		103,924		210,022		0		0		21,104.5		0.0		0.0		423.8		662.0		0.0		6,979.6		13,039.1		7,571.7
	TOTAL ALL LEASES		230,933		0		103,924		210,022		0		0		21,104.5		0.0		0.0		423.8		662.0		0.0		6,979.6		13,039.1		7,571.7

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 7

PROVED UNDEVELOPED RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 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$
12-31-2014		2,427		0		1,092		2,212		0		0		100.490		0.000		0.000		222.3		0.0		0.0		222.3
12-31-2015		267,287		0		120,261		243,599		0		0		100.490		0.000		0.000		24,481.0		0.0		0.0		24,481.0
12-31-2016		832,483		0		374,619		758,666		0		0		100.490		0.000		0.000		76,242.6		0.0		0.0		76,242.6
12-31-2017		1,113,081		0		500,885		1,011,617		0		0		100.490		0.000		0.000		101,660.2		0.0		0.0		101,660.2
12-31-2018		1,875,523		0		844,043		1,677,453		0		0		100.490		0.000		0.000		168,568.4		0.0		0.0		168,568.4
12-31-2019		1,734,943		0		780,698		1,523,454		0		0		100.490		0.000		0.000		153,093.3		0.0		0.0		153,093.3
12-31-2020		1,596,056		0		718,261		1,382,174		0		0		100.490		0.000		0.000		138,893.3		0.0		0.0		138,893.3
12-31-2021		1,468,376		0		660,842		1,271,580		0		0		100.490		0.000		0.000		127,785.7		0.0		0.0		127,785.7
12-31-2022		1,350,162		0		607,578		1,169,149		0		0		100.490		0.000		0.000		117,492.7		0.0		0.0		117,492.7
12-31-2023		1,192,086		0		536,477		1,032,258		0		0		100.490		0.000		0.000		103,732.3		0.0		0.0		103,732.3
12-31-2024		1,025,225		0		461,312		885,564		0		0		100.490		0.000		0.000		88,980.4		0.0		0.0		88,980.4
12-31-2025		823,694		0		370,651		710,594		0		0		100.490		0.000		0.000		71,407.6		0.0		0.0		71,407.6
12-31-2026		618,043		0		278,066		533,170		0		0		100.490		0.000		0.000		53,582.5		0.0		0.0		53,582.5
12-31-2027		463,548		0		208,513		399,912		0		0		100.490		0.000		0.000		40,187.9		0.0		0.0		40,187.9
12-31-2028		347,325		0		156,297		299,648		0		0		100.490		0.000		0.000		30,106.1		0.0		0.0		30,106.1
SUBTOTAL		14,710,259		0		6,619,595		12,901,050		0		0		100.490		0.000		0.000		1,296,436.3		0.0		0.0		1,296,436.3
REMAINING		380,839		0		171,373		328,487		0		0		100.490		0.000		0.000		33,012.5		0.0		0.0		33,012.5
TOTAL		15,091,098		0		6,790,968		13,229,537		0		0		100.490		0.000		0.000		1,329,448.8		0.0		0.0		1,329,448.8
CUM PROD		0				0
ULTIMATE		15,091,098				6,790,968

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		ABDNMNT		OPERATING		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION M$		AD VALOREM M$		COST		COST		EXPENSE		PERIOD M$		CUM M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET						M$		M$		M$
12-31-2014		1		1.00		0.3		4.2		77,812.2		0.0		80.0		-77,674.4		-77,674.4		-72,910.5		8.000		264,061.1
12-31-2015		111		111.00		32.9		461.6		39,935.2		0.0		8,809.5		-24,758.2		-102,432.6		-95,389.9		12.000		184,624.1
12-31-2016		111		111.00		110.9		1,420.9		35,826.0		0.0		23,764.8		15,120.0		-87,312.6		-83,288.0		15.000		139,863.3
12-31-2017		268		267.58		145.2		1,906.7		83,647.4		0.0		33,523.4		-17,562.5		-104,875.1		-97,040.2		20.000		84,886.4
12-31-2018		268		263.00		240.8		3,141.7		0.0		0.0		52,814.0		112,371.9		7,496.8		-23,811.5		25.000		46,763.9
12-31-2019		268		258.84		216.3		2,859.8		0.0		0.0		49,854.6		100,162.6		107,659.4		35,585.1		30.000		19,825.4
12-31-2020		268		255.86		203.2		2,590.8		0.0		0.0		46,713.5		89,385.8		197,045.2		83,742.2		35.000		487.0
12-31-2021		268		255.86		176.5		2,384.8		3,500.0		0.0		44,403.6		77,320.8		274,366.0		121,612.1		40.000		-13,588.4
12-31-2022		268		255.86		171.0		2,196.1		0.0		0.0		42,214.9		72,910.7		347,276.7		154,078.8		45.000		-23,934.1
12-31-2023		268		255.86		149.6		1,940.0		9,197.5		0.0		38,979.7		53,465.5		400,742.2		175,739.1		50.000		-31,594.3
12-31-2024		268		255.18		122.1		1,658.3		0.0		0.0		35,326.4		51,873.6		452,615.8		194,845.7
12-31-2025		268		254.86		106.3		1,333.5		5,966.0		0.0		30,815.5		33,186.3		485,802.1		205,968.5
12-31-2026		268		254.86		74.2		993.4		0.0		0.0		26,158.0		26,356.9		512,159.0		213,998.0
12-31-2027		268		254.86		52.8		749.8		0.0		0.0		22,599.2		16,786.1		528,945.1		218,642.9
12-31-2028		268		254.86		42.4		558.0		0.0		0.0		19,865.7		9,640.0		538,585.1		221,079.2
SUBTOTAL						1,844.5		24,199.6		255,884.3		0.0		475,922.8		538,585.1		538,585.1		221,079.2
REMAINING						47.1		617.6		0.0		7,644.4		26,350.9		-1,647.5		536,937.6		221,070.8
TOTAL OF 18.2 YRS						1,891.6		24,817.2		255,884.3		7,644.4		502,273.7		536,937.6		536,937.6		221,070.8

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 8

	BASIC DATA
	AS OF DECEMBER 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		ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING
						OIL/COND		GAS																						EXPENSE M$/M				LIFE
	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
400001	110 WELL 001		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400002	110 WELL 002		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400003	110 WELL 003		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400004	110 WELL 004		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400005	110 WELL 005		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400006	110 WELL 006		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400007	110 WELL 007		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400008	110 WELL 008		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400009	110 WELL 009		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400010	110 WELL 010		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400011	110 WELL 011		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400012	110 WELL 012		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400013	110 WELL 013		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400014	110 WELL 014		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400015	110 WELL 015		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400016	110 WELL 016		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400017	110 WELL 017		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400018	110 WELL 018		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400019	110 WELL 019		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400020	110 WELL 020		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400021	110 WELL 021		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400022	110 WELL 022		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400023	110 WELL 023		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400024	110 WELL 024		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400025	110 WELL 025		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400026	110 WELL 026		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400027	110 WELL 027		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400028	110 WELL 028		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400029	110 WELL 029		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400030	110 WELL 030		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400031	110 WELL 031		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400032	110 WELL 032		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400033	110 WELL 033		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400034	110 WELL 034		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400035	110 WELL 035		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400036	110 WELL 036		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400037	110 WELL 037		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400038	110 WELL 038		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400039	110 WELL 039		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400040	110 WELL 040		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400041	110 WELL 041		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400042	110 WELL 042		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4

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 9

	RESERVES AND ECONOMICS
	AS OF DECEMBER 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		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
400001	110 WELL 001		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,363.1
400002	110 WELL 002		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,363.1
400003	110 WELL 003		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,363.1
400004	110 WELL 004		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,363.1
400005	110 WELL 005		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,363.1
400006	110 WELL 006		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,363.1
400007	110 WELL 007		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,363.1
400008	110 WELL 008		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,363.1
400009	110 WELL 009		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,363.1
400010	110 WELL 010		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,369.5
400011	110 WELL 011		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,369.5
400012	110 WELL 012		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,369.5
400013	110 WELL 013		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,369.5
400014	110 WELL 014		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,369.5
400015	110 WELL 015		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,369.5
400016	110 WELL 016		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,369.5
400017	110 WELL 017		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,369.5
400018	110 WELL 018		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,369.5
400019	110 WELL 019		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400020	110 WELL 020		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400021	110 WELL 021		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400022	110 WELL 022		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400023	110 WELL 023		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400024	110 WELL 024		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400025	110 WELL 025		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400026	110 WELL 026		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400027	110 WELL 027		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400028	110 WELL 028		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400029	110 WELL 029		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400030	110 WELL 030		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400031	110 WELL 031		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400032	110 WELL 032		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400033	110 WELL 033		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400034	110 WELL 034		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400035	110 WELL 035		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400036	110 WELL 036		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,372.7
400037	110 WELL 037		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,378.9
400038	110 WELL 038		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,378.9
400039	110 WELL 039		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,378.9
400040	110 WELL 040		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,378.9
400041	110 WELL 041		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,378.9
400042	110 WELL 042		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,378.9

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 10

	BASIC DATA
	AS OF DECEMBER 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		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
	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)
400043	110 WELL 043		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400044	110 WELL 044		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400045	110 WELL 045		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400046	110 WELL 046		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400047	110 WELL 047		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400048	110 WELL 048		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400049	110 WELL 049		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400050	110 WELL 050		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400051	110 WELL 051		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400052	110 WELL 052		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400053	110 WELL 053		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400054	110 WELL 054		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400055	110 WELL 055		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400056	110 WELL 056		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400057	110 WELL 057		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400058	110 WELL 058		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400059	110 WELL 059		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400060	110 WELL 060		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400061	110 WELL 061		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400062	110 WELL 062		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400063	110 WELL 063		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400064	110 WELL 064		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400065	110 WELL 065		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400066	110 WELL 066		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400067	110 WELL 067		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400068	110 WELL 068		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400069	110 WELL 069		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400070	110 WELL 070		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400071	110 WELL 071		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400072	110 WELL 072		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400073	110 WELL 073		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400074	110 WELL 074		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400075	110 WELL 075		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400076	110 WELL 076		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400077	110 WELL 077		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400078	110 WELL 078		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400079	110 WELL 079		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400080	110 WELL 080		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400081	110 WELL 081		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400082	110 WELL 082		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400083	110 WELL 083		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400084	110 WELL 084		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4

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 11

	RESERVES AND ECONOMICS
	AS OF DECEMBER 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		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)
400043	110 WELL 043		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,378.9
400044	110 WELL 044		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,378.9
400045	110 WELL 045		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,378.9
400046	110 WELL 046		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400047	110 WELL 047		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400048	110 WELL 048		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400049	110 WELL 049		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400050	110 WELL 050		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400051	110 WELL 051		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400052	110 WELL 052		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400053	110 WELL 053		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400054	110 WELL 054		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400055	110 WELL 055		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400056	110 WELL 056		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400057	110 WELL 057		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400058	110 WELL 058		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400059	110 WELL 059		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400060	110 WELL 060		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400061	110 WELL 061		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400062	110 WELL 062		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400063	110 WELL 063		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,382.0
400064	110 WELL 064		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,388.1
400065	110 WELL 065		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,388.1
400066	110 WELL 066		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,388.1
400067	110 WELL 067		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,388.1
400068	110 WELL 068		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,388.1
400069	110 WELL 069		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,388.1
400070	110 WELL 070		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,388.1
400071	110 WELL 071		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,388.1
400072	110 WELL 072		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,388.1
400073	110 WELL 073		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400074	110 WELL 074		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400075	110 WELL 075		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400076	110 WELL 076		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400077	110 WELL 077		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400078	110 WELL 078		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400079	110 WELL 079		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400080	110 WELL 080		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400081	110 WELL 081		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400082	110 WELL 082		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400083	110 WELL 083		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400084	110 WELL 084		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1

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 12

	BASIC DATA
	AS OF DECEMBER 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		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
	LEASE NAME	OIL		GAS		BBL		MCF		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		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400086	110 WELL 086		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400087	110 WELL 087		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400088	110 WELL 088		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400089	110 WELL 089		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400090	110 WELL 090		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400091	110 WELL 091		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400092	110 WELL 092		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400093	110 WELL 093		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400094	110 WELL 094		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400095	110 WELL 095		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400096	110 WELL 096		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400097	110 WELL 097		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400098	110 WELL 098		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400099	110 WELL 099		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.4
400100	110 WELL 100		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400101	110 WELL 101		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400102	110 WELL 102		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400103	110 WELL 103		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400104	110 WELL 104		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400105	110 WELL 105		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400106	110 WELL 106		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400107	110 WELL 107		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400108	110 WELL 108		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400109	110 WELL 109		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400110	110 WELL 110		1		0		56,429		25,393		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		15.5
400119	2014X RD		1		0		56,485		25,418		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		14.5
500001	FBO LOC 001		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500002	FBO LOC 002		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500003	FBO LOC 003		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500004	FBO LOC 004		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500005	FBO LOC 005		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500006	FBO LOC 006		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500007	FBO LOC 007		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500008	FBO LOC 008		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500009	FBO LOC 009		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500010	FBO LOC 010		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500011	FBO LOC 011		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500012	FBO LOC 012		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500013	FBO LOC 013		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500014	FBO LOC 014		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500015	FBO LOC 015		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2

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 13

	RESERVES AND ECONOMICS
	AS OF DECEMBER 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		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)
400085	110 WELL 085		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400086	110 WELL 086		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400087	110 WELL 087		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400088	110 WELL 088		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400089	110 WELL 089		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400090	110 WELL 090		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,391.1
400091	110 WELL 091		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,397.0
400092	110 WELL 092		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,397.0
400093	110 WELL 093		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,397.0
400094	110 WELL 094		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,397.0
400095	110 WELL 095		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,397.0
400096	110 WELL 096		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,397.0
400097	110 WELL 097		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,397.0
400098	110 WELL 098		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,397.0
400099	110 WELL 099		56,429		0		25,393		49,574		0		0		4,981.8		0.0		0.0		100.1		461.3		0.0		1,875.2		2,545.2		1,397.0
400100	110 WELL 100		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400101	110 WELL 101		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400102	110 WELL 102		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400103	110 WELL 103		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400104	110 WELL 104		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400105	110 WELL 105		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400106	110 WELL 106		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400107	110 WELL 107		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400108	110 WELL 108		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400109	110 WELL 109		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400110	110 WELL 110		56,429		0		25,393		49,548		0		0		4,979.1		0.0		0.0		100.0		461.3		0.0		1,874.2		2,543.6		1,384.7
400119	2014X RD		56,485		0		25,418		51,474		0		0		5,172.7		0.0		0.0		104.1		300.0		0.0		1,948.9		2,819.7		1,735.8
500001	FBO LOC 001		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500002	FBO LOC 002		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500003	FBO LOC 003		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500004	FBO LOC 004		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500005	FBO LOC 005		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500006	FBO LOC 006		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500007	FBO LOC 007		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500008	FBO LOC 008		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500009	FBO LOC 009		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500010	FBO LOC 010		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500011	FBO LOC 011		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500012	FBO LOC 012		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500013	FBO LOC 013		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,866.4		2,537.2		1,168.4
500014	FBO LOC 014		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500015	FBO LOC 015		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2

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 14

	BASIC DATA
	AS OF DECEMBER 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				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)
500016	FBO LOC 016		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500017	FBO LOC 017		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500018	FBO LOC 018		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500019	FBO LOC 019		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500020	FBO LOC 020		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500021	FBO LOC 021		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500022	FBO LOC 022		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500023	FBO LOC 023		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500024	FBO LOC 024		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500025	FBO LOC 025		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500026	FBO LOC 026		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500027	FBO LOC 027		1		0		56,372		25,367		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500028	FBO LOC 028		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500029	FBO LOC 029		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500030	FBO LOC 030		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500031	FBO LOC 031		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500032	FBO LOC 032		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500033	FBO LOC 033		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500034	FBO LOC 034		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500035	FBO LOC 035		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500036	FBO LOC 036		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500037	FBO LOC 037		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500038	FBO LOC 038		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500039	FBO LOC 039		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500040	FBO LOC 040		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500041	FBO LOC 041		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500042	FBO LOC 042		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500043	FBO LOC 043		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500044	FBO LOC 044		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500045	FBO LOC 045		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500046	FBO LOC 046		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500047	FBO LOC 047		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500048	FBO LOC 048		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500049	FBO LOC 049		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500050	FBO LOC 050		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500051	FBO LOC 051		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500052	FBO LOC 052		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500053	FBO LOC 053		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500054	FBO LOC 054		1		0		56,313		25,341		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		17.2
500055	FBO LOC 055		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500056	FBO LOC 056		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500057	FBO LOC 057		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2

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 15

	RESERVES AND ECONOMICS
	AS OF DECEMBER 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		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)
500016	FBO LOC 016		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500017	FBO LOC 017		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500018	FBO LOC 018		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500019	FBO LOC 019		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500020	FBO LOC 020		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500021	FBO LOC 021		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500022	FBO LOC 022		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500023	FBO LOC 023		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500024	FBO LOC 024		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500025	FBO LOC 025		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500026	FBO LOC 026		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500027	FBO LOC 027		56,372		0		25,367		49,398		0		0		4,964.1		0.0		0.0		99.4		461.1		0.0		1,827.8		2,575.8		1,187.2
500028	FBO LOC 028		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500029	FBO LOC 029		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500030	FBO LOC 030		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500031	FBO LOC 031		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500032	FBO LOC 032		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500033	FBO LOC 033		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500034	FBO LOC 034		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500035	FBO LOC 035		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500036	FBO LOC 036		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500037	FBO LOC 037		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500038	FBO LOC 038		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500039	FBO LOC 039		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500040	FBO LOC 040		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500041	FBO LOC 041		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500042	FBO LOC 042		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500043	FBO LOC 043		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500044	FBO LOC 044		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500045	FBO LOC 045		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500046	FBO LOC 046		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500047	FBO LOC 047		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500048	FBO LOC 048		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500049	FBO LOC 049		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500050	FBO LOC 050		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500051	FBO LOC 051		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500052	FBO LOC 052		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500053	FBO LOC 053		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500054	FBO LOC 054		56,313		0		25,341		49,320		0		0		4,956.1		0.0		0.0		99.5		461.1		0.0		1,822.2		2,573.3		1,176.4
500055	FBO LOC 055		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500056	FBO LOC 056		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500057	FBO LOC 057		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2

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 16

	BASIC DATA
	AS OF DECEMBER 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				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)
500058	FBO LOC 058		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500059	FBO LOC 059		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500060	FBO LOC 060		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500061	FBO LOC 061		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500062	FBO LOC 062		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500063	FBO LOC 063		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500064	FBO LOC 064		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500065	FBO LOC 065		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500066	FBO LOC 066		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500067	FBO LOC 067		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500068	FBO LOC 068		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500069	FBO LOC 069		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500070	FBO LOC 070		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500071	FBO LOC 071		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500072	FBO LOC 072		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500073	FBO LOC 073		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500074	FBO LOC 074		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500075	FBO LOC 075		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500076	FBO LOC 076		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500077	FBO LOC 077		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500078	FBO LOC 078		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500079	FBO LOC 079		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500080	FBO LOC 080		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500081	FBO LOC 081		1		0		56,253		25,314		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500082	FBO LOC 082		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500083	FBO LOC 083		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500084	FBO LOC 084		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500085	FBO LOC 085		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500086	FBO LOC 086		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500087	FBO LOC 087		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500088	FBO LOC 088		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500089	FBO LOC 089		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500090	FBO LOC 090		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500091	FBO LOC 091		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500092	FBO LOC 092		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500093	FBO LOC 093		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500094	FBO LOC 094		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500095	FBO LOC 095		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500096	FBO LOC 096		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500097	FBO LOC 097		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500098	FBO LOC 098		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500099	FBO LOC 099		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2

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 17

	RESERVES AND ECONOMICS
	AS OF DECEMBER 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		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)
500058	FBO LOC 058		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500059	FBO LOC 059		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500060	FBO LOC 060		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500061	FBO LOC 061		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500062	FBO LOC 062		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500063	FBO LOC 063		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500064	FBO LOC 064		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500065	FBO LOC 065		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500066	FBO LOC 066		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500067	FBO LOC 067		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500068	FBO LOC 068		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500069	FBO LOC 069		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500070	FBO LOC 070		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500071	FBO LOC 071		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500072	FBO LOC 072		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500073	FBO LOC 073		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500074	FBO LOC 074		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500075	FBO LOC 075		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500076	FBO LOC 076		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500077	FBO LOC 077		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500078	FBO LOC 078		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500079	FBO LOC 079		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500080	FBO LOC 080		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500081	FBO LOC 081		56,253		0		25,314		49,241		0		0		4,948.3		0.0		0.0		99.5		461.1		0.0		1,816.7		2,571.0		1,166.2
500082	FBO LOC 082		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500083	FBO LOC 083		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500084	FBO LOC 084		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500085	FBO LOC 085		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500086	FBO LOC 086		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500087	FBO LOC 087		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500088	FBO LOC 088		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500089	FBO LOC 089		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500090	FBO LOC 090		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500091	FBO LOC 091		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500092	FBO LOC 092		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500093	FBO LOC 093		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500094	FBO LOC 094		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500095	FBO LOC 095		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500096	FBO LOC 096		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500097	FBO LOC 097		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500098	FBO LOC 098		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500099	FBO LOC 099		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6

