Exhibit 99.4

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 reserves and future revenue, as of December 31, 2012, 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 as of December 31, 2012. The estimates in this report have been prepared in accordance with the definitions and regulations of the U.S. Securities and Exchange Commission (SEC) and conform to the FASB Accounting Standards Codification Topic 932, Extractive Activities—Oil and Gas, except that future income taxes and per-well overhead expenses are excluded. Definitions are presented immediately following this letter.

We estimate the net reserves and future net revenue to the SME interest in these properties, as of December 31, 2012, to be:

	Net Reserves				Future Net Revenue (M$)
Category	Oil (MBBL)		Gas (MMCF)		Total		Present Worth at 10%
Proved Developed Producing		1,998.0		163.8		88,531.2		45,583.8
Proved Developed Non-Producing		153.8		0.0		9,856.4		2,923.8
Proved Undeveloped		6,478.1		0.0		348,597.5		122,106.5
Total Proved		8,629.9		163.8		446,985.1		170,614.1

The oil reserves 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 reserves. No study was made to determine whether probable or possible reserves might be established for these properties. 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 2012. For properties producing in the Diatomite Reservoir, the average Chevron Crude Oil Marketing Midway Sunset posted price of $104.31 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 $106.74 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 September 30, 2014. All prices are held constant throughout the lives of the properties. The average adjusted product prices weighted by production over the remaining lives of the properties are $104.28 per barrel of oil and $1.958 per MCF of gas.

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

Capital costs used in this report were provided by SME and are based on authorizations for expenditure and actual costs from recent activity. Capital costs are included as required for workovers, new development wells, and production equipment. Based on our understanding of future development plans, a review of the records provided to us, and our knowledge of similar properties, we regard these estimated capital costs to be reasonable. 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. Abandonment costs are shown herein as capital costs. 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 gas 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 commercially recoverable; 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. (NSAI) 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

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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.

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)

(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.

(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
RESERVES AND ECONOMICS
Diatomite Reservoir
Total Proved Reserves	1
Proved Developed Producing Reserves	2
Proved Undeveloped Reserves	5
Monterey Reservoir
Total Proved Reserves	14
Proved Developed Producing Reserves	15
Proved Developed Non-Producing Reserves	22
Proved Undeveloped Reserves	25

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		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 MBBL		NGL MBBL		GAS MMCF		OIL MBBL		NGL MBBL		GAS MMCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		147.2		0.0		232.6		131.0		0.0		93.7		104.109		0.000		1.958		13,635.1		0.0		183.5		13,818.7
12-31-2014		161.1		0.0		278.2		143.1		0.0		70.1		104.055		0.000		1.958		14,895.3		0.0		137.3		15,032.6
12-31-2015		562.3		0.0		599.1		507.5		0.0		0.0		104.271		0.000		0.000		52,913.9		0.0		0.0		52,913.9
12-31-2016		820.3		0.0		687.1		743.2		0.0		0.0		104.339		0.000		0.000		77,546.3		0.0		0.0		77,546.3
12-31-2017		765.4		0.0		623.1		691.2		0.0		0.0		104.345		0.000		0.000		72,125.1		0.0		0.0		72,125.1
12-31-2018		719.3		0.0		574.4		625.6		0.0		0.0		104.346		0.000		0.000		65,279.4		0.0		0.0		65,279.4
12-31-2019		677.8		0.0		534.3		589.4		0.0		0.0		104.349		0.000		0.000		61,502.0		0.0		0.0		61,502.0
12-31-2020		641.5		0.0		499.9		557.7		0.0		0.0		104.351		0.000		0.000		58,199.9		0.0		0.0		58,199.9
12-31-2021		604.7		0.0		468.0		525.7		0.0		0.0		104.353		0.000		0.000		54,854.1		0.0		0.0		54,854.1
12-31-2022		571.9		0.0		440.7		497.0		0.0		0.0		104.354		0.000		0.000		51,868.8		0.0		0.0		51,868.8
12-31-2023		541.6		0.0		416.6		470.6		0.0		0.0		104.354		0.000		0.000		49,106.1		0.0		0.0		49,106.1
12-31-2024		514.5		0.0		394.8		447.0		0.0		0.0		104.354		0.000		0.000		46,648.6		0.0		0.0		46,648.6
12-31-2025		486.3		0.0		372.6		422.4		0.0		0.0		104.354		0.000		0.000		44,081.6		0.0		0.0		44,081.6
12-31-2026		460.8		0.0		352.9		400.3		0.0		0.0		104.353		0.000		0.000		41,767.7		0.0		0.0		41,767.7
12-31-2027		437.3		0.0		332.7		379.7		0.0		0.0		104.353		0.000		0.000		39,625.8		0.0		0.0		39,625.8
SUBTOTAL		8,112.0		0.0		6,807.0		7,131.4		0.0		163.8		104.334		0.000		1.958		744,049.7		0.0		320.8		744,370.5
REMAINING		1,726.2		0.0		2,935.9		1,498.4		0.0		0.0		104.038		0.000		0.000		155,895.5		0.0		0.0		155,895.5
TOTAL		9,838.1		0.0		9,742.9		8,629.9		0.0		163.8		104.282		0.000		1.958		899,945.2		0.0		320.8		900,266.0
CUM PROD		15,755.9		0.0		7,043.2
ULTIMATE		25,594.1		0.0		16,786.0

					NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISCOUNTED AT 10%				PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION M$		AD VALOREM M$						PERIOD M$		CUM M$		PERIOD M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET
12-31-2013		64		63.7		19.7		183.8		4,194.0		5,990.8		3,430.3		3,430.3		3,348.0		3,348.0		8		204,612.0
12-31-2014		66		63.4		21.1		200.0		80,469.9		6,326.2		-71,984.6		-68,554.3		-61,791.5		-58,443.5		12		142,847.6
12-31-2015		180		162.5		71.4		703.9		37,412.5		17,119.9		-2,393.9		-70,948.2		-2,896.2		-61,339.7		15		110,032.9
12-31-2016		180		163.1		104.5		1,031.6		0.0		21,485.0		54,925.2		-16,023.0		39,376.0		-21,963.8		20		71,647.6
12-31-2017		180		162.6		97.2		959.5		0.0		19,582.4		51,486.0		35,463.0		33,562.9		11,599.1		25		46,295.8
12-31-2018		180		156.6		88.0		868.4		0.0		18,182.8		46,140.2		81,603.2		27,341.2		38,940.3		30		29,003.7
12-31-2019		180		156.5		82.9		818.2		0.0		17,504.1		43,096.9		124,700.1		23,217.3		62,157.7		35		16,909.3
12-31-2020		180		156.5		78.4		774.3		0.0		16,913.5		40,433.7		165,133.8		19,801.0		81,958.7		40		8,284.9
12-31-2021		179		155.6		73.9		729.8		0.0		16,317.3		37,733.1		202,866.9		16,797.3		98,756.0		45		2,044.5
12-31-2022		179		155.6		69.9		690.0		0.0		15,775.5		35,333.3		238,200.2		14,300.0		113,056.0		50		-2,517.6
12-31-2023		177		153.8		66.2		653.3		0.0		15,287.3		33,099.3		271,299.5		12,178.8		125,234.8
12-31-2024		177		153.8		62.9		620.6		0.0		14,857.2		31,107.9		302,407.4		10,404.9		135,639.7
12-31-2025		176		152.9		59.4		586.4		0.0		14,389.4		29,046.4		331,453.7		8,831.5		144,471.2
12-31-2026		175		152.0		56.3		555.7		0.0		13,949.2		27,206.6		358,660.3		7,520.6		151,991.8
12-31-2027		174		151.1		53.4		527.2		0.0		13,571.1		25,474.2		384,134.5		6,402.0		158,393.8
SUBTOTAL						1,005.1		9,902.7		122,076.4		227,251.7		384,134.5		384,134.5		158,393.8		158,393.8
REMAINING						210.7		2,074.0		22,190.9		68,569.5		62,850.5		446,985.1		12,220.3		170,614.1
TOTAL OF 50.0 YRS						1,215.8		11,976.7		144,267.3		295,821.1		446,985.1		446,985.1		170,614.1		170,614.1

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Table I

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		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 MBBL		NGL MBBL		GAS MMCF		OIL MBBL		NGL MBBL		GAS MMCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		144.3		0.0		220.1		128.4		0.0		93.7		104.116		0.000		1.958		13,371.7		0.0		183.5		13,555.3
12-31-2014		135.5		0.0		209.3		120.6		0.0		70.1		104.113		0.000		1.958		12,559.6		0.0		137.3		12,696.8
12-31-2015		126.3		0.0		199.0		112.4		0.0		0.0		104.104		0.000		0.000		11,696.7		0.0		0.0		11,696.7
12-31-2016		118.2		0.0		190.0		105.1		0.0		0.0		104.096		0.000		0.000		10,943.3		0.0		0.0		10,943.3
12-31-2017		110.1		0.0		180.8		97.9		0.0		0.0		104.087		0.000		0.000		10,189.0		0.0		0.0		10,189.0
12-31-2018		103.2		0.0		172.8		91.7		0.0		0.0		104.077		0.000		0.000		9,547.6		0.0		0.0		9,547.6
12-31-2019		96.9		0.0		165.3		86.1		0.0		0.0		104.067		0.000		0.000		8,960.2		0.0		0.0		8,960.2
12-31-2020		91.3		0.0		156.6		81.1		0.0		0.0		104.057		0.000		0.000		8,434.3		0.0		0.0		8,434.3
12-31-2021		85.7		0.0		149.0		76.0		0.0		0.0		104.047		0.000		0.000		7,911.1		0.0		0.0		7,911.1
12-31-2022		80.4		0.0		142.3		71.3		0.0		0.0		104.038		0.000		0.000		7,420.3		0.0		0.0		7,420.3
12-31-2023		75.8		0.0		136.7		67.2		0.0		0.0		104.028		0.000		0.000		6,989.7		0.0		0.0		6,989.7
12-31-2024		71.8		0.0		130.8		63.6		0.0		0.0		104.018		0.000		0.000		6,614.1		0.0		0.0		6,614.1
12-31-2025		67.5		0.0		124.4		59.8		0.0		0.0		104.007		0.000		0.000		6,218.3		0.0		0.0		6,218.3
12-31-2026		63.6		0.0		118.7		56.3		0.0		0.0		103.995		0.000		0.000		5,853.5		0.0		0.0		5,853.5
12-31-2027		60.2		0.0		111.4		53.2		0.0		0.0		103.985		0.000		0.000		5,536.6		0.0		0.0		5,536.6
SUBTOTAL		1,430.6		0.0		2,407.2		1,270.8		0.0		163.8		104.067		0.000		1.958		132,246.0		0.0		320.8		132,566.8
REMAINING		833.5		0.0		2,056.7		727.3		0.0		0.0		103.747		0.000		0.000		75,451.9		0.0		0.0		75,451.9
TOTAL		2,264.1		0.0		4,463.9		1,998.0		0.0		163.8		103.950		0.000		1.958		207,697.9		0.0		320.8		208,018.7
CUM PROD		15,755.9		0.0		7,043.2
ULTIMATE		18,020.1		0.0		11,507.0

					NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISCOUNTED AT 10%				PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION M$		AD VALOREM M$						PERIOD M$		CUM M$		PERIOD M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET
12-31-2013		64		63.9		19.4		180.3		0.0		5,923.3		7,432.2		7,432.2		7,092.0		7,092.0		8		50,838.8
12-31-2014		64		62.5		17.9		168.9		0.0		5,696.4		6,813.6		14,245.8		5,914.0		13,006.0		12		41,348.7
12-31-2015		64		57.0		15.8		155.6		0.0		5,047.3		6,478.0		20,723.8		5,103.3		18,109.3		15		36,363.7
12-31-2016		64		56.9		14.8		145.6		0.0		4,414.2		6,368.7		27,092.5		4,567.0		22,676.3		20		30,422.9
12-31-2017		63		56.0		13.8		135.5		0.0		4,211.6		5,828.1		32,920.6		3,799.0		26,475.3		25		26,277.3
12-31-2018		63		56.0		12.9		127.0		0.0		4,045.6		5,362.1		38,282.7		3,177.7		29,652.9		30		23,218.0
12-31-2019		63		56.0		12.1		119.2		0.0		3,891.6		4,937.3		43,220.0		2,660.1		32,313.0		35		20,867.2
12-31-2020		63		55.9		11.4		112.2		0.0		3,745.8		4,564.9		47,784.9		2,235.7		34,548.8		40		19,004.6
12-31-2021		62		55.0		10.7		105.2		0.0		3,601.3		4,193.8		51,978.7		1,867.1		36,415.9		45		17,492.5
12-31-2022		62		55.0		10.0		98.7		0.0		3,452.3		3,859.3		55,838.0		1,562.1		37,978.0		50		16,240.6
12-31-2023		60		53.2		9.4		93.0		0.0		3,329.3		3,558.0		59,396.0		1,309.2		39,287.2
12-31-2024		60		53.2		8.9		88.0		0.0		3,220.9		3,296.2		62,692.2		1,102.6		40,389.8
12-31-2025		59		52.3		8.4		82.7		0.0		3,095.1		3,032.0		65,724.2		921.9		41,311.8
12-31-2026		58		51.3		7.9		77.9		0.0		2,966.0		2,801.7		68,526.0		774.5		42,086.3
12-31-2027		57		50.4		7.5		73.7		0.0		2,866.5		2,588.9		71,114.9		650.7		42,737.0
SUBTOTAL						181.0		1,763.6		0.0		59,507.3		71,114.9		71,114.9		42,737.0		42,737.0
REMAINING						102.3		1,003.8		16,340.9		40,588.7		17,416.3		88,531.2		2,846.8		45,583.8
TOTAL OF 50.0 YRS						283.3		2,767.3		16,340.9		100,096.0		88,531.2		88,531.2		45,583.8		45,583.8

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Table II

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		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 MBBL		NGL MBBL		GAS MMCF		OIL MBBL		NGL MBBL		GAS MMCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		2.9		0.0		12.5		2.5		0.0		0.0		103.747		0.000		0.000		263.4		0.0		0.0		263.4
12-31-2014		10.7		0.0		25.4		9.3		0.0		0.0		103.747		0.000		0.000		969.3		0.0		0.0		969.3
12-31-2015		9.8		0.0		23.9		8.5		0.0		0.0		103.747		0.000		0.000		886.8		0.0		0.0		886.8
12-31-2016		7.9		0.0		21.0		6.9		0.0		0.0		103.747		0.000		0.000		712.1		0.0		0.0		712.1
12-31-2017		7.1		0.0		19.4		6.1		0.0		0.0		103.747		0.000		0.000		637.3		0.0		0.0		637.3
12-31-2018		6.5		0.0		18.3		5.6		0.0		0.0		103.747		0.000		0.000		580.6		0.0		0.0		580.6
12-31-2019		6.1		0.0		17.4		5.2		0.0		0.0		103.747		0.000		0.000		541.5		0.0		0.0		541.5
12-31-2020		5.8		0.0		17.5		4.9		0.0		0.0		103.747		0.000		0.000		513.2		0.0		0.0		513.2
12-31-2021		5.5		0.0		16.8		4.7		0.0		0.0		103.747		0.000		0.000		487.6		0.0		0.0		487.6
12-31-2022		5.3		0.0		16.2		4.5		0.0		0.0		103.747		0.000		0.000		467.0		0.0		0.0		467.0
12-31-2023		5.1		0.0		15.6		4.3		0.0		0.0		103.747		0.000		0.000		448.7		0.0		0.0		448.7
12-31-2024		5.0		0.0		15.1		4.2		0.0		0.0		103.747		0.000		0.000		433.2		0.0		0.0		433.2
12-31-2025		4.8		0.0		14.5		4.0		0.0		0.0		103.747		0.000		0.000		416.6		0.0		0.0		416.6
12-31-2026		4.5		0.0		14.0		3.8		0.0		0.0		103.747		0.000		0.000		394.2		0.0		0.0		394.2
12-31-2027		4.5		0.0		13.6		3.7		0.0		0.0		103.747		0.000		0.000		388.6		0.0		0.0		388.6
SUBTOTAL		91.7		0.0		261.2		78.5		0.0		0.0		103.747		0.000		0.000		8,139.8		0.0		0.0		8,139.8
REMAINING		90.4		0.0		303.4		75.3		0.0		0.0		103.747		0.000		0.000		7,815.4		0.0		0.0		7,815.4
TOTAL		182.1		0.0		564.5		153.8		0.0		0.0		103.747		0.000		0.000		15,955.2		0.0		0.0		15,955.2
CUM PROD		0.0		0.0		0.0
ULTIMATE		182.1		0.0		564.5

					NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISCOUNTED AT 10%				PRESENT WORTH PROFILE
	ACTIVE COMPLETIONS				PRODUCTION M$		AD VALOREM M$						PERIOD M$		CUM M$		PERIOD M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET
12-31-2013		0		0.0		0.4		3.5		428.0		67.4		-235.8		-235.8		-233.7		-233.7		8		3,477.2
12-31-2014		0		0.0		1.3		12.9		450.0		256.4		248.7		12.8		211.4		-22.2		12		2,506.4
12-31-2015		0		0.0		1.2		11.8		0.0		236.4		637.4		650.2		503.7		481.5		15		2,044.0
12-31-2016		0		0.0		1.0		9.5		0.0		195.5		506.1		1,156.4		363.2		844.7		20		1,529.6
12-31-2017		1		0.9		0.9		8.5		0.0		184.9		443.1		1,599.5		288.9		1,133.6		25		1,192.6
12-31-2018		1		0.9		0.8		7.7		0.0		170.8		401.4		2,000.8		237.9		1,371.4		30		955.1
12-31-2019		1		0.9		0.7		7.2		0.0		161.0		372.6		2,373.4		200.7		1,572.1		35		779.1
12-31-2020		1		0.8		0.7		6.8		0.0		153.8		351.8		2,725.2		172.3		1,744.4		40		643.9
12-31-2021		1		0.8		0.7		6.5		0.0		147.3		333.2		3,058.4		148.3		1,892.7		45		537.0
12-31-2022		1		0.8		0.6		6.2		0.0		141.9		318.2		3,376.6		128.8		2,021.5		50		450.6
12-31-2023		1		0.8		0.6		6.0		0.0		137.1		305.0		3,681.6		112.2		2,133.7
12-31-2024		1		0.8		0.6		5.8		0.0		133.0		293.9		3,975.5		98.3		2,232.0
12-31-2025		1		0.8		0.6		5.5		0.0		128.5		282.0		4,257.5		85.7		2,317.7
12-31-2026		1		0.8		0.5		5.2		0.0		116.4		271.9		4,529.4		75.2		2,392.8
12-31-2027		1		0.8		0.5		5.2		0.0		120.7		262.2		4,791.6		65.9		2,458.7
SUBTOTAL						11.0		108.3		878.0		2,351.0		4,791.6		4,791.6		2,458.7		2,458.7
REMAINING						10.6		104.0		0.0		2,636.0		5,064.8		9,856.4		465.1		2,923.8
TOTAL OF 50.0 YRS						21.6		212.3		878.0		4,987.0		9,856.4		9,856.4		2,923.8		2,923.8

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Table III

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		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 MBBL		NGL MBBL		GAS MMCF		OIL MBBL		NGL MBBL		GAS MMCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0.0		0.0		0.0		0.0		0.0		0.0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		14.9		0.0		43.5		13.2		0.0		0.0		103.747		0.000		0.000		1,366.5		0.0		0.0		1,366.5
12-31-2015		426.2		0.0		376.3		386.6		0.0		0.0		104.331		0.000		0.000		40,330.4		0.0		0.0		40,330.4
12-31-2016		694.2		0.0		476.1		631.2		0.0		0.0		104.386		0.000		0.000		65,891.0		0.0		0.0		65,891.0
12-31-2017		648.2		0.0		422.9		587.2		0.0		0.0		104.395		0.000		0.000		61,298.8		0.0		0.0		61,298.8
12-31-2018		609.5		0.0		383.3		528.3		0.0		0.0		104.400		0.000		0.000		55,151.2		0.0		0.0		55,151.2
12-31-2019		574.7		0.0		351.6		498.1		0.0		0.0		104.405		0.000		0.000		52,000.3		0.0		0.0		52,000.3
12-31-2020		544.4		0.0		325.9		471.7		0.0		0.0		104.408		0.000		0.000		49,252.4		0.0		0.0		49,252.4
12-31-2021		513.5		0.0		302.2		444.9		0.0		0.0		104.411		0.000		0.000		46,455.4		0.0		0.0		46,455.4
12-31-2022		486.2		0.0		282.2		421.2		0.0		0.0		104.414		0.000		0.000		43,981.5		0.0		0.0		43,981.5
12-31-2023		460.6		0.0		264.4		399.1		0.0		0.0		104.416		0.000		0.000		41,667.7		0.0		0.0		41,667.7
12-31-2024		437.8		0.0		249.0		379.3		0.0		0.0		104.417		0.000		0.000		39,601.3		0.0		0.0		39,601.3
12-31-2025		414.0		0.0		233.6		358.6		0.0		0.0		104.418		0.000		0.000		37,446.7		0.0		0.0		37,446.7
12-31-2026		392.7		0.0		220.2		340.2		0.0		0.0		104.419		0.000		0.000		35,520.0		0.0		0.0		35,520.0
12-31-2027		372.6		0.0		207.7		322.7		0.0		0.0		104.420		0.000		0.000		33,700.7		0.0		0.0		33,700.7
SUBTOTAL		6,589.6		0.0		4,138.7		5,782.2		0.0		0.0		104.400		0.000		0.000		603,663.9		0.0		0.0		603,663.9
REMAINING		802.3		0.0		575.8		695.8		0.0		0.0		104.374		0.000		0.000		72,628.2		0.0		0.0		72,628.2
TOTAL		7,391.9		0.0		4,714.5		6,478.1		0.0		0.0		104.397		0.000		0.000		676,292.1		0.0		0.0		676,292.1
CUM PROD		0.0		0.0		0.0
ULTIMATE		7,391.9		0.0		4,714.5

					NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE
																	DISCOUNTED				PRESENT WORTH
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		OPERATING		UNDISCOUNTED				AT 10%				PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		EXPENSE		PERIOD		CUM		PERIOD		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2013		0		0.0		0.0		0.0		3,766.1		0.0		-3,766.1		-3,766.1		-3,510.3		-3,510.3		8		150,296.0
12-31-2014		2		1.8		1.9		18.2		80,019.9		373.4		-79,046.9		-82,812.9		-67,916.9		-71,427.3		12		98,992.4
12-31-2015		116		105.2		54.4		536.5		37,412.5		11,836.3		-9,509.3		-92,322.2		-8,503.2		-79,930.5		15		71,625.3
12-31-2016		116		105.5		88.8		876.6		0.0		16,875.3		48,050.3		-44,271.9		34,445.8		-45,484.7		20		39,695.0
12-31-2017		116		105.1		82.6		815.5		0.0		15,185.9		45,214.8		942.9		29,475.0		-16,009.7		25		18,825.8
12-31-2018		116		100.5		74.3		733.7		0.0		13,966.4		40,376.8		41,319.7		23,925.7		7,916.0		30		4,830.5
12-31-2019		116		100.5		70.0		691.8		0.0		13,451.5		37,787.0		79,106.7		20,356.5		28,272.5		35		-4,737.0
12-31-2020		116		100.5		66.3		655.2		0.0		13,013.8		35,517.0		114,623.7		17,393.0		45,665.5		40		-11,363.5
12-31-2021		116		100.5		62.6		618.0		0.0		12,568.7		33,206.1		147,829.8		14,781.9		60,447.4		45		-15,984.9
12-31-2022		116		100.5		59.2		585.1		0.0		12,181.4		31,155.8		178,985.6		12,609.1		73,056.6		50		-19,208.8
12-31-2023		116		100.5		56.1		554.3		0.0		11,821.0		29,236.3		208,221.9		10,757.3		83,813.9
12-31-2024		116		100.5		53.3		526.8		0.0		11,503.3		27,517.8		235,739.7		9,204.0		93,017.9
12-31-2025		116		100.5		50.4		498.2		0.0		11,165.8		25,732.3		261,472.0		7,823.8		100,841.7
12-31-2026		116		100.5		47.8		472.5		0.0		10,866.7		24,132.9		285,604.9		6,670.9		107,512.7
12-31-2027		116		100.5		45.4		448.3		0.0		10,583.8		22,623.1		308,228.1		5,685.4		113,198.1
SUBTOTAL						813.1		8,030.9		121,198.4		165,393.4		308,228.1		308,228.1		113,198.1		113,198.1
REMAINING						97.8		966.2		5,850.0		25,344.7		40,369.4		348,597.5		8,908.4		122,106.5
TOTAL OF 40.5 YRS						910.9		8,997.1		127,048.4		190,738.1		348,597.5		348,597.5		122,106.5		122,106.5

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Table IV

DIATOMITE RESERVOIR

ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		LOCATED IN THE DIATOMITE RESERVOIR
	TOTAL PROVED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL MBBL		NGL MBBL		GAS MMCF		OIL MBBL		NGL MBBL		GAS MMCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		75.9		0.0		38.7		69.0		0.0		0.0		104.434		0.000		0.000		7,204.8		0.0		0.0		7,204.8
12-31-2014		70.6		0.0		36.0		64.2		0.0		0.0		104.434		0.000		0.000		6,708.0		0.0		0.0		6,708.0
12-31-2015		424.8		0.0		216.7		387.0		0.0		0.0		104.434		0.000		0.000		40,419.8		0.0		0.0		40,419.8
12-31-2016		702.5		0.0		358.3		640.0		0.0		0.0		104.434		0.000		0.000		66,842.0		0.0		0.0		66,842.0
12-31-2017		663.3		0.0		338.3		601.9		0.0		0.0		104.434		0.000		0.000		62,858.1		0.0		0.0		62,858.1
12-31-2018		628.0		0.0		320.3		545.9		0.0		0.0		104.434		0.000		0.000		57,006.9		0.0		0.0		57,006.9
12-31-2019		594.7		0.0		303.3		516.8		0.0		0.0		104.434		0.000		0.000		53,974.6		0.0		0.0		53,974.6
12-31-2020		564.7		0.0		288.0		490.7		0.0		0.0		104.434		0.000		0.000		51,246.6		0.0		0.0		51,246.6
12-31-2021		533.4		0.0		272.0		463.4		0.0		0.0		104.434		0.000		0.000		48,397.0		0.0		0.0		48,397.0
12-31-2022		505.3		0.0		257.7		438.9		0.0		0.0		104.434		0.000		0.000		45,840.2		0.0		0.0		45,840.2
12-31-2023		478.7		0.0		244.1		415.8		0.0		0.0		104.434		0.000		0.000		43,423.6		0.0		0.0		43,423.6
12-31-2024		454.8		0.0		231.5		395.0		0.0		0.0		104.434		0.000		0.000		41,248.8		0.0		0.0		41,248.8
12-31-2025		429.6		0.0		218.4		373.1		0.0		0.0		104.434		0.000		0.000		38,960.5		0.0		0.0		38,960.5
12-31-2026		406.8		0.0		205.7		353.2		0.0		0.0		104.434		0.000		0.000		36,886.4		0.0		0.0		36,886.4
12-31-2027		385.6		0.0		194.3		334.7		0.0		0.0		104.434		0.000		0.000		34,958.6		0.0		0.0		34,958.6
SUBTOTAL		6,918.7		0.0		3,523.2		6,089.7		0.0		0.0		104.434		0.000		0.000		635,976.2		0.0		0.0		635,976.2
REMAINING		733.4		0.0		374.0		635.0		0.0		0.0		104.434		0.000		0.000		66,320.5		0.0		0.0		66,320.5
TOTAL		7,652.1		0.0		3,897.2		6,724.8		0.0		0.0		104.434		0.000		0.000		702,296.6		0.0		0.0		702,296.6
CUM PROD		199.6		0.0		91.5
ULTIMATE		7,851.7		0.0		3,988.7

					NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE
																	DISCOUNTED				PRESENT WORTH
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		OPERATING		UNDISCOUNTED				AT 10%				PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		EXPENSE		PERIOD		CUM		PERIOD		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2013		21		19.1		9.7		95.8		3,766.1		3,499.7		-166.5		-166.5		-75.6		-75.6		8		168,679.1
12-31-2014		21		19.1		9.0		89.2		68,539.9		3,376.5		-65,306.7		-65,473.1		-56,143.5		-56,219.1		12		116,277.7
12-31-2015		131		119.3		54.4		537.7		35,297.5		13,044.3		-8,514.1		-73,987.2		-7,650.8		-63,869.9		15		88,133.3
12-31-2016		131		119.4		90.0		889.2		0.0		17,865.3		47,997.5		-25,989.8		34,404.4		-29,465.5		20		55,033.4
12-31-2017		131		118.9		84.6		836.2		0.0		16,332.4		45,604.8		19,615.1		29,727.4		261.9		25		33,151.3
12-31-2018		131		113.9		76.8		758.4		0.0		15,189.6		40,982.2		60,597.2		24,283.5		24,545.4		30		18,279.4
12-31-2019		131		113.8		72.7		718.1		0.0		14,704.4		38,479.5		99,076.8		20,729.2		45,274.6		35		7,947.6
12-31-2020		131		113.8		69.0		681.8		0.0		14,270.2		36,225.6		135,302.3		17,739.9		63,014.5		40		649.0
12-31-2021		131		113.8		65.2		643.9		0.0		13,808.1		33,879.9		169,182.3		15,081.9		78,096.3		45		-4,568.8
12-31-2022		131		113.8		61.7		609.8		0.0		13,395.2		31,773.4		200,955.7		12,859.1		90,955.5		50		-8,326.5
12-31-2023		131		113.8		58.5		577.7		0.0		13,003.8		29,783.7		230,739.4		10,958.8		101,914.3
12-31-2024		131		113.8		55.5		548.8		0.0		12,653.6		27,991.0		258,730.4		9,362.4		111,276.7
12-31-2025		131		113.8		52.5		518.3		0.0		12,265.9		26,123.9		284,854.2		7,943.0		119,219.7
12-31-2026		130		112.9		49.7		490.7		0.0		11,898.1		24,448.0		309,302.2		6,758.1		125,977.7
12-31-2027		130		112.9		47.1		465.1		0.0		11,581.5		22,865.0		332,167.2		5,746.3		131,724.1
SUBTOTAL						856.3		8,460.7		107,603.4		186,888.4		332,167.2		332,167.2		131,724.1		131,724.1
REMAINING						89.3		882.3		6,650.0		21,937.7		36,761.2		368,928.4		8,211.2		139,935.2
TOTAL OF 17.6 YRS						945.6		9,343.0		114,253.4		208,826.1		368,928.4		368,928.4		139,935.2		139,935.2

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 1

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL MBBL		NGL MBBL		GAS MMCF		OIL MBBL		NGL MBBL		GAS MMCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		75.9		0.0		38.7		69.0		0.0		0.0		104.434		0.000		0.000		7,204.8		0.0		0.0		7,204.8
12-31-2014		70.6		0.0		36.0		64.2		0.0		0.0		104.434		0.000		0.000		6,708.0		0.0		0.0		6,708.0
12-31-2015		64.3		0.0		32.8		58.5		0.0		0.0		104.434		0.000		0.000		6,104.7		0.0		0.0		6,104.7
12-31-2016		58.6		0.0		29.9		53.3		0.0		0.0		104.434		0.000		0.000		5,570.2		0.0		0.0		5,570.2
12-31-2017		53.2		0.0		27.1		48.4		0.0		0.0		104.434		0.000		0.000		5,054.7		0.0		0.0		5,054.7
12-31-2018		48.4		0.0		24.7		44.0		0.0		0.0		104.434		0.000		0.000		4,600.1		0.0		0.0		4,600.1
12-31-2019		44.1		0.0		22.5		40.1		0.0		0.0		104.434		0.000		0.000		4,186.3		0.0		0.0		4,186.3
12-31-2020		40.2		0.0		20.5		36.6		0.0		0.0		104.434		0.000		0.000		3,819.7		0.0		0.0		3,819.7
12-31-2021		36.5		0.0		18.6		33.2		0.0		0.0		104.434		0.000		0.000		3,466.2		0.0		0.0		3,466.2
12-31-2022		33.2		0.0		16.9		30.2		0.0		0.0		104.434		0.000		0.000		3,154.5		0.0		0.0		3,154.5
12-31-2023		30.2		0.0		15.4		27.5		0.0		0.0		104.434		0.000		0.000		2,870.8		0.0		0.0		2,870.8
12-31-2024		27.6		0.0		13.6		25.1		0.0		0.0		104.434		0.000		0.000		2,619.4		0.0		0.0		2,619.4
12-31-2025		24.9		0.0		12.0		22.6		0.0		0.0		104.434		0.000		0.000		2,364.1		0.0		0.0		2,364.1
12-31-2026		22.3		0.0		9.6		20.3		0.0		0.0		104.434		0.000		0.000		2,118.6		0.0		0.0		2,118.6
12-31-2027		20.3		0.0		8.0		18.5		0.0		0.0		104.434		0.000		0.000		1,928.1		0.0		0.0		1,928.1
SUBTOTAL		650.4		0.0		326.3		591.5		0.0		0.0		104.434		0.000		0.000		61,770.2		0.0		0.0		61,770.2
REMAINING		0.0		0.0		0.0		0.0		0.0		0.0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
TOTAL		650.4		0.0		326.3		591.5		0.0		0.0		104.434		0.000		0.000		61,770.2		0.0		0.0		61,770.2
CUM PROD		199.6		0.0		91.5
ULTIMATE		850.0		0.0		417.9

					NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE
																	DISCOUNTED				PRESENT WORTH
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		OPERATING		UNDISCOUNTED				AT 10%				PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		EXPENSE		PERIOD		CUM		PERIOD		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2013		21		19.1		9.7		95.8		0.0		3,499.7		3,599.6		3,599.6		3,434.7		3,434.7		8		20,259.1
12-31-2014		21		19.1		9.0		89.2		0.0		3,376.5		3,233.2		6,832.8		2,806.5		6,241.2		12		17,520.6
12-31-2015		21		19.1		8.2		81.2		0.0		2,917.1		3,098.2		9,931.0		2,438.3		8,679.5		15		15,883.8
12-31-2016		21		19.1		7.5		74.1		0.0		2,343.8		3,144.8		13,075.8		2,255.7		10,935.2		20		13,730.5
12-31-2017		21		19.1		6. 8		67.2		0.0		2,200.4		2,780.3		15,856.1		1,812.8		12,748.0		25		12,094.7
12-31-2018		21		19.1		6.2		61.2		0.0		2,073.8		2,458.9		18,315.0		1,457.7		14,205.6		30		10,820.3
12-31-2019		21		19.1		5.6		55.7		0.0		1,957.5		2,167.4		20,482.4		1,168.2		15,373.8		35		9,805.3
12-31-2020		21		19.1		5.1		50.8		0.0		1,853.8		1,909.9		22,392.4		935.8		16,309.6		40		8,980.8
12-31-2021		21		19.1		4.7		46.1		0.0		1,752.5		1,663.0		24,055.3		740.7		17,050.3		45		8,299.5
12-31-2022		21		19.1		4.2		42.0		0.0		1,662.4		1,445.9		25,501.2		585.5		17,635.8		50		7,728.2
12-31-2023		21		19.1		3.9		38.2		0.0		1,579.6		1,249.1		26,750.3		459.9		18,095.6
12-31-2024		21		19.1		3.5		34.8		0.0		1,505.6		1,075.4		27,825.7		359.9		18,455.6
12-31-2025		21		19.1		3.2		31.5		0.0		1,420.2		909.3		28,735.0		276.7		18,732.2
12-31-2026		20		18.2		2.9		28.2		0.0		1,322.6		765.0		29,500.0		211.6		18,943.9
12-31-2027		20		18.2		2.6		25.6		0.0		1,264.6		635.2		30,135.2		159.8		19,103.6
SUBTOTAL						83.2		821.8		0.0		30,730.0		30,135.2		30,135.2		19,103.6		19,103.6
REMAINING						0.0		0.0		1,400.0		0.0		-1,400.0		28,735.2		-304.8		18,798.9
TOTAL OF 15.0 YRS						83.2		821.8		1,400.0		30,730.0		28,735.2		28,735.2		18,798.9		18,798.9

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 2

	BASIC DATA
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES LOCATED IN THE DIATOMITE RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/CND				NGL				GAS				GRS OPERATING
PHDWIN ID		COMPLTNS				OIL/CND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
	LEASE NAME	OIL		GAS		MBBL		MMCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
PROVED DEVELOPED PRODUCING RESERVES
00296	1312		1		0		37.9		17.5		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		5.2		3.3		15.0
00311	1514		1		0		47.7		22.1		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		6.5		3.6		15.0
00312	1515		1		0		51.7		24.2		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		6.6		3.7		15.0
00313	1516		1		0		57.4		25.7		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		7.3		3.8		15.0
00314	1517		1		0		29.5		14.6		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		4.9		3.2		15.0
00315	1615		1		0		52.2		23.9		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		6.5		3.6		15.0
00316	1616		1		0		51.6		25.7		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		6.9		3.7		15.0
00317	1617		1		0		27.1		12.8		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		4.7		3.1		15.0
00318	1714		1		0		51.8		23.7		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		6.8		3.6		15.0
00297	1715		1		0		30.7		12.0		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		4.3		3.1		15.0
00298	1716		1		0		20.2		10.7		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		3.9		3.0		12.7
00319	1717		1		0		20.4		10.3		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		4.3		3.1		15.0
00299	1814		1		0		61.9		32.7		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		6.8		3.6		15.0
00300	1815		1		0		39.1		16.6		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		4.7		3.1		15.0
00301	1816		1		0		31.0		18.1		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		4.6		3.1		15.0
00302	1817		1		0		28.7		15.1		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		4.3		3.1		15.0
00320	1914		1		0		35.8		18.9		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		5.4		3.4		15.0
00303	1915		1		0		44.8		21.4		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		5.4		3.4		15.0
00304	1916		1		0		42.6		25.5		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		5.5		3.3		15.0
00305	1917		1		0		25.5		13.7		100.000		100.000		91.129		91.129		104.434		104.434		0.000		0.000		0.000		0.000		4.5		3.1		15.0
02369	2624		0		0		1.5		0.7		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000		0.000		2.6		2.6		0.0
00309	3318		0		0		1.9		4.4		100.000		100.000		91.129		91.129		0.000		0.000		0.000		0.000		0.000		0.000		2.6		2.6		0.0
00321	B-2		1		0		58.8		27.6		100.000		100.000		88.367		88.367		104.434		104.434		0.000		0.000		0.000		0.000		6.8		3.6		15.0
01130	FIXED EXP DIAT PDP		0		0		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		15.0
02372	OD PDP ABANDONMENT		0		0		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		0.0
TOTAL - PDP RESERVES							850.0		417.9

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 3

SANTA MARIA ENERGY, LLC INTEREST	RESERVES AND ECONOMICS AS OF DECEMBER 31, 2012	SUMMARY - CERTAIN PROPERTIES
	PROVED DEVELOPED PRODUCING RESERVES	LOCATED IN THE DIATOMITE RESERVOIR ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE								TOTAL TAXES M$		NET CAP COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10% M$
PHDWIN ID	LEASE NAME	OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND M$		NGL M$		GAS M$		TOTAL M$
PROVED DEVELOPED PRODUCING RESERVES
00296	1312		29.0		0.0		12.8		26.4		0.0		0.0		2,755.8		0.0		0.0		2,755.8		40.4		0.0		1,331.8		1,383.6		899.8
00311	1514		40.3		0.0		20.6		36.7		0.0		0.0		3,835.5		0.0		0.0		3,835.5		56.2		0.0		1,668.4		2,110.9		1,355.5
00312	1515		44.0		0.0		22.4		40.1		0.0		0.0		4,187.2		0.0		0.0		4,187.2		61.3		0.0		1,778.4		2,347.5		1,497.7
00313	1516		48.3		0.0		24.6		44.0		0.0		0.0		4,598.4		0.0		0.0		4,598.4		67.4		0.0		1,906.4		2,624.7		1,675.1
00314	1517		25.1		0.0		12.6		22.9		0.0		0.0		2,392.7		0.0		0.0		2,392.7		35.1		0.0		1,218.6		1,139.1		748.1
00315	1615		40.3		0.0		20.6		36.7		0.0		0.0		3,835.5		0.0		0.0		3,835.5		56.2		0.0		1,668.4		2,110.9		1,355.5
00316	1616		47.1		0.0		24.0		43.0		0.0		0.0		4,486.3		0.0		0.0		4,486.3		65.7		0.0		1,871.7		2,548.9		1,622.6
00317	1617		21.5		0.0		11.0		19.6		0.0		0.0		2,045.6		0.0		0.0		2,045.6		30.0		0.0		1,110.2		905.5		605.7
00318	1714		43.0		0.0		21.9		39.2		0.0		0.0		4,091.2		0.0		0.0		4,091.2		59.9		0.0		1,748.2		2,283.1		1,462.6
00297	1715		18.9		0.0		8. 9		17.2		0.0		0.0		1,794.5		0.0		0.0		1,794.5		26.3		0.0		1,032.0		736.3		498.3
00298	1716		12.4		0.0		6.3		11.3		0.0		0.0		1,180.5		0.0		0.0		1,180.5		17.3		0.0		766.6		396.6		286.4
00319	1717		18.8		0.0		9.1		17.2		0.0		0.0		1,793.0		0.0		0.0		1,793.0		26.3		0.0		1,031.7		735.0		497.5
00299	1814		43.0		0.0		21.9		39.2		0.0		0.0		4,091.2		0.0		0.0		4,091.2		59.9		0.0		1,748.2		2,283.1		1,462.6
00300	1815		21.5		0.0		11.0		19.6		0.0		0.0		2,045.6		0.0		0.0		2,045.6		30.0		0.0		1,110.2		905.5		605.7
00301	1816		22.0		0.0		10.8		20.0		0.0		0.0		2,093.6		0.0		0.0		2,093.6		30.7		0.0		1,125.3		937.7		623.2
00302	1817		18.9		0.0		8.9		17.2		0.0		0.0		1,794.5		0.0		0.0		1,794.5		26.3		0.0		1,032.0		736.3		498.3
00320	1914		31.4		0.0		15.9		28.6		0.0		0.0		2,990.9		0.0		0.0		2,990.9		43.8		0.0		1,405.2		1,541.9		998.0
00303	1915		31.4		0.0		16.0		28.6		0.0		0.0		2,990.9		0.0		0.0		2,990.9		43.8		0.0		1,405.2		1,541.9		998.0
00304	1916		29.6		0.0		15.1		26.9		0.0		0.0		2,812.7		0.0		0.0		2,812.7		41.2		0.0		1,349.4		1,422.1		927.0
00305	1917		20.6		0.0		9.8		18.7		0.0		0.0		1,957.6		0.0		0.0		1,957.6		28.7		0.0		1,080.6		848.3		563.6
02369	2624		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
00309	3318		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
00321	B-2		43.3		0.0		22.1		38.3		0.0		0.0		3,997.0		0.0		0.0		3,997.0		58.6		0.0		877.5		3,060.9		1,934.9
01130	FIXED EXP DIAT PDP		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		2,464.3		-2,464.3		-2,012.5
02372	OD PDP ABANDONMENT		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		1,400.0		0.0		-1,400.0		-304.8
TOTAL - PDP RESERVES			650.4		0.0		326.3		591.5		0.0		0.0		61,770.2		0.0		0.0		61,770.2		904.9		1,400.0		30,730.0		28,735.2		18,798.9

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 4

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES LOCATED IN THE DIATOMITE RESERVOIR ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA
	PROVED UNDEVELOPED RESERVES

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL MBBL		NGL MBBL		GAS MMCF		OIL MBBL		NGL MBBL		GAS MMCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0.0		0.0		0.0		0.0		0.0		0.0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		0.0		0.0		0.0		0.0		0.0		0.0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2015		360.6		0.0		183.9		328.6		0.0		0.0		104.434		0.000		0.000		34,315.1		0.0		0.0		34,315.1
12-31-2016		643.8		0.0		328.3		586.7		0.0		0.0		104.434		0.000		0.000		61,271.8		0.0		0.0		61,271.8
12-31-2017		610.1		0.0		311.1		553.5		0.0		0.0		104.434		0.000		0.000		57,803.4		0.0		0.0		57,803.4
12-31-2018		579.6		0.0		295.6		501.8		0.0		0.0		104.434		0.000		0.000		52,406.9		0.0		0.0		52,406.9
12-31-2019		550.6		0.0		280.8		476.7		0.0		0.0		104.434		0.000		0.000		49,788.3		0.0		0.0		49,788.3
12-31-2020		524.5		0.0		267.5		454.1		0.0		0.0		104.434		0.000		0.000		47,426.8		0.0		0.0		47,426.8
12-31-2021		496.9		0.0		253.4		430.2		0.0		0.0		104.434		0.000		0.000		44,930.8		0.0		0.0		44,930.8
12-31-2022		472.1		0.0		240.8		408.7		0.0		0.0		104.434		0.000		0.000		42,685.7		0.0		0.0		42,685.7
12-31-2023		448.5		0.0		228.7		388.3		0.0		0.0		104.434		0.000		0.000		40,552.9		0.0		0.0		40,552.9
12-31-2024		427.2		0.0		217.9		369.9		0.0		0.0		104.434		0.000		0.000		38,629.4		0.0		0.0		38,629.4
12-31-2025		404.7		0.0		206.4		350.4		0.0		0.0		104.434		0.000		0.000		36,596.4		0.0		0.0		36,596.4
12-31-2026		384.5		0.0		196.1		332.9		0.0		0.0		104.434		0.000		0.000		34,767.8		0.0		0.0		34,767.8
12-31-2027		365.3		0.0		186.3		316.3		0.0		0.0		104.434		0.000		0.000		33,030.6		0.0		0.0		33,030.6
SUBTOTAL		6,268.3		0.0		3,196.8		5,498.3		0.0		0.0		104.434		0.000		0.000		574,206.0		0.0		0.0		574,206.0
REMAINING		733.4		0.0		374.0		635.0		0.0		0.0		104.434		0.000		0.000		66,320.5		0.0		0.0		66,320.5
TOTAL		7,001.7		0.0		3,570.9		6,133.3		0.0		0.0		104.434		0.000		0.000		640,526.5		0.0		0.0		640,526.5
CUM PROD		0.0		0.0		0.0
ULTIMATE		7,001.7		0.0		3,570.9

					NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE
PERIOD ENDING M-D-Y	NUMBER OF ACTIVE				TAXES				CAPITAL		OPERATING		UNDISCOUNTED				DISCOUNTED AT 10%				PRESENT WORTH PROFILE
	COMPLETIONS				PRODUCTION		AD VALOREM		COST		EXPENSE		PERIOD		CUM		PERIOD		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2013		0		0.0		0.0		0.0		3,766.1		0.0		-3,766.1		-3,766.1		-3,510.3		-3,510.3		8		148,419.9
12-31-2014		0		0.0		0.0		0.0		68,539.9		0.0		-68,539.9		-72,305.9		-58,950.0		-62,460.3		12		98,757.2
12-31-2015		110		100.2		46.2		456.5		35,297.5		10,127.2		-11,612.3		-83,918.3		-10,089.1		-72,549.4		15		72,249.5
12-31-2016		110		100.2		82.5		815.1		0.0		15,521.5		44,852.7		-39,065.6		32,148.7		-40,400.7		20		41,302.9
12-31-2017		110		99.8		77.8		769.0		0.0		14,132.0		42,824.6		3,759.0		27,914.6		-12,486.1		25		21,056.6
12-31-2018		110		95.2		70.6		697.2		0.0		13,115.9		38,523.3		42,282.3		22,825.9		10,339.8		30		7,459.0
12-31-2019		110		95.2		67.0		662.4		0.0		12,746.8		36,312.1		78,594.3		19,561.0		29,900.8		35		-1,857.6
12-31-2020		110		95.2		63.9		630.9		0.0		12,416.4		34,315.6		112,909.9		16,804.1		46,704.9		40		-8,331.8
12-31-2021		110		95.2		60.5		597.7		0.0		12,055.6		32,217.0		145,126.9		14,341.2		61,046.1		45		-12,868.4
12-31-2022		110		95.2		57.5		567.9		0.0		11,732.8		30,327.5		175,454.5		12,273.7		73,319.7		50		-16,054.6
12-31-2023		110		95.2		54.6		539.5		0.0		11,424.2		28,534.6		203,989.1		10,498.9		83,818.7
12-31-2024		110		95.2		52.0		513.9		0.0		11,147.9		26,915.6		230,904.7		9,002.5		92,821.1
12-31-2025		110		95.2		49.3		486.9		0.0		10,845.7		25,214.6		256,119.2		7,666.3		100,487.4
12-31-2026		110		95.2		46.8		462.5		0.0		10,575.5		23,683.0		279,802.2		6,546.5		107,033.9
12-31-2027		110		95.2		44.5		439.4		0.0		10,316.9		22,229.8		302,032.0		5,586.5		112,620.4
SUBTOTAL						773.2		7,639.0		107,603.4		156,158.4		302,032.0		302,032.0		112,620.4		112,620.4
REMAINING						89.3		882.3		5,250.0		21,937.7		38,161.2		340,193.2		8,515.9		121,136.4
TOTAL OF 17.6 YRS						862.5		8,521.3		112,853.4		178,096.0		340,193.2		340,193.2		121,136.4		121,136.4

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 5

	BASIC DATA AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/CND				NGL				GAS				GRS OPERATING
PHDWIN		COMPLTNS				OIL/CND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
ID	LEASE NAME	OIL		GAS		MBBL		MMCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
PROVED UNDEVELOPED RESERVES
00323	110 WELL 001		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00324	110 WELL 002		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00325	110 WELL 003		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00326	110 WELL 004		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00327	110 WELL 005		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00328	110 WELL 006		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00329	110 WELL 007		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00330	110 WELL 008		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00331	110 WELL 009		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00332	110 WELL 010		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00333	110 WELL 011		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00334	110 WELL 012		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00335	110 WELL013		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00336	110 WELL 014		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00337	110 WELL 015		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00338	110 WELL 016		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00339	110 WELL 017		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00340	110 WELL 018		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00341	110 WELL 019		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00342	110 WELL 020		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00343	110 WELL 021		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00344	110 WELL 022		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00345	110 WELL 023		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00346	110 WELL 024		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00347	110 WELL 025		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00348	110 WELL 026		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00349	110 WELL 027		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00350	110 WELL 028		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00351	110 WELL 029		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00352	110 WELL 030		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00353	110 WELL 031		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00354	110 WELL 032		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00355	110 WELL 033		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00356	110 WELL 034		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00357	110 WELL 035		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00358	110 WELL 036		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00359	110 WELL 037		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00360	110 WELL 038		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 6

	RESERVES AND ECONOMICS AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE								TOTAL		NET CAP		OPERATING		NET		CUM P.W.
PHDWIN ID	LEASE NAME	OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND M$		NGL M$		GAS M$		TOTAL M$		TAXES M$		COST M$		EXPENSE M$		REVENUE M$		10% M$
PROVED UNDEVELOPED RESERVES
00323	110 WELL 001		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.6		3,797.2		1,639.5
00324	110 WELL 002		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.6		3,797.2		1,639.5
00325	110 WELL 003		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.6		3,797.2		1,639.5
00326	110 WELL 004		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,638.8
00327	110 WELL 005		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,638.8
00328	110 WELL 006		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,638.8
00329	110 WELL 007		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,638.8
00330	110 WELL 008		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,638.8
00331	110 WELL 009		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,641.7
00332	110 WELL 010		63.7		0.0		32.5		55.8		0.0		0.0		5,827.4		0.0		0.0		5,827.4		85.4		423.1		1,521.7		3,797.2		1,642.9
00333	110 WELL 011		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,641.7
00334	110 WELL 012		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,641.7
00335	110 WELL 013		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,641.7
00336	110 WELL 014		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,641.7
00337	110 WELL 015		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,641.7
00338	110 WELL 016		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,641.7
00339	110 WELL 017		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,641.7
00340	110 WELL 018		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,650.3
00341	110 WELL 019		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,650.3
00342	110 WELL 020		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,650.3
00343	110 WELL 021		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,650.3
00344	110 WELL 022		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,650.3
00345	110 WELL 023		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,650.3
00346	110 WELL 024		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,651.0
00347	110 WELL 025		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,651.0
00348	110 WELL 026		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,651.0
00349	110 WELL 027		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,653.8
00350	110 WELL 028		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,653.8
00351	110 WELL 029		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,653.8
00352	110 WELL 030		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,653.8
00353	110 WELL 031		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,653.8
00354	110 WELL 032		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,653.8
00355	110 WELL 033		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,653.8
00356	110 WELL 034		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,653.8
00357	110 WELL 035		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,653.8
00358	110 WELL 036		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,656.6
00359	110 WELL 037		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,656.6
00360	110 WELL 038		63.7		0.0		32.5		55.8		0.0		0.0		5,827.5		0.0		0.0		5,827.5		85.4		423.1		1,521.7		3,797.2		1,657.5

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 7

	BASIC DATA AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES LOCATED IN THE DIATOMITE RESERVOIR ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA
	PROVED UNDEVELOPED RESERVES

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/CND				NGL				GAS				GRS OPERATING
PHDWIN ID		COMPLTNS				OIL/CND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
	LEASE NAME	OIL		GAS		MBBL		MMCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
PROVED UNDEVELOPED RESERVES (CONTINUED)
00361	110 WELL 039		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00362	110 WELL 040		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00363	110 WELL 041		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00364	110 WELL 042		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00365	110 WELL 043		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00366	110 WELL 044		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00367	110 WELL 045		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00368	110 WELL 046		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00369	110 WELL 047		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00370	110 WELL 048		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00371	110 WELL 049		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00372	110 WELL 050		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00373	110 WELL 051		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00374	110 WELL 052		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00375	110 WELL 053		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.0
00376	110 WELL 054		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.1
00377	110 WELL 055		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.1
00378	110 WELL 056		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.1
00379	110 WELL 057		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.1
00380	110 WELL 058		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.1
00381	110 WELL 059		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.1
00382	110 WELL 060		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.1
00383	110 WELL 061		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.1
00384	110 WELL 062		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.1
00385	110 WELL 063		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.2
00386	110 WELL 064		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.2
00387	110 WELL 065		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.2
00388	110 WELL 066		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.2
00389	110 WELL 067		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.2
00390	110 WELL 068		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.2
00391	110 WELL 069		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.2
00392	110 WELL 070		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.2
00393	110 WELL 071		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00394	110 WELL 072		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00395	110 WELL 073		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00396	110 WELL 074		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00397	110 WELL 075		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00398	110 WELL 076		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 8

	RESERVES AND ECONOMICS AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE								TOTAL		NET CAP		OPERATING		NET		CUM P.W.
PHDWIN ID	LEASE NAME	OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND M$		NGL M$		GAS M$		TOTAL M$		TAXES M$		COST M$		EXPENSE M$		REVENUE M$		10% M$
PROVED UNDEVELOPED RESERVES (CONTINUED)
00361	110 WELL 039		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,655.9
00362	110 WELL 040		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,655.9
00363	110 WELL 041		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,655.9
00364	110 WELL 042		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,655.9
00365	110 WELL 043		63.7		0.0		32.5		55.8		0.0		0.0		5,827.3		0.0		0.0		5,827.3		85.4		423.1		1,521.8		3,796.9		1,655.9
00366	110 WELL 044		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,656.6
00367	110 WELL 045		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,659.4
00368	110 WELL 046		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,659.4
00369	110 WELL 047		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,659.4
00370	110 WELL 048		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,659.4
00371	110 WELL 049		63.7		0.0		32.5		55.8		0.0		0.0		5,827.8		0.0		0.0		5,827.8		85.4		423.1		1,522.0		3,797.3		1,659.4
00372	110 WELL 050		63.7		0.0		32.5		55.8		0.0		0.0		5,827.5		0.0		0.0		5,827.5		85.4		423.1		1,521.7		3,797.2		1,660.3
00373	110 WELL 051		63.7		0.0		32.5		55.8		0.0		0.0		5,827.5		0.0		0.0		5,827.5		85.4		423.1		1,521.7		3,797.2		1,660.3
00374	110 WELL 052		63.7		0.0		32.5		55.8		0.0		0.0		5,827.5		0.0		0.0		5,827.5		85.4		423.1		1,521.7		3,797.2		1,660.3
00375	110 WELL 053		63.7		0.0		32.5		55.8		0.0		0.0		5,828.3		0.0		0.0		5,828.3		85.4		423.1		1,521.9		3,797.8		1,660.9
00376	110 WELL 054		63.7		0.0		32.5		55.8		0.0		0.0		5,825.1		0.0		0.0		5,825.1		85.3		423.1		1,521.4		3,795.2		1,644.2
00377	110 WELL 055		63.7		0.0		32.5		55.8		0.0		0.0		5,825.1		0.0		0.0		5,825.1		85.3		423.1		1,521.4		3,795.2		1,644.2
00378	110 WELL 056		63.7		0.0		32.5		55.8		0.0		0.0		5,825.1		0.0		0.0		5,825.1		85.3		423.1		1,521.4		3,795.2		1,644.2
00379	110 WELL 057		63.7		0.0		32.5		55.8		0.0		0.0		5,826.0		0.0		0.0		5,826.0		85.4		423.1		1,521.5		3,796.0		1,645.9
00380	110 WELL 058		63.7		0.0		32.5		55.8		0.0		0.0		5,826.0		0.0		0.0		5,826.0		85.4		423.1		1,521.5		3,796.0		1,645.9
00381	110 WELL 059		63.7		0.0		32.5		55.8		0.0		0.0		5,826.0		0.0		0.0		5,826.0		85.4		423.1		1,521.5		3,796.0		1,645.9
00382	110 WELL 060		63.7		0.0		32.5		55.8		0.0		0.0		5,826.0		0.0		0.0		5,826.0		85.4		423.1		1,521.5		3,796.0		1,645.9
00383	110 WELL 061		63.7		0.0		32.5		55.8		0.0		0.0		5,826.0		0.0		0.0		5,826.0		85.4		423.1		1,521.5		3,796.0		1,645.9
00384	110 WELL 062		63.7		0.0		32.5		55.8		0.0		0.0		5,825.1		0.0		0.0		5,825.1		85.3		423.1		1,521.4		3,795.2		1,644.2
00385	110 WELL 063		63.7		0.0		32.5		55.8		0.0		0.0		5,823.1		0.0		0.0		5,823.1		85.3		423.1		1,520.7		3,793.9		1,631.5
00386	110 WELL 064		63.7		0.0		32.5		55.8		0.0		0.0		5,823.1		0.0		0.0		5,823.1		85.3		423.1		1,520.7		3,793.9		1,631.5
00387	110 WELL 065		63.7		0.0		32.5		55.8		0.0		0.0		5,823.1		0.0		0.0		5,823.1		85.3		423.1		1,520.7		3,793.9		1,631.5
00388	110 WELL 066		63.7		0.0		32.5		55.8		0.0		0.0		5,823.1		0.0		0.0		5,823.1		85.3		423.1		1,520.7		3,793.9		1,631.5
00389	110 WELL 067		63.7		0.0		32.5		55.8		0.0		0.0		5,823.1		0.0		0.0		5,823.1		85.3		423.1		1,520.7		3,793.9		1,631.5
00390	110 WELL 068		63.7		0.0		32.5		55.8		0.0		0.0		5,823.1		0.0		0.0		5,823.1		85.3		423.1		1,520.7		3,793.9		1,631.5
00391	110 WELL 069		63.7		0.0		32.5		55.8		0.0		0.0		5,823.1		0.0		0.0		5,823.1		85.3		423.1		1,520.7		3,793.9		1,631.5
00392	110 WELL 070		63.7		0.0		32.5		55.8		0.0		0.0		5,823.1		0.0		0.0		5,823.1		85.3		423.1		1,520.7		3,793.9		1,631.5
00393	110 WELL 071		63.7		0.0		32.5		55.7		0.0		0.0		5,820.9		0.0		0.0		5,820.9		85.3		423.1		1,520.3		3,792.2		1,617.2
00394	110 WELL 072		63.7		0.0		32.5		55.7		0.0		0.0		5,820.9		0.0		0.0		5,820.9		85.3		423.1		1,520.3		3,792.2		1,617.2
00395	110 WELL 073		63.7		0.0		32.5		55.7		0.0		0.0		5,820.9		0.0		0.0		5,820.9		85.3		423.1		1,520.3		3,792.2		1,617.2
00396	110 WELL 074		63.7		0.0		32.5		55.7		0.0		0.0		5,820.9		0.0		0.0		5,820.9		85.3		423.1		1,520.3		3,792.2		1,617.2
00397	110 WELL 075		63.7		0.0		32.5		55.7		0.0		0.0		5,820.9		0.0		0.0		5,820.9		85.3		423.1		1,520.3		3,792.2		1,617.2
00398	110 WELL 076		63.7		0.0		32.5		55.7		0.0		0.0		5,820.9		0.0		0.0		5,820.9		85.3		423.1		1,520.3		3,792.2		1,617.2

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 9

	BASIC DATA AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/CND				NGL				GAS				GRS OPERATING
PHDWIN		COMPLTNS				OIL/CND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
ID	LEASE NAME	OIL		GAS		MBBL		MMCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
PROVED UNDEVELOPED RESERVES (CONTINUED)
00399	110 WELL 077		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00400	110 WELL 078		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00401	110 WELL 079		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00402	110 WELL 080		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00403	110 WELL 081		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00404	110 WELL 082		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00405	110 WELL 083		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00406	110 WELL 084		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00407	110 WELL 085		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00408	110 WELL 086		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.3
00409	110 WELL 087		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.4
00410	110 WELL 088		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.4
00411	110 WELL 089		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.4
00412	110 WELL 090		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.4
00413	110 WELL 091		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.4
00414	110 WELL 092		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.4
00415	110 WELL 093		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.4
00416	110 WELL 094		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.4
00417	110 WELL 095		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.5
00418	110 WELL 096		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.5
00419	110 WELL 097		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.5
00420	110 WELL 098		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.5
00421	110 WELL 099		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.5
00422	110 WELL 100		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.5
00423	110 WELL 101		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.5
00424	110 WELL 102		1		0		63.7		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.5
00425	110 WELL 103		1		0		63.6		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.6
00426	110 WELL 104		1		0		63.6		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.6
00427	110 WELL 105		1		0		63.6		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.6
00428	110 WELL 106		1		0		63.6		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.6
00429	110 WELL 107		1		0		63.6		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.6
00430	110 WELL 108		1		0		63.6		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.6
00431	110 WELL 109		1		0		63.6		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.6
00432	110 WELL 110		1		0		63.6		32.5		100.000		95.455		91.129		86.584		104.434		104.434		0.000		0.000		0.000		0.000		2.9		4.9		17.6
01131	CAPEX 110 PROJECT		0		0		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		2.5
02393	CAPEX PIPELINE AND ROAD		0		0		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		1.7
02406	FIXED EXP DIAT PUD		0		0		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		17.6
02373	110 ABANDONMENT		0		0		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		0.0

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 10

	RESERVES AND ECONOMICS AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		GROSS RESERVES						NET RESERVES						GROSS REVENUE								TOTAL		NET CAP		OPERATING		NET		CUM P.W.
PHDWIN		OIL/CND		NGL		GAS		OIL/CND		NGL		GAS		OIL/CND		NGL		GAS		TOTAL		TAXES		COST		EXPENSE		REVENUE		10%
ID	LEASE NAME	MBBL		MBBL		MMCF		MBBL		MBBL		MMCF		M$		M$		M$		M$		M$		M$		M$		M$		M$
PROVED UNDEVELOPED RESERVES (CONTINUED)
00399	110 WELL 077		63.7		0.0		32.5		55.7		0.0		0.0		5,820.9		0.0		0.0		5,820.9		85.3		423.1		1,520.3		3,792.2		1,617.2
00400	110 WELL 078		63.7		0.0		32.5		55.7		0.0		0.0		5,820.9		0.0		0.0		5,820.9		85.3		423.1		1,520.3		3,792.2		1,617.2
00401	110 WELL 079		63.7		0.0		32.5		55.7		0.0		0.0		5,818.8		0.0		0.0		5,818.8		85.2		423.1		1,519.8		3,790.6		1,603.6
00402	110 WELL 080		63.7		0.0		32.5		55.7		0.0		0.0		5,818.8		0.0		0.0		5,818.8		85.2		423.1		1,519.8		3,790.6		1,603.6
00403	110 WELL 081		63.7		0.0		32.5		55.7		0.0		0.0		5,818.8		0.0		0.0		5,818.8		85.2		423.1		1,519.8		3,790.6		1,603.6
00404	110 WELL 082		63.7		0.0		32.5		55.7		0.0		0.0		5,818.8		0.0		0.0		5,818.8		85.2		423.1		1,519.8		3,790.6		1,603.6
00405	110 WELL 083		63.7		0.0		32.5		55.7		0.0		0.0		5,818.8		0.0		0.0		5,818.8		85.2		423.1		1,519.8		3,790.6		1,603.6
00406	110 WELL 084		63.7		0.0		32.5		55.7		0.0		0.0		5,818.8		0.0		0.0		5,818.8		85.2		423.1		1,519.8		3,790.6		1,603.6
00407	110 WELL 085		63.7		0.0		32.5		55.7		0.0		0.0		5,818.8		0.0		0.0		5,818.8		85.2		423.1		1,519.8		3,790.6		1,603.6
00408	110 WELL 086		63.7		0.0		32.5		55.7		0.0		0.0		5,818.8		0.0		0.0		5,818.8		85.2		423.1		1,519.8		3,790.6		1,603.6
00409	110 WELL 087		63.7		0.0		32.5		55.7		0.0		0.0		5,816.6		0.0		0.0		5,816.6		85.2		423.1		1,519.3		3,788.9		1,589.6
00410	110 WELL 088		63.7		0.0		32.5		55.7		0.0		0.0		5,816.6		0.0		0.0		5,816.6		85.2		423.1		1,519.3		3,788.9		1,589.6
00411	110 WELL 089		63.7		0.0		32.5		55.7		0.0		0.0		5,816.6		0.0		0.0		5,816.6		85.2		423.1		1,519.3		3,788.9		1,589.6
00412	110 WELL 090		63.7		0.0		32.5		55.7		0.0		0.0		5,816.6		0.0		0.0		5,816.6		85.2		423.1		1,519.3		3,788.9		1,589.6
00413	110 WELL 091		63.7		0.0		32.5		55.7		0.0		0.0		5,816.6		0.0		0.0		5,816.6		85.2		423.1		1,519.3		3,788.9		1,589.6
00414	110 WELL 092		63.7		0.0		32.5		55.7		0.0		0.0		5,816.6		0.0		0.0		5,816.6		85.2		423.1		1,519.3		3,788.9		1,589.6
00415	110 WELL 093		63.7		0.0		32.5		55.7		0.0		0.0		5,816.6		0.0		0.0		5,816.6		85.2		423.1		1,519.3		3,788.9		1,589.6
00416	110 WELL 094		63.7		0.0		32.5		55.7		0.0		0.0		5,816.6		0.0		0.0		5,816.6		85.2		423.1		1,519.3		3,788.9		1,589.6
00417	110 WELL 095		63.7		0.0		32.5		55.7		0.0		0.0		5,814.4		0.0		0.0		5,814.4		85.2		423.1		1,518.8		3,787.3		1,576.2
00418	110 WELL 096		63.7		0.0		32.5		55.7		0.0		0.0		5,814.4		0.0		0.0		5,814.4		85.2		423.1		1,518.8		3,787.3		1,576.2
00419	110 WELL 097		63.7		0.0		32.5		55.7		0.0		0.0		5,814.4		0.0		0.0		5,814.4		85.2		423.1		1,518.8		3,787.3		1,576.2
00420	110 WELL 098		63.7		0.0		32.5		55.7		0.0		0.0		5,814.4		0.0		0.0		5,814.4		85.2		423.1		1,518.8		3,787.3		1,576.2
00421	110 WELL 099		63.7		0.0		32.5		55.7		0.0		0.0		5,814.4		0.0		0.0		5,814.4		85.2		423.1		1,518.8		3,787.3		1,576.2
00422	110 WELL 100		63.7		0.0		32.5		55.7		0.0		0.0		5,814.4		0.0		0.0		5,814.4		85.2		423.1		1,518.8		3,787.3		1,576.2
00423	110 WELL 101		63.7		0.0		32.5		55.7		0.0		0.0		5,814.4		0.0		0.0		5,814.4		85.2		423.1		1,518.8		3,787.3		1,576.2
00424	110 WELL 102		63.7		0.0		32.5		55.7		0.0		0.0		5,814.4		0.0		0.0		5,814.4		85.2		423.1		1,518.8		3,787.3		1,576.2
00425	110 WELL 103		63.6		0.0		32.5		55.6		0.0		0.0		5,810.8		0.0		0.0		5,810.8		85.1		423.1		1,517.8		3,784.7		1,562.2
00426	110 WELL 104		63.6		0.0		32.5		55.6		0.0		0.0		5,810.8		0.0		0.0		5,810.8		85.1		423.1		1,517.8		3,784.7		1,562.2
00427	110 WELL 105		63.6		0.0		32.5		55.6		0.0		0.0		5,810.8		0.0		0.0		5,810.8		85.1		423.1		1,517.8		3,784.7		1,562.2
00428	110 WELL 106		63.6		0.0		32.5		55.6		0.0		0.0		5,810.8		0.0		0.0		5,810.8		85.1		423.1		1,517.8		3,784.7		1,562.2
00429	110 WELL 107		63.6		0.0		32.5		55.6		0.0		0.0		5,810.8		0.0		0.0		5,810.8		85.1		423.1		1,517.8		3,784.7		1,562.2
00430	110 WELL 108		63.6		0.0		32.5		55.6		0.0		0.0		5,810.8		0.0		0.0		5,810.8		85.1		423.1		1,517.8		3,784.7		1,562.2
00431	110 WELL 109		63.6		0.0		32.5		55.6		0.0		0.0		5,810.8		0.0		0.0		5,810.8		85.1		423.1		1,517.8		3,784.7		1,562.2
00432	110 WELL 110		63.6		0.0		32.5		55.6		0.0		0.0		5,810.8		0.0		0.0		5,810.8		85.1		423.1		1,517.8		3,784.7		1,562.2
01131	CAPEX 110 PROJECT		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		48,136.5		0.0		-48,136.5		-40,893.5
02393	CAPEX PIPELINE AND ROAD		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		12,921.2		0.0		-12,921.2		-11,516.3
02406	FIXED EXP DIAT PUD		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		10,809.7		-10,809.7		-4,482.9
02373	110 ABANDONMENT		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		5,250.0		0.0		-5,250.0		-893.6

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 11

	BASIC DATA AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

ACTIVE

GROSS ULTIMATE

WORKING

REVENUE

OIL/CND

NGL

GAS

GRS OPERATING

PHDWIN

COMPLTNS

OIL/CND

GAS

INTEREST

INTEREST

$/BBL

$/BBL

$/MCF

EXPENSE M$/M

LIFE

ID

LEASE NAME

OIL

GAS

MBBL

MMCF

START

END

START

END

START

END

START

END

START

END

START

END

YRS

TOTAL - PUD RESERVES

7,001.7

3,570.9

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 12

	RESERVES AND ECONOMICS AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		LOCATED IN THE DIATOMITE RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

GROSS RESERVES

NET RESERVES

GROSS REVENUE

TOTAL

NET CAP

OPERATING

NET

CUM P.W.

PHDWIN

OIL/CND

NGL

GAS

OIL/CND

NGL

GAS

OIL/CND

NGL

GAS

TOTAL

TAXES

COST

EXPENSE

REVENUE

10%

ID

LEASE NAME

MBBL

MBBL

MMCF

MBBL

MBBL

MMCF

M$

M$

M$

M$

M$

M$

M$

M$

M$

TOTAL - PUD RESERVES

7,001.7

0.0

3,570.9

6,133.3

0.0

0.0

640,526.5

0.0

0.0

640,526.5

9,383.8

112,853.4

178,096.0

340,193.2

121,136.4

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 13

MONTEREY RESERVOIR

ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		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 MBBL		NGL MBBL		GAS MMCF		OIL MBBL		NGL MBBL		GAS MMCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		71.3		0.0		193.9		62.0		0.0		93.7		103.747		0.000		1.958		6,430.3		0.0		183.5		6,613.8
12-31-2014		90.5		0.0		242.2		78.9		0.0		70.1		103.747		0.000		1.958		8,187.3		0.0		137.3		8,324.6
12-31-2015		137.4		0.0		382.5		120.4		0.0		0.0		103.747		0.000		0.000		12,494.0		0.0		0.0		12,494.0
12-31-2016		117.9		0.0		328.8		103.2		0.0		0.0		103.747		0.000		0.000		10,704.3		0.0		0.0		10,704.3
12-31-2017		102.1		0.0		284.8		89.3		0.0		0.0		103.747		0.000		0.000		9,267.0		0.0		0.0		9,267.0
12-31-2018		91.3		0.0		254.1		79.7		0.0		0.0		103.747		0.000		0.000		8,272.5		0.0		0.0		8,272.5
12-31-2019		83.1		0.0		231.0		72.6		0.0		0.0		103.747		0.000		0.000		7,527.4		0.0		0.0		7,527.4
12-31-2020		76.8		0.0		211.9		67.0		0.0		0.0		103.747		0.000		0.000		6,953.3		0.0		0.0		6,953.3
12-31-2021		71.4		0.0		196.0		62.2		0.0		0.0		103.747		0.000		0.000		6,457.1		0.0		0.0		6,457.1
12-31-2022		66.7		0.0		183.0		58.1		0.0		0.0		103.747		0.000		0.000		6,028.6		0.0		0.0		6,028.6
12-31-2023		62.9		0.0		172.5		54.8		0.0		0.0		103.747		0.000		0.000		5,682.4		0.0		0.0		5,682.4
12-31-2024		59.7		0.0		163.3		52.0		0.0		0.0		103.747		0.000		0.000		5,399.7		0.0		0.0		5,399.7
12-31-2025		56.7		0.0		154.2		49.4		0.0		0.0		103.747		0.000		0.000		5,121.1		0.0		0.0		5,121.1
12-31-2026		54.0		0.0		147.2		47.0		0.0		0.0		103.747		0.000		0.000		4,881.3		0.0		0.0		4,881.3
12-31-2027		51.7		0.0		138.5		45.0		0.0		0.0		103.747		0.000		0.000		4,667.2		0.0		0.0		4,667.2
SUBTOTAL		1,193.3		0.0		3,283.9		1,041.7		0.0		163.8		103.747		0.000		1.958		108,073.5		0.0		320.8		108,394.3
REMAINING		992.7		0.0		2,561.8		863.4		0.0		0.0		103.747		0.000		0.000		89,575.1		0.0		0.0		89,575.1
TOTAL		2,186.0		0.0		5,845.7		1,905.1		0.0		163.8		103.747		0.000		1.958		197,648.6		0.0		320.8		197,969.4
CUM PROD		15,556.3		0.0		6,951.6
ULTIMATE		17,742.3		0.0		12,797.3

					NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE
																	DISCOUNTED				PRESENT WORTH
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		OPERATING		UNDISCOUNTED				AT 10%				PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		EXPENSE		PERIOD		CUM		PERIOD		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2013		43		46.8		10.0		88.0		428.0		2,491.1		3,596.8		3,596.8		3,423.6		3,423.6		8		35,933.0
12-31-2014		45		45.1		12.1		110.7		11,930.0		2,949.7		-6,678.0		-3,081.2		-5,648.0		-2,224.4		12		26,569.8
12-31-2015		49		42.9		16.9		166.2		2,115.0		4,075.6		6,120.2		3,039.1		4,754.6		2,530.2		15		21,899.6
12-31-2016		49		42.9		14.5		142.4		0.0		3,619.7		6,927.7		9,966.8		4,971.6		7,501.8		20		16,614.1
12-31-2017		49		42.9		12.6		123.3		0.0		3,250.0		5,881.1		15,847.9		3,835.5		11,337.2		25		13,144.4
12-31-2018		49		42.8		11.2		110.1		0.0		2,993.2		5,158.0		21,005.9		3,057.7		14,394.9		30		10,724.3
12-31-2019		49		42.8		10.2		100.1		0.0		2,799.7		4,617.4		25,623.3		2,488.2		16,883.1		35		8,961.7
12-31-2020		49		42.8		9.4		92.5		0.0		2,643.2		4,208.1		29,831.5		2,061.2		18,944.2		40		7,635.9
12-31-2021		48		41.9		8.8		85.9		0.0		2,509.3		3,853.2		33,684.6		1,715.5		20,659.7		45		6,613.4
12-31-2022		48		41.8		8.2		80.2		0.0		2,380.3		3,559.9		37,244.5		1,440.9		22,100.6		50		5,808.9
12-31-2023		46		40.1		7.7		75.6		0.0		2,283.6		3,315.6		40,560.1		1,220.0		23,320.5
12-31-2024		46		40.1		7.3		71.8		0.0		2,203.7		3,116.9		43,677.0		1,042.5		24,363.0
12-31-2025		45		39.2		6.9		68.1		0.0		2,123.5		2,922.5		46,599.5		888.5		25,251.6
12-31-2026		45		39.2		6.6		64.9		0.0		2,051.1		2,758.6		49,358.1		762.5		26,014.0
12-31-2027		44		38.3		6.3		62.1		0.0		1,989.6		2,609.2		51,967.3		655.7		26,669.7
SUBTOTAL						148.8		1,442.0		14,473.0		40,363.3		51,967.3		51,967.3		26,669.7		26,669.7
REMAINING						121.4		1,191.7		15,540.9		46,631.8		26,089.3		78,056.6		4,009.1		30,678.8
TOTAL OF 50.0 YRS						270.2		2,633.6		30,013.9		86,995.1		78,056.6		78,056.6		30,678.8		30,678.8

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 14

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PERIOD ENDING M-D-Y	GROSS RESERVES						NET RESERVES						AVERAGE PRICES						GROSS REVENUE
	OIL BBL		NGL BBL		GAS MCF		OIL BBL		NGL BBL		GAS MCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		68.4		0.0		181.4		59.4		0.0		93.7		103.747		0.000		1.958		6,166.9		0.0		183.5		6,350.5
12-31-2014		64.9		0.0		173.3		56.4		0.0		70.1		103.747		0.000		1.958		5,851.6		0.0		137.3		5,988.8
12-31-2015		62.0		0.0		166.2		53.9		0.0		0.0		103.747		0.000		0.000		5,592.0		0.0		0.0		5,592.0
12-31-2016		59.5		0.0		160.1		51.8		0.0		0.0		103.747		0.000		0.000		5,373.1		0.0		0.0		5,373.1
12-31-2017		56.9		0.0		153.6		49.5		0.0		0.0		103.747		0.000		0.000		5,134.3		0.0		0.0		5,134.3
12-31-2018		54.8		0.0		148.1		47.7		0.0		0.0		103.747		0.000		0.000		4,947.5		0.0		0.0		4,947.5
12-31-2019		52.8		0.0		142.8		46.0		0.0		0.0		103.747		0.000		0.000		4,773.9		0.0		0.0		4,773.9
12-31-2020		51.1		0.0		136.1		44.5		0.0		0.0		103.747		0.000		0.000		4,614.6		0.0		0.0		4,614.6
12-31-2021		49.2		0.0		130.4		42.8		0.0		0.0		103.747		0.000		0.000		4,444.9		0.0		0.0		4,444.9
12-31-2022		47.2		0.0		125.4		41.1		0.0		0.0		103.747		0.000		0.000		4,265.9		0.0		0.0		4,265.9
12-31-2023		45.6		0.0		121.2		39.7		0.0		0.0		103.747		0.000		0.000		4,118.9		0.0		0.0		4,118.9
12-31-2024		44.2		0.0		117.1		38.5		0.0		0.0		103.747		0.000		0.000		3,994.7		0.0		0.0		3,994.7
12-31-2025		42.6		0.0		112.5		37.1		0.0		0.0		103.747		0.000		0.000		3,854.1		0.0		0.0		3,854.1
12-31-2026		41.3		0.0		109.1		36.0		0.0		0.0		103.747		0.000		0.000		3,734.9		0.0		0.0		3,734.9
12-31-2027		39.9		0.0		103.5		34.8		0.0		0.0		103.747		0.000		0.000		3,608.5		0.0		0.0		3,608.5
SUBTOTAL		780.2		0.0		2,080.8		679.3		0.0		163.8		103.747		0.000		1.958		70,475.8		0.0		320.8		70,796.6
REMAINING		833.5		0.0		2,056.7		727.3		0.0		0.0		103.747		0.000		0.000		75,451.9		0.0		0.0		75,451.9
TOTAL		1,613.8		0.0		4,137.5		1,406.6		0.0		163.8		103.747		0.000		1.958		145,927.8		0.0		320.8		146,248.6
CUM PROD		15,556.3		0.0		6,951.6
ULTIMATE		17,170.1		0.0		11,089.2

					NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE
																	DISCOUNTED				PRESENT WORTH
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		OPERATING		UNDISCOUNTED				AT 10%				PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		EXPENSE		PERIOD		CUM		PERIOD		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2013		43		47.2		9.7		84.5		0.0		2,423.7		3,832.6		3,832.6		3,657.3		3,657.3		8		30,579.7
12-31-2014		43		45.1		8.9		79.7		0.0		2,319.9		3,580.4		7,413.0		3,107.5		6,764.7		12		23,828.1
12-31-2015		43		37.4		7.6		74.4		0.0		2,130.2		3,379.8		10,792.8		2,665.0		9,429.8		15		20,479.9
12-31-2016		43		37.4		7.3		71.5		0.0		2,070.4		3,223.9		14,016.7		2,311.3		11,741.1		20		16,692.4
12-31-2017		42		36.5		7.0		68.3		0.0		2,011.3		3,047.8		17,064.5		1,986.2		13,727.3		25		14,182.6
12-31-2018		42		36.6		6.7		65.8		0.0		1,971.8		2,903.2		19,967.7		1,720.0		15,447.3		30		12,397.7
12-31-2019		42		36.6		6.5		63.5		0.0		1,934.1		2,769.9		22,737.6		1,491.9		16,939.2		35		11,062.0
12-31-2020		42		36.6		6.3		61.4		0.0		1,892.0		2,654.9		25,392.5		1,299.9		18,239.2		40		10,023.8
12-31-2021		41		35.7		6.0		59.1		0.0		1,848.8		2,530.9		27,923.3		1,126.4		19,365.6		45		9,192.9
12-31-2022		41		35.7		5.8		56.8		0.0		1,789.9		2,413.4		30,336.8		976.6		20,342.2		50		8,512.4
12-31-2023		39		34.0		5.6		54.8		0.0		1,749.7		2,308.9		32,645.6		849.4		21,191.6
12-31-2024		39		34.0		5.4		53.1		0.0		1,715.3		2,220.8		34,866.5		742.7		21,934.3
12-31-2025		38		33.1		5.2		51.3		0.0		1,674.9		2,122.7		36,989.2		645.3		22,579.5
12-31-2026		38		33.1		5.1		49.7		0.0		1,643.4		2,036.8		39,026.0		562.9		23,142.4
12-31-2027		37		32.3		4.9		48.0		0.0		1,601.9		1,953.7		40,979.7		490.9		23,633.3
SUBTOTAL						97.8		941.8		0.0		28,777.3		40,979.7		40,979.7		23,633.3		23,633.3
REMAINING						102.3		1,003.8		14,940.9		40,588.7		18,816.3		59,796.0		3,151.6		26,784.9
TOTAL OF 50.0 YRS						200.1		1,945.6		14,940.9		69,366.0		59,796.0		59,796.0		26,784.9		26,784.9

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 15

	BASIC DATA
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST	PROVED DEVELOPED PRODUCING RESERVES	SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/CND				NGL				GAS				GRS OPERATING
PHDWIN ID		COMPLTNS				OIL/CND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
	LEASE NAME	OIL		GAS		MBBL		MMCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
PROVED DEVELOPED PRODUCING RESERVES
00165	2A-GTL SI		0		0		8.0		7.9		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00001	3 SI		0		0		134.1		180.8		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00002	4		1		0		176.9		168.8		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.9		1.6		9.3
00169	4A-GTL SI		0		0		10.3		14.0		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00003	5		1		0		52.8		113.3		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.4		1.2		18.8
00004	6		1		0		197.2		153.2		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		2.5		1.6		14.9
00170	6-GTL		1		0		113.3		263.4		95.455		95.455		77.356		77.356		103.747		103.747		0.000		0.000		0.000		0.000		7.7		2.8		50.0
00005	7 SI		0		0		117.4		108.1		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00006	11		1		0		131.5		92.3		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.6		1.2		24.0
00007	12 SI		0		0		82.1		79.8		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00008	14 SI		0		0		99.5		130.3		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00010	16-GTL		1		0		59.3		132.6		95.455		95.455		77.356		77.356		103.747		103.747		0.000		0.000		0.000		0.000		6.6		1.2		13.8
00011	18		1		0		157.4		197.7		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		2.7		1.6		24.7
00096	21		1		0		1,242.9		82.3		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		2.9		1.4		50.0
00097	22		1		0		130.9		181.4		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		3.1		1.6		42.2
00064	23 SI		0		0		5.3		5.3		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00099	24		1		0		300.9		176.8		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		4.6		2.2		50.0
00066	25 SI		0		0		764.0		8.4		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00012	26-GTL WTR		0		0		0.2		0.0		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00013	29 SI		0		0		623.8		45.5		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00014	30 SI		0		0		217.4		7.8		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00070	31-GTL SI		0		0		43.8		61.9		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00015	34 SI		0		0		770.3		262.1		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00071	36-GTL		1		0		66.0		534.9		95.455		95.455		77.356		77.356		103.747		103.747		0.000		0.000		0.000		0.000		3.0		1.2		38.6
00016	37		1		0		1,432.5		886.8		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		7.7		2.8		50.0
00166	37-GTL		1		0		30.7		131.7		95.455		95.455		77.356		77.356		103.747		103.747		0.000		0.000		0.000		0.000		1.7		1.2		21.7
00017	40		1		0		531.1		181.4		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		4.0		1.5		50.0
00018	43		1		0		538.0		252.9		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.8		1.2		40.6
00019	44		1		0		510.7		230.4		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		5.8		2.2		50.0
00292	45		1		0		451.0		220.9		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		3.8		1.5		50.0
00021	46		1		0		44.4		40.1		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.5		1.2		9.2
00167	46-GTL		1		0		17.6		73.8		95.455		95.455		77.356		77.356		103.747		103.747		0.000		0.000		0.000		0.000		2.1		1.2		11.5
00022	47		1		0		590.2		277.0		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		4.6		1.9		50.0
00168	47A-GTL SI		0		0		0.8		9.0		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00079	47X-GTL WTR		0		0		0.3		1.0		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00023	48		1		0		302.1		191.0		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		4.7		2.2		50.0
00024	49		1		0		853.9		511.4		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		10.9		4.5		50.0
00025	50		1		0		155.9		217.4		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		2.3		1.3		50.0

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 16

	RESERVES AND ECONOMICS AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST	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 TAXES M$		NET CAP COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10% M$
PHDWIN ID	LEASE NAME	OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND M$		NGL M$		GAS M$		TOTAL M$
PROVED DEVELOPED PRODUCING RESERVES
00165	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		0.0		0.0		0.0
00001	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		0.0		0.0		0.0
00002	4		4.0		0.0		4.7		3.5		0.0		0.0		363.0		0.0		0.0		363.0		5.3		0.0		194.1		163.6		112.4
00169	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		0.0		0.0		0.0
00003	5		3.7		0.0		84.1		3.3		0.0		0.0		341.3		0.0		0.0		341.3		5.0		0.0		283.5		52.8		32.1
00004	6		8.1		0.0		22.1		7.2		0.0		0.0		745.9		0.0		0.0		745.9		10.9		0.0		357.0		378.0		226.8
00170	6-GTL		91.0		0.0		225.4		70.4		0.0		0.0		7,305.0		0.0		0.0		7,305.0		107.1		0.0		2,705.1		4,492.8		1,349.8
00005	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		0.0		0.0		0.0
00006	11		5.9		0.0		13.4		5.2		0.0		0.0		538.4		0.0		0.0		538.4		7.9		0.0		390.0		140.5		78.3
00007	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		0.0		0.0		0.0
00008	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		0.0		0.0		0.0
00010	16-GTL		12.8		0.0		13.0		9.9		0.0		0.0		1,024.1		0.0		0.0		1,024.1		15.0		0.0		444.0		565.1		421.1
00011	18		14.5		0.0		63.9		12.8		0.0		0.0		1,326.5		0.0		0.0		1,326.5		19.4		0.0		617.8		689.2		323.0
00096	21		28.0		0.0		70.9		24.7		0.0		0.0		2,563.7		0.0		0.0		2,563.7		37.6		0.0		1,216.5		1,309.6		423.1
00097	22		27.6		0.0		65.0		24.4		0.0		0.0		2,529.9		0.0		0.0		2,529.9		37.1		0.0		1,129.6		1,363.2		463.9
00064	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		0.0		0.0		0.0
00099	24		55.4		0.0		75.9		49.0		0.0		0.0		5,080.7		0.0		0.0		5,080.7		74.5		0.0		1,920.7		3,085.6		879.0
00066	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		0.0		0.0		0.0
00012	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		0.0		0.0		0.0
00013	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		0.0		0.0		0.0
00014	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		0.0		0.0		0.0
00070	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		0.0		0.0		0.0
00015	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		0.0		0.0		0.0
00071	36-GTL		18.6		0.0		80.6		14.4		0.0		0.0		1,493.5		0.0		0.0		1,493.5		21.9		0.0		823.4		648.2		299.1
00016	37		91.3		0.0		268.7		80.7		0.0		0.0		8,370.7		0.0		0.0		8,370.7		122.7		0.0		2,841.2		5,406.8		1,618.3
00166	37-GTL		6.1		0.0		26.1		4.7		0.0		0.0		490.3		0.0		0.0		490.3		7.2		0.0		356.2		126.9		71.4
00017	40		37.6		0.0		150.6		33.3		0.0		0.0		3,450.2		0.0		0.0		3,450.2		50.6		0.0		1,464.5		1,935.1		648.6
00018	43		10.9		0.0		66.3		9.7		0.0		0.0		1,002.0		0.0		0.0		1,002.0		14.7		0.0		685.5		301.9		126.8
00019	44		66.5		0.0		81.6		58.8		0.0		0.0		6,100.0		0.0		0.0		6,100.0		89.4		0.0		2,205.9		3,804.7		1,151.1
00292	45		35.9		0.0		34.6		31.7		0.0		0.0		3,287.2		0.0		0.0		3,287.2		48.2		0.0		1,418.9		1,820.1		613.1
00021	46		2.1		0.0		9.7		1.9		0.0		0.0		195.8		0.0		0.0		195.8		2.9		0.0		146.7		46.3		35.9
00167	46-GTL		3.9		0.0		35.5		3.0		0.0		0.0		315.4		0.0		0.0		315.4		4.6		0.0		206.2		104.6		77.6
00022	47		50.3		0.0		89.4		44.4		0.0		0.0		4,609.7		0.0		0.0		4,609.7		67.6		0.0		1,788.9		2,753.2		844.5
00168	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		0.0		0.0		0.0
00079	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		0.0		0.0		0.0
00023	48		56.3		0.0		40.8		49.8		0.0		0.0		5,163.9		0.0		0.0		5,163.9		75.7		0.0		1,944.0		3,144.2		895.1
00024	49		148.5		0.0		159.2		131.3		0.0		0.0		13,617.0		0.0		0.0		13,617.0		199.6		0.0		4,309.0		9,108.4		2,530.5
00025	50		19.8		0.0		59.2		17.5		0.0		0.0		1,818.6		0.0		0.0		1,818.6		26.7		0.0		1,008.0		784.0		270.3

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 17

	BASIC DATA AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST	PROVED DEVELOPED PRODUCING RESERVES	SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PHDWIN ID		ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/CND $/BBL				NGL $/BBL				GAS $/MCF				GRS OPERATING EXPENSE M$/M				LIFE YRS
	LEASE NAME	OIL		GAS		OIL/CND MBBL		GAS MMCF		START		END		START		END		START		END		START		END		START		END		START		END
PROVED DEVELOPED PRODUCING RESERVES (CONTINUED)
00026	51		1		0		226.3		336.0		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		2.4		1.3		50.0
00027	52		1		0		366.4		181.0		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		2.3		1.2		42.2
00028	54 SI		0		0		657.3		238.8		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00029	55		1		0		161.1		35.3		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.5		1.2		18.9
00030	56 SI		0		0		935.1		142.9		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00031	57		1		0		158.5		390.4		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		8.0		2.0		50.0
00032	60 WTR		1		0		212.2		99.5		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		5.2		2.1		50.0
00033	61		1		0		436.5		222.8		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		15.8		4.1		50.0
00034	62		1		0		290.8		103.6		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		5.2		1.4		50.0
00103	63		1		0		131.4		111.7		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		4.6		1.7		50.0
00035	64		1		0		156.8		438.7		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		3.3		1.4		50.0
00036	66 SI		0		0		22.0		0.0		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00037	73 SI		0		0		254.7		228.7		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00038	74 WTR		0		0		83.7		0.6		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00039	75		1		0		203.1		332.6		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		2.0		1.2		49.2
00040	76		1		0		156.9		213.4		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		5.8		1.9		50.0
00041	77		1		0		143.5		200.9		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.7		1.2		38.7
00042	78 SI		0		0		76.7		2.1		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00043	79		1		0		100.5		103.6		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		8.1		1.2		50.0
00044	80 SI		0		0		158.5		8.7		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00046	84		1		0		156.3		257.0		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		3.5		1.6		50.0
00047	85 SI		0		0		60.7		0.0		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00048	86 SI		0		0		26.5		7.1		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00049	88		1		0		125.5		1.2		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.5		1.5		3.8
00050	89		1		0		214.4		68.3		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.5		1.2		7.3
00051	90-31 RD		1		0		338.4		221.1		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		11.6		1.0		44.1
00052	91 SI		0		0		93.6		0.0		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00053	92 SI		0		0		2.3		2.6		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00054	93 SI		0		0		12.2		0.4		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00057	126-GTL SI		0		0		16.0		18.9		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00058	136-GTL SI		0		0		11.1		22.1		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00061	146D-GTL SI		0		0		2.7		8.4		95.455		95.455		77.356		77.356		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
00084	B-1		1		0		73.9		409.7		100.000		100.000		84.490		84.490		103.747		103.747		0.000		0.000		0.000		0.000		3.5		1.4		50.0
00086	B-3		1		0		54.0		202.9		100.000		100.000		84.490		84.490		103.747		103.747		0.000		0.000		0.000		0.000		3.3		1.5		50.0
00087	B-4		1		0		85.9		244.6		100.000		100.000		84.490		84.490		103.747		103.747		0.000		0.000		0.000		0.000		5.4		2.1		50.0
00095	B-5 WTR		0		0		0.0		0.0		100.000		100.000		83.333		83.333		0.000		0.000		0.000		0.000		0.000		0.000		0.8		0.8		0.0
02403	FIELD GAS		0		1		0.0		191.4		98.946		98.946		85.600		85.600		0.000		0.000		0.000		0.000		1.958		1.958		0.0		0.0		1.7
00222	FIXED EXP MONT PDP		0		0		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		0.0		50.0

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 18

	RESERVES AND ECONOMICS AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST	PROVED DEVELOPED PRODUCING RESERVES	SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PHDWIN ID	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE								TOTAL TAXES M$		NET CAP COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10% M$
		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND M$		NGL M$		GAS M$		TOTAL M$
PROVED DEVELOPED PRODUCING RESERVES (CONTINUED)
00026	51		20.3		0.0		81.1		17.9		0.0		0.0		1,858.1		0.0		0.0		1,858.1		27.2		0.0		1,019.1		811.8		278.4
00027	52		15.1		0.0		25.9		13.4		0.0		0.0		1,387.2		0.0		0.0		1,387.2		20.3		0.0		809.3		557.6		238.2
00028	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		0.0		0.0		0.0
00029	55		4.4		0.0		18.5		3.9		0.0		0.0		403.2		0.0		0.0		403.2		5.9		0.0		301.6		95.7		59.0
00030	56 SI		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
00031	57		78.1		0.0		345.6		69.1		0.0		0.0		7,163.9		0.0		0.0		7,163.9		105.0		0.0		2,503.5		4,555.4		1,547.5
00032	60 WTR		57.9		0.0		93.8		51.2		0.0		0.0		5,311.7		0.0		0.0		5,311.7		77.9		0.0		1,985.3		3,248.5		988.9
00033	61		180.2		0.0		201.8		159.2		0.0		0.0		16,518.2		0.0		0.0		16,518.2		242.1		0.0		5,120.7		11,155.4		3,498.8
00034	62		43.3		0.0		89.0		38.2		0.0		0.0		3,965.6		0.0		0.0		3,965.6		58.1		0.0		1,608.7		2,298.8		859.3
00103	63		45.7		0.0		96.9		40.4		0.0		0.0		4,186.9		0.0		0.0		4,186.9		61.4		0.0		1,670.6		2,454.9		809.3
00035	64		30.0		0.0		246.4		26.5		0.0		0.0		2,753.0		0.0		0.0		2,753.0		40.4		0.0		1,269.5		1,443.2		496.6
00036	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		0.0		0.0		0.0
00037	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		0.0		0.0		0.0
00038	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		0.0		0.0		0.0
00039	75		15.1		0.0		139.6		13.3		0.0		0.0		1,382.4		0.0		0.0		1,382.4		20.3		0.0		878.0		484.2		182.8
00040	76		59.7		0.0		174.0		52.7		0.0		0.0		5,469.9		0.0		0.0		5,469.9		80.2		0.0		2,029.6		3,360.1		1,089.1
00041	77		10.1		0.0		107.0		9.0		0.0		0.0		930.4		0.0		0.0		930.4		13.6		0.0		646.9		269.9		116.3
00042	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		0.0		0.0		0.0
00043	79		52.7		0.0		81.7		46.6		0.0		0.0		4,834.9		0.0		0.0		4,834.9		70.9		0.0		1,851.9		2,912.1		1,302.1
00044	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		0.0		0.0		0.0
00046	84		35.4		0.0		88.2		31.3		0.0		0.0		3,246.8		0.0		0.0		3,246.8		47.6		0.0		1,407.6		1,791.6		564.1
00047	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		0.0		0.0		0.0
00048	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		0.0		0.0		0.0
00049	88		1.2		0.0		0.5		1.0		0.0		0.0		107.0		0.0		0.0		107.0		1.6		0.0		67.3		38.1		32.2
00050	89		1.7		0.0		27.2		1.5		0.0		0.0		156.6		0.0		0.0		156.6		2.3		0.0		117.0		37.2		30.3
00051	90-31 RD		38.1		0.0		53.3		33.7		0.0		0.0		3,494.5		0.0		0.0		3,494.5		51.2		0.0		1,276.4		2,166.9		1,188.4
00052	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		0.0		0.0		0.0
00053	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		0.0		0.0		0.0
00054	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		0.0		0.0		0.0
00057	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		0.0		0.0		0.0
00058	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		0.0		0.0		0.0
00061	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		0.0		0.0		0.0
00084	B-1		31.6		0.0		240.9		26.7		0.0		0.0		2,774.1		0.0		0.0		2,774.1		40.7		0.0		1,311.0		1,422.5		490.2
00086	B-3		33.3		0.0		107.0		28.1		0.0		0.0		2,920.4		0.0		0.0		2,920.4		42.8		0.0		1,353.8		1,523.8		486.0
00087	B-4		60.8		0.0		178.3		51.4		0.0		0.0		5,329.8		0.0		0.0		5,329.8		78.1		0.0		2,058.8		3,192.8		972.7
00095	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		0.0		0.0		0.0
02403	FIELD GAS		0.0		0.0		191.4		0.0		0.0		163.8		0.0		0.0		320.8		320.8		6.5		0.0		0.0		314.2		289.5
00222	FIXED EXP MONT PDP		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		11,622.7		-11,622.7		-2,099.2

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 19

	BASIC DATA AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST	PROVED DEVELOPED PRODUCING RESERVES	SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PHDWIN ID		ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/CND $/BBL				NGL $/BBL				GAS $/MCF				GRS OPERATING EXPENSE M$/M				LIFE YRS
	LEASE NAME	OIL		GAS		OIL/CND MBBL		GAS MMCF		START		END		START		END		START		END		START		END		START		END		START		END
PROVED DEVELOPED PRODUCING RESERVES (CONTINUED)
02374	OM PDP ABANDONMENT		0		0		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		0.0
02375	OM PDP GTL ABANDONMENT		0		0		0.0		0.0		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
TOTAL - PDP RESERVES							17,170.1		11,089.2

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 20

	RESERVES AND ECONOMICS AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PHDWIN ID	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE								TOTAL TAXES M$		NET CAP COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10% M$
		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND M$		NGL M$		GAS M$		TOTAL M$
PROVED DEVELOPED PRODUCING RESERVES (CONTINUED)
02374	OM PDP ABANDONMENT		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		11,600.0		0.0		-11,600.0		-98.9
02375	OM PDP GTL ABANDONMENT		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		3,340.9		0.0		-3,340.9		-28.5
TOTAL - PDP RESERVES			1,613.8		0.0		4,137.5		1,406.6		0.0		163.8		145,927.8		0.0		320.8		146,248.6		2,145.7		14,940.9		69,366.0		59,796.0		26,784.9

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 21

	SUMMARY PROJECTION OF RESERVES AND REVENUE
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES
		LOCATED IN THE MONTEREY 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 MBBL		NGL MBBL		GAS MMCF		OIL MBBL		NGL MBBL		GAS MMCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		2.9		0.0		12.5		2.5		0.0		0.0		103.747		0.000		0.000		263.4		0.0		0.0		263.4
12-31-2014		10.7		0.0		25.4		9.3		0.0		0.0		103.747		0.000		0.000		969.3		0.0		0.0		969.3
12-31-2015		9.8		0.0		23.9		8.5		0.0		0.0		103.747		0.000		0.000		886.8		0.0		0.0		886.8
12-31-2016		7.9		0.0		21.0		6.9		0.0		0.0		103.747		0.000		0.000		712.1		0.0		0.0		712.1
12-31-2017		7.1		0.0		19.4		6.1		0.0		0.0		103.747		0.000		0.000		637.3		0.0		0.0		637.3
12-31-2018		6.5		0.0		18.3		5.6		0.0		0.0		103.747		0.000		0.000		580.6		0.0		0.0		580.6
12-31-2019		6.1		0.0		17.4		5.2		0.0		0.0		103.747		0.000		0.000		541.5		0.0		0.0		541.5
12-31-2020		5.8		0.0		17.5		4.9		0.0		0.0		103.747		0.000		0.000		513.2		0.0		0.0		513.2
12-31-2021		5.5		0.0		16.8		4.7		0.0		0.0		103.747		0.000		0.000		487.6		0.0		0.0		487.6
12-31-2022		5.3		0.0		16.2		4.5		0.0		0.0		103.747		0.000		0.000		467.0		0.0		0.0		467.0
12-31-2023		5.1		0.0		15.6		4.3		0.0		0.0		103.747		0.000		0.000		448.7		0.0		0.0		448.7
12-31-2024		5.0		0.0		15.1		4.2		0.0		0.0		103.747		0.000		0.000		433.2		0.0		0.0		433.2
12-31-2025		4.8		0.0		14.5		4.0		0.0		0.0		103.747		0.000		0.000		416.6		0.0		0.0		416.6
12-31-2026		4.5		0.0		14.0		3.8		0.0		0.0		103.747		0.000		0.000		394.2		0.0		0.0		394.2
12-31-2027		4.5		0.0		13.6		3.7		0.0		0.0		103.747		0.000		0.000		388.6		0.0		0.0		388.6
SUBTOTAL		91.7		0.0		261.2		78.5		0.0		0.0		103.747		0.000		0.000		8,139.8		0.0		0.0		8,139.8
REMAINING		90.4		0.0		303.4		75.3		0.0		0.0		103.747		0.000		0.000		7,815.4		0.0		0.0		7,815.4
TOTAL		182.1		0.0		564.5		153.8		0.0		0.0		103.747		0.000		0.000		15,955.2		0.0		0.0		15,955.2
CUM PROD		0.0		0.0		0.0
ULTIMATE		182.1		0.0		564.5

					NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE
																	DISCOUNTED				PRESENT WORTH
PERIOD ENDING M-D-Y	NUMBER OF				TAXES				CAPITAL		OPERATING		UNDISCOUNTED				AT 10%				PROFILE
	ACTIVE COMPLETIONS				PRODUCTION		AD VALOREM		COST		EXPENSE		PERIOD		CUM		PERIOD		CUM		DISC RATE		CUM PW
	GROSS		NET		M$		M$		M$		M$		M$		M$		M$		M$		%		M$
12-31-2013		0		0.0		0.4		3.5		428.0		67.4		-235.8		-235.8		-233.7		-233.7		8		3,477.2
12-31-2014		0		0.0		1.3		12.9		450.0		256.4		248.7		12.8		211.4		-22.2		12		2,506.4
12-31-2015		0		0.0		1.2		11.8		0.0		236.4		637.4		650.2		503.7		481.5		15		2,044.0
12-31-2016		0		0.0		1.0		9.5		0.0		195.5		506.1		1,156.4		363.2		844.7		20		1,529.6
12-31-2017		1		0.9		0.9		8.5		0.0		184.9		443.1		1,599.5		288.9		1,133.6		25		1,192.6
12-31-2018		1		0.9		0.8		7.7		0.0		170.8		401.4		2,000.8		237.9		1,371.4		30		955.1
12-31-2019		1		0.9		0.7		7.2		0.0		161.0		372.6		2,373.4		200.7		1,572.1		35		779.1
12-31-2020		1		0.8		0.7		6.8		0.0		153.8		351.8		2,725.2		172.3		1,744.4		40		643.9
12-31-2021		1		0.8		0.7		6.5		0.0		147.3		333.2		3,058.4		148.3		1,892.7		45		537.0
12-31-2022		1		0.8		0.6		6.2		0.0		141.9		318.2		3,376.6		128.8		2,021.5		50		450.6
12-31-2023		1		0.8		0.6		6.0		0.0		137.1		305.0		3,681.6		112.2		2,133.7
12-31-2024		1		0.8		0.6		5.8		0.0		133.0		293.9		3,975.5		98.3		2,232.0
12-31-2025		1		0.8		0.6		5.5		0.0		128.5		282.0		4,257.5		85.7		2,317.7
12-31-2026		1		0.8		0.5		5.2		0.0		116.4		271.9		4,529.4		75.2		2,392.8
12-31-2027		1		0.8		0.5		5.2		0.0		120.7		262.2		4,791.6		65.9		2,458.7
SUBTOTAL						11.0		108.3		878.0		2,351.0		4,791.6		4,791.6		2,458.7		2,458.7
REMAINING						10.6		104.0		0.0		2,636.0		5,064.8		9,856.4		465.1		2,923.8
TOTAL OF 50.0 YRS						21.6		212.3		878.0		4,987.0		9,856.4		9,856.4		2,923.8		2,923.8

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 22

	BASIC DATA
	AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED NON-PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

		ACTIVE				GROSS ULTIMATE				WORKING				REVENUE				OIL/CND				NGL				GAS				GRS OPERATING
PHDWIN ID		COMPLTNS				OIL/CND		GAS		INTEREST				INTEREST				$/BBL				$/BBL				$/MCF				EXPENSE M$/M				LIFE
	LEASE NAME	OIL		GAS		MBBL		MMCF		START		END		START		END		START		END		START		END		START		END		START		END		YRS
PROVED DEVELOPED NON-PRODUCING RESERVES
02358	16-GTL IPNP		0		0		65.1		215.1		95.455		95.455		77.356		77.356		103.747		103.747		0.000		0.000		0.000		0.000		6.6		2.2		50.0
02360	49 IPNP		0		0		54.0		57.9		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		10.9		5.5		50.0
02359	55 ADD PAY		0		0		0.0		0.0		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.5		1.2		18.9
02363	73 RTP		0		0		0.0		0.0		100.000		100.000		88.367		88.367		0.000		0.000		0.000		0.000		0.000		0.000		2.1		2.1		0.0
02361	77 IPNP		0		0		22.6		237.8		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		1.7		1.5		50.0
02362	88 RTP		0		0		3.1		1.3		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		2.1		1.2		13.2
02357	90-31 RD IPNP 1		0		0		14.6		20.5		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		11.6		1.4		31.9
02364	90-31 RD IPNP 2		0		0		22.8		31.9		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		11.6		1.4		36.6
TOTAL - PDNP RESERVES							182.1		564.5

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 23

	RESERVES AND ECONOMICS AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR
	PROVED DEVELOPED NON-PRODUCING RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE								TOTAL TAXES M$		NET CAP COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10% M$
PHDWIN ID		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND M$		NGL M$		GAS M$		TOTAL M$
PROVED DEVELOPED NON-PRODUCING RESERVES
02358	16-GTL IPNP		65.1		0.0		215.1		50.3		0.0		0.0		5,221.4		0.0		0.0		5,221.4		76.5		148.0		1,937.9		3,059.1		644.0
02360	49 IPNP		54.0		0.0		57.9		47.7		0.0		0.0		4,950.1		0.0		0.0		4,950.1		72.6		40.0		1,385.0		3,452.6		963.8
02359	55 ADD PAY		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
02363	73 RTP		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0
02361	77 IPNP		22.6		0.0		237.8		19.9		0.0		0.0		2,067.8		0.0		0.0		2,067.8		30.3		80.0		691.1		1,266.3		305.6
02362	88 RTP		3.1		0.0		1.3		2.7		0.0		0.0		280.9		0.0		0.0		280.9		4.1		85.0		169.9		21.9		-13.4
02357	90-31 RD IPNP 1		14.6		0.0		20.5		12.9		0.0		0.0		1,342.1		0.0		0.0		1,342.1		19.7		75.0		231.5		1,016.0		645.9
02364	90-31 RD IPNP 2		22.8		0.0		31.9		20.2		0.0		0.0		2,092.8		0.0		0.0		2,092.8		30.7		450.0		571.7		1,040.4		377.8
TOTAL - PDNP RESERVES			182.1		0.0		564.5		153.8		0.0		0.0		15,955.2		0.0		0.0		15,955.2		233.9		878.0		4,987.0		9,856.4		2,923.8

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 24

	SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES 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 MBBL		NGL MBBL		GAS MMCF		OIL MBBL		NGL MBBL		GAS MMCF		OIL $/BBL		NGL $/BBL		GAS $/MCF		OIL M$		NGL M$		GAS M$		TOTAL M$
12-31-2013		0.0		0.0		0.0		0.0		0.0		0.0		0.000		0.000		0.000		0.0		0.0		0.0		0.0
12-31-2014		14.9		0.0		43.5		13.2		0.0		0.0		103.747		0.000		0.000		1,366.5		0.0		0.0		1,366.5
12-31-2015		65.6		0.0		192.4		58.0		0.0		0.0		103.747		0.000		0.000		6,015.3		0.0		0.0		6,015.3
12-31-2016		50.4		0.0		147.7		44.5		0.0		0.0		103.747		0.000		0.000		4,619.2		0.0		0.0		4,619.2
12-31-2017		38.1		0.0		111.8		33.7		0.0		0.0		103.747		0.000		0.000		3,495.4		0.0		0.0		3,495.4
12-31-2018		29.9		0.0		87.8		26.5		0.0		0.0		103.747		0.000		0.000		2,744.3		0.0		0.0		2,744.3
12-31-2019		24.1		0.0		70.7		21.3		0.0		0.0		103.747		0.000		0.000		2,212.0		0.0		0.0		2,212.0
12-31-2020		19.9		0.0		58.4		17.6		0.0		0.0		103.747		0.000		0.000		1,825.6		0.0		0.0		1,825.6
12-31-2021		16.6		0.0		48.8		14.7		0.0		0.0		103.747		0.000		0.000		1,524.6		0.0		0.0		1,524.6
12-31-2022		14.1		0.0		41.4		12.5		0.0		0.0		103.747		0.000		0.000		1,295.7		0.0		0.0		1,295.7
12-31-2023		12.2		0.0		35.7		10.7		0.0		0.0		103.747		0.000		0.000		1,114.8		0.0		0.0		1,114.8
12-31-2024		10.6		0.0		31.1		9.4		0.0		0.0		103.747		0.000		0.000		971.8		0.0		0.0		971.8
12-31-2025		9.3		0.0		27.2		8.2		0.0		0.0		103.747		0.000		0.000		850.3		0.0		0.0		850.3
12-31-2026		8.2		0.0		24.1		7.3		0.0		0.0		103.747		0.000		0.000		752.2		0.0		0.0		752.2
12-31-2027		7.3		0.0		21.4		6.5		0.0		0.0		103.747		0.000		0.000		670.1		0.0		0.0		670.1
SUBTOTAL		321.3		0.0		941.9		283.9		0.0		0.0		103.747		0.000		0.000		29,457.9		0.0		0.0		29,457.9
REMAINING		68.8		0.0		201.7		60.8		0.0		0.0		103.747		0.000		0.000		6,307.8		0.0		0.0		6,307.8
TOTAL		390.1		0.0		1,143.6		344.7		0.0		0.0		103.747		0.000		0.000		35,765.6		0.0		0.0		35,765.6
CUM PROD		0.0		0.0		0.0
ULTIMATE		390.1		0.0		1,143.6

PERIOD ENDING M-D-Y	NUMBER OF ACTIVE COMPLETIONS				NET DEDUCTIONS/EXPENDITURES								FUTURE NET REVENUE								PRESENT WORTH PROFILE
					TAXES				CAPITAL COST M$		OPERATING EXPENSE M$		UNDISCOUNTED				DISCOUNTED AT 10%
					PRODUCTION M$		AD VALOREM M$						PERIOD M$		CUM M$		PERIOD M$		CUM M$		DISC RATE %		CUM PW M$
	GROSS		NET
12-31-2013		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		8		1,876.1
12-31-2014		2		1.8		1.9		18.2		11,480.0		373.4		-10,507.0		-10,507.0		-8,967.0		-8,967.0		12		235.3
12-31-2015		6		5.3		8.2		80.0		2,115.0		1,709.1		2,103.1		-8,403.9		1,585.9		-7,381.1		15		-624.2
12-31-2016		6		5.3		6.3		61.5		0.0		1,353.8		3,197.7		-5,206.3		2,297.1		-5,084.0		20		-1,607.9
12-31-2017		6		5.3		4.7		46.5		0.0		1,053.9		2,390.2		-2,816.0		1,560.4		-3,523.6		25		-2,230.8
12-31-2018		6		5.3		3.7		36.5		0.0		850.6		1,853.5		-962.6		1,099.8		-2,423.8		30		-2,628.5
12-31-2019		6		5.3		3.0		29.4		0.0		704.7		1,474.9		512.3		795.5		-1,628.3		35		-2,879.4
12-31-2020		6		5.3		2.5		24.3		0.0		597.4		1,201.4		1,713.8		589.0		-1,039.3		40		-3,031.8
12-31-2021		6		5.3		2.1		20.3		0.0		513.2		989.1		2,702.9		440.7		-598.6		45		-3,116.5
12-31-2022		6		5.3		1.8		17.2		0.0		448.5		828.3		3,531.1		335.5		-263.1		50		-3,154.2
12-31-2023		6		5.3		1.5		14.8		0.0		396.8		701.7		4,232.8		258.4		-4.8
12-31-2024		6		5.3		1.3		12.9		0.0		355.4		602.2		4,835.0		201.6		196.8
12-31-2025		6		5.3		1.2		11.3		0.0		320.1		517.8		5,352.8		157.5		354.3
12-31-2026		6		5.3		1.0		10.0		0.0		291.3		449.9		5,802.7		124.4		478.8
12-31-2027		6		5.3		0.9		8.9		0.0		267.0		393.3		6,196.0		98.9		577.7
SUBTOTAL						39.9		391.9		13,595.0		9,235.0		6,196.0		6,196.0		577.7		577.7
REMAINING						8.5		83.9		600.0		3,407.1		2,208.2		8,404.3		392.4		970.1
TOTAL OF 40.5 YRS						48.5		475.8		14,195.0		12,642.1		8,404.3		8,404.3		970.1		970.1

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 25

	BASIC DATA AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PHDWIN ID	LEASE NAME	ACTIVE COMPLTNS				GROSS ULTIMATE				WORKING INTEREST				REVENUE INTEREST				OIL/CND $/BBL				NGL $/BBL				GAS $/MCF				GRS OPERATING EXPENSE M$/M				LIFE YRS
						OIL/CND MBBL		GAS MMCF
		OIL		GAS						START		END		START		END		START		END		START		END		START		END		START		END
PROVED UNDEVELOPED RESERVES
00123	7-31 HZ		1		0		65.0		190.5		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		28.6		1.0		39.5
00121	12-31 HZ		1		0		65.0		190.5		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		28.6		1.0		40.0
00187	22-31 HZ		1		0		65.0		190.6		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		28.6		1.0		40.3
00129	23-31 HZ		1		0		65.0		190.6		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		28.6		1.0		40.3
00128	25-31 HZ		1		0		65.0		190.6		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		28.6		1.0		40.4
00120	29-31 HZ		1		0		65.0		190.6		100.000		100.000		88.367		88.367		103.747		103.747		0.000		0.000		0.000		0.000		28.6		1.0		40.5
02407	FIXED EXP MONT PUD		0		0		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		0.0		40.4
02376	OM PUD ABANDONMENT		0		0		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		0.0
TOTAL - PUD RESERVES							390.1		1,143.6

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 26

	RESERVES AND ECONOMICS AS OF DECEMBER 31, 2012
SANTA MARIA ENERGY, LLC INTEREST		SUMMARY - CERTAIN PROPERTIES LOCATED IN THE MONTEREY RESERVOIR
	PROVED UNDEVELOPED RESERVES	ORCUTT FIELD, SANTA BARBARA COUNTY, CALIFORNIA

PHDWIN ID	LEASE NAME	GROSS RESERVES						NET RESERVES						GROSS REVENUE								TOTAL TAXES M$		NET CAP COST M$		OPERATING EXPENSE M$		NET REVENUE M$		CUM P.W. 10% M$
		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND MBBL		NGL MBBL		GAS MMCF		OIL/CND M$		NGL M$		GAS M$		TOTAL M$
PROVED UNDEVELOPED RESERVES
00123	7-31 HZ		65.0		0.0		190.5		57.5		0.0		0.0		5,960.9		0.0		0.0		5,960.9		87.4		2,075.0		1,849.6		1,948.9		460.7
00121	12-31 HZ		65.0		0.0		190.5		57.5		0.0		0.0		5,960.9		0.0		0.0		5,960.9		87.4		2,075.0		1,849.7		1,948.9		439.1
00187	22-31 HZ		65.0		0.0		190.6		57.5		0.0		0.0		5,960.9		0.0		0.0		5,960.9		87.4		2,075.0		1,849.7		1,948.9		425.3
00129	23-31 HZ		65.0		0.0		190.6		57.5		0.0		0.0		5,960.9		0.0		0.0		5,960.9		87.4		2,365.0		1,849.7		1,658.9		177.8
00128	25-31 HZ		65.0		0.0		190.6		57.5		0.0		0.0		5,960.9		0.0		0.0		5,960.9		87.4		2,365.0		1,849.7		1,658.9		176.4
00120	29-31 HZ		65.0		0.0		190.6		57.5		0.0		0.0		5,960.9		0.0		0.0		5,960.9		87.4		2,640.0		1,849.6		1,384.0		-56.7
02407	FIXED EXP MONT PUD		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		1,544.2		-1,544.2		-640.8
02376	OM PUD ABANDONMENT		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		600.0		0.0		-600.0		-11.6
TOTAL - PUD RESERVES			390.1		0.0		1,143.6		344.7		0.0		0.0		35,765.6		0.0		0.0		35,765.6		524.3		14,195.0		12,642.1		8,404.3		970.1

BASED ON SEC PRICE AND COST PARAMETERS

All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions.

Page 27