Exhibit 99.6

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED

COMBINED FINANCIAL STATEMENTS

Defined terms included below shall have the same meaning as terms defined and included elsewhere in the definitive proxy statement filed by Falcon with the Securities and Exchange Commission (“SEC”) on May 5, 2022 (the “Proxy Statement”).

On January 11, 2022, Sitio Royalties Corp., a Delaware corporation (formerly known as Falcon Minerals Corporation) (the “Company” or “Falcon”) entered into a Merger Agreement with Sitio Royalties Operating Partnership, LP, a Delaware limited partnership (formerly known as Falcon Minerals Operating Partnership, LP) (“Sitio OpCo”), Merger Sub, and Desert Peak, pursuant to which Merger Sub merged with and into Desert Peak, with Desert Peak continuing as the surviving entity in the Merger as a wholly owned subsidiary of Sitio OpCo. Pursuant to the Merger Agreement, at the effective time of the Merger, the limited liability company interests in Desert Peak issued and outstanding immediately prior to the Merger Effective Time were converted into the right to receive Merger Consideration consisting of an aggregate of 61,905,339 shares of the Company’s issued and outstanding Class C Common Stock, par value $0.0001 per shares (“Class C Common Stock”), and 61,905,339 common units representing limited partner interests in Sitio OpCo (the “Partnership Units”). The Merger Consideration was adjusted to give effect to the Falcon Reverse Stock Split. The Company’s warrants remain outstanding following such transactions. However, as a result of the Falcon Reverse Stock Split, the outstanding warrants were adjusted such that four warrants became exercisable for one share of the Company’s Class A Common Stock, par value $0.0001 per share (“Class A Common Stock” and, together with the Class C Common Stock, the “Common Stock”), at an exercise price of approximately $44.84 per share of Class A Common Stock. Further, following completion of the Merger, the warrants will continue to be treated as liability classified financial instruments under ASC 815-40 Derivatives and Hedging – Contracts in Entity’s Own Equity. The transactions contemplated by the Merger Agreement, including the Falcon Reverse Stock Split, are referred to herein as the “Merger Transactions” and the adjustments related thereto are referred to as the “Transaction Adjustments.”

The following unaudited pro forma condensed consolidated combined financial statements (the “pro forma financial statements”) present the historical consolidated financial statements of KMF, Desert Peak’s predecessor for financial reporting purposes, and the historical consolidated financial statements of Falcon, adjusted to give effect to the Merger Transactions. Additionally, the pro forma financial statements include adjustments associated with the Desert Peak Acquisitions (together with the Merger Transactions, the “Transactions”) completed by Desert Peak prior to the Merger (the “Desert Peak Adjustments”):

• the acquisition on June 7, 2021 of approximately 7,200 NRAs from Chambers Minerals, LLC, an affiliate of Kimmeridge, consisting of a 2.0% (on an 8/8ths basis) overriding royalty interest, proportionately reduced to Callon Petroleum Company’s (“Callon”) net revenue interest, in substantially all Callon-operated oil and gas leaseholds in the Delaware Basin (the “Chambers Acquisition”);

• the acquisition on June 30, 2021 of approximately 18,500 NRAs from Rock Ridge Royalty, LLC (the “Rock Ridge Acquisition”); and

• the acquisition on August 31, 2021 of approximately 25,000 NRAs from Source Energy Leasehold, LP and Permian Mineral Acquisition, LP (the “Source Acquisition”).

The unaudited pro forma condensed consolidated combined balance sheet gives effect to the Transactions as if they had occurred on March 31, 2022. The Desert Peak Acquisitions are reflected in the historical consolidated balance sheet of KMF as of March 31, 2022, and, as such, no pro forma adjustments are made for such transactions in the unaudited pro forma condensed consolidated combined balance sheet. The unaudited pro forma condensed consolidated combined statements of operations for the three months ended March 31, 2022 and for the year ended December 31, 2021 give effect to the Transactions as if they had occurred January 1, 2021. The pro forma financial statements contain certain reclassification adjustments to (i) conform the historical KMF financial statement presentation to Falcon’s financial statement presentation and (ii) conform certain of Falcon’s historical amounts to KMF’s financial statement presentation.