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 DECEMBER 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				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)
500100	FBO LOC 100		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500101	FBO LOC 101		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500102	FBO LOC 102		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500103	FBO LOC 103		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500104	FBO LOC 104		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500105	FBO LOC 105		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500106	FBO LOC 106		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500107	FBO LOC 107		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500108	FBO LOC 108		1		0		56,192		25,286		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.1		17.2
500109	FBO LOC 109		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500110	FBO LOC 110		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500111	FBO LOC 111		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500112	FBO LOC 112		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500113	FBO LOC 113		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500114	FBO LOC 114		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500115	FBO LOC 115		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500116	FBO LOC 116		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500117	FBO LOC 117		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500118	FBO LOC 118		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500119	FBO LOC 119		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500120	FBO LOC 120		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500121	FBO LOC 121		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500122	FBO LOC 122		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500123	FBO LOC 123		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500124	FBO LOC 124		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500125	FBO LOC 125		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500126	FBO LOC 126		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500127	FBO LOC 127		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500128	FBO LOC 128		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500129	FBO LOC 129		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500130	FBO LOC 130		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500131	FBO LOC 131		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500132	FBO LOC 132		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500133	FBO LOC 133		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500134	FBO LOC 134		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500135	FBO LOC 135		1		0		56,129		25,258		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500136	FBO LOC 136		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500137	FBO LOC 137		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500138	FBO LOC 138		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500139	FBO LOC 139		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500140	FBO LOC 140		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500141	FBO LOC 141		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2

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 19

	RESERVES AND ECONOMICS
	AS OF DECEMBER 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		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)
500100	FBO LOC 100		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500101	FBO LOC 101		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500102	FBO LOC 102		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500103	FBO LOC 103		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500104	FBO LOC 104		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500105	FBO LOC 105		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500106	FBO LOC 106		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500107	FBO LOC 107		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500108	FBO LOC 108		56,192		0		25,286		49,160		0		0		4,940.1		0.0		0.0		99.3		461.1		0.0		1,810.9		2,568.8		1,155.6
500109	FBO LOC 109		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500110	FBO LOC 110		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500111	FBO LOC 111		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500112	FBO LOC 112		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500113	FBO LOC 113		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500114	FBO LOC 114		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500115	FBO LOC 115		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500116	FBO LOC 116		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500117	FBO LOC 117		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500118	FBO LOC 118		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500119	FBO LOC 119		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500120	FBO LOC 120		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500121	FBO LOC 121		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500122	FBO LOC 122		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500123	FBO LOC 123		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500124	FBO LOC 124		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500125	FBO LOC 125		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500126	FBO LOC 126		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500127	FBO LOC 127		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500128	FBO LOC 128		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500129	FBO LOC 129		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500130	FBO LOC 130		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500131	FBO LOC 131		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500132	FBO LOC 132		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500133	FBO LOC 133		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500134	FBO LOC 134		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500135	FBO LOC 135		56,129		0		25,258		49,078		0		0		4,931.8		0.0		0.0		99.3		461.1		0.0		1,805.4		2,566.0		1,145.2
500136	FBO LOC 136		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500137	FBO LOC 137		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500138	FBO LOC 138		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500139	FBO LOC 139		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500140	FBO LOC 140		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500141	FBO LOC 141		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9

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 20

	BASIC DATA
	AS OF DECEMBER 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				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)
500142	FBO LOC 142		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500143	FBO LOC 143		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500144	FBO LOC 144		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500145	FBO LOC 145		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500146	FBO LOC 146		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500147	FBO LOC 147		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500148	FBO LOC 148		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500149	FBO LOC 149		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500150	FBO LOC 150		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500151	FBO LOC 151		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500152	FBO LOC 152		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500153	FBO LOC 153		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500154	FBO LOC 154		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500155	FBO LOC 155		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500156	FBO LOC 156		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
500157	FBO LOC 157		1		0		56,065		25,229		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.2		17.2
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		7.5
410005	CAPEX 110 RD		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		7.6
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
410006	CAPEX FBO RD 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		0.0		9.7
410001	FIXED EXP 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		63.2		17.2
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		18.2
	FIELD TOTAL		268		0		15,091,098		6,790,968
	TOTAL CALIFORNIA		268		0		15,091,098		6,790,968
	TOTAL ALL LEASES		268		0		15,091,098		6,790,968

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 DECEMBER 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		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)
500142	FBO LOC 142		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500143	FBO LOC 143		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500144	FBO LOC 144		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500145	FBO LOC 145		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500146	FBO LOC 146		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500147	FBO LOC 147		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500148	FBO LOC 148		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500149	FBO LOC 149		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500150	FBO LOC 150		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500151	FBO LOC 151		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500152	FBO LOC 152		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500153	FBO LOC 153		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500154	FBO LOC 154		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500155	FBO LOC 155		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500156	FBO LOC 156		56,065		0		25,229		48,995		0		0		4,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
500157	FBO LOC 157		56,065		0		25,229		48,995		0		0		0,923.5		0.0		0.0		98.9		461.1		0.0		1,799.9		2,563.6		1,134.9
400111	CAPEX 110 PROJECT		0		0		0		0		0		0		0.0		0.0		0.0		0.0		58,600.8		0.0		0.0		-58,600.8		-54,647.0
410005	CAPEX 110 RD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		3,500.0		0.0		0.0		-3,500.0		-1,717.9
501431	CAPEX FBO PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		65,352.3		0.0		0.0		-65,352.3		-51,792.1
410006	CAPEX FBO RD PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		4,995.5		0.0		0.0		-4,995.5		-2,021.4
410001	FIXED EXP DIAT PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		8,723.2		-8,723.2		-3,203.1
410003	ABAN DIAT PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		7,644.4		0.0		-7,644.4		-1,358.6
	FIELD TOTAL		15,091,098		0		6,790,968		13,229,537		0		0		1,329,448.8		0.0		0.0		26,708.8		255,884.3		7,644.4		502,273.7		536,937.6		221,070.8
	TOTAL CALIFORNIA		15,091,098		0		6,790,968		13,229,537		0		0		1,329,448.8		0.0		0.0		26,708.8		255,884.3		7,644.4		502,273.7		536,937.6		221,070.8
	TOTAL ALL LEASES		15,091,098		0		6,790,968		13,229,537		0		0		1,329,448.8		0.0		0.0		26,708.8		255,884.3		7,644.4		502,273.7		536,937.6		221,070.8

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 22

PROBABLE UNDEVELOPED RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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$
12-31-2014		424		0		191		387		0		0		100.490		0.000		0.000		38.9		0.0		0.0		38.9
12-31-2015		46,719		0		21,048		42,633		0		0		100.490		0.000		0.000		4,285.0		0.0		0.0		4,285.0
12-31-2016		199,244		0		89,678		181,586		0		0		100.490		0.000		0.000		18,247.3		0.0		0.0		18,247.3
12-31-2017		269,342		0		121,189		205,408		0		0		100.490		0.000		0.000		20,644.0		0.0		0.0		20,644.0
12-31-2018		1,413,777		0		636,289		1,280,860		0		0		100.490		0.000		0.000		128,707.1		0.0		0.0		128,707.1
12-31-2019		1,759,272		0		791,685		1,594,892		0		0		100.490		0.000		0.000		160,266.2		0.0		0.0		160,266.2
12-31-2020		1,618,531		0		728,350		1,401,436		0		0		100.490		0.000		0.000		140,828.0		0.0		0.0		140,828.0
12-31-2021		1,489,068		0		670,018		1,288,815		0		0		100.490		0.000		0.000		129,513.7		0.0		0.0		129,513.7
12-31-2022		1,369,782		0		616,344		1,184,088		0		0		100.490		0.000		0.000		118,983.4		0.0		0.0		118,983.4
12-31-2023		1,248,202		0		561,654		1,079,080		0		0		100.490		0.000		0.000		108,436.0		0.0		0.0		108,436.0
12-31-2024		1,131,296		0		509,027		980,071		0		0		100.490		0.000		0.000		98,488.3		0.0		0.0		98,488.3
12-31-2025		993,572		0		447,172		857,076		0		0		100.490		0.000		0.000		86,129.6		0.0		0.0		86,129.6
12-31-2026		768,903		0		346,012		663,283		0		0		100.490		0.000		0.000		66,659.9		0.0		0.0		66,659.9
12-31-2027		576,720		0		259,500		497,429		0		0		100.490		0.000		0.000		49,990.6		0.0		0.0		49,990.6
12-31-2028		432,827		0		194,728		373,360		0		0		100.490		0.000		0.000		37,519.1		0.0		0.0		37,519.1
SUBTOTAL		13,317,679		0		5,992,885		11,630,404		0		0		100.490		0.000		0.000		1,168,737.1		0.0		0.0		1,168,737.1
REMAINING		793,179		0		356,918		684,186		0		0		100.490		0.000		0.000		68,768.6		0.0		0.0		68,768.6
TOTAL		14,110,858		0		6,349,803		12,314,590		0		0		100.490		0.000		0.000		1,237,505.7		0.0		0.0		1,237,505.7
CUM PROD		0				0
ULTIMATE		14,110,858				6,349,803

					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
12-31-2014		0		0.00		0.1		0.7		0.0		0.0		9.8		28.3		28.3		26.1		8.000		278,398.6
12-31-2015		0		0.00		10.1		77.9		0.0		0.0		1,079.8		3,117.2		3,145.5		2,640.1		12.000		199,648.8
12-31-2016		0		0.00		22.2		343.8		0.0		0.0		4,595.3		13,286.0		16,431.5		13,118.8		15.000		157,011.0
12-31-2017		86		81.00		33.5		383.3		130,404.6		0.0		5,646.3		-115,823.7		-99,392.2		-68,289.4		20.000		106,731.2
12-31-2018		238		238.00		179.5		2,407.6		52,887.5		0.0		40,083.9		33,148.6		-66,243.6		-48,173.7		25.000		73,638.1
12-31-2019		238		242.43		220.2		2,995.0		0.0		0.0		48,810.0		108,241.0		41,997.4		15,996.5		30.000		51,337.4
12-31-2020		238		227.18		197.5		2,630.3		0.0		0.0		43,661.0		94,339.2		136,336.6		66,824.8		35.000		36,091.1
12-31-2021		238		226.77		185.3		2,415.6		0.0		0.0		40,848.5		86,064.3		222,400.9		108,974.3		40.000		25,512.2
12-31-2022		238		226.77		162.6		2,221.7		0.0		0.0		38,234.3		78,364.8		300,765.7		143,862.9		45.000		18,024.8
12-31-2023		238		226.77		145.8		2,020.6		2,725.4		0.0		35,665.4		67,878.8		368,644.5		171,377.8		50.000		12,730.6
12-31-2024		238		227.28		137.2		1,842.9		4,836.4		0.0		33,322.1		58,349.7		426,994.2		192,807.1
12-31-2025		238		226.29		121.9		1,605.8		3,268.0		0.0		30,320.3		50,813.6		477,807.8		209,854.7
12-31-2026		238		226.29		88.2		1,253.8		5,776.0		0.0		25,575.4		33,966.5		511,774.3		220,151.5
12-31-2027		238		226.29		69.8		938.6		0.0		0.0		21,497.2		27,485.0		539,259.3		227,765.0
12-31-2028		239		227.29		47.7		695.1		0.0		0.0		18,466.2		18,310.1		557,569.4		232,373.2
SUBTOTAL						1,621.6		21,832.7		199,897.9		0.0		387,815.5		557,569.4		557,569.4		232,373.2
REMAINING						94.4		1,280.6		0.0		6,788.7		49,354.7		11,250.2		568,819.6		235,334.7
TOTAL OF 19.0 YRS						1,716.0		23,113.3		199,897.9		6,788.7		437,170.2		568,819.6		568,819.6		235,334.7

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 23

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

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE NUMBER		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
	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
510001	110 WELL 001 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510002	110 WELL 002 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510003	110 WELL 003 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510004	110 WELL 004 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510005	110 WELL 005 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510006	110 WELL 006 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510007	110 WELL 007 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510008	110 WELL 008 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510009	110 WELL 009 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510010	110 WELL 010 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510011	110 WELL 011 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510012	110 WELL 012 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510013	110 WELL 013 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510014	110 WELL 014 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510015	110 WELL 015 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510016	110 WELL 016 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510017	110 WELL 017 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510018	110 WELL 018 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510019	110 WELL 019 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510020	110 WELL 020 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510021	110 WELL 021 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510022	110 WELL 022 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510023	110 WELL 023 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510024	110 WELL 024 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510025	110 WELL 025 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510026	110 WELL 026 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510027	110 WELL 027 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510028	110 WELL 028 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510029	110 WELL 029 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510030	110 WELL 030 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510031	110 WELL 031 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510032	110 WELL 032 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510033	110 WELL 033 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510034	110 WELL 034 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510035	110 WELL 035 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510036	110 WELL 036 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510037	110 WELL 037 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510038	110 WELL 038 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510039	110 WELL 039 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510040	110 WELL 040 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510041	110 WELL 041 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510042	110 WELL 042 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3

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 24

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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
510001	110 WELL 001 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510002	110 WELL 002 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510003	110 WELL 003 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510004	110 WELL 004 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510005	110 WELL 005 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510006	110 WELL 006 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510007	110 WELL 007 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510008	110 WELL 008 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510009	110 WELL 009 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510010	110 WELL 010 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510011	110 WELL 011 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510012	110 WELL 012 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510013	110 WELL 013 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510014	110 WELL 014 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510015	110 WELL 015 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510016	110 WELL 016 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510017	110 WELL 017 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510018	110 WELL 018 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510019	110 WELL 019 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510020	110 WELL 020 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510021	110 WELL 021 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510022	110 WELL 022 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510023	110 WELL 023 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510024	110 WELL 024 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510025	110 WELL 025 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510026	110 WELL 026 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510027	110 WELL 027 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510028	110 WELL 028 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510029	110 WELL 029 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510030	110 WELL 030 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510031	110 WELL 031 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510032	110 WELL 032 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510033	110 WELL 033 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510034	110 WELL 034 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510035	110 WELL 035 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510036	110 WELL 036 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510037	110 WELL 037 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510038	110 WELL 038 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510039	110 WELL 039 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510040	110 WELL 040 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510041	110 WELL 041 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510042	110 WELL 042 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9

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 25

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

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE NUMBER		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
	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)
510043	110 WELL 043 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510044	110 WELL 044 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510045	110 WELL 045 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510046	110 WELL 046 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510047	110 WELL 047 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510048	110 WELL 048 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510049	110 WELL 049 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510050	110 WELL 050 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510051	110 WELL 051 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510052	110 WELL 052 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510053	110 WELL 053 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510054	110 WELL 054 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510055	110 WELL 055 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510056	110 WELL 056 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510057	110 WELL 057 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510058	110 WELL 058 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510059	110 WELL 059 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510060	110 WELL 060 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510061	110 WELL 061 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510062	110 WELL 062 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510063	110 WELL 063 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510064	110 WELL 064 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510065	110 WELL 065 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510066	110 WELL 066 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510067	110 WELL 067 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510068	110 WELL 068 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510069	110 WELL 069 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510070	110 WELL 070 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510071	110 WELL 071 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510072	110 WELL 072 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510073	110 WELL 073 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510074	110 WELL 074 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510075	110 WELL 075 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510076	110 WELL 076 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510077	110 WELL 077 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510078	110 WELL 078 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510079	110 WELL 079 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510080	110 WELL 080 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510081	110 WELL 081 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510082	110 WELL 082 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510083	110 WELL 083 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510084	110 WELL 084 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3

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 26

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
510043	110 WELL 043 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510044	110 WELL 044 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510045	110 WELL 045 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510046	110 WELL 046 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510047	110 WELL 047 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510048	110 WELL 048 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510049	110 WELL 049 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510050	110 WELL 050 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510051	110 WELL 051 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510052	110 WELL 052 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510053	110 WELL 053 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510054	110 WELL 054 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510055	110 WELL 055 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510056	110 WELL 056 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510057	110 WELL 057 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510058	110 WELL 058 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510059	110 WELL 059 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510060	110 WELL 060 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510061	110 WELL 061 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510062	110 WELL 062 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510063	110 WELL 063 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510064	110 WELL 064 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510065	110 WELL 065 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510066	110 WELL 066 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510067	110 WELL 067 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510068	110 WELL 068 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510069	110 WELL 069 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510070	110 WELL 070 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510071	110 WELL 071 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510072	110 WELL 072 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510073	110 WELL 073 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510074	110 WELL 074 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510075	110 WELL 075 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510076	110 WELL 076 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510077	110 WELL 077 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510078	110 WELL 078 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510079	110 WELL 079 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510080	110 WELL 080 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510081	110 WELL 081 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510082	110 WELL 082 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510083	110 WELL 083 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510084	110 WELL 084 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9

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 27

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
510085	110 WELL 085 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510086	110 WELL 086 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510087	110 WELL 087 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510088	110 WELL 088 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510089	110 WELL 089 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510090	110 WELL 090 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510091	110 WELL 091 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510092	110 WELL 092 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510093	110 WELL 093 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510094	110 WELL 094 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510095	110 WELL 095 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510096	110 WELL 096 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510097	110 WELL 097 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510098	110 WELL 098 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510099	110 WELL 099 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.3
510100	110 WELL 100 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510101	110 WELL 101 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510102	110 WELL 102 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510103	110 WELL 103 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510104	110 WELL 104 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510105	110 WELL 105 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510106	110 WELL 106 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510107	110 WELL 107 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510108	110 WELL 108 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510109	110 WELL 109 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510110	110 WELL 110 IPB		1		0		14,024		6,311		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		16.4
510119	2014X RD IPB		1		0		13,969		6,286		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		15.3
520001	FBO LOC 001 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520002	FBO LOC 002 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520003	FBO LOC 003 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520004	FBO LOC 004 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520005	FBO LOC 005 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520006	FBO LOC 006 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520007	FBO LOC 007 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520008	FBO LOC 008 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520009	FBO LOC 009 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520010	FBO LOC 010 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520011	FBO LOC 011 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520012	FBO LOC 012 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520013	FBO LOC 013 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520014	FBO LOC 014 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520015	FBO LOC 015 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		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 28

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE UNDEVELOPED 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		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510086	110 WELL 086 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510087	110 WELL 087 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510088	110 WELL 088 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510089	110 WELL 089 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510090	110 WELL 090 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510091	110 WELL 091 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510092	110 WELL 092 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510093	110 WELL 093 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510094	110 WELL 094 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510095	110 WELL 095 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510096	110 WELL 096 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510097	110 WELL 097 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510098	110 WELL 098 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510099	110 WELL 099 IPB		14,024		0		6,311		11,904		0		0		1,196.4		0.0		0.0		24.0		-0.1		0.0		309.7		862.8		481.9
510100	110 WELL 100 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510101	110 WELL 101 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510102	110 WELL 102 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510103	110 WELL 103 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510104	110 WELL 104 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510105	110 WELL 105 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510106	110 WELL 106 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510107	110 WELL 107 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510108	110 WELL 108 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510109	110 WELL 109 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510110	110 WELL 110 IPB		14,024		0		6,311		11,895		0		0		1,195.3		0.0		0.0		24.0		-0.1		0.0		309.7		861.7		477.6
510119	2014X RD IPB		13,969		0		6,286		12,730		0		0		1,279.0		0.0		0.0		25.7		0.0		0.0		327.9		925.4		569.9
520001	FBO LOC 001 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520002	FBO LOC 002 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520003	FBO LOC 003 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520004	FBO LOC 004 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520005	FBO LOC 005 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520006	FBO LOC 006 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520007	FBO LOC 007 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520008	FBO LOC 008 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520009	FBO LOC 009 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520010	FBO LOC 010 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520011	FBO LOC 011 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520012	FBO LOC 012 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520013	FBO LOC 013 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		320.5		897.3		425.0
520014	FBO LOC 014 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520015	FBO LOC 015 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7

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 29

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520016	FBO LOC 016 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520017	FBO LOC 017 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520018	FBO LOC 018 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520019	FBO LOC 019 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520020	FBO LOC 020 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520021	FBO LOC 021 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520022	FBO LOC 022 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520023	FBO LOC 023 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520024	FBO LOC 024 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520025	FBO LOC 025 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520026	FBO LOC 026 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520027	FBO LOC 027 IPB		1		0		13,972		6,287		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.8		18.0
520028	FBO LOC 028 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520029	FBO LOC 029 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520030	FBO LOC 030 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520031	FBO LOC 031 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520032	FBO LOC 032 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520033	FBO LOC 033 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520034	FBO LOC 034 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520035	FBO LOC 035 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520036	FBO LOC 036 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520037	FBO LOC 037 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520038	FBO LOC 038 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520039	FBO LOC 039 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520040	FBO LOC 040 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520041	FBO LOC 041 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520042	FBO LOC 042 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520043	FBO LOC 043 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520044	FBO LOC 044 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520045	FBO LOC 045 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520046	FBO LOC 046 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520047	FBO LOC 047 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520048	FBO LOC 048 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520049	FBO LOC 049 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520050	FBO LOC 050 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520051	FBO LOC 051 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520052	FBO LOC 052 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520053	FBO LOC 053 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520054	FBO LOC 054 IPB		1		0		13,973		6,288		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520055	FBO LOC 055 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520056	FBO LOC 056 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520057	FBO LOC 057 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		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 30

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE UNDEVELOPED 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		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520017	FBO LOC 017 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520018	FBO LOC 018 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520019	FBO LOC 019 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520020	FBO LOC 020 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520021	FBO LOC 021 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520022	FBO LOC 022 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520023	FBO LOC 023 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520024	FBO LOC 024 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520025	FBO LOC 025 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520026	FBO LOC 026 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520027	FBO LOC 027 IPB		13,972		0		6,287		12,367		0		0		1,242.7		0.0		0.0		24.9		0.0		0.0		310.9		906.9		429.7
520028	FBO LOC 028 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520029	FBO LOC 029 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520030	FBO LOC 030 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520031	FBO LOC 031 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520032	FBO LOC 032 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520033	FBO LOC 033 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520034	FBO LOC 034 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520035	FBO LOC 035 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520036	FBO LOC 036 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520037	FBO LOC 037 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520038	FBO LOC 038 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520039	FBO LOC 039 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520040	FBO LOC 040 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520041	FBO LOC 041 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520042	FBO LOC 042 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520043	FBO LOC 043 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520044	FBO LOC 044 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520045	FBO LOC 045 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520046	FBO LOC 046 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520047	FBO LOC 047 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520048	FBO LOC 048 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520049	FBO LOC 049 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520050	FBO LOC 050 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520051	FBO LOC 051 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520052	FBO LOC 052 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520053	FBO LOC 053 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520054	FBO LOC 054 IPB		13,973		0		6,288		12,363		0		0		1,242.2		0.0		0.0		25.1		0.0		0.0		310.7		906.4		426.0
520055	FBO LOC 055 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520056	FBO LOC 056 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520057	FBO LOC 057 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2

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 31

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520058	FBO LOC 058 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520059	FBO LOC 059 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520060	FBO LOC 060 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520061	FBO LOC 061 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520062	FBO LOC 062 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520063	FBO LOC 063 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520064	FBO LOC 064 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520065	FBO LOC 065 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520066	FBO LOC 066 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520067	FBO LOC 067 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520068	FBO LOC 068 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520069	FBO LOC 069 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520070	FBO LOC 070 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520071	FBO LOC 071 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520072	FBO LOC 072 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520073	FBO LOC 073 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520074	FBO LOC 074 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520075	FBO LOC 075 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520076	FBO LOC 076 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520077	FBO LOC 077 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520078	FBO LOC 078 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520079	FBO LOC 079 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520080	FBO LOC 080 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520081	FBO LOC 081 IPB		1		0		13,974		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520082	FBO LOC 082 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520083	FBO LOC 083 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520084	FBO LOC 084 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520085	FBO LOC 085 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520086	FBO LOC 086 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520087	FBO LOC 087 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520088	FBO LOC 088 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520089	FBO LOC 089 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520090	FBO LOC 090 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520091	FBO LOC 091 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520092	FBO LOC 092 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520093	FBO LOC 093 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520094	FBO LOC 094 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520095	FBO LOC 095 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520096	FBO LOC 096 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520097	FBO LOC 097 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520098	FBO LOC 098 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520099	FBO LOC 099 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		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 32

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520058	FBO LOC 058 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520059	FBO LOC 059 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520060	FBO LOC 060 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520061	FBO LOC 061 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520062	FBO LOC 062 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520063	FBO LOC 063 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520064	FBO LOC 064 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520065	FBO LOC 065 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520066	FBO LOC 066 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520067	FBO LOC 067 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520068	FBO LOC 068 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520069	FBO LOC 069 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520070	FBO LOC 070 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520071	FBO LOC 071 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520072	FBO LOC 072 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520073	FBO LOC 073 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520074	FBO LOC 074 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520075	FBO LOC 075 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520076	FBO LOC 076 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520077	FBO LOC 077 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520078	FBO LOC 078 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520079	FBO LOC 079 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520080	FBO LOC 080 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520081	FBO LOC 081 IPB		13,974		0		6,289		12,359		0		0		1,242.0		0.0		0.0		24.9		0.0		0.0		310.9		906.2		422.2
520082	FBO LOC 082 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520083	FBO LOC 083 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520084	FBO LOC 084 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520085	FBO LOC 085 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520086	FBO LOC 086 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520087	FBO LOC 087 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520088	FBO LOC 088 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520089	FBO LOC 089 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520090	FBO LOC 090 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520091	FBO LOC 091 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520092	FBO LOC 092 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520093	FBO LOC 093 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520094	FBO LOC 094 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520095	FBO LOC 095 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520096	FBO LOC 096 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520097	FBO LOC 097 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520098	FBO LOC 098 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520099	FBO LOC 099 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0

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 33

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520100	FBO LOC 100 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520101	FBO LOC 101 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520102	FBO LOC 102 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520103	FBO LOC 103 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520104	FBO LOC 104 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520105	FBO LOC 105 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520106	FBO LOC 106 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520107	FBO LOC 107 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520108	FBO LOC 108 IPB		1		0		13,976		6,289		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.9		18.0
520109	FBO LOC 109 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520110	FBO LOC 110 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520111	FBO LOC 111 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520112	FBO LOC 112 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520113	FBO LOC 113 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520114	FBO LOC 114 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520115	FBO LOC 115 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520116	FBO LOC 116 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520117	FBO LOC 117 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520118	FBO LOC 118 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520119	FBO LOC 119 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520120	FBO LOC 120 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520121	FBO LOC 121 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520122	FBO LOC 122 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520123	FBO LOC 123 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520124	FBO LOC 124 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520125	FBO LOC 125 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520126	FBO LOC 126 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520127	FBO LOC 127 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520128	FBO LOC 128 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520129	FBO LOC 129 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520130	FBO LOC 130 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520131	FBO LOC 131 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520132	FBO LOC 132 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520133	FBO LOC 133 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520134	FBO LOC 134 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520135	FBO LOC 135 IPB		1		0		13,978		6,290		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520136	FBO LOC 136 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520137	FBO LOC 137 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520138	FBO LOC 138 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520139	FBO LOC 139 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520140	FBO LOC 140 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520141	FBO LOC 141 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		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 34

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE UNDEVELOPED 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		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520101	FBO LOC 101 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520102	FBO LOC 102 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520103	FBO LOC 103 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520104	FBO LOC 104 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520105	FBO LOC 105 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520106	FBO LOC 106 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520107	FBO LOC 107 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520108	FBO LOC 108 IPB		13,976		0		6,289		12,355		0		0		1,241.6		0.0		0.0		24.8		0.0		0.0		310.9		905.9		419.0
520109	FBO LOC 109 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520110	FBO LOC 110 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520111	FBO LOC 111 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520112	FBO LOC 112 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520113	FBO LOC 113 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520114	FBO LOC 114 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520115	FBO LOC 115 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520116	FBO LOC 116 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520117	FBO LOC 117 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520118	FBO LOC 118 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520119	FBO LOC 119 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520120	FBO LOC 120 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520121	FBO LOC 121 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520122	FBO LOC 122 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520123	FBO LOC 123 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520124	FBO LOC 124 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520125	FBO LOC 125 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520126	FBO LOC 126 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520127	FBO LOC 127 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520128	FBO LOC 128 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520129	FBO LOC 129 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520130	FBO LOC 130 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520131	FBO LOC 131 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520132	FBO LOC 132 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520133	FBO LOC 133 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520134	FBO LOC 134 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520135	FBO LOC 135 IPB		13,978		0		6,290		12,350		0		0		1,241.0		0.0		0.0		24.7		0.0		0.0		310.9		905.4		415.3
520136	FBO LOC 136 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520137	FBO LOC 137 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520138	FBO LOC 138 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520139	FBO LOC 139 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520140	FBO LOC 140 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520141	FBO LOC 141 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8

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 35

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
520142	FBO LOC 142 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520143	FBO LOC 143 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520144	FBO LOC 144 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520145	FBO LOC 145 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520146	FBO LOC 146 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520147	FBO LOC 147 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520148	FBO LOC 148 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520149	FBO LOC 149 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520150	FBO LOC 150 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520151	FBO LOC 151 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520152	FBO LOC 152 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520153	FBO LOC 153 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520154	FBO LOC 154 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520155	FBO LOC 155 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520156	FBO LOC 156 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
520157	FBO LOC 157 IPB		1		0		13,979		6,291		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		5.0		18.0
500158	FBO LOC 158		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.0
500159	FBO LOC 159		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.0
500160	FBO LOC 160		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.0
500161	FBO LOC 161		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.0
500162	FBO LOC 162		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.0
500163	FBO LOC 163		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500164	FBO LOC 164		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500165	FBO LOC 165		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500166	FBO LOC 166		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500167	FBO LOC 167		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500168	FBO LOC 168		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500169	FBO LOC 169		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500170	FBO LOC 170		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500171	FBO LOC 171		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500172	FBO LOC 172		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500173	FBO LOC 173		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500174	FBO LOC 174		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500175	FBO LOC 175		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500176	FBO LOC 176		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500177	FBO LOC 177		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500178	FBO LOC 178		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500179	FBO LOC 179		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500180	FBO LOC 180		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500181	FBO LOC 181		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500182	FBO LOC 182		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500183	FBO LOC 183		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1

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 36

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE UNDEVELOPED 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		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520143	FBO LOC 143 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520144	FBO LOC 144 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520145	FBO LOC 145 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520146	FBO LOC 146 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520147	FBO LOC 147 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520148	FBO LOC 148 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520149	FBO LOC 149 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520150	FBO LOC 150 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520151	FBO LOC 151 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520152	FBO LOC 152 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520153	FBO LOC 153 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520154	FBO LOC 154 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520155	FBO LOC 155 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520156	FBO LOC 156 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
520157	FBO LOC 157 IPB		13,979		0		6,291		12,346		0		0		1,240.6		0.0		0.0		24.8		0.0		0.0		311.1		904.7		411.8
500158	FBO LOC 158		43,530		0		19,588		38,136		0		0		3,832.3		0.0		0.0		77.0		461.1		0.0		1,487.3		1,806.9		781.2
500159	FBO LOC 159		43,530		0		19,588		38,136		0		0		3,832.3		0.0		0.0		77.0		461.1		0.0		1,487.3		1,806.9		781.2
500160	FBO LOC 160		43,530		0		19,588		38,136		0		0		3,832.3		0.0		0.0		77.0		461.1		0.0		1,487.3		1,806.9		781.2
500161	FBO LOC 161		43,530		0		19,588		38,136		0		0		3,832.3		0.0		0.0		77.0		461.1		0.0		1,487.3		1,806.9		781.2
500162	FBO LOC 162		43,530		0		19,588		38,136		0		0		3,832.3		0.0		0.0		77.0		461.1		0.0		1,487.3		1,806.9		781.2
500163	FBO LOC 163		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500164	FBO LOC 164		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500165	FBO LOC 165		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500166	FBO LOC 166		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500167	FBO LOC 167		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500168	FBO LOC 168		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500169	FBO LOC 169		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500170	FBO LOC 170		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500171	FBO LOC 171		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500172	FBO LOC 172		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500173	FBO LOC 173		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500174	FBO LOC 174		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500175	FBO LOC 175		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500176	FBO LOC 176		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500177	FBO LOC 177		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500178	FBO LOC 178		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500179	FBO LOC 179		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500180	FBO LOC 180		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500181	FBO LOC 181		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500182	FBO LOC 182		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500183	FBO LOC 183		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3

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 37

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500184	FBO LOC 184		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500185	FBO LOC 185		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500186	FBO LOC 186		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500187	FBO LOC 187		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500188	FBO LOC 188		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500189	FBO LOC 189		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.1
500190	FBO LOC 190		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500191	FBO LOC 191		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500192	FBO LOC 192		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500193	FBO LOC 193		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500194	FBO LOC 194		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500195	FBO LOC 195		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500196	FBO LOC 196		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500197	FBO LOC 197		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500198	FBO LOC 198		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500199	FBO LOC 199		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500200	FBO LOC 200		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500201	FBO LOC 201		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500202	FBO LOC 202		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500203	FBO LOC 203		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500204	FBO LOC 204		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500205	FBO LOC 205		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500206	FBO LOC 206		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500207	FBO LOC 207		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500208	FBO LOC 208		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500209	FBO LOC 209		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500210	FBO LOC 210		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500211	FBO LOC 211		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500212	FBO LOC 212		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500213	FBO LOC 213		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500214	FBO LOC 214		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500215	FBO LOC 215		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500216	FBO LOC 216		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500217	FBO LOC 217		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500218	FBO LOC 218		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500219	FBO LOC 219		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500220	FBO LOC 220		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500221	FBO LOC 221		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500222	FBO LOC 222		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500223	FBO LOC 223		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500224	FBO LOC 224		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500225	FBO LOC 225		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2

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 38

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500184	FBO LOC 184		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500185	FBO LOC 185		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500186	FBO LOC 186		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500187	FBO LOC 187		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500188	FBO LOC 188		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500189	FBO LOC 189		43,530		0		19,588		38,115		0		0		3,830.2		0.0		0.0		77.0		461.1		0.0		1,486.9		1,805.2		774.3
500190	FBO LOC 190		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500191	FBO LOC 191		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500192	FBO LOC 192		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500193	FBO LOC 193		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500194	FBO LOC 194		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500195	FBO LOC 195		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500196	FBO LOC 196		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500197	FBO LOC 197		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500198	FBO LOC 198		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500199	FBO LOC 199		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500200	FBO LOC 200		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500201	FBO LOC 201		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500202	FBO LOC 202		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500203	FBO LOC 203		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500204	FBO LOC 204		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500205	FBO LOC 205		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500206	FBO LOC 206		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500207	FBO LOC 207		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500208	FBO LOC 208		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500209	FBO LOC 209		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500210	FBO LOC 210		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500211	FBO LOC 211		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500212	FBO LOC 212		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500213	FBO LOC 213		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500214	FBO LOC 214		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500215	FBO LOC 215		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500216	FBO LOC 216		43,530		0		19,588		38,094		0		0		3,827.9		0.0		0.0		76.9		461.1		0.0		1,485.7		1,804.2		767.3
500217	FBO LOC 217		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500218	FBO LOC 218		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500219	FBO LOC 219		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500220	FBO LOC 220		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500221	FBO LOC 221		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500222	FBO LOC 222		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500223	FBO LOC 223		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500224	FBO LOC 224		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500225	FBO LOC 225		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2

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 39

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500226	FBO LOC 226		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500227	FBO LOC 227		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500228	FBO LOC 228		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500229	FBO LOC 229		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500230	FBO LOC 230		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500231	FBO LOC 231		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500232	FBO LOC 232		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500233	FBO LOC 233		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500234	FBO LOC 234		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500235	FBO LOC 235		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500236	FBO LOC 236		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500237	FBO LOC 237		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500238	FBO LOC 238		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500239	FBO LOC 239		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500240	FBO LOC 240		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500241	FBO LOC 241		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500242	FBO LOC 242		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500243	FBO LOC 243		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.2
500244	FBO LOC 244		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500245	FBO LOC 245		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500246	FBO LOC 246		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500247	FBO LOC 247		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500248	FBO LOC 248		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500249	FBO LOC 249		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500250	FBO LOC 250		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500251	FBO LOC 251		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500252	FBO LOC 252		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500253	FBO LOC 253		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500254	FBO LOC 254		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500255	FBO LOC 255		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500256	FBO LOC 256		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500257	FBO LOC 257		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500258	FBO LOC 258		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500259	FBO LOC 259		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500260	FBO LOC 260		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500261	FBO LOC 261		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500262	FBO LOC 262		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500263	FBO LOC 263		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500264	FBO LOC 264		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500265	FBO LOC 265		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500266	FBO LOC 266		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500267	FBO LOC 267		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		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 40

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500226	FBO LOC 226		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500227	FBO LOC 227		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500228	FBO LOC 228		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500229	FBO LOC 229		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500230	FBO LOC 230		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500231	FBO LOC 231		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500232	FBO LOC 232		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500233	FBO LOC 233		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500234	FBO LOC 234		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500235	FBO LOC 235		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500236	FBO LOC 236		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500237	FBO LOC 237		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500238	FBO LOC 238		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500239	FBO LOC 239		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500240	FBO LOC 240		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500241	FBO LOC 241		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500242	FBO LOC 242		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500243	FBO LOC 243		43,530		0		19,588		38,072		0		0		3,825.8		0.0		0.0		76.7		461.1		0.0		1,485.2		1,802.8		760.2
500244	FBO LOC 244		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500245	FBO LOC 245		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500246	FBO LOC 246		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500247	FBO LOC 247		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500248	FBO LOC 248		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500249	FBO LOC 249		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500250	FBO LOC 250		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500251	FBO LOC 251		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500252	FBO LOC 252		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500253	FBO LOC 253		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500254	FBO LOC 254		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500255	FBO LOC 255		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500256	FBO LOC 256		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500257	FBO LOC 257		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500258	FBO LOC 258		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500259	FBO LOC 259		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500260	FBO LOC 260		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500261	FBO LOC 261		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500262	FBO LOC 262		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500263	FBO LOC 263		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500264	FBO LOC 264		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500265	FBO LOC 265		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500266	FBO LOC 266		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500267	FBO LOC 267		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5

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 41

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500268	FBO LOC 268		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500269	FBO LOC 269		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500270	FBO LOC 270		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.3
500271	FBO LOC 271		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500272	FBO LOC 272		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500273	FBO LOC 273		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500274	FBO LOC 274		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500275	FBO LOC 275		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500276	FBO LOC 276		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500277	FBO LOC 277		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500278	FBO LOC 278		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500279	FBO LOC 279		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500280	FBO LOC 280		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500281	FBO LOC 281		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500282	FBO LOC 282		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500283	FBO LOC 283		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500284	FBO LOC 284		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500285	FBO LOC 285		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500286	FBO LOC 286		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500287	FBO LOC 287		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500288	FBO LOC 288		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500289	FBO LOC 289		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500290	FBO LOC 290		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500291	FBO LOC 291		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500292	FBO LOC 292		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500293	FBO LOC 293		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500294	FBO LOC 294		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500295	FBO LOC 295		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500296	FBO LOC 296		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500297	FBO LOC 297		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.4
500298	FBO LOC 298		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500299	FBO LOC 299		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500300	FBO LOC 300		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500301	FBO LOC 301		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500302	FBO LOC 302		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500303	FBO LOC 303		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500304	FBO LOC 304		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500305	FBO LOC 305		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500306	FBO LOC 306		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500307	FBO LOC 307		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500308	FBO LOC 308		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500309	FBO LOC 309		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		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 42

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500268	FBO LOC 268		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500269	FBO LOC 269		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500270	FBO LOC 270		43,530		0		19,588		38,050		0		0		3,823.6		0.0		0.0		76.7		461.1		0.0		1,484.8		1,801.0		753.5
500271	FBO LOC 271		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500272	FBO LOC 272		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500273	FBO LOC 273		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500274	FBO LOC 274		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500275	FBO LOC 275		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500276	FBO LOC 276		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500277	FBO LOC 277		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500278	FBO LOC 278		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500279	FBO LOC 279		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500280	FBO LOC 280		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500281	FBO LOC 281		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500282	FBO LOC 282		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500283	FBO LOC 283		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500284	FBO LOC 284		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500285	FBO LOC 285		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500286	FBO LOC 286		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500287	FBO LOC 287		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500288	FBO LOC 288		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500289	FBO LOC 289		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500290	FBO LOC 290		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500291	FBO LOC 291		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500292	FBO LOC 292		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500293	FBO LOC 293		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500294	FBO LOC 294		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500295	FBO LOC 295		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500296	FBO LOC 296		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500297	FBO LOC 297		43,530		0		19,588		38,029		0		0		3,821.6		0.0		0.0		77.0		461.1		0.0		1,484.1		1,799.4		746.6
500298	FBO LOC 298		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500299	FBO LOC 299		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500300	FBO LOC 300		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500301	FBO LOC 301		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500302	FBO LOC 302		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500303	FBO LOC 303		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500304	FBO LOC 304		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500305	FBO LOC 305		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500306	FBO LOC 306		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500307	FBO LOC 307		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500308	FBO LOC 308		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500309	FBO LOC 309		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1

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 43

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500310	FBO LOC 310		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500311	FBO LOC 311		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500312	FBO LOC 312		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500313	FBO LOC 313		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500314	FBO LOC 314		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500315	FBO LOC 315		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500316	FBO LOC 316		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500317	FBO LOC 317		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500318	FBO LOC 318		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500319	FBO LOC 319		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500320	FBO LOC 320		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500321	FBO LOC 321		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500322	FBO LOC 322		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500323	FBO LOC 323		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500324	FBO LOC 324		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500325	FBO LOC 325		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500326	FBO LOC 326		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500327	FBO LOC 327		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500328	FBO LOC 328		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500329	FBO LOC 329		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500330	FBO LOC 330		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.5
500331	FBO LOC 331		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500332	FBO LOC 332		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500333	FBO LOC 333		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500334	FBO LOC 334		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500335	FBO LOC 335		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500336	FBO LOC 336		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500337	FBO LOC 337		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500338	FBO LOC 338		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500339	FBO LOC 339		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500340	FBO LOC 340		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500341	FBO LOC 341		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500342	FBO LOC 342		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500343	FBO LOC 343		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500344	FBO LOC 344		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500345	FBO LOC 345		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500346	FBO LOC 346		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500347	FBO LOC 347		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500348	FBO LOC 348		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500349	FBO LOC 349		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500350	FBO LOC 350		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500351	FBO LOC 351		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		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 44

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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)
500310	FBO LOC 310		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500311	FBO LOC 311		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500312	FBO LOC 312		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500313	FBO LOC 313		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500314	FBO LOC 314		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500315	FBO LOC 315		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500316	FBO LOC 316		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500317	FBO LOC 317		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500318	FBO LOC 318		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500319	FBO LOC 319		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500320	FBO LOC 320		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500321	FBO LOC 321		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500322	FBO LOC 322		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500323	FBO LOC 323		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500324	FBO LOC 324		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500325	FBO LOC 325		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500326	FBO LOC 326		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500327	FBO LOC 327		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500328	FBO LOC 328		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500329	FBO LOC 329		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500330	FBO LOC 330		43,530		0		19,588		38,006		0		0		3,819.3		0.0		0.0		76.5		461.1		0.0		1,483.3		1,798.4		740.1
500331	FBO LOC 331		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500332	FBO LOC 332		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500333	FBO LOC 333		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500334	FBO LOC 334		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500335	FBO LOC 335		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500336	FBO LOC 336		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500337	FBO LOC 337		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500338	FBO LOC 338		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500339	FBO LOC 339		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500340	FBO LOC 340		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500341	FBO LOC 341		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500342	FBO LOC 342		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500343	FBO LOC 343		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500344	FBO LOC 344		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500345	FBO LOC 345		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500346	FBO LOC 346		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500347	FBO LOC 347		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500348	FBO LOC 348		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500349	FBO LOC 349		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500350	FBO LOC 350		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500351	FBO LOC 351		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1

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 DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING EXPENSE M$/M
LEASE NUMBER		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF								LIFE
	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		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500353	FBO LOC 353		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500354	FBO LOC 354		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500355	FBO LOC 355		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500356	FBO LOC 356		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500357	FBO LOC 357		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.6
500358	FBO LOC 358		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500359	FBO LOC 359		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500360	FBO LOC 360		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500361	FBO LOC 361		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500362	FBO LOC 362		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500363	FBO LOC 363		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500364	FBO LOC 364		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500365	FBO LOC 365		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500366	FBO LOC 366		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500367	FBO LOC 367		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500368	FBO LOC 368		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500369	FBO LOC 369		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500370	FBO LOC 370		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500371	FBO LOC 371		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500372	FBO LOC 372		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500373	FBO LOC 373		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500374	FBO LOC 374		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500375	FBO LOC 375		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500376	FBO LOC 376		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500377	FBO LOC 377		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500378	FBO LOC 378		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500379	FBO LOC 379		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500380	FBO LOC 380		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500381	FBO LOC 381		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500382	FBO LOC 382		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500383	FBO LOC 383		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500384	FBO LOC 384		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500385	FBO LOC 385		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500386	FBO LOC 386		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500387	FBO LOC 387		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500388	FBO LOC 388		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500389	FBO LOC 389		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500390	FBO LOC 390		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500391	FBO LOC 391		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500392	FBO LOC 392		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500393	FBO LOC 393		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		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 46

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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)
500352	FBO LOC 352		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500353	FBO LOC 353		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500354	FBO LOC 354		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500355	FBO LOC 355		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500356	FBO LOC 356		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500357	FBO LOC 357		43,530		0		19,588		37,984		0		0		3,817.0		0.0		0.0		76.6		461.1		0.0		1,482.4		1,796.9		733.1
500358	FBO LOC 358		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500359	FBO LOC 359		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500360	FBO LOC 360		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500361	FBO LOC 361		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500362	FBO LOC 362		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500363	FBO LOC 363		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500364	FBO LOC 364		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500365	FBO LOC 365		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500366	FBO LOC 366		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500367	FBO LOC 367		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500368	FBO LOC 368		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500369	FBO LOC 369		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500370	FBO LOC 370		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500371	FBO LOC 371		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500372	FBO LOC 372		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500373	FBO LOC 373		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500374	FBO LOC 374		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500375	FBO LOC 375		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500376	FBO LOC 376		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500377	FBO LOC 377		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500378	FBO LOC 378		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500379	FBO LOC 379		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500380	FBO LOC 380		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500381	FBO LOC 381		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500382	FBO LOC 382		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500383	FBO LOC 383		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500384	FBO LOC 384		43,530		0		19,588		37,962		0		0		3,814.9		0.0		0.0		76.4		461.1		0.0		1,482.0		1,795.4		726.7
500385	FBO LOC 385		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9
500386	FBO LOC 386		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9
500387	FBO LOC 387		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9
500388	FBO LOC 388		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9
500389	FBO LOC 389		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9
500390	FBO LOC 390		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9
500391	FBO LOC 391		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9
500392	FBO LOC 392		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9
500393	FBO LOC 393		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9

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 47

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

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE NUMBER		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
	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		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
500395	FBO LOC 395		1		0		43,530		19,588		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.7		17.7
521431	CAPEX FBO PRB		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		4.0
510120	CAPEX FBO RD PRB		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		10.5
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		63.2		18.0
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		19.0
	FIELD TOTAL		506		0		14,110,858		6,349,803
	TOTAL CALIFORNIA		506		0		14,110,858		6,349,803
	TOTAL ALL LEASES		506		0		14,110,858		6,349,803

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 DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	PROBABLE 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)
500394	FBO LOC 394		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9
500395	FBO LOC 395		43,530		0		19,588		37,939		0		0		3,812.7		0.0		0.0		76.6		461.1		0.0		1,481.3		1,793.7		719.9
521431	CAPEX FBO PRB		0		0		0		0		0		0		0.0		0.0		0.0		0.0		82,594.3		0.0		0.0		-82,594.3		-58,522.1
510120	CAPEX FBO RD PRB		0		0		0		0		0		0		0.0		0.0		0.0		0.0		7,572.8		0.0		0.0		-7,572.8		-2,893.6
510112	FIXED EXP DIAT PRB		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		600.8		-600.8		-112.5
510113	ABAN DIAT PRB		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		6,788.7		0.0		-6,788.7		-1,010.7
	FIELD TOTAL		14,110,858		0		6,349,803		12,314,590		0		0		1,237,505.7		0.0		0.0		24,829.3		199,897.9		6,788.7		437,170.2		568,819.6		235,334.7
	TOTAL CALIFORNIA		14,110,858		0		6,349,803		12,314,590		0		0		1,237,505.7		0.0		0.0		24,829.3		199,897.9		6,788.7		437,170.2		568,819.6		235,334.7
	TOTAL ALL LEASES		14,110,858		0		6,349,803		12,314,590		0		0		1,237,505.7		0.0		0.0		24,829.3		199,897.9		6,788.7		437,170.2		568,819.6		235,334.7

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 49

POSSIBLE UNDEVELOPED RESERVES

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

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TOTAL
	BBL		BBL		MCF		BBL		BBL		MCF		$/BBL		$/BBL		$/MCF		M$		M$		M$		M$
12-31-2014		624		0		281		569		0		0		100.490		0.000		0.000		57.1		0.0		0.0		57.1
12-31-2015		68,755		0		30,963		62,693		0		0		100.490		0.000		0.000		6,291.4		0.0		0.0		6,291.4
12-31-2016		303,353		0		136,519		276,389		0		0		100.490		0.000		0.000		27,772.0		0.0		0.0		27,772.0
12-31-2017		367,820		0		165,524		322,626		0		0		100.490		0.000		0.000		32,414.7		0.0		0.0		32,414.7
12-31-2018		988,523		0		444,816		889,168		0		0		100.490		0.000		0.000		89,345.4		0.0		0.0		89,345.4
12-31-2019		2,520,470		0		1,134,223		2,296,049		0		0		100.490		0.000		0.000		230,731.5		0.0		0.0		230,731.5
12-31-2020		2,729,514		0		1,228,201		2,363,386		0		0		100.490		0.000		0.000		237,491.9		0.0		0.0		237,491.9
12-31-2021		2,511,171		0		1,130,009		2,174,108		0		0		100.490		0.000		0.000		218,481.9		0.0		0.0		218,481.9
12-31-2022		2,309,968		0		1,039,442		1,999,504		0		0		100.490		0.000		0.000		200,925.3		0.0		0.0		200,925.3
12-31-2023		2,106,846		0		948,097		1,821,781		0		0		100.490		0.000		0.000		183,071.1		0.0		0.0		183,071.1
12-31-2024		1,912,312		0		860,483		1,644,342		0		0		100.490		0.000		0.000		165,232.3		0.0		0.0		165,232.3
12-31-2025		1,712,552		0		770,611		1,477,178		0		0		100.490		0.000		0.000		148,444.2		0.0		0.0		148,444.2
12-31-2026		1,452,808		0		653,818		1,253,164		0		0		100.490		0.000		0.000		125,934.9		0.0		0.0		125,934.9
12-31-2027		1,108,776		0		498,972		956,478		0		0		100.490		0.000		0.000		96,113.3		0.0		0.0		96,113.3
12-31-2028		831,643		0		374,207		717,442		0		0		100.490		0.000		0.000		72,088.8		0.0		0.0		72,088.8
SUBTOTAL		20,925,135		0		9,416,166		18,254,877		0		0		100.490		0.000		0.000		1,834,395.8		0.0		0.0		1,834,395.8
REMAINING		1,981,020		0		891,717		1,709,427		0		0		100.490		0.000		0.000		171,770.8		0.0		0.0		171,770.8
TOTAL		22,906,155		0		10,307,883		19,964,304		0		0		100.490		0.000		0.000		2,006,166.6		0.0		0.0		2,006,166.6
CUM PROD		0				0
ULTIMATE		22,906,155				10,307,883

					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		AD VALOREM								PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$								M$		M$		M$		%		M$
12-31-2014		0		0.00		0.1		1.1		0.0		0.0		13.3		42.6		42.6		39.4		8.000		609,272.4
12-31-2015		0		0.00		10.3		121.3		0.0		0.0		1,451.4		4,708.4		4,751.0		4,001.3		12.000		441,988.8
12-31-2016		0		0.00		44.3		521.3		0.0		0.0		4,576.2		22,630.2		27,381.2		21,847.4		15.000		352,159.7
12-31-2017		0		0.00		41.4		608.4		288.3		0.0		3,594.5		27,882.1		55,263.3		41,700.8		20.000		246,885.9
12-31-2018		178		178.00		124.1		1,671.0		186,261.7		0.0		14,565.2		-113,276.6		-58,013.3		-31,387.6		25.000		177,732.0
12-31-2019		295		311.76		317.2		4,311.8		40,639.7		0.0		50,595.4		134,867.4		76,854.1		47,178.9		30.000		131,068.6
12-31-2020		295		281.59		329.1		4,437.2		0.0		0.0		45,929.0		186,796.6		263,650.7		147,792.0		35.000		98,715.0
12-31-2021		295		281.59		305.9		4,077.5		0.0		0.0		38,936.7		175,161.8		438,812.5		233,569.4		40.000		75,880.4
12-31-2022		295		281.59		282.3		3,752.4		0.0		0.0		35,965.7		160,924.9		599,737.4		305,225.8		45.000		59,309.0
12-31-2023		295		279.93		254.3		3,419.7		0.0		0.0		34,252.6		145,144.5		744,881.9		363,999.0		50.000		47,240.5
12-31-2024		295		279.00		241.7		3,081.3		5,641.4		0.0		32,436.7		123,831.2		868,713.1		409,629.0
12-31-2025		295		280.48		213.8		2,775.6		3,708.1		0.0		31,218.0		110,528.7		979,241.8		446,575.3
12-31-2026		295		280.48		187.9		2,344.7		6,764.0		0.0		29,237.1		87,401.2		1,066,643.0		473,231.9
12-31-2027		295		280.48		129.6		1,791.9		4,446.0		0.0		25,311.6		64,434.2		1,131,077.2		491,041.8
12-31-2028		295		280.48		94.5		1,340.8		0.0		0.0		22,001.4		48,652.1		1,179,729.3		503,297.5
SUBTOTAL						2,576.5		34,256.0		247,749.2		0.0		370,084.8		1,179,729.3		1,179,729.3		503,297.5
REMAINING						228.8		3,199.7		0.0		8,414.5		96,868.7		63,059.1		1,242,788.4		517,547.6
TOTAL OF 20.2 YRS						2,805.3		37,455.7		247,749.2		8,414.5		466,953.5		1,242,788.4		1,242,788.4		517,547.6

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 50

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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						OIL/COND		GAS																										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		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710002	110 WELL 002 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710003	110 WELL 003 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710004	110 WELL 004 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710005	110 WELL 005 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710006	110 WELL 006 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710007	110 WELL 007 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710008	110 WELL 008 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710009	110 WELL 009 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710010	110 WELL 010 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710011	110 WELL 011 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710012	110 WELL 012 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710013	110 WELL 013 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710014	110 WELL 014 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710015	110 WELL 015 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710016	110 WELL 016 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710017	110 WELL 017 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710018	110 WELL 018 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710019	110 WELL 019 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710020	110 WELL 020 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710021	110 WELL 021 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710022	110 WELL 022 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710023	110 WELL 023 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710024	110 WELL 024 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710025	110 WELL 025 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710026	110 WELL 026 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710027	110 WELL 027 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710028	110 WELL 028 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710029	110 WELL 029 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710030	110 WELL 030 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710031	110 WELL 031 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710032	110 WELL 032 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710033	110 WELL 033 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710034	110 WELL 034 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710035	110 WELL 035 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710036	110 WELL 036 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710037	110 WELL 037 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710038	110 WELL 038 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710039	110 WELL 039 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710040	110 WELL 040 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710041	110 WELL 041 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710042	110 WELL 042 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		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 51

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

		GROSS RESRVES						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		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710002	110 WELL 002 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710003	110 WELL 003 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710004	110 WELL 004 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710005	110 WELL 005 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710006	110 WELL 006 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710007	110 WELL 007 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710008	110 WELL 008 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710009	110 WELL 009 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710010	110 WELL 010 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710011	110 WELL 011 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710012	110 WELL 012 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710013	110 WELL 013 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710014	110 WELL 014 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710015	110 WELL 015 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710016	110 WELL 016 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710017	110 WELL 017 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710018	110 WELL 018 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710019	110 WELL 019 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710020	110 WELL 020 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710021	110 WELL 021 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710022	110 WELL 022 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710023	110 WELL 023 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710024	110 WELL 024 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710025	110 WELL 025 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710026	110 WELL 026 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710027	110 WELL 027 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710028	110 WELL 028 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710029	110 WELL 029 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710030	110 WELL 030 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710031	110 WELL 031 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710032	110 WELL 032 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710033	110 WELL 033 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710034	110 WELL 034 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710035	110 WELL 035 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710036	110 WELL 036 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710037	110 WELL 037 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710038	110 WELL 038 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710039	110 WELL 039 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710040	110 WELL 040 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710041	110 WELL 041 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710042	110 WELL 042 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7

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 52

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
710043	110 WELL 043 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710044	110 WELL 044 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710045	110 WELL 045 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710046	110 WELL 046 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710047	110 WELL 047 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710048	110 WELL 048 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710049	110 WELL 049 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710050	110 WELL 050 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710051	110 WELL 051 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710052	110 WELL 052 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710053	110 WELL 053 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710054	110 WELL 054 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710055	110 WELL 055 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710056	110 WELL 056 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710057	110 WELL 057 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710058	110 WELL 058 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710059	110 WELL 059 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710060	110 WELL 060 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710061	110 WELL 061 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710062	110 WELL 062 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710063	110 WELL 063 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710064	110 WELL 064 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710065	110 WELL 065 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710066	110 WELL 066 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710067	110 WELL 067 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710068	110 WELL 068 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710069	110 WELL 069 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710070	110 WELL 070 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710071	110 WELL 071 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710072	110 WELL 072 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710073	110 WELL 073 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710074	110 WELL 074 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710075	110 WELL 075 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710076	110 WELL 076 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710077	110 WELL 077 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710078	110 WELL 078 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710079	110 WELL 079 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710080	110 WELL 080 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710081	110 WELL 081 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710082	110 WELL 082 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710083	110 WELL 083 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710084	110 WELL 084 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		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 53

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE UNDEVELOPED 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)
710043	110 WELL 043 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710044	110 WELL 044 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710045	110 WELL 045 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710046	110 WELL 046 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710047	110 WELL 047 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710048	110 WELL 048 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710049	110 WELL 049 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710050	110 WELL 050 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710051	110 WELL 051 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710052	110 WELL 052 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710053	110 WELL 053 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710054	110 WELL 054 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710055	110 WELL 055 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710056	110 WELL 056 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710057	110 WELL 057 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710058	110 WELL 058 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710059	110 WELL 059 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710060	110 WELL 060 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710061	110 WELL 061 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710062	110 WELL 062 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710063	110 WELL 063 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710064	110 WELL 064 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710065	110 WELL 065 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710066	110 WELL 066 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710067	110 WELL 067 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710068	110 WELL 068 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710069	110 WELL 069 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710070	110 WELL 070 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710071	110 WELL 071 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710072	110 WELL 072 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710073	110 WELL 073 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710074	110 WELL 074 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710075	110 WELL 075 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710076	110 WELL 076 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710077	110 WELL 077 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710078	110 WELL 078 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710079	110 WELL 079 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710080	110 WELL 080 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710081	110 WELL 081 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710082	110 WELL 082 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710083	110 WELL 083 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710084	110 WELL 084 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7

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 54

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

	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M
LEASE						OIL/COND BBL		GAS MCF																										LIFE
NUMBER		OIL		GAS						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		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710086	110 WELL 086 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710087	110 WELL 087 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710088	110 WELL 088 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710089	110 WELL 089 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710090	110 WELL 090 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710091	110 WELL 091 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710092	110 WELL 092 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710093	110 WELL 093 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710094	110 WELL 094 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710095	110 WELL 095 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710096	110 WELL 096 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710097	110 WELL 097 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710098	110 WELL 098 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710099	110 WELL 099 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.5
710100	110 WELL 100 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710101	110 WELL 101 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710102	110 WELL 102 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710103	110 WELL 103 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710104	110 WELL 104 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710105	110 WELL 105 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710106	110 WELL 106 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710107	110 WELL 107 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710108	110 WELL 108 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710109	110 WELL 109 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710110	110 WELL 110 IPS		1		0		21,323		9,596		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.6
710119	2014X RD IPS		1		0		21,323		9,596		100.000		100.000		91.129		91.129		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		16.5
720001	FBO LOC 001 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720002	FBO LOC 002 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720003	FBO LOC 003 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720004	FBO LOC 004 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720005	FBO LOC 005 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720006	FBO LOC 006 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720007	FBO LOC 007 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720008	FBO LOC 008 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720009	FBO LOC 009 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720010	FBO LOC 010 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720011	FBO LOC 011 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720012	FBO LOC 012 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720013	FBO LOC 013 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720014	FBO LOC 014 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720015	FBO LOC 015 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		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 55

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
710085	110 WELL 085 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710086	110 WELL 086 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710087	110 WELL 087 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710088	110 WELL 088 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710089	110 WELL 089 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710090	110 WELL 090 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710091	110 WELL 091 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710092	110 WELL 092 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710093	110 WELL 093 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710094	110 WELL 094 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710095	110 WELL 095 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710096	110 WELL 096 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710097	110 WELL 097 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710098	110 WELL 098 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710099	110 WELL 099 IPS		21,323		0		9,596		18,590		0		0		1,867.8		0.0		0.0		37.6		0.0		0.0		134.0		1,696.2		941.7
710100	110 WELL 100 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710101	110 WELL 101 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710102	110 WELL 102 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710103	110 WELL 103 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710104	110 WELL 104 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710105	110 WELL 105 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710106	110 WELL 106 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710107	110 WELL 107 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710108	110 WELL 108 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710109	110 WELL 109 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710110	110 WELL 110 IPS		21,323		0		9,596		18,580		0		0		1,867.0		0.0		0.0		37.5		0.0		0.0		133.7		1,695.8		933.5
710119	2014X RD IPS		21,323		0		9,596		19,432		0		0		1,952.4		0.0		0.0		39.2		0.0		0.0		138.0		1,775.2		1,079.9
720001	FBO LOC 001 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720002	FBO LOC 002 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720003	FBO LOC 003 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720004	FBO LOC 004 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720005	FBO LOC 005 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720006	FBO LOC 006 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720007	FBO LOC 007 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720008	FBO LOC 008 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720009	FBO LOC 009 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720010	FBO LOC 010 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720011	FBO LOC 011 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720012	FBO LOC 012 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		140.9		1,711.4		799.5
720013	FBO LOC 013 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		77.9		1,774.4		829.3
720014	FBO LOC 014 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720015	FBO LOC 015 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4

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 56

SANTA MARIA ENERGY, LLC INTEREST BASIC DATA AS OF DECEMBER 31, 2013   POSSIBLE UNDEVELOPED RESERVES   SUMMARY - CERTAIN PROPERTIES LOCATED IN THE DIATOMITE RESERVOIR 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		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720017	FBO LOC 017 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720018	FBO LOC 018 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720019	FBO LOC 019 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720020	FBO LOC 020 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720021	FBO LOC 021 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720022	FBO LOC 022 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720023	FBO LOC 023 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720024	FBO LOC 024 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720025	FBO LOC 025 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720026	FBO LOC 026 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720027	FBO LOC 027 IPS		1		0		21,383		9,622		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720028	FBO LOC 028 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720029	FBO LOC 029 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720030	FBO LOC 030 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720031	FBO LOC 031 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720032	FBO LOC 032 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720033	FBO LOC 033 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720034	FBO LOC 034 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720035	FBO LOC 035 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720036	FBO LOC 036 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720037	FBO LOC 037 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720038	FBO LOC 038 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720039	FBO LOC 039 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720040	FBO LOC 040 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720041	FBO LOC 041 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720042	FBO LOC 042 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720043	FBO LOC 043 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720044	FBO LOC 044 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720045	FBO LOC 045 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720046	FBO LOC 046 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720047	FBO LOC 047 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720048	FBO LOC 048 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720049	FBO LOC 049 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720050	FBO LOC 050 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720051	FBO LOC 051 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720052	FBO LOC 052 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720053	FBO LOC 053 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720054	FBO LOC 054 IPS		1		0		21,389		9,625		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
720055	FBO LOC 055 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720056	FBO LOC 056 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720057	FBO LOC 057 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		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 57

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE UNDEVELOPED 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)
720016	FBO LOC 016 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720017	FBO LOC 017 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720018	FBO LOC 018 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720019	FBO LOC 019 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720020	FBO LOC 020 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720021	FBO LOC 021 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720022	FBO LOC 022 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720023	FBO LOC 023 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720024	FBO LOC 024 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720025	FBO LOC 025 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720026	FBO LOC 026 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720027	FBO LOC 027 IPS		21,383		0		9,622		18,809		0		0		1,890.2		0.0		0.0		37.9		0.0		0.0		126.2		1,726.1		806.4
720028	FBO LOC 028 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720029	FBO LOC 029 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720030	FBO LOC 030 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720031	FBO LOC 031 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720032	FBO LOC 032 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720033	FBO LOC 033 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720034	FBO LOC 034 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720035	FBO LOC 035 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720036	FBO LOC 036 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720037	FBO LOC 037 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720038	FBO LOC 038 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720039	FBO LOC 039 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720040	FBO LOC 040 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720041	FBO LOC 041 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720042	FBO LOC 042 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720043	FBO LOC 043 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720044	FBO LOC 044 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720045	FBO LOC 045 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720046	FBO LOC 046 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720047	FBO LOC 047 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720048	FBO LOC 048 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720049	FBO LOC 049 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720050	FBO LOC 050 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720051	FBO LOC 051 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720052	FBO LOC 052 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720053	FBO LOC 053 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720054	FBO LOC 054 IPS		21,389		0		9,625		18,805		0		0		1,889.8		0.0		0.0		37.8		0.0		0.0		126.6		1,725.4		799.6
720055	FBO LOC 055 IPS		21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720056	FBO LOC 056 IPS		21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720057	FBO LOC 057 IPS		21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6

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 58

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720058	FBO LOC 058 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720059	FBO LOC 059 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720060	FBO LOC 060 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720061	FBO LOC 061 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720062	FBO LOC 062 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720063	FBO LOC 063 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720064	FBO LOC 064 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720065	FBO LOC 065 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720066	FBO LOC 066 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720067	FBO LOC 067 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720068	FBO LOC 068 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720069	FBO LOC 069 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720070	FBO LOC 070 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720071	FBO LOC 071 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720072	FBO LOC 072 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720073	FBO LOC 073 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720074	FBO LOC 074 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720075	FBO LOC 075 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720076	FBO LOC 076 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720077	FBO LOC 077 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720078	FBO LOC 078 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720079	FBO LOC 079 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720080	FBO LOC 080 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720081	FBO LOC 081 IPS		1		0		21,394		9,627		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720082	FBO LOC 082 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720083	FBO LOC 083 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720084	FBO LOC 084 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720085	FBO LOC 085 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720086	FBO LOC 086 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720087	FBO LOC 087 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720088	FBO LOC 088 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720089	FBO LOC 089 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720090	FBO LOC 090 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720091	FBO LOC 091 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720092	FBO LOC 092 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720093	FBO LOC 093 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720094	FBO LOC 094 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720095	FBO LOC 095 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720096	FBO LOC 096 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720097	FBO LOC 097 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720098	FBO LOC 098 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720099	FBO LOC 099 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		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 59

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE UNDEVELOPED 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)
720058	FBO LOC 058 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720059	FBO LOC 059 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720060	FBO LOC 060 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720061	FBO LOC 061 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720062	FBO LOC 062 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720063	FBO LOC 063 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720064	FBO LOC 064 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720065	FBO LOC 065 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720066	FBO LOC 066 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720067	FBO LOC 067 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720068	FBO LOC 068 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720069	FBO LOC 069 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720070	FBO LOC 070 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720071	FBO LOC 071 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720072	FBO LOC 072 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720073	FBO LOC 073 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720074	FBO LOC 074 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720075	FBO LOC 075 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720076	FBO LOC 076 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720077	FBO LOC 077 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720078	FBO LOC 078 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720079	FBO LOC 079 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720080	FBO LOC 080 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720081	FBO LOC 081 IPS	21,394		0		9,627		18,800		0		0		1,889.0		0.0		0.0		38.0		0.0		0.0		126.7		1,724.3		792.6
720082	FBO LOC 082 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720083	FBO LOC 083 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720084	FBO LOC 084 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720085	FBO LOC 085 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720086	FBO LOC 086 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720087	FBO LOC 087 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720088	FBO LOC 088 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720089	FBO LOC 089 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720090	FBO LOC 090 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720091	FBO LOC 091 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720092	FBO LOC 092 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720093	FBO LOC 093 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720094	FBO LOC 094 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720095	FBO LOC 095 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720096	FBO LOC 096 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720097	FBO LOC 097 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720098	FBO LOC 098 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720099	FBO LOC 099 IPS	21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0

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 60

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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						OIL/COND		GAS																										LIFE YRS
NUMBER	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720100	FBO LOC 100 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720101	FBO LOC 101 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720102	FBO LOC 102 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720103	FBO LOC 103 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720104	FBO LOC 104 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720105	FBO LOC 105 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720106	FBO LOC 106 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720107	FBO LOC 107 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720108	FBO LOC 108 IPS		1		0		21,400		9,630		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720109	FBO LOC 109 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720110	FBO LOC 110 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720111	FBO LOC 111 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720112	FBO LOC 112 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720113	FBO LOC 113 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720114	FBO LOC 114 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720115	FBO LOC 115 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720116	FBO LOC 116 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720117	FBO LOC 117 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720118	FBO LOC 118 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720119	FBO LOC 119 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720120	FBO LOC 120 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720121	FBO LOC 121 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720122	FBO LOC 122 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720123	FBO LOC 123 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720124	FBO LOC 124 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720125	FBO LOC 125 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720126	FBO LOC 126 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720127	FBO LOC 127 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720128	FBO LOC 128 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720129	FBO LOC 129 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720130	FBO LOC 130 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720131	FBO LOC 131 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720132	FBO LOC 132 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720133	FBO LOC 133 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720134	FBO LOC 134 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720135	FBO LOC 135 IPS		1		0		21,406		9,633		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720136	FBO LOC 136 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720137	FBO LOC 137 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720138	FBO LOC 138 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720139	FBO LOC 139 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720140	FBO LOC 140 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720141	FBO LOC 141 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		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 61

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720100	FBO LOC 100 IPS		21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720101	FBO LOC 101 IPS		21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720102	FBO LOC 102 IPS		21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720103	FBO LOC 103 IPS		21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720104	FBO LOC 104 IPS		21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720105	FBO LOC 105 IPS		21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720106	FBO LOC 106 IPS		21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720107	FBO LOC 107 IPS		21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720108	FBO LOC 108 IPS		21,400		0		9,630		18,796		0		0		1,888.6		0.0		0.0		37.9		0.0		0.0		127.1		1,723.6		786.0
720109	FBO LOC 109 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720110	FBO LOC 110 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720111	FBO LOC 111 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720112	FBO LOC 112 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720113	FBO LOC 113 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720114	FBO LOC 114 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720115	FBO LOC 115 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720116	FBO LOC 116 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720117	FBO LOC 117 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720118	FBO LOC 118 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720119	FBO LOC 119 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720120	FBO LOC 120 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720121	FBO LOC 121 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720122	FBO LOC 122 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720123	FBO LOC 123 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720124	FBO LOC 124 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720125	FBO LOC 125 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720126	FBO LOC 126 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720127	FBO LOC 127 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720128	FBO LOC 128 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720129	FBO LOC 129 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720130	FBO LOC 130 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720131	FBO LOC 131 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720132	FBO LOC 132 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720133	FBO LOC 133 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720134	FBO LOC 134 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720135	FBO LOC 135 IPS		21,406		0		9,633		18,792		0		0		1,888.3		0.0		0.0		37.7		0.0		0.0		127.7		1,722.9		779.4
720136	FBO LOC 136 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720137	FBO LOC 137 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720138	FBO LOC 138 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720139	FBO LOC 139 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720140	FBO LOC 140 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720141	FBO LOC 141 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7

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 62

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720142	FBO LOC 142 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720143	FBO LOC 143 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720144	FBO LOC 144 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720145	FBO LOC 145 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720146	FBO LOC 146 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720147	FBO LOC 147 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720148	FBO LOC 148 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720149	FBO LOC 149 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720150	FBO LOC 150 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720151	FBO LOC 151 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720152	FBO LOC 152 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720153	FBO LOC 153 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720154	FBO LOC 154 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720155	FBO LOC 155 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720156	FBO LOC 156 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
720157	FBO LOC 157 IPS		1		0		21,412		9,635		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.5		19.2
700158	FBO LOC 158 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.8
700159	FBO LOC 159 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.8
700160	FBO LOC 160 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.8
700161	FBO LOC 161 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.8
700162	FBO LOC 162 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.8
700163	FBO LOC 163 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700164	FBO LOC 164 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700165	FBO LOC 165 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700166	FBO LOC 166 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700167	FBO LOC 167 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700168	FBO LOC 168 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700169	FBO LOC 169 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700170	FBO LOC 170 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700171	FBO LOC 171 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700172	FBO LOC 172 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700173	FBO LOC 173 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700174	FBO LOC 174 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700175	FBO LOC 175 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700176	FBO LOC 176 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700177	FBO LOC 177 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700178	FBO LOC 178 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700179	FBO LOC 179 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700180	FBO LOC 180 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700181	FBO LOC 181 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700182	FBO LOC 182 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700183	FBO LOC 183 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9

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 63

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
720142	FBO LOC 142 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720143	FBO LOC 143 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720144	FBO LOC 144 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720145	FBO LOC 145 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720146	FBO LOC 146 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720147	FBO LOC 147 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720148	FBO LOC 148 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720149	FBO LOC 149 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720150	FBO LOC 150 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720151	FBO LOC 151 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720152	FBO LOC 152 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720153	FBO LOC 153 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720154	FBO LOC 154 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720155	FBO LOC 155 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720156	FBO LOC 156 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
720157	FBO LOC 157 IPS		21,412		0		9,635		18,787		0		0		1,887.8		0.0		0.0		37.8		0.0		0.0		128.0		1,722.0		772.7
700158	FBO LOC 158 IPS		8,149		0		3,667		7,161		0		0		719.8		0.0		0.0		14.3		0.0		0.0		-8.1		713.6		322.0
700159	FBO LOC 159 IPS		8,149		0		3,667		7,161		0		0		719.8		0.0		0.0		14.3		0.0		0.0		-8.1		713.6		322.0
700160	FBO LOC 160 IPS		8,149		0		3,667		7,161		0		0		719.8		0.0		0.0		14.3		0.0		0.0		-8.1		713.6		322.0
700161	FBO LOC 161 IPS		8,149		0		3,667		7,161		0		0		719.8		0.0		0.0		14.3		0.0		0.0		-8.1		713.6		322.0
700162	FBO LOC 162 IPS		8,149		0		3,667		7,161		0		0		719.8		0.0		0.0		14.3		0.0		0.0		-8.1		713.6		322.0
700163	FBO LOC 163 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700164	FBO LOC 164 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700165	FBO LOC 165 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700166	FBO LOC 166 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700167	FBO LOC 167 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700168	FBO LOC 168 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700169	FBO LOC 169 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700170	FBO LOC 170 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700171	FBO LOC 171 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700172	FBO LOC 172 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700173	FBO LOC 173 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700174	FBO LOC 174 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700175	FBO LOC 175 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700176	FBO LOC 176 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700177	FBO LOC 177 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700178	FBO LOC 178 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700179	FBO LOC 179 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700180	FBO LOC 180 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700181	FBO LOC 181 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700182	FBO LOC 182 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700183	FBO LOC 183 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5

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 64

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

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL																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		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700185	FBO LOC 185 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700186	FBO LOC 186 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700187	FBO LOC 187 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700188	FBO LOC 188 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700189	FBO LOC 189 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		17.9
700190	FBO LOC 190 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700191	FBO LOC 191 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700192	FBO LOC 192 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700193	FBO LOC 193 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700194	FBO LOC 194 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700195	FBO LOC 195 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700196	FBO LOC 196 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700197	FBO LOC 197 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700198	FBO LOC 198 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700199	FBO LOC 199 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700200	FBO LOC 200 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700201	FBO LOC 201 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700202	FBO LOC 202 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700203	FBO LOC 203 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700204	FBO LOC 204 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700205	FBO LOC 205 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700206	FBO LOC 206 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700207	FBO LOC 207 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700208	FBO LOC 208 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700209	FBO LOC 209 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700210	FBO LOC 210 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700211	FBO LOC 211 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700212	FBO LOC 212 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700213	FBO LOC 213 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700214	FBO LOC 214 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700215	FBO LOC 215 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700216	FBO LOC 216 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.0
700217	FBO LOC 217 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700218	FBO LOC 218 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700219	FBO LOC 219 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700220	FBO LOC 220 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700221	FBO LOC 221 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700222	FBO LOC 222 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700223	FBO LOC 223 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700224	FBO LOC 224 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700225	FBO LOC 225 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1

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 65

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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)
700184	FBO LOC 184 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700185	FBO LOC 185 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700186	FBO LOC 186 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700187	FBO LOC 187 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700188	FBO LOC 188 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700189	FBO LOC 189 IPS		8,149		0		3,667		7,158		0		0		719.2		0.0		0.0		14.3		0.0		0.0		-8.0		712.9		319.5
700190	FBO LOC 190 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700191	FBO LOC 191 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700192	FBO LOC 192 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700193	FBO LOC 193 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700194	FBO LOC 194 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700195	FBO LOC 195 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700196	FBO LOC 196 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700197	FBO LOC 197 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700198	FBO LOC 198 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700199	FBO LOC 199 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700200	FBO LOC 200 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700201	FBO LOC 201 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700202	FBO LOC 202 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700203	FBO LOC 203 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700204	FBO LOC 204 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700205	FBO LOC 205 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700206	FBO LOC 206 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700207	FBO LOC 207 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700208	FBO LOC 208 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700209	FBO LOC 209 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700210	FBO LOC 210 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700211	FBO LOC 211 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700212	FBO LOC 212 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700213	FBO LOC 213 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700214	FBO LOC 214 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700215	FBO LOC 215 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700216	FBO LOC 216 IPS		8,149		0		3,667		7,154		0		0		719.0		0.0		0.0		14.2		0.0		0.0		-8.0		712.8		316.7
700217	FBO LOC 217 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700218	FBO LOC 218 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700219	FBO LOC 219 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700220	FBO LOC 220 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700221	FBO LOC 221 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700222	FBO LOC 222 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700223	FBO LOC 223 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700224	FBO LOC 224 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700225	FBO LOC 225 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9

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 66

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

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING EXPENSE M$/M
LEASE		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF								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		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700227	FBO LOC 227 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700228	FBO LOC 228 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700229	FBO LOC 229 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700230	FBO LOC 230 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700231	FBO LOC 231 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700232	FBO LOC 232 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700233	FBO LOC 233 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700234	FBO LOC 234 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700235	FBO LOC 235 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700236	FBO LOC 236 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700237	FBO LOC 237 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700238	FBO LOC 238 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700239	FBO LOC 239 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700240	FBO LOC 240 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700241	FBO LOC 241 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700242	FBO LOC 242 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700243	FBO LOC 243 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.1
700244	FBO LOC 244 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700245	FBO LOC 245 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700246	FBO LOC 246 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700247	FBO LOC 247 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700248	FBO LOC 248 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700249	FBO LOC 249 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700250	FBO LOC 250 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700251	FBO LOC 251 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700252	FBO LOC 252 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700253	FBO LOC 253 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700254	FBO LOC 254 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700255	FBO LOC 255 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700256	FBO LOC 256 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700257	FBO LOC 257 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700258	FBO LOC 258 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700259	FBO LOC 259 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700260	FBO LOC 260 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700261	FBO LOC 261 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700262	FBO LOC 262 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700263	FBO LOC 263 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700264	FBO LOC 264 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700265	FBO LOC 265 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700266	FBO LOC 266 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700267	FBO LOC 267 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		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 67

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700226	FBO LOC 226 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700227	FBO LOC 227 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700228	FBO LOC 228 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700229	FBO LOC 229 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700230	FBO LOC 230 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700231	FBO LOC 231 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700232	FBO LOC 232 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700233	FBO LOC 233 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700234	FBO LOC 234 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700235	FBO LOC 235 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700236	FBO LOC 236 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700237	FBO LOC 237 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700238	FBO LOC 238 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700239	FBO LOC 239 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700240	FBO LOC 240 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700241	FBO LOC 241 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700242	FBO LOC 242 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700243	FBO LOC 243 IPS		8,149		0		3,667		7,150		0		0		718.7		0.0		0.0		14.3		0.0		0.0		-8.2		712.6		313.9
700244	FBO LOC 244 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700245	FBO LOC 245 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700246	FBO LOC 246 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700247	FBO LOC 247 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700248	FBO LOC 248 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700249	FBO LOC 249 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700250	FBO LOC 250 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700251	FBO LOC 251 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700252	FBO LOC 252 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700253	FBO LOC 253 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700254	FBO LOC 254 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700255	FBO LOC 255 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700256	FBO LOC 256 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700257	FBO LOC 257 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700258	FBO LOC 258 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700259	FBO LOC 259 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700260	FBO LOC 260 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700261	FBO LOC 261 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700262	FBO LOC 262 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700263	FBO LOC 263 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700264	FBO LOC 264 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700265	FBO LOC 265 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700266	FBO LOC 266 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700267	FBO LOC 267 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3

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 68

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700268	FBO LOC 268 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700269	FBO LOC 269 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700270	FBO LOC 270 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700271	FBO LOC 271 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700272	FBO LOC 272 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700273	FBO LOC 273 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700274	FBO LOC 274 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700275	FBO LOC 275 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700276	FBO LOC 276 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700277	FBO LOC 277 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700278	FBO LOC 278 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700279	FBO LOC 279 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700280	FBO LOC 280 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700281	FBO LOC 281 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700282	FBO LOC 282 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700283	FBO LOC 283 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700284	FBO LOC 284 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700285	FBO LOC 285 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700286	FBO LOC 286 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700287	FBO LOC 287 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700288	FBO LOC 288 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700289	FBO LOC 289 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700290	FBO LOC 290 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700291	FBO LOC 291 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700292	FBO LOC 292 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700293	FBO LOC 293 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700294	FBO LOC 294 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700295	FBO LOC 295 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700296	FBO LOC 296 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700297	FBO LOC 297 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.2
700298	FBO LOC 298 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700299	FBO LOC 299 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700300	FBO LOC 300 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700301	FBO LOC 301 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700302	FBO LOC 302 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700303	FBO LOC 303 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700304	FBO LOC 304 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700305	FBO LOC 305 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700306	FBO LOC 306 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700307	FBO LOC 307 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700308	FBO LOC 308 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700309	FBO LOC 309 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		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 69

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS
		BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700268	FBO LOC 268 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700269	FBO LOC 269 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700270	FBO LOC 270 IPS		8,149		0		3,667		7,147		0		0		718.2		0.0		0.0		14.6		0.0		0.0		-8.3		711.9		311.3
700271	FBO LOC 271 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700272	FBO LOC 272 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700273	FBO LOC 273 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700274	FBO LOC 274 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700275	FBO LOC 275 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700276	FBO LOC 276 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700277	FBO LOC 277 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700278	FBO LOC 278 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700279	FBO LOC 279 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700280	FBO LOC 280 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700281	FBO LOC 281 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700282	FBO LOC 282 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700283	FBO LOC 283 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700284	FBO LOC 284 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700285	FBO LOC 285 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700286	FBO LOC 286 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700287	FBO LOC 287 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700288	FBO LOC 288 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700289	FBO LOC 289 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700290	FBO LOC 290 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700291	FBO LOC 291 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700292	FBO LOC 292 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700293	FBO LOC 293 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700294	FBO LOC 294 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700295	FBO LOC 295 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700296	FBO LOC 296 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700297	FBO LOC 297 IPS		8,149		0		3,667		7,143		0		0		717.8		0.0		0.0		14.5		0.0		0.0		-8.1		711.4		308.6
700298	FBO LOC 298 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700299	FBO LOC 299 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700300	FBO LOC 300 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700301	FBO LOC 301 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700302	FBO LOC 302 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700303	FBO LOC 303 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700304	FBO LOC 304 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700305	FBO LOC 305 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700306	FBO LOC 306 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700307	FBO LOC 307 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700308	FBO LOC 308 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700309	FBO LOC 309 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9

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 70

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

	LEASE NAME	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		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		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700311	FBO LOC 311 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700312	FBO LOC 312 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700313	FBO LOC 313 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700314	FBO LOC 314 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700315	FBO LOC 315 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700316	FBO LOC 316 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700317	FBO LOC 317 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700318	FBO LOC 318 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700319	FBO LOC 319 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700320	FBO LOC 320 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700321	FBO LOC 321 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700322	FBO LOC 322 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700323	FBO LOC 323 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700324	FBO LOC 324 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700325	FBO LOC 325 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700326	FBO LOC 326 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700327	FBO LOC 327 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700328	FBO LOC 328 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700329	FBO LOC 329 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700330	FBO LOC 330 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.3
700331	FBO LOC 331 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700332	FBO LOC 332 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700333	FBO LOC 333 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700334	FBO LOC 334 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700335	FBO LOC 335 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700336	FBO LOC 336 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700337	FBO LOC 337 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700338	FBO LOC 338 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700339	FBO LOC 339 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700340	FBO LOC 340 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700341	FBO LOC 341 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700342	FBO LOC 342 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700343	FBO LOC 343 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700344	FBO LOC 344 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700345	FBO LOC 345 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700346	FBO LOC 346 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700347	FBO LOC 347 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700348	FBO LOC 348 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700349	FBO LOC 349 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700350	FBO LOC 350 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700351	FBO LOC 351 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		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 71

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

	LEASE NAME	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		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		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700311	FBO LOC 311 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700312	FBO LOC 312 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700313	FBO LOC 313 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700314	FBO LOC 314 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700315	FBO LOC 315 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700316	FBO LOC 316 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700317	FBO LOC 317 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700318	FBO LOC 318 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700319	FBO LOC 319 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700320	FBO LOC 320 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700321	FBO LOC 321 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700322	FBO LOC 322 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700323	FBO LOC 323 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700324	FBO LOC 324 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700325	FBO LOC 325 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700326	FBO LOC 326 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700327	FBO LOC 327 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700328	FBO LOC 328 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700329	FBO LOC 329 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700330	FBO LOC 330 IPS		8,149		0		3,667		7,139		0		0		717.5		0.0		0.0		14.6		0.0		0.0		-8.0		710.9		305.9
700331	FBO LOC 331 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700332	FBO LOC 332 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700333	FBO LOC 333 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700334	FBO LOC 334 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700335	FBO LOC 335 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700336	FBO LOC 336 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700337	FBO LOC 337 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700338	FBO LOC 338 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700339	FBO LOC 339 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700340	FBO LOC 340 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700341	FBO LOC 341 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700342	FBO LOC 342 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700343	FBO LOC 343 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700344	FBO LOC 344 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700345	FBO LOC 345 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700346	FBO LOC 346 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700347	FBO LOC 347 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700348	FBO LOC 348 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700349	FBO LOC 349 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700350	FBO LOC 350 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700351	FBO LOC 351 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5

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 72

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700352	FBO LOC 352 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700353	FBO LOC 353 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700354	FBO LOC 354 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700355	FBO LOC 355 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700356	FBO LOC 356 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700357	FBO LOC 357 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.4
700358	FBO LOC 358 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700359	FBO LOC 359 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700360	FBO LOC 360 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700361	FBO LOC 361 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700362	FBO LOC 362 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700363	FBO LOC 363 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700364	FBO LOC 364 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700365	FBO LOC 365 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700366	FBO LOC 366 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700367	FBO LOC 367 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700368	FBO LOC 368 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700369	FBO LOC 369 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700370	FBO LOC 370 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700371	FBO LOC 371 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700372	FBO LOC 372 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700373	FBO LOC 373 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700374	FBO LOC 374 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700375	FBO LOC 375 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700376	FBO LOC 376 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700377	FBO LOC 377 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700378	FBO LOC 378 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700379	FBO LOC 379 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700380	FBO LOC 380 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700381	FBO LOC 381 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700382	FBO LOC 382 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700383	FBO LOC 383 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700384	FBO LOC 384 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.5
700385	FBO LOC 385 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700386	FBO LOC 386 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700387	FBO LOC 387 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700388	FBO LOC 388 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700389	FBO LOC 389 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700390	FBO LOC 390 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700391	FBO LOC 391 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700392	FBO LOC 392 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700393	FBO LOC 393 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		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 73

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE UNDEVELOPED 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		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700353	FBO LOC 353 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700354	FBO LOC 354 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700355	FBO LOC 355 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700356	FBO LOC 356 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700357	FBO LOC 357 IPS		8,149		0		3,667		7,136		0		0		717.1		0.0		0.0		14.4		0.0		0.0		-7.9		710.6		303.5
700358	FBO LOC 358 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700359	FBO LOC 359 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700360	FBO LOC 360 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700361	FBO LOC 361 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700362	FBO LOC 362 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700363	FBO LOC 363 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700364	FBO LOC 364 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700365	FBO LOC 365 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700366	FBO LOC 366 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700367	FBO LOC 367 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700368	FBO LOC 368 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700369	FBO LOC 369 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700370	FBO LOC 370 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700371	FBO LOC 371 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700372	FBO LOC 372 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700373	FBO LOC 373 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700374	FBO LOC 374 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700375	FBO LOC 375 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700376	FBO LOC 376 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700377	FBO LOC 377 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700378	FBO LOC 378 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700379	FBO LOC 379 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700380	FBO LOC 380 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700381	FBO LOC 381 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700382	FBO LOC 382 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700383	FBO LOC 383 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700384	FBO LOC 384 IPS		8,149		0		3,667		7,132		0		0		716.6		0.0		0.0		14.3		0.0		0.0		-8.4		710.7		300.6
700385	FBO LOC 385 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4
700386	FBO LOC 386 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4
700387	FBO LOC 387 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4
700388	FBO LOC 388 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4
700389	FBO LOC 389 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4
700390	FBO LOC 390 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4
700391	FBO LOC 391 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4
700392	FBO LOC 392 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4
700393	FBO LOC 393 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4

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 DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
700394	FBO LOC 394 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
700395	FBO LOC 395 IPS		1		0		8,149		3,667		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500396	FBO LOC 396		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500397	FBO LOC 397		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500398	FBO LOC 398		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500399	FBO LOC 399		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500400	FBO LOC 400		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500401	FBO LOC 401		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500402	FBO LOC 402		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500403	FBO LOC 403		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500404	FBO LOC 404		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500405	FBO LOC 405		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500406	FBO LOC 406		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500407	FBO LOC 407		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500408	FBO LOC 408		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500409	FBO LOC 409		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500410	FBO LOC 410		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500411	FBO LOC 411		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.6
500412	FBO LOC 412		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500413	FBO LOC 413		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500414	FBO LOC 414		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500415	FBO LOC 415		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500416	FBO LOC 416		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500417	FBO LOC 417		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500418	FBO LOC 418		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500419	FBO LOC 419		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500420	FBO LOC 420		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500421	FBO LOC 421		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500422	FBO LOC 422		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500423	FBO LOC 423		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500424	FBO LOC 424		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500425	FBO LOC 425		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500426	FBO LOC 426		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500427	FBO LOC 427		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500428	FBO LOC 428		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500429	FBO LOC 429		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500430	FBO LOC 430		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500431	FBO LOC 431		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500432	FBO LOC 432		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500433	FBO LOC 433		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500434	FBO LOC 434		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500435	FBO LOC 435		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		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 75

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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)
700394	FBO LOC 394 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4
700395	FBO LOC 395 IPS		8,149		0		3,667		7,128		0		0		716.4		0.0		0.0		14.2		0.0		0.0		-7.8		710.0		298.4
500396	FBO LOC 396		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500397	FBO LOC 397		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500398	FBO LOC 398		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500399	FBO LOC 399		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500400	FBO LOC 400		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500401	FBO LOC 401		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500402	FBO LOC 402		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500403	FBO LOC 403		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500404	FBO LOC 404		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500405	FBO LOC 405		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500406	FBO LOC 406		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500407	FBO LOC 407		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500408	FBO LOC 408		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500409	FBO LOC 409		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500410	FBO LOC 410		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500411	FBO LOC 411		51,679		0		23,256		45,068		0		0		4,528.8		0.0		0.0		90.8		461.1		0.0		1,473.1		2,503.8		1,018.1
500412	FBO LOC 412		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500413	FBO LOC 413		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500414	FBO LOC 414		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500415	FBO LOC 415		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500416	FBO LOC 416		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500417	FBO LOC 417		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500418	FBO LOC 418		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500419	FBO LOC 419		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500420	FBO LOC 420		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500421	FBO LOC 421		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500422	FBO LOC 422		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500423	FBO LOC 423		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500424	FBO LOC 424		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500425	FBO LOC 425		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500426	FBO LOC 426		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500427	FBO LOC 427		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500428	FBO LOC 428		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500429	FBO LOC 429		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500430	FBO LOC 430		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500431	FBO LOC 431		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500432	FBO LOC 432		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500433	FBO LOC 433		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500434	FBO LOC 434		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500435	FBO LOC 435		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1

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 76

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

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING				LIFE YRS
LEASE NUMBER		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M
	LEASE NAME	OIL		GAS		BBL		MCF		START		END		START		END		START		END		START		END		START		END		START		END
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500436	FBO LOC 436		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500437	FBO LOC 437		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500438	FBO LOC 438		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.7
500439	FBO LOC 439		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500440	FBO LOC 440		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500441	FBO LOC 441		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500442	FBO LOC 442		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500443	FBO LOC 443		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500444	FBO LOC 444		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500445	FBO LOC 445		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500446	FBO LOC 446		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500447	FBO LOC 447		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500448	FBO LOC 448		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500449	FBO LOC 449		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500450	FBO LOC 450		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500451	FBO LOC 451		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500452	FBO LOC 452		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500453	FBO LOC 453		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500454	FBO LOC 454		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500455	FBO LOC 455		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500456	FBO LOC 456		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500457	FBO LOC 457		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500458	FBO LOC 458		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500459	FBO LOC 459		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500460	FBO LOC 460		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500461	FBO LOC 461		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500462	FBO LOC 462		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500463	FBO LOC 463		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500464	FBO LOC 464		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500465	FBO LOC 465		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500466	FBO LOC 466		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500467	FBO LOC 467		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500468	FBO LOC 468		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500469	FBO LOC 469		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500470	FBO LOC 470		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500471	FBO LOC 471		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500472	FBO LOC 472		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500473	FBO LOC 473		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500474	FBO LOC 474		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500475	FBO LOC 475		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500476	FBO LOC 476		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500477	FBO LOC 477		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		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 77

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500436	FBO LOC 436		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500437	FBO LOC 437		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500438	FBO LOC 438		51,679		0		23,256		45,041		0		0		4,526.2		0.0		0.0		90.9		461.1		0.0		1,472.6		2,501.6		1,009.1
500439	FBO LOC 439		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500440	FBO LOC 440		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500441	FBO LOC 441		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500442	FBO LOC 442		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500443	FBO LOC 443		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500444	FBO LOC 444		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500445	FBO LOC 445		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500446	FBO LOC 446		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500447	FBO LOC 447		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500448	FBO LOC 448		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500449	FBO LOC 449		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500450	FBO LOC 450		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500451	FBO LOC 451		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500452	FBO LOC 452		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500453	FBO LOC 453		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500454	FBO LOC 454		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500455	FBO LOC 455		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500456	FBO LOC 456		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500457	FBO LOC 457		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500458	FBO LOC 458		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500459	FBO LOC 459		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500460	FBO LOC 460		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500461	FBO LOC 461		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500462	FBO LOC 462		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500463	FBO LOC 463		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500464	FBO LOC 464		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500465	FBO LOC 465		51,679		0		23,256		45,015		0		0		4,523.4		0.0		0.0		90.7		461.1		0.0		1,471.5		2,500.1		999.9
500466	FBO LOC 466		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500467	FBO LOC 467		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500468	FBO LOC 468		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500469	FBO LOC 469		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500470	FBO LOC 470		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500471	FBO LOC 471		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500472	FBO LOC 472		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500473	FBO LOC 473		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500474	FBO LOC 474		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500475	FBO LOC 475		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500476	FBO LOC 476		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500477	FBO LOC 477		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9

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 78

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

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/COND				NGL				GAS				GROSS OPERATING
LEASE NUMBER		COMPLTNS				OIL/COND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
	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		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500479	FBO LOC 479		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500480	FBO LOC 480		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500481	FBO LOC 481		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500482	FBO LOC 482		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500483	FBO LOC 483		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500484	FBO LOC 484		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500485	FBO LOC 485		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500486	FBO LOC 486		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500487	FBO LOC 487		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500488	FBO LOC 488		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500489	FBO LOC 489		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500490	FBO LOC 490		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500491	FBO LOC 491		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500492	FBO LOC 492		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.8
500493	FBO LOC 493		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500494	FBO LOC 494		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500495	FBO LOC 495		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500496	FBO LOC 496		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500497	FBO LOC 497		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500498	FBO LOC 498		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500499	FBO LOC 499		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500500	FBO LOC 500		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500501	FBO LOC 501		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500502	FBO LOC 502		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500503	FBO LOC 503		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500504	FBO LOC 504		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500505	FBO LOC 505		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500506	FBO LOC 506		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500507	FBO LOC 507		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500508	FBO LOC 508		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500509	FBO LOC 509		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500510	FBO LOC 510		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500511	FBO LOC 511		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500512	FBO LOC 512		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500513	FBO LOC 513		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500514	FBO LOC 514		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500515	FBO LOC 515		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500516	FBO LOC 516		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500517	FBO LOC 517		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500518	FBO LOC 518		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		18.9
500519	FBO LOC 519		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		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 79

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500478	FBO LOC 478		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500479	FBO LOC 479		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500480	FBO LOC 480		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500481	FBO LOC 481		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500482	FBO LOC 482		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500483	FBO LOC 483		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500484	FBO LOC 484		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500485	FBO LOC 485		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500486	FBO LOC 486		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500487	FBO LOC 487		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500488	FBO LOC 488		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500489	FBO LOC 489		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500490	FBO LOC 490		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500491	FBO LOC 491		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500492	FBO LOC 492		51,679		0		23,256		44,988		0		0		4,520.9		0.0		0.0		90.7		461.1		0.0		1,471.0		2,498.1		990.9
500493	FBO LOC 493		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500494	FBO LOC 494		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500495	FBO LOC 495		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500496	FBO LOC 496		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500497	FBO LOC 497		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500498	FBO LOC 498		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500499	FBO LOC 499		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500500	FBO LOC 500		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500501	FBO LOC 501		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500502	FBO LOC 502		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500503	FBO LOC 503		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500504	FBO LOC 504		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500505	FBO LOC 505		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500506	FBO LOC 506		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500507	FBO LOC 507		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500508	FBO LOC 508		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500509	FBO LOC 509		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500510	FBO LOC 510		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500511	FBO LOC 511		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500512	FBO LOC 512		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500513	FBO LOC 513		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500514	FBO LOC 514		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500515	FBO LOC 515		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500516	FBO LOC 516		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500517	FBO LOC 517		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500518	FBO LOC 518		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0
500519	FBO LOC 519		51,679		0		23,256		44,961		0		0		4,518.1		0.0		0.0		90.6		461.1		0.0		1,470.2		2,496.2		982.0

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 80

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500520	FBO LOC 520		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500521	FBO LOC 521		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500522	FBO LOC 522		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500523	FBO LOC 523		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500524	FBO LOC 524		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500525	FBO LOC 525		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500526	FBO LOC 526		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500527	FBO LOC 527		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500528	FBO LOC 528		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500529	FBO LOC 529		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500530	FBO LOC 530		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500531	FBO LOC 531		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500532	FBO LOC 532		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500533	FBO LOC 533		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500534	FBO LOC 534		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500535	FBO LOC 535		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500536	FBO LOC 536		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500537	FBO LOC 537		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500538	FBO LOC 538		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500539	FBO LOC 539		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500540	FBO LOC 540		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500541	FBO LOC 541		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500542	FBO LOC 542		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500543	FBO LOC 543		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500544	FBO LOC 544		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500545	FBO LOC 545		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500546	FBO LOC 546		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.0
500547	FBO LOC 547		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500548	FBO LOC 548		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500549	FBO LOC 549		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500550	FBO LOC 550		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500551	FBO LOC 551		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500552	FBO LOC 552		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500553	FBO LOC 553		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500554	FBO LOC 554		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500555	FBO LOC 555		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500556	FBO LOC 556		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500557	FBO LOC 557		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500558	FBO LOC 558		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500559	FBO LOC 559		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500560	FBO LOC 560		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500561	FBO LOC 561		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		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 81

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS
NUMBER	LEASE NAME	BBL		BBL		MCF		BBL		BBL		MCF		M$		M$		M$
CALIFORNIA (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500520	FBO LOC 520		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500521	FBO LOC 521		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500522	FBO LOC 522		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500523	FBO LOC 523		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500524	FBO LOC 524		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500525	FBO LOC 525		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500526	FBO LOC 526		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500527	FBO LOC 527		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500528	FBO LOC 528		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500529	FBO LOC 529		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500530	FBO LOC 530		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500531	FBO LOC 531		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500532	FBO LOC 532		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500533	FBO LOC 533		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500534	FBO LOC 534		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500535	FBO LOC 535		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500536	FBO LOC 536		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500537	FBO LOC 537		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500538	FBO LOC 538		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500539	FBO LOC 539		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500540	FBO LOC 540		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500541	FBO LOC 541		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500542	FBO LOC 542		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500543	FBO LOC 543		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500544	FBO LOC 544		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500545	FBO LOC 545		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500546	FBO LOC 546		51,679		0		23,256		44,934		0		0		4,515.2		0.0		0.0		90.8		461.1		0.0		1,469.3		2,494.0		973.2
500547	FBO LOC 547		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500548	FBO LOC 548		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500549	FBO LOC 549		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500550	FBO LOC 550		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500551	FBO LOC 551		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500552	FBO LOC 552		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500553	FBO LOC 553		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500554	FBO LOC 554		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500555	FBO LOC 555		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500556	FBO LOC 556		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500557	FBO LOC 557		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500558	FBO LOC 558		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500559	FBO LOC 559		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500560	FBO LOC 560		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500561	FBO LOC 561		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5

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 82

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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)
500562	FBO LOC 562		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500563	FBO LOC 563		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500564	FBO LOC 564		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500565	FBO LOC 565		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500566	FBO LOC 566		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500567	FBO LOC 567		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500568	FBO LOC 568		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500569	FBO LOC 569		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500570	FBO LOC 570		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500571	FBO LOC 571		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500572	FBO LOC 572		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500573	FBO LOC 573		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.1
500574	FBO LOC 574		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500575	FBO LOC 575		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500576	FBO LOC 576		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500577	FBO LOC 577		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500578	FBO LOC 578		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500579	FBO LOC 579		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500580	FBO LOC 580		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500581	FBO LOC 581		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500582	FBO LOC 582		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500583	FBO LOC 583		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500584	FBO LOC 584		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500585	FBO LOC 585		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500586	FBO LOC 586		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500587	FBO LOC 587		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500588	FBO LOC 588		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500589	FBO LOC 589		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500590	FBO LOC 590		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500591	FBO LOC 591		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500592	FBO LOC 592		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500593	FBO LOC 593		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500594	FBO LOC 594		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500595	FBO LOC 595		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500596	FBO LOC 596		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500597	FBO LOC 597		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500598	FBO LOC 598		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500599	FBO LOC 599		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500600	FBO LOC 600		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500601	FBO LOC 601		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500602	FBO LOC 602		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500603	FBO LOC 603		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		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 83

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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)
500562	FBO LOC 562		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500563	FBO LOC 563		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500564	FBO LOC 564		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500565	FBO LOC 565		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500566	FBO LOC 566		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500567	FBO LOC 567		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500568	FBO LOC 568		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500569	FBO LOC 569		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500570	FBO LOC 570		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500571	FBO LOC 571		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500572	FBO LOC 572		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500573	FBO LOC 573		51,679		0		23,256		44,906		0		0		4,512.6		0.0		0.0		90.6		461.1		0.0		1,468.8		2,492.1		964.5
500574	FBO LOC 574		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500575	FBO LOC 575		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500576	FBO LOC 576		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500577	FBO LOC 577		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500578	FBO LOC 578		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500579	FBO LOC 579		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500580	FBO LOC 580		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500581	FBO LOC 581		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500582	FBO LOC 582		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500583	FBO LOC 583		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500584	FBO LOC 584		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500585	FBO LOC 585		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500586	FBO LOC 586		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500587	FBO LOC 587		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500588	FBO LOC 588		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500589	FBO LOC 589		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500590	FBO LOC 590		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500591	FBO LOC 591		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500592	FBO LOC 592		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500593	FBO LOC 593		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500594	FBO LOC 594		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500595	FBO LOC 595		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500596	FBO LOC 596		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500597	FBO LOC 597		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500598	FBO LOC 598		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500599	FBO LOC 599		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500600	FBO LOC 600		51,679		0		23,256		44,879		0		0		4,509.8		0.0		0.0		90.7		461.1		0.0		1,468.3		2,489.7		955.7
500601	FBO LOC 601		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500602	FBO LOC 602		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500603	FBO LOC 603		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0

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 84

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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)
500604	FBO LOC 604		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500605	FBO LOC 605		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500606	FBO LOC 606		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500607	FBO LOC 607		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500608	FBO LOC 608		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500609	FBO LOC 609		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500610	FBO LOC 610		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500611	FBO LOC 611		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500612	FBO LOC 612		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500613	FBO LOC 613		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500614	FBO LOC 614		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500615	FBO LOC 615		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500616	FBO LOC 616		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500617	FBO LOC 617		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500618	FBO LOC 618		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500619	FBO LOC 619		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500620	FBO LOC 620		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500621	FBO LOC 621		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500622	FBO LOC 622		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500623	FBO LOC 623		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500624	FBO LOC 624		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500625	FBO LOC 625		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500626	FBO LOC 626		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500627	FBO LOC 627		1		0		51,679		23,256		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500628	FBO LOC 628		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500629	FBO LOC 629		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500630	FBO LOC 630		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500631	FBO LOC 631		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500632	FBO LOC 632		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500633	FBO LOC 633		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500634	FBO LOC 634		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500635	FBO LOC 635		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500636	FBO LOC 636		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500637	FBO LOC 637		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500638	FBO LOC 638		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500639	FBO LOC 639		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500640	FBO LOC 640		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500641	FBO LOC 641		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500642	FBO LOC 642		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500643	FBO LOC 643		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500644	FBO LOC 644		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500645	FBO LOC 645		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		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 85

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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)
500604	FBO LOC 604		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500605	FBO LOC 605		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500606	FBO LOC 606		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500607	FBO LOC 607		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500608	FBO LOC 608		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500609	FBO LOC 609		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500610	FBO LOC 610		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500611	FBO LOC 611		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500612	FBO LOC 612		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500613	FBO LOC 613		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500614	FBO LOC 614		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500615	FBO LOC 615		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500616	FBO LOC 616		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500617	FBO LOC 617		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500618	FBO LOC 618		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500619	FBO LOC 619		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500620	FBO LOC 620		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500621	FBO LOC 621		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500622	FBO LOC 622		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500623	FBO LOC 623		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500624	FBO LOC 624		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500625	FBO LOC 625		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500626	FBO LOC 626		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500627	FBO LOC 627		51,679		0		23,256		44,851		0		0		4,507.1		0.0		0.0		90.4		461.1		0.0		1,467.4		2,488.2		947.0
500628	FBO LOC 628		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500629	FBO LOC 629		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500630	FBO LOC 630		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500631	FBO LOC 631		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500632	FBO LOC 632		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500633	FBO LOC 633		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500634	FBO LOC 634		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500635	FBO LOC 635		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500636	FBO LOC 636		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500637	FBO LOC 637		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500638	FBO LOC 638		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500639	FBO LOC 639		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500640	FBO LOC 640		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500641	FBO LOC 641		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500642	FBO LOC 642		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500643	FBO LOC 643		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500644	FBO LOC 644		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500645	FBO LOC 645		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3

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 86

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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)
500646	FBO LOC 646		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500647	FBO LOC 647		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500648	FBO LOC 648		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500649	FBO LOC 649		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500650	FBO LOC 650		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500651	FBO LOC 651		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500652	FBO LOC 652		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500653	FBO LOC 653		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500654	FBO LOC 654		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500655	FBO LOC 655		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500656	FBO LOC 656		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500657	FBO LOC 657		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500658	FBO LOC 658		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500659	FBO LOC 659		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500660	FBO LOC 660		1		0		51,630		23,233		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500661	FBO LOC 661		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500662	FBO LOC 662		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500663	FBO LOC 663		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500664	FBO LOC 664		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500665	FBO LOC 665		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500666	FBO LOC 666		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500667	FBO LOC 667		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500668	FBO LOC 668		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500669	FBO LOC 669		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500670	FBO LOC 670		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500671	FBO LOC 671		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500672	FBO LOC 672		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500673	FBO LOC 673		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500674	FBO LOC 674		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500675	FBO LOC 675		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500676	FBO LOC 676		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500677	FBO LOC 677		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500678	FBO LOC 678		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500679	FBO LOC 679		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500680	FBO LOC 680		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500681	FBO LOC 681		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500682	FBO LOC 682		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500683	FBO LOC 683		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500684	FBO LOC 684		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500685	FBO LOC 685		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500686	FBO LOC 686		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500687	FBO LOC 687		1		0		51,579		23,210		100.000		95.080		91.129		86.262		0.000		100.490		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 87

	RESERVES AND ECONOMICS
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE UNDEVELOPED 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)
500646	FBO LOC 646		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500647	FBO LOC 647		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500648	FBO LOC 648		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500649	FBO LOC 649		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500650	FBO LOC 650		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500651	FBO LOC 651		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500652	FBO LOC 652		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500653	FBO LOC 653		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500654	FBO LOC 654		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500655	FBO LOC 655		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500656	FBO LOC 656		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500657	FBO LOC 657		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500658	FBO LOC 658		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500659	FBO LOC 659		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500660	FBO LOC 660		51,630		0		23,233		44,780		0		0		4,500.0		0.0		0.0		90.3		461.1		0.0		1,462.4		2,486.2		938.3
500661	FBO LOC 661		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500662	FBO LOC 662		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500663	FBO LOC 663		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500664	FBO LOC 664		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500665	FBO LOC 665		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500666	FBO LOC 666		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500667	FBO LOC 667		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500668	FBO LOC 668		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500669	FBO LOC 669		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500670	FBO LOC 670		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500671	FBO LOC 671		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500672	FBO LOC 672		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500673	FBO LOC 673		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500674	FBO LOC 674		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500675	FBO LOC 675		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500676	FBO LOC 676		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500677	FBO LOC 677		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500678	FBO LOC 678		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500679	FBO LOC 679		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500680	FBO LOC 680		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500681	FBO LOC 681		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500682	FBO LOC 682		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500683	FBO LOC 683		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500684	FBO LOC 684		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500685	FBO LOC 685		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500686	FBO LOC 686		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9
500687	FBO LOC 687		51,579		0		23,210		44,708		0		0		4,492.7		0.0		0.0		90.0		461.1		0.0		1,457.5		2,484.1		929.9

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 88

	BASIC DATA
	AS OF DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE 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 (CONTINUED)
ORCUTT FIELD, SANTA BARBARA COUNTY (CONTINUED)
500688	FBO LOC 688		1		0		51,527		23,187		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500689	FBO LOC 689		1		0		51,527		23,187		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
500690	FBO LOC 690		1		0		51,527		23,187		100.000		95.080		91.129		86.262		0.000		100.490		0.000		0.000		0.000		0.000		0.0		4.4		19.2
721431	CAPEX FBO POS		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		5.1
710501	CAPEX FBO RD 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		11.4
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		63.2		19.2
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		20.2
	FIELD TOTAL		801		0		22,906,155		10,307,883
	TOTAL CALIFORNIA		801		0		22,906,155		10,307,883
	TOTAL ALL LEASES		801		0		22,906,155		10,307,883

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 DECEMBER 31, 2013	SUMMARY - CERTAIN PROPERTIES
SANTA MARIA ENERGY, LLC INTEREST		LOCATED IN THE DIATOMITE RESERVOIR
	POSSIBLE UNDEVELOPED 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)
500688	FBO LOC 688		51,527		0		23,187		44,635		0		0		4,485.4		0.0		0.0		90.0		461.1		0.0		1,452.3		2,482.0		921.2
500689	FBO LOC 689		51,527		0		23,187		44,635		0		0		4,485.4		0.0		0.0		90.0		461.1		0.0		1,452.3		2,482.0		921.2
500690	FBO LOC 690		51,527		0		23,187		44,635		0		0		4,485.4		0.0		0.0		90.0		461.1		0.0		1,452.3		2,482.0		921.2
721431	CAPEX FBO POS		0		0		0		0		0		0		0.0		0.0		0.0		0.0		102,375.2		0.0		0.0		-102,375.2		-66,589.4
710501	CAPEX FBO RD POS		0		0		0		0		0		0		0.0		0.0		0.0		0.0		9,349.5		0.0		0.0		-9,349.5		-3,308.6
710112	FIXED EXP DIAT POS		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		901.3		-901.3		-152.8
710113	ABAN DIAT POS		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		8,414.5		0.0		-8,414.5		-960.1
	FIELD TOTAL		22,906,155		0		10,307,883		19,964,304		0		0		2,006,166.6		0.0		0.0		40,261.0		247,749.2		8,414.5		466,953.5		1,242,788.4		517,547.6
	TOTAL CALIFORNIA		22,906,155		0		10,307,883		19,964,304		0		0		2,006,166.6		0.0		0.0		40,261.0		247,749.2		8,414.5		466,953.5		1,242,788.4		517,547.6
	TOTAL ALL LEASES		22,906,155		0		10,307,883		19,964,304		0		0		2,006,166.6		0.0		0.0		40,261.0		247,749.2		8,414.5		466,953.5		1,242,788.4		517,547.6

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 90

MONTEREY RESERVOIR

ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 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		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		OIL		NGL		GAS		TOTAL
	BBL		BBL		MCF		BBL		BBL		MCF		$/BBL		$/BBL		$/MCF		M$		M$		M$		M$
12-31-2014		85,617		0		347,214		74,740		0		80,830		101.490		0.000		1.958		7,585.5		0.0		158.3		7,743.8
12-31-2015		139,180		0		564,465		122,074		0		26,944		101.490		0.000		1.958		12,389.5		0.0		52.8		12,442.3
12-31-2016		118,334		0		472,685		103,688		0		0		101.490		0.000		0.000		10,522.8		0.0		0.0		10,522.8
12-31-2017		102,575		0		404,694		89,786		0		0		101.490		0.000		0.000		9,111.9		0.0		0.0		9,111.9
12-31-2018		91,452		0		356,582		79,987		0		0		101.490		0.000		0.000		8,117.9		0.0		0.0		8,117.9
12-31-2019		83,083		0		318,692		72,620		0		0		101.490		0.000		0.000		7,370.0		0.0		0.0		7,370.0
12-31-2020		76,153		0		280,327		66,548		0		0		101.490		0.000		0.000		6,754.0		0.0		0.0		6,754.0
12-31-2021		70,840		0		257,942		61,873		0		0		101.490		0.000		0.000		6,279.9		0.0		0.0		6,279.9
12-31-2022		66,464		0		239,920		58,032		0		0		101.490		0.000		0.000		5,889.6		0.0		0.0		5,889.6
12-31-2023		62,728		0		224,673		54,751		0		0		101.490		0.000		0.000		5,556.4		0.0		0.0		5,556.4
12-31-2024		59,282		0		209,845		51,724		0		0		101.490		0.000		0.000		5,249.0		0.0		0.0		5,249.0
12-31-2025		56,176		0		197,398		48,997		0		0		101.490		0.000		0.000		4,972.8		0.0		0.0		4,972.8
12-31-2026		53,669		0		187,683		46,801		0		0		101.490		0.000		0.000		4,750.6		0.0		0.0		4,750.6
12-31-2027		51,398		0		178,922		44,813		0		0		101.490		0.000		0.000		4,548.2		0.0		0.0		4,548.2
12-31-2028		49,313		0		170,952		42,994		0		0		101.490		0.000		0.000		4,362.7		0.0		0.0		4,362.7
SUBTOTAL		1,166,264		0		4,411,994		1,019,428		0		107,774		101.490		0.000		1.958		103,460.8		0.0		211.1		103,671.9
REMAINING		933,574		0		3,094,226		812,741		0		0		101.490		0.000		0.000		82,486.3		0.0		0.0		82,486.3
TOTAL		2,099,838		0		7,506,220		1,832,169		0		107,774		101.490		0.000		1.958		185,947.1		0.0		211.1		186,158.2
CUM PROD		15,627,177				7,248,264
ULTIMATE		17,727,015				14,754,484

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		ABDNMNT		OPERATING		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		COST		EXPENSE		PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2014		43		42.82		15.8		143.0		5,013.0		0.0		2,563.6		8.4		8.4		-16.3		8.000		35,128.0
12-31-2015		47		46.82		24.2		229.6		9,445.0		0.0		3,526.9		-783.4		-775.0		-998.0		12.000		26,080.0
12-31-2016		46		45.82		20.0		194.1		0.0		0.0		3,163.9		7,144.8		6,369.8		4,641.0		15.000		21,553.6
12-31-2017		46		45.82		17.2		168.5		0.0		0.0		2,894.2		6,032.0		12,401.8		8,968.0		20.000		16,338.8
12-31-2018		46		45.82		15.5		149.8		0.0		0.0		2,702.6		5,250.0		17,651.8		12,390.2		25.000		12,828.8
12-31-2019		46		45.82		13.7		136.5		0.0		0.0		2,554.9		4,664.9		22,316.7		15,154.9		30.000		10,313.1
12-31-2020		45		44.86		12.7		124.2		0.0		0.0		2,406.5		4,210.6		26,527.3		17,422.4		35.000		8,434.4
12-31-2021		44		43.86		11.7		116.2		0.0		0.0		2,308.6		3,843.4		30,370.7		19,303.8		40.000		6,985.1
12-31-2022		44		43.86		10.8		108.7		0.0		0.0		2,231.0		3,539.1		33,909.8		20,878.9		45.000		5,840.5
12-31-2023		44		43.86		10.4		102.6		0.0		0.0		2,164.8		3,278.6		37,188.4		22,205.3		50.000		4,918.4
12-31-2024		45		44.82		9.4		96.9		0.0		0.0		2,088.0		3,054.7		40,243.1		23,328.6
12-31-2025		42		41.86		9.0		91.8		0.0		0.0		2,011.5		2,860.5		43,103.6		24,285.0
12-31-2026		42		41.86		9.0		87.6		0.0		0.0		1,966.2		2,687.8		45,791.4		25,101.7
12-31-2027		42		41.86		8.6		84.0		0.0		0.0		1,924.8		2,530.8		48,322.2		25,801.0
12-31-2028		42		41.86		8.0		80.6		0.0		0.0		1,886.8		2,387.3		50,709.5		26,400.8
SUBTOTAL						196.0		1,914.1		14,458.0		0.0		36,394.3		50,709.5		50,709.5		26,400.8
REMAINING						151.9		1,523.4		0.0		300.0		45,711.1		34,799.9		85,509.4		30,042.1
TOTAL OF 50.0 YRS						347.9		3,437.5		14,458.0		300.0		82,105.4		85,509.4		85,509.4		30,042.1

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 91

PROVED DEVELOPED PRODUCING RESERVES

  SANTA MARIA ENERGY, LLC INTEREST SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2013   PROVED DEVELOPED PRODUCING RESERVES     SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR 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$
12-31-2014		64,523		0		253,281		56,173		0		80,830		101.490		0.000		1.958		5,701.1		0.0		158.3		5,859.4
12-31-2015		61,591		0		239,956		53,645		0		26,944		101.490		0.000		1.958		5,444.4		0.0		52.8		5,497.2
12-31-2016		58,917		0		227,524		51,337		0		0		101.490		0.000		0.000		5,209.9		0.0		0.0		5,209.9
12-31-2017		56,651		0		217,674		49,378		0		0		101.490		0.000		0.000		5,011.0		0.0		0.0		5,011.0
12-31-2018		54,559		0		208,612		47,570		0		0		101.490		0.000		0.000		4,827.8		0.0		0.0		4,827.8
12-31-2019		52,564		0		198,383		45,845		0		0		101.490		0.000		0.000		4,652.6		0.0		0.0		4,652.6
12-31-2020		50,319		0		180,385		43,918		0		0		101.490		0.000		0.000		4,457.5		0.0		0.0		4,457.5
12-31-2021		48,563		0		173,449		42,390		0		0		101.490		0.000		0.000		4,302.5		0.0		0.0		4,302.5
12-31-2022		46,956		0		167,421		40,997		0		0		101.490		0.000		0.000		4,160.7		0.0		0.0		4,160.7
12-31-2023		45,424		0		161,677		39,665		0		0		101.490		0.000		0.000		4,025.4		0.0		0.0		4,025.4
12-31-2024		43,684		0		156,014		38,169		0		0		101.490		0.000		0.000		3,873.5		0.0		0.0		3,873.5
12-31-2025		42,113		0		150,521		36,799		0		0		101.490		0.000		0.000		3,734.6		0.0		0.0		3,734.6
12-31-2026		40,840		0		145,531		35,685		0		0		101.490		0.000		0.000		3,622.3		0.0		0.0		3,622.3
12-31-2027		39,612		0		140,740		34,611		0		0		101.490		0.000		0.000		3,513.0		0.0		0.0		3,513.0
12-31-2028		38,420		0		136,126		33,574		0		0		101.490		0.000		0.000		3,407.0		0.0		0.0		3,407.0
SUBTOTAL		744,736		0		2,757,294		649,756		0		107,774		101.490		0.000		1.958		65,943.3		0.0		211.1		66,154.4
REMAINING		779,669		0		2,677,181		681,145		0		0		101.490		0.000		0.000		69,130.1		0.0		0.0		69,130.1
TOTAL		1,524,405		0		5,434,475		1,330,901		0		107,774		101.490		0.000		1.958		135,073.4		0.0		211.1		135,284.5
CUM PROD		15,627,177				7,248,264
ULTIMATE		17,151,582				12,682,739

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		ABDNMNT		OPERATING		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		COST		EXPENSE		PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2014		40		39.82		11.9		108.2		0.0		0.0		2,172.0		3,567.3		3,567.3		3,402.4		8.000		28,033.9
12-31-2015		40		39.82		10.5		101.3		0.0		0.0		2,111.2		3,274.2		6,841.5		6,242.3		12.000		21,772.5
12-31-2016		39		38.82		9.6		96.0		0.0		0.0		2,049.4		3,054.9		9,896.4		8,649.7		15.000		18,717.6
12-31-2017		39		38.82		9.2		92.7		0.0		0.0		2,006.3		2,902.8		12,799.2		10,729.6		20.000		15,266.3
12-31-2018		39		38.82		9.0		89.1		0.0		0.0		1,966.6		2,763.1		15,562.3		12,529.0		25.000		12,979.8
12-31-2019		39		38.82		8.5		86.1		0.0		0.0		1,926.1		2,631.9		18,194.2		14,087.6		30.000		11,350.4
12-31-2020		38		37.86		8.1		81.9		0.0		0.0		1,837.5		2,530.0		20,724.2		15,449.0		35.000		10,131.0
12-31-2021		37		36.86		8.0		79.7		0.0		0.0		1,746.5		2,468.3		23,192.5		16,656.6		40.000		9,183.7
12-31-2022		37		36.86		7.6		76.8		0.0		0.0		1,722.4		2,353.9		25,546.4		17,703.7		45.000		8,426.2
12-31-2023		37		36.86		7.5		74.4		0.0		0.0		1,699.2		2,244.3		27,790.7		18,611.2		50.000		7,806.6
12-31-2024		37		36.86		6.9		71.6		0.0		0.0		1,652.6		2,142.4		29,933.1		19,398.7
12-31-2025		35		34.91		6.5		68.9		0.0		0.0		1,611.2		2,048.0		31,981.1		20,083.2
12-31-2026		35		34.91		6.5		66.7		0.0		0.0		1,590.9		1,958.2		33,939.3		20,677.8
12-31-2027		35		34.91		6.4		64.8		0.0		0.0		1,570.9		1,870.9		35,810.2		21,194.4
12-31-2028		35		34.91		6.3		62.9		0.0		0.0		1,550.9		1,786.9		37,597.1		21,643.2
SUBTOTAL						122.5		1,221.1		0.0		0.0		27,213.7		37,597.1		37,597.1		21,643.2
REMAINING						128.1		1,276.7		0.0		0.0		40,216.1		27,509.2		65,106.3		24,490.3
TOTAL OF 50.0 YRS						250.6		2,497.8		0.0		0.0		67,429.8		65,106.3		65,106.3		24,490.3

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 92

SANTA MARIA ENERGY, LLC INTEREST BASIC DATA AS OF DECEMBER 31, 2013   PROVED DEVELOPED PRODUCING RESERVES   SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR 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		189,264		180,489		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.7		1.9		33.5
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		51,269		48,222		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		1.9		1.9		6.2
000064	6		1		0		196,194		140,257		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.4		1.9		16.5
000016	6-GTL		1		0		110,862		916,981		95.455		95.455		77.356		77.356		101.490		101.490		0.000		0.000		0.000		0.000		6.3		2.8		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		133,846		91,293		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.3		1.9		20.3
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		58,366		123,908		95.455		95.455		77.356		77.356		101.490		101.490		0.000		0.000		0.000		0.000		4.9		1.9		10.2
000004	18		1		0		158,371		150,359		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.7		1.9		31.2
000094	21		1		0		1,239,240		60,153		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.8		1.9		47.5
000095	22		1		0		143,706		157,533		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		3.7		2.1		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		303,952		146,099		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		4.3		2.5		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		65,771		555,767		95.455		95.455		77.356		77.356		101.490		101.490		0.000		0.000		0.000		0.000		3.2		1.9		28.7
000009	37		1		0		1,446,457		998,612		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		7.2		3.1		50.0
000011	37-GTL		0		0		24,506		109,092		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
000015	40		1		0		525,168		83,885		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		3.4		1.9		50.0
000017	43		0		0		527,273		187,149		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		581,216		326,105		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		9.0		3.6		50.0
000030	45		1		0		427,104		206,348		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.4		1.9		28.0
000020	46		1		0		43,051		38,133		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		1.9		1.9		1.7
000012	46-GTL		1		0		16,472		140,600		95.455		95.455		77.356		77.356		101.490		101.490		0.000		0.000		0.000		0.000		2.3		1.9		5.8
000021	47		1		0		578,607		192,296		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		3.6		2.1		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		284,209		175,126		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		3.8		2.0		50.0
000024	49		1		0		827,192		689,501		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		8.1		3.3		50.0
000025	50		1		0		159,837		161,683		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.8		1.9		47.0
000026	51		1		0		239,387		381,276		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		3.3		2.0		50.0
000027	52		1		0		366,633		224,983		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.7		1.9		31.2
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		156,514		16,768		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

SANTA MARIA ENERGY, LLC INTEREST RESERVES AND ECONOMICS AS OF DECEMBER 31, 2013   PROVED DEVELOPED PRODUCING RESERVES   SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR 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
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		15,587		0		15,587		13,774		0		0		1,398.1		0.0		0.0		28.2		0.0		0.0		885.5		484.4		229.5
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		1,727		0		15,922		1,526		0		0		154.8		0.0		0.0		2.9		0.0		0.0		142.2		9.7		7.5
000064	6		6,596		0		8,311		5,829		0		0		591.6		0.0		0.0		11.8		0.0		0.0		414.9		164.9		107.1
000016	6-GTL		84,722		0		831,119		65,537		0		0		6,651.6		0.0		0.0		141.3		0.0		0.0		2,398.8		4,111.5		1,268.6
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		7,634		0		11,451		6,746		0		0		684.9		0.0		0.0		13.6		0.0		0.0		501.8		169.5		100.3
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		9,383		0		3,481		7,259		0		0		736.5		0.0		0.0		14.7		0.0		0.0		343.1		378.7		297.5
000004	18		14,549		0		15,568		12,857		0		0		1,304.9		0.0		0.0		26.5		0.0		0.0		824.9		453.5		224.0
000094	21		23,401		0		46,804		20,679		0		0		2,098.7		0.0		0.0		42.3		0.0		0.0		1,281.3		775.1		298.4
000095	22		38,971		0		39,361		34,438		0		0		3,495.2		0.0		0.0		69.4		0.0		0.0		1,626.1		1,799.7		597.3
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		56,461		0		43,305		49,892		0		0		5,063.6		0.0		0.0		101.1		0.0		0.0		1,964.7		2,997.8		879.6
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		17,001		0		93,847		13,151		0		0		1,334.9		0.0		0.0		27.5		0.0		0.0		792.1		515.3		270.3
000009	37		101,666		0		365,998		89,839		0		0		9,117.8		0.0		0.0		185.3		0.0		0.0		2,839.9		6,092.6		1,849.4
000011	37-GTL		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
000015	40		30,558		0		51,032		27,003		0		0		2,740.6		0.0		0.0		54.4		0.0		0.0		1,463.2		1,223.0		465.8
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		132,166		0		170,494		116,791		0		0		11,853.1		0.0		0.0		237.9		0.0		0.0		3,430.3		8,184.9		2,459.6
000030	45		11,246		0		18,893		9,938		0		0		1,008.4		0.0		0.0		20.5		0.0		0.0		705.6		282.3		145.4
000020	46		457		0		4,014		404		0		0		41.0		0.0		0.0		0.8		0.0		0.0		37.9		2.3		2.1
000012	46-GTL		2,312		0		87,866		1,789		0		0		181.4		0.0		0.0		4.5		0.0		0.0		140.1		36.8		31.5
000021	47		37,277		0		4,361		32,941		0		0		3,343.4		0.0		0.0		66.1		0.0		0.0		1,593.2		1,684.1		563.6
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		36,780		0		23,392		32,501		0		0		3,298.6		0.0		0.0		65.6		0.0		0.0		1,583.8		1,649.2		597.8
000024	49		117,593		0		323,383		103,914		0		0		10,546.2		0.0		0.0		213.3		0.0		0.0		3,148.2		7,184.7		2,168.0
000025	50		22,987		0		3,264		20,313		0		0		2,061.6		0.0		0.0		41.2		0.0		0.0		1,264.2		756.2		292.6
000026	51		32,127		0		121,438		28,389		0		0		2,881.3		0.0		0.0		58.0		0.0		0.0		1,493.7		1,329.6		460.5
000027	52		14,549		0		65,472		12,857		0		0		1,304.9		0.0		0.0		26.6		0.0		0.0		824.9		453.4		223.8
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

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

LEASE NUMBER		ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/COND $/BBL				NGL $/BBL				GAS $/MCF				GROSS OPERATING EXPENSE M$/M				LIFE
						OIL/COND		GAS
	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		0		0		935,126		142,929		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		172,353		314,129		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		7.5		2.5		50.0
000054	60 WTR		1		0		206,485		219,019		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		4.3		2.3		50.0
000057	61		1		0		391,738		320,428		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		9.6		3.2		50.0
000058	62		1		0		273,206		228,520		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		3.5		1.9		39.0
000003	63		1		0		135,103		453,715		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		4.4		2.1		50.0
000059	64		1		0		154,364		589,280		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		3.2		1.9		47.1
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		199,453		235,491		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.3		1.9		29.1
000065	76		1		0		160,363		351,307		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		5.3		2.3		50.0
000066	77		1		0		180,807		149,236		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		4.1		2.2		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		110,012		541,688		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		7.6		1.9		43.8
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		137,545		182,877		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.5		1.9		37.4
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		150,167		108,241		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		3.2		1.9		43.5
000075	89		1		0		218,674		48,653		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		2.7		1.9		10.8
000076	90-31 RD		1		0		42,412		165,864		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		5.7		1.5		32.3
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		77,508		275,773		100.000		100.000		84.490		84.490		101.490		101.490		0.000		0.000		0.000		0.000		3.6		1.9		50.0
000092	B-3		1		0		44,012		114,436		100.000		100.000		84.490		84.490		101.490		101.490		0.000		0.000		0.000		0.000		2.8		1.9		44.7
000093	B-4		1		0		65,491		121,411		100.000		100.000		84.490		84.490		101.490		101.490		0.000		0.000		0.000		0.000		3.7		2.1		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		1.3
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		20.6		20.6		50.0
	FIELD TOTAL		40		0		17,151,582		12,682,739
	TOTAL CALIFORNIA		40		0		17,151,582		12,682,739
	TOTAL ALL LEASES		40		0		17,151,582		12,682,739

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

SANTA MARIA ENERGY, LLC INTEREST RESERVES AND ECONOMICS AS OF DECEMBER 31, 2013   PROVED DEVELOPED PRODUCING RESERVES   SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR 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)
000036	56		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		87,709		0		257,862		77,505		0		0		7,865.9		0.0		0.0		159.1		0.0		0.0		2,569.7		5,137.1		1,781.4
000054	60 WTR		50,494		0		205,511		44,620		0		0		4,528.5		0.0		0.0		92.9		0.0		0.0		1,849.2		2,586.4		826.8
000057	61		130,262		0		285,273		115,109		0		0		11,682.3		0.0		0.0		235.3		0.0		0.0		3,393.5		8,053.5		2,577.9
000058	62		24,418		0		201,445		21,577		0		0		2,190.0		0.0		0.0		45.8		0.0		0.0		1,152.5		991.7		447.4
000003	63		47,507		0		421,389		41,981		0		0		4,260.7		0.0		0.0		89.9		0.0		0.0		1,791.2		2,379.6		823.6
000059	64		26,811		0		391,432		23,692		0		0		2,404.2		0.0		0.0		52.3		0.0		0.0		1,339.7		1,012.2		400.1
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		10,945		0		40,936		9,672		0		0		981.7		0.0		0.0		19.8		0.0		0.0		718.6		243.3		121.3
000065	76		60,687		0		301,006		53,627		0		0		5,442.6		0.0		0.0		111.4		0.0		0.0		2,046.3		3,284.9		1,103.2
000066	77		45,750		0		53,527		40,428		0		0		4,103.1		0.0		0.0		81.9		0.0		0.0		1,757.4		2,263.8		732.8
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		57,883		0		481,588		51,150		0		0		5,191.3		0.0		0.0		108.8		0.0		0.0		1,884.8		3,197.7		1,488.3
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		15,863		0		13,088		14,018		0		0		1,422.7		0.0		0.0		28.9		0.0		0.0		959.0		434.8		190.7
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		24,730		0		102,876		21,853		0		0		2,217.5		0.0		0.0		44.8		0.0		0.0		1,237.2		935.5		389.6
000075	89		5,082		0		7,064		4,491		0		0		455.7		0.0		0.0		8.9		0.0		0.0		285.4		161.4		121.3
000076	90-31 RD		25,485		0		132,776		22,520		0		0		2,285.7		0.0		0.0		47.2		0.0		0.0		907.6		1,330.9		773.5
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		33,715		0		105,190		28,486		0		0		2,890.9		0.0		0.0		57.8		0.0		0.0		1,524.5		1,308.6		492.2
000092	B-3		22,343		0		17,316		18,878		0		0		1,915.9		0.0		0.0		38.4		0.0		0.0		1,211.2		666.3		265.2
000093	B-4		38,971		0		51,833		32,927		0		0		3,341.6		0.0		0.0		66.3		0.0		0.0		1,626.1		1,649.2		553.4
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		107,774		0.0		0.0		211.1		5.4		0.0		0.0		0.0		205.7		193.1
010002	FIXED EXP MONT PDP		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		11,475.5		-11,475.5		-2,331.7
	FIELD TOTAL		1,524,405		0		5,434,475		1,330,901		0		107,774		135,073.4		0.0		211.1		2,748.4		0.0		0.0		67,429.8		65,106.3		24,490.3
	TOTAL CALIFORNIA		1,524,405		0		5,434,475		1,330,901		0		107,774		135,073.4		0.0		211.1		2,748.4		0.0		0.0		67,429.8		65,106.3		24,490.3
	TOTAL ALL LEASES		1,524,405		0		5,434,475		1,330,901		0		107,774		135,073.4		0.0		211.1		2,748.4		0.0		0.0		67,429.8		65,106.3		24,490.3

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 96

PROVED DEVELOPED NON-PRODUCING RESERVES

SANTA MARIA ENERGY, LLC INTEREST SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2013   PROVED DEVELOPED NON-PRODUCING RESERVES     SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR 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$
12-31-2014		6,245		0		34,538		5,446		0		0		101.490		0.000		0.000		552.7		0.0		0.0		552.7
12-31-2015		11,960		0		61,993		10,434		0		0		101.490		0.000		0.000		1,059.2		0.0		0.0		1,059.2
12-31-2016		9,112		0		43,939		7,897		0		0		101.490		0.000		0.000		801.5		0.0		0.0		801.5
12-31-2017		7,747		0		34,316		6,672		0		0		101.490		0.000		0.000		677.2		0.0		0.0		677.2
12-31-2018		6,927		0		28,105		5,937		0		0		101.490		0.000		0.000		602.6		0.0		0.0		602.6
12-31-2019		6,369		0		23,709		5,435		0		0		101.490		0.000		0.000		551.6		0.0		0.0		551.6
12-31-2020		5,955		0		20,428		5,063		0		0		101.490		0.000		0.000		513.9		0.0		0.0		513.9
12-31-2021		5,629		0		17,900		4,770		0		0		101.490		0.000		0.000		484.3		0.0		0.0		484.3
12-31-2022		5,361		0		15,910		4,533		0		0		101.490		0.000		0.000		460.0		0.0		0.0		460.0
12-31-2023		5,134		0		14,315		4,331		0		0		101.490		0.000		0.000		439.5		0.0		0.0		439.5
12-31-2024		5,016		0		11,506		4,204		0		0		101.490		0.000		0.000		426.6		0.0		0.0		426.6
12-31-2025		4,778		0		9,741		3,995		0		0		101.490		0.000		0.000		405.5		0.0		0.0		405.5
12-31-2026		4,618		0		9,303		3,860		0		0		101.490		0.000		0.000		391.7		0.0		0.0		391.7
12-31-2027		4,470		0		8,921		3,737		0		0		101.490		0.000		0.000		379.2		0.0		0.0		379.2
12-31-2028		4,335		0		8,593		3,623		0		0		101.490		0.000		0.000		367.7		0.0		0.0		367.7
SUBTOTAL		93,656		0		343,217		79,937		0		0		101.490		0.000		0.000		8,113.2		0.0		0.0		8,113.2
REMAINING		97,189		0		190,164		81,479		0		0		101.490		0.000		0.000		8,269.3		0.0		0.0		8,269.3
TOTAL		190,845		0		533,381		161,416		0		0		101.490		0.000		0.000		16,382.5		0.0		0.0		16,382.5
CUM PROD		0				0
ULTIMATE		190,845				533,381

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		ABDNMNT		OPERATING		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		COST		EXPENSE		PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2014		1		1.00		1.3		10.2		863.0		0.0		125.6		-447.4		-447.4		-422.0		8.000		3,796.6
12-31-2015		1		1.00		2.3		19.6		0.0		0.0		231.3		806.0		358.6		279.0		12.000		2,787.8
12-31-2016		1		1.00		1.7		14.8		0.0		0.0		182.7		602.3		960.9		754.5		15.000		2,309.4
12-31-2017		1		1.00		1.4		12.6		0.0		0.0		159.4		503.8		1,464.7		1,116.2		20.000		1,775.8
12-31-2018		1		1.00		1.2		11.1		0.0		0.0		145.1		445.2		1,909.9		1,406.5		25.000		1,424.0
12-31-2019		1		1.00		1.1		10.3		0.0		0.0		135.2		405.0		2,314.9		1,646.6		30.000		1,173.9
12-31-2020		1		1.00		1.1		9.5		0.0		0.0		127.9		375.4		2,690.3		1,848.8		35.000		986.8
12-31-2021		1		1.00		0.9		9.0		0.0		0.0		122.0		352.4		3,042.7		2,021.3		40.000		841.2
12-31-2022		1		1.00		0.8		8.5		0.0		0.0		117.2		333.5		3,376.2		2,169.8		45.000		725.3
12-31-2023		1		1.00		0.7		8.1		0.0		0.0		113.1		317.6		3,693.8		2,298.3		50.000		630.5
12-31-2024		2		1.95		0.7		7.8		0.0		0.0		114.6		303.5		3,997.3		2,409.9
12-31-2025		1		0.95		0.7		7.5		0.0		0.0		105.7		291.6		4,288.9		2,507.4
12-31-2026		1		0.95		0.7		7.3		0.0		0.0		102.8		280.9		4,569.8		2,592.9
12-31-2027		1		0.95		0.6		6.9		0.0		0.0		100.1		271.6		4,841.4		2,667.9
12-31-2028		1		0.95		0.5		6.8		0.0		0.0		97.8		262.6		5,104.0		2,733.8
SUBTOTAL						15.7		150.0		863.0		0.0		1,980.5		5,104.0		5,104.0		2,733.8
REMAINING						13.8		152.8		0.0		0.0		2,543.7		5,559.0		10,663.0		3,220.6
TOTAL OF 50.0 YRS						29.5		302.8		863.0		0.0		4,524.2		10,663.0		10,663.0		3,220.6

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 97

	BASIC DATA
	AS OF DECEMBER 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		65,647		24,355		95.455		95.455		77.356		77.356		101.490		101.490		0.000		0.000		0.000		0.000		4.9		2.5		50.0
200002	49 IPNP		0		0		82,998		228,245		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		8.1		4.9		50.0
200004	73 RTP		1		0		9,622		111,046		100.000		100.000		88.367		88.367		0.000		101.490		0.000		0.000		0.000		0.000		0.0		1.9		10.4
200007	90-31 RD IPNP 1		1		0		12,334		64,261		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		5.7		1.5		35.2
200008	90-31 RD IPNP 2		1		0		20,244		105,474		100.000		100.000		88.367		88.367		101.490		101.490		0.000		0.000		0.000		0.000		5.7		1.5		41.3
	FIELD TOTAL		4		0		190,845		533,381
	TOTAL CALIFORNIA		4		0		190,845		533,381
	TOTAL ALL LEASES		4		0		190,845		533,381

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 DECEMBER 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 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
200001	16-GTL IPNP	65,647		0		24,355		50,782		0		0		5,154.0		0.0		0.0		102.4		148.0		0.0		1,876.7		3,026.9		730.5
200002	49 IPNP	82,998		0		228,245		73,343		0		0		7,443.6		0.0		0.0		151.1		40.0		0.0		1,606.7		5,645.8		1,457.8
200004	73 RTP	9,622		0		111,046		8,503		0		0		863.0		0.0		0.0		18.6		150.0		0.0		361.8		332.6		224.0
200007	90-31 RD IPNP 1	12,334		0		64,261		10,899		0		0		1,106.2		0.0		0.0		22.7		75.0		0.0		248.6		759.9		491.5
200008	90-31 RD IPNP 2	20,244		0		105,474		17,889		0		0		1,815.7		0.0		0.0		37.5		450.0		0.0		430.4		897.8		316.8
	FIELD TOTAL	190,845		0		533,381		161,416		0		0		16,382.5		0.0		0.0		332.3		863.0		0.0		4,524.2		10,663.0		3,220.6
	TOTAL CALIFORNIA	190,845		0		533,381		161,416		0		0		16,382.5		0.0		0.0		332.3		863.0		0.0		4,524.2		10,663.0		3,220.6
	TOTAL ALL LEASES	190,845		0		533,381		161,416		0		0		16,382.5		0.0		0.0		332.3		863.0		0.0		4,524.2		10,663.0		3,220.6

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 99

PROVED UNDEVELOPED RESERVES

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 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$
12-31-2014		14,849		0		59,395		13,121		0		0		101.490		0.000		0.000		1,331.7		0.0		0.0		1,331.7
12-31-2015		65,629		0		262,516		57,995		0		0		101.490		0.000		0.000		5,885.9		0.0		0.0		5,885.9
12-31-2016		50,305		0		201,222		44,454		0		0		101.490		0.000		0.000		4,511.4		0.0		0.0		4,511.4
12-31-2017		38,177		0		152,704		33,736		0		0		101.490		0.000		0.000		3,423.7		0.0		0.0		3,423.7
12-31-2018		29,966		0		119,865		26,480		0		0		101.490		0.000		0.000		2,687.5		0.0		0.0		2,687.5
12-31-2019		24,150		0		96,600		21,340		0		0		101.490		0.000		0.000		2,165.8		0.0		0.0		2,165.8
12-31-2020		19,879		0		79,514		17,567		0		0		101.490		0.000		0.000		1,782.6		0.0		0.0		1,782.6
12-31-2021		16,648		0		66,593		14,713		0		0		101.490		0.000		0.000		1,493.1		0.0		0.0		1,493.1
12-31-2022		14,147		0		56,589		12,502		0		0		101.490		0.000		0.000		1,268.9		0.0		0.0		1,268.9
12-31-2023		12,170		0		48,681		10,755		0		0		101.490		0.000		0.000		1,091.5		0.0		0.0		1,091.5
12-31-2024		10,582		0		42,325		9,351		0		0		101.490		0.000		0.000		948.9		0.0		0.0		948.9
12-31-2025		9,285		0		37,136		8,203		0		0		101.490		0.000		0.000		832.7		0.0		0.0		832.7
12-31-2026		8,211		0		32,849		7,256		0		0		101.490		0.000		0.000		736.6		0.0		0.0		736.6
12-31-2027		7,316		0		29,261		6,465		0		0		101.490		0.000		0.000		656.0		0.0		0.0		656.0
12-31-2028		6,558		0		26,233		5,797		0		0		101.490		0.000		0.000		588.0		0.0		0.0		588.0
SUBTOTAL		327,872		0		1,311,483		289,735		0		0		101.490		0.000		0.000		29,404.3		0.0		0.0		29,404.3
REMAINING		56,716		0		226,881		50,117		0		0		101.490		0.000		0.000		5,086.9		0.0		0.0		5,086.9
TOTAL		384,588		0		1,538,364		339,852		0		0		101.490		0.000		0.000		34,491.2		0.0		0.0		34,491.2
CUM PROD		0				0
ULTIMATE		384,588				1,538,364

					NET DEDUCTIONS/EXPENDITURES										FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		ABDNMNT		OPERATING		UNDISCOUNTED				DISC AT 10.000%		PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		COST		EXPENSE		PERIOD		CUM		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2014		2		2.00		2.6		24.6		4,150.0		0.0		266.0		-3,111.5		-3,111.5		-2,996.7		8.000		3,297.5
12-31-2015		6		6.00		11.4		108.7		9,445.0		0.0		1,184.4		-4,863.6		-7,975.1		-7,519.3		12.000		1,519.7
12-31-2016		6		6.00		8.7		83.3		0.0		0.0		931.8		3,487.6		-4,487.5		-4,763.2		15.000		526.6
12-31-2017		6		6.00		6.6		63.2		0.0		0.0		728.5		2,625.4		-1,862.1		-2,877.8		20.000		-703.3
12-31-2018		6		6.00		5.3		49.6		0.0		0.0		590.9		2,041.7		179.6		-1,545.3		25.000		-1,575.0
12-31-2019		6		6.00		4.1		40.1		0.0		0.0		493.6		1,628.0		1,807.6		-579.3		30.000		-2,211.2
12-31-2020		6		6.00		3.5		32.8		0.0		0.0		441.1		1,305.2		3,112.8		124.6		35.000		-2,683.4
12-31-2021		6		6.00		2.8		27.5		0.0		0.0		440.1		1,022.7		4,135.5		625.9		40.000		-3,039.8
12-31-2022		6		6.00		2.4		23.4		0.0		0.0		391.4		851.7		4,987.2		1,005.4		45.000		-3,311.0
12-31-2023		6		6.00		2.2		20.1		0.0		0.0		352.5		716.7		5,703.9		1,295.8		50.000		-3,518.7
12-31-2024		6		6.00		1.8		17.5		0.0		0.0		320.8		608.8		6,312.7		1,520.0
12-31-2025		6		6.00		1.8		15.4		0.0		0.0		294.6		520.9		6,833.6		1,694.4
12-31-2026		6		6.00		1.8		13.6		0.0		0.0		272.5		448.7		7,282.3		1,831.0
12-31-2027		6		6.00		1.6		12.3		0.0		0.0		253.8		388.3		7,670.6		1,938.7
12-31-2028		6		6.00		1.2		10.9		0.0		0.0		238.1		337.8		8,008.4		2,023.8
SUBTOTAL						57.8		543.0		13,595.0		0.0		7,200.1		8,008.4		8,008.4		2,023.8
REMAINING						10.0		93.9		0.0		300.0		2,951.3		1,731.7		9,740.1		2,331.2
TOTAL OF 35.0 YRS						67.8		636.9		13,595.0		300.0		10,151.4		9,740.1		9,740.1		2,331.2

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 100

	BASIC DATA
	AS OF DECEMBER 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		64,098		256,394		100.000		100.000		88.367		88.367		0.000		101.490		0.000		0.000		0.000		0.000		0.0		1.5		34.0
400113	7-31 HZ		1		0		64,098		256,394		100.000		100.000		88.367		88.367		0.000		101.490		0.000		0.000		0.000		0.000		0.0		1.5		33.0
400114	12-31 HZ		1		0		64,098		256,394		100.000		100.000		88.367		88.367		0.000		101.490		0.000		0.000		0.000		0.000		0.0		1.5		33.5
400117	51 HZ		1		0		64,098		256,394		100.000		100.000		88.367		88.367		0.000		101.490		0.000		0.000		0.000		0.000		0.0		1.5		33.9
400115	54-31 HZ		1		0		64,098		256,394		100.000		100.000		88.367		88.367		0.000		101.490		0.000		0.000		0.000		0.000		0.0		1.5		33.8
400116	B1 HZ		1		0		64,098		256,394		100.000		100.000		88.367		88.367		0.000		101.490		0.000		0.000		0.000		0.000		0.0		1.5		33.8
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		0.2		34.0
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		35.0
	FIELD TOTAL		6		0		384,588		1,538,364
	TOTAL CALIFORNIA		6		0		384,588		1,538,364
	TOTAL ALL LEASES		6		0		384,588		1,538,364

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 101

	RESERVES AND ECONOMICS
	AS OF DECEMBER 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		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
400118	3 HZ		64,098		0		256,394		56,642		0		0		5,748.5		0.0		0.0		117.5		2,640.0		0.0		1,561.4		1,429.6		76.1
400113	7-31 HZ		64,098		0		256,394		56,642		0		0		5,748.5		0.0		0.0		117.5		2,075.0		0.0		1,561.4		1,994.6		637.9
400114	12-31 HZ		64,098		0		256,394		56,642		0		0		5,748.4		0.0		0.0		117.4		2,075.0		0.0		1,561.5		1,994.5		607.7
400117	51 HZ		64,098		0		256,394		56,642		0		0		5,748.6		0.0		0.0		117.5		2,365.0		0.0		1,561.4		1,704.7		323.8
400115	54-31 HZ		64,098		0		256,394		56,642		0		0		5,748.6		0.0		0.0		117.4		2,075.0		0.0		1,561.6		1,994.6		588.8
400116	B1 HZ		64,098		0		256,394		56,642		0		0		5,748.6		0.0		0.0		117.4		2,365.0		0.0		1,561.6		1,704.6		326.2
410002	FIXED EXP MONT PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		782.5		-782.5		-218.6
410004	ABAN MONT PUD		0		0		0		0		0		0		0.0		0.0		0.0		0.0		0.0		300.0		0.0		-300.0		-10.7
	FIELD TOTAL		384,588		0		1,538,364		339,852		0		0		34,491.2		0.0		0.0		704.7		13,595.0		300.0		10,151.4		9,740.1		2,331.2
	TOTAL CALIFORNIA		384,588		0		1,538,364		339,852		0		0		34,491.2		0.0		0.0		704.7		13,595.0		300.0		10,151.4		9,740.1		2,331.2
	TOTAL ALL LEASES		384,588		0		1,538,364		339,852		0		0		34,491.2		0.0		0.0		704.7		13,595.0		300.0		10,151.4		9,740.1		2,331.2

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 102