1

The unaudited pro forma financial statements have been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, ”Amendments to Financial Disclosures about Acquired and Disposed Businesses,” using assumptions set forth in the notes to the unaudited pro forma financial statements. The pro forma financial statements have been adjusted to include transaction accounting adjustments in accordance with GAAP, linking the effects of the Transaction Adjustments and the Desert Peak Adjustments to the historical consolidated financial statements of KMF. As of the date of this Proxy Statement, the detailed valuation study necessary to arrive at the required final estimates of the fair value of the Falcon assets to be acquired and the liabilities to be assumed and the related allocations of purchase price has not been completed, nor have all necessary adjustments been made to conform Falcon’s accounting policies to Desert Peak’s accounting policies. A final determination of the fair value of Falcon’s assets and liabilities will be based on the actual assets and liabilities of Falcon that exist as of the Merger Effective Time and, therefore, cannot be made prior to the completion of the Merger.

The pro forma financial statements and related notes are presented for illustrative purposes only and should not be relied upon as an indication of the financial condition or the operating results that Desert Peak would have achieved if the Transactions had taken place on the assumed dates. The pro forma financial statements do not reflect future events that may occur after the consummation of the Merger, including, but not limited to, the anticipated realization of ongoing savings from potential operating efficiencies, asset dispositions, cost savings, or economies of scale that may be achieved with respect to the combined operations. As a result, future results may vary significantly from the results reflected in the pro forma financial statements and should not be relied on as an indication of the Post-Combination Company’s future results.

2

Pro Forma Condensed Consolidated Combined Balance Sheet

As of March 31, 2022

(Unaudited)

	Historical						Transaction Adjustments				Pro Forma Combined
	Kimmeridge Mineral Fund, L.P. (Desert Peak Predecessor)			Falcon Minerals Corporation
	(In thousands, except share amounts)
ASSETS								B
Current assets:
Cash and cash equivalents	$	13,585		$	2,921		$	(2,120	)	A	$	14,386
Accounts receivable		48,488			11,844			(8	)	A		60,324
Other current assets		345			856			—				1,201
Total current assets		62,418			15,621			(2,128	)			75,911
Property and equipment:
Oil and natural gas properties, successful efforts method:
Unproved properties		795,736			27,274			402,260				1,225,270
Proved properties		470,002			325,948			(125,175	)			670,775
Property and equipment		8,424			606			(6,023	)	A		2,697
								(310	)
Accumulated depreciation, depletion, and amortization		(136,921	)		(163,412	)		163,412				(134,140	)
								2,781		A
Net oil and gas properties and other property and equipment		1,137,241			190,416			436,945				1,764,602
Other long-term assets:
Deposits for property acquisitions		2,700										2,700
Deferred tax assets					51,655			(16,245	)			35,410
Other assets		2,226			1,344			—				3,570
Total long-term assets		4,926			52,999			(16,245	)			41,680
TOTAL ASSETS	$	1,204,585		$	259,036		$	418,572			$	1,882,193
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	6,538		$	6,463		$	25,000		C	$	37,962
								(39	)	A
Other current liabilities		—			199			—				199
Due to affiliates		121			—			—				121
Derivative liabilities		468			—			—				468
Total current liabilities		7,127			6,662			24,961				38,750
Long-term liabilities:
Long-term debt		94,000			38,000			—				132,000
Warrant liability		—			8,225			—				8,225
Other non-current liabilities		1,147			415			—				1,562
Long-term derivative liabilities		646										646
Total liabilities		102,920			53,302			24,961				181,183

3

	Historical				Transaction Adjustments				Pro Forma Combined
	Kimmeridge Mineral Fund, L.P. (Desert Peak Predecessor)		Falcon Minerals Corporation
	(In thousands, except share amounts)
COMMITMENTS AND CONTINGENCIES
Temporary equity						553,096		E		1,521,724
						521,763		F
						82,697		E
						364,168		G
Permanent equity:
Class A common stock (47,106,218 and 11,937,956 shares issued and outstanding on a historical and pro forma basis, respectively)				5		(4	)	G		1
Class C common stock (39,387,782 and 71,752,286 shares issued and outstanding on a historical and pro forma basis, respectively)				4		3		G		7
Additional paid-in capital				121,349		(6,546	)	E		179,278
						59,775		G
						4,700		D
Retained earnings				1,679		(3,525	)	C		—
						(4,700	)	D
						6,546		E
Partners’ capital		579,902				(553,096	)	E		—
						(5,331	)	A
						(21,475	)	C
Non-controlling interest		521,763		82,697		(82,697	)	E		—
						(521,763	)	F
Permanent equity		1,101,665		205,734		(1,128,113	)			179,286
Total liabilities, temporary equity and permanent equity	$	1,204,585	$	259,036	$	418,572			$	1,882,193

4

Pro Forma Condensed Consolidated Combined Statement of Operations

For the Three Months Ended March 31, 2022

(Unaudited)

	Historical							As Adjusted				Historical
	Kimmeridge Mineral Fund L.P. (DPM Predecessor)			DPM Predecessor Transaction Adjustments				Kimmeridge Mineral Fund L.P. (DPM Predecessor)				Falcon Minerals Corporation			Transaction Adjustments				Pro Forma Combined
Revenue:
Oil, natural gas and natural gas liquids revenues	$	64,951		$				$	64,951			$	21,828		$				$	86,779
Lease bonus and other income		1,412							1,412				779			(102	)	D		2,089
Commodity derivatives losses									—				(302	)		302		J		—
Total revenue		66,363			—				66,363				22,305			200				88,868
Operating Expenses:
Management fees to affiliates		1,870							1,870		I									1,870
Depreciation, depletion and amortization		15,385			(734	)	H		14,651				3,424			503		H		18,506
																(72	)	D
General and administrative		3,983							3,983				5,865			(67	)	D		34,781
																25,000		F
General and administrative—affiliates		80							80											80
Severance and ad valorem taxes		3,725							3,725				1,365							5,090
Marketing and transportation													374							374
Total operating expenses		25,043			(734	)			24,309				11,028			25,364				60,701
Net income (loss) from operations		41,320			734				42,054				11,277			(25,164	)			28,167
Other income (expense):
Other income (expense)									—				(5,176	)						(5,176	)
Interest income (expense), net		(1,168	)						(1,168	)			(493	)						(1,661	)
Commodity derivative losses		(1,114	)						(1,114	)						(302	)	J		(1,416	)
Total other income (expense)		(2,282	)		—				(2,282	)			(5,669	)		(302	)			(8,253	)
Net income before income tax expense		39,038			734				39,772				5,608			(25,466	)			19,914
Income tax (expense) benefit		(516	)						(516	)			(1,820	)		(2,046	)	K		(4,382	)
Net income	$	38,522		$	734			$	39,256			$	3,788		$	(27,512	)		$	15,532
Less net income attributable to temporary equity																13,345		L		13,345
Less net income attributable to non-controlling interests		19,242							19,242				4,917			(24,159	)	L		—
Net income (loss) attributable to Desert Peak Minerals Inc.	$	19,280		$	734			$	20,014			$	(1,129	)	$	(16,698	)		$	2,187
Net Income (Loss) per Common Share
Basic													(0.03	)						0.17		M
Diluted													(0.03	)						0.17		M

5

	Historical		As Adjusted	Historical
	Kimmeridge Mineral Fund L.P. (DPM Predecessor)	DPM Predecessor Transaction Adjustments	Kimmeridge Mineral Fund L.P. (DPM Predecessor)	Falcon Minerals Corporation		Transaction Adjustments	Pro Forma Combined
Weighted Average Common Shares Outstanding
Basic					47,048			11,762	M
Diluted					47,048			11,762	M

6

Pro Forma Condensed Consolidated Combined Statement of Operations

For the Year Ended December 31, 2021

(Unaudited)

	Historical			Desert Peak Adjustments							DPM Predecessor Transaction Adjustments				As Adjusted				Historical			Transaction Adjustments				Pro- Forma Combined
	Kimmeridge Mineral Fund L.P. (DPM Predecessor)			Chambers Acquisition		Rock Ridge Acquisition			Source Acquisition						Kimmeridge Mineral Fund L.P. (DPM Predecessor)				Falcon Minerals Corporation
	(In thousands, except per share data)
Revenue:					A		B			C
Oil, natural gas and natural gas liquids revenues	$	118,548		$	4,105	$	10,328		$	19,776	$				$	152,757			$	72,838		$	(1,970	)	J	$	223,625
Lease bonus and other income		2,040					925			71						3,036							(227	)	D		4,779
		—																					1,970		J
Commodity derivatives losses							(1,125	)				1,125		E		—				(4,830	)		4,830		J		—
Total revenue		120,588			4,105		10,128			19,847		1,125				155,793				68,008			4,603				228,404
Operating Expenses:
Management fees to affiliates		7,480														7,480		I									7,480
Depreciation, depletion and amortization		40,906					3,366					13,370		H		57,642				15,233			2,007		H		74,595
																							(287	)	D
General and administrative		4,143					1,314									5,457				14,130			(373	)	D		48,914
																							25,000		F
																							4,700		G
General and administrative — affiliates		8,855														8,855											8,855
Severance and ad valorem taxes		6,858			247		276			1,339						8,720				3,935							12,655
Marketing and transportation																				1,752							1,752
Deferred offering costs write-off		2,396														2,396											2,396
Total operating expenses		70,638			247		4,956			1,339		13,370				90,550				35,050			31,047				156,647
Net income (loss) from operations		49,950			3,858		5,172			18,508		(12,245	)			65,243				32,958			(26,444	)			71,757
Other income (expense):
Other income (expense)					—											—				517							517
Interest income (expense), net		(1,893	)				(88	)								(1,981	)			(1,924	)						(3,905	)
Commodity derivatives losses																							(4,830	)	J		(4,830	)
Total other income (expense)		(1,893	)		—		(88	)		—		—				(1,981	)			(1,407	)		(4,830	)			(8,218	)
Net income before income tax expense		48,057			3,858		5,084			18,508		(12,245	)			63,262				31,551			(31,274	)			63,539
Income tax (expense) benefit		(562	)				27									(535	)			(4,059	)		(9,386	)	K		(13,980	)
Net income	$	47,495		$	3,858	$	5,111		$	18,508	$	(12,245	)		$	62,727			$	27,492		$	(40,660	)		$	49,559
Less net income attributable to temporary equity																							42,672		L		42,672
Less net income attributable to non-controlling interests		18,781														18,781				14,336			(33,117	)	L		—
Net income attributable to Desert Peak Minerals Inc.	$	28,714		$	3,858	$	5,111		$	18,508	$	(12,245	)		$	43,946			$	13,156		$	(50,215	)		$	6,887
Net Income per Common Share
Basic																				0.28							0.55		M
Diluted																				0.28							0.55		M
Weighted Average Common Shares Outstanding
Basic																				46,321							11,580		M
Diluted																				46,321							11,580		M

7

Notes to unaudited pro forma condensed consolidated combined financial statements

1. Basis of Presentation, the Offering and Reorganization

The pro forma financial statements have been derived from the historical financial statements of KMF and Falcon. The pro forma financial statements contain certain reclassification adjustments to (i) conform the historical KMF financial statement presentation to Falcon’s financial statement presentation and (ii) conform certain of Falcon’s historical amounts to KMF’s financial statement presentation. The pro forma condensed consolidated combined balance sheet as of March 31, 2022 gives effect to the Transactions as if they had occurred on March 31, 2022. The Desert Peak Acquisitions are reflected in the historical consolidated balance sheet of KMF as of March 31, 2022, and, as such, no pro forma adjustments are made for such transactions in the unaudited pro forma condensed consolidated combined balance sheet. The unaudited pro forma condensed consolidated combined statements of operations for the three months ended March 31, 2022 and for the year ended December 31, 2021 give effect to the Transactions as if they had occurred on January 1, 2021.

The pro forma financial statements reflect pro forma adjustments that are based on available information and certain assumptions that management believes are reasonable. However, actual results may differ from those reflected in these statements. In management’s opinion, all adjustments known to date that are necessary to present fairly the pro forma information have been made. The pro forma financial statements do not purport to represent what the Post-Combination Company’s financial position or results of operations would have been if the Transactions had actually occurred on the dates indicated above, nor are they indicative of the Post-Combination Company’s future financial position or results of operations.

These pro forma financial statements should be read in conjunction with the historical financial statements, and related notes thereto, of KMF and Falcon for the periods presented, which are included or incorporated by reference in this Proxy Statement.

2. Unaudited Pro Forma Condensed Consolidated Combined Balance Sheet

Transaction Adjustments

A. Reflects the elimination of assets and liabilities included in the balance sheet of KMF related to the water business of KMF and KMF Water, LLC that will not be included in the Post-Combination Company.

B. Unless otherwise noted, the adjustments reflect the acquisition method of accounting with Desert Peak as the accounting acquirer of Falcon. Under the acquisition method of accounting, the purchase price is allocated to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values, with any excess purchase price (if applicable) allocated to goodwill. Desert Peak has not completed the detailed valuation studies necessary to compute the fair value estimates of Falcon’s assets acquired and liabilities assumed and the related allocations of purchase price, nor has it identified all adjustments necessary to conform Falcon’s accounting policies to Desert Peak’s accounting policies. The preliminary estimation of the fair values of the Falcon assets was performed as of June 7, 2022. A final determination of the fair value of the Falcon assets and liabilities will be based on the actual net assets and liabilities of Falcon that existed as of the Closing Date. The value of the consideration given by Desert Peak will be based on the closing price of the Class A Common Stock on the Closing Date. The pro forma adjustments included herein may be revised as additional information becomes available and as additional analyses are performed. The final purchase price allocation may be different than that reflected in the preliminary pro forma purchase price allocation presented herein, and this difference may be material. The pro forma purchase price allocation is preliminary and was based on an estimate of the fair values of the tangible and intangible assets and liabilities related to Falcon and the closing price of the Class A Common Stock of $29.12 on June 7, 2022.

8

Notes to unaudited pro forma condensed consolidated combined financial statements—Continued

The following table summarizes the preliminary estimate of the purchase price (in thousands, except per share data):

Common Stock — issued and outstanding as of March 31, 2022(1):		21,624
Class A Common Stock price(1)	$	29.12
Total consideration and fair value	$	629,676

(1) The final purchase price is based on the fair value of the issued and outstanding shares of Common Stock as of the Closing Date and the closing price of the Class A Common Stock on the Closing Date.

The following table summarizes the allocation of the preliminary estimate of the purchase price to the assets acquired and liabilities assumed (in thousands):

Falcon fair values:
Current assets	$	15,621
Unproved oil and gas properties(1)		429,534
Proved oil and gas properties		200,773
Property and equipment		296
Deferred tax assets		35,410
Other long-term assets		1,344
Current liabilities		(6,662	)
Long-term debt		(38,000	)
Other long-term liabilities		(8,640	)
Total consideration and fair value	$	629,676

(1) The fair market value mark up of Falcon’s unproved oil and gas properties is primarily attributable to (i) an increase in current commodity prices relative to commodity prices at the time Falcon booked its proved and unproved properties and (ii) the different methodologies used by Falcon and Desert Peak to book proved undeveloped reserves that result in a significant amount of Falcon’s proved undeveloped reserves and proved properties being booked by the Post-Combination Company as unproved reserves and unproved properties.

C. Represents the impact of one-time, nonrecurring transaction costs associated with the Merger Transactions. These transaction costs are based on preliminary estimates, and the final amounts and the resulting effect on Desert Peak’s financial position may differ significantly. These incremental costs are not yet reflected in the historical March 31, 2022 unaudited consolidated balance sheets of Falcon and KMF, but are reflected in the unaudited pro forma condensed consolidated combined balance sheet as an increase to accounts payable and accrued expenses as they will be expensed by Falcon and Desert Peak as incurred.

D. Represents the grant and vesting of one-time restricted stock units to each of the Post-Combination Company’s executive officers in connection with the Merger under the Incentive Plan. For a description of these awards, please see “Proposal No. 5 (Incentive Plan Proposal)” in the Proxy Statement.

E. The historical financial statements of the Post-Combination Company following the reverse merger will become those of Desert Peak (the accounting acquirer). As such, the adjustments represent: (i) the elimination of Falcon’s historical equity; and (ii) the retroactive restatement (recapitalization) of KMF’s equity structure to reflect that of Falcon (the legal acquirer) subsequent to the Merger Transactions. Interests attributable to shares of Class C Common Stock and Partnership Units will be classified as temporary equity in the Post-Combination Company due to the cash redemption features of these instruments. For a description of the cash redemption features of the Partnership Units, please see “The Merger Agreement—Amendment to Falcon OpCo Partnership Agreement” in the Proxy Statement.

F. Represents the reclassification of KMF’s non-controlling interest that will be classified as temporary equity due to the cash redemption features of the Class C Common Stock and Partnership Units in conjunction with the Merger Transactions. For a description of the cash redemption features of the Partnership Units, please see “The Merger Agreement — Amendment to Falcon OpCo Partnership Agreement” in the Proxy Statement.

9

Notes to unaudited pro forma condensed consolidated combined financial statements—Continued

G. Represents the increase in net assets as a result of the purchase price allocation, allocated between temporary equity and additional paid in capital, based on the percentage ownership split between holders of Class A Common Stock and Class C Common Stock, less the par value of new Class C Common Stock issued in the Merger as shown below.

	Post-Reverse Stock Split
New Class C Common Stock		58,750,000
Additional Consideration		3,155,339
Total Class C Shares		61,905,339
Par value of new Class C Shares ($0.0001 per share)	$	6,191

The increase in net assets as a result of the purchase price allocation, which can be attributed shares of Class C Common Stock will be classified into temporary equity due to the cash redemption features of the Class C Common Stock and Partnership Units; the increase allocable to Class A Common Stock will be classified to additional paid in capital. For a description of the cash redemption features of the Partnership Units, please see “The Merger Agreement — Amendment to Falcon OpCo Partnership Agreement” in the Proxy Statement. Below is the pro forma ownership of the Post-Combination Company after giving effect to the Merger Transactions, as well as the ownership by share class.

	Shares at Closing (Post-Reverse Stock Split)		Percent Ownership
Falcon Stockholders — Class A		11,776,555		14	%
Falcon Stockholders — Class C		9,846,946		12	%
Total Falcon Stockholders		21,623,501		26	%
Desert Peak Stockholders — Class C		61,905,340		74	%
Total Shares		83,528,841		100	%
Total Class A Shares		11,776,555		14	%
Total Class C Shares		71,752,286		86	%

3. Unaudited Pro Forma Condensed Consolidated Combined Statement of Operations

Desert Peak Adjustments

A. Reflects oil and gas operations of properties acquired in the Chambers Acquisition.

B. Reflects the historical statement of operations of certain oil and gas properties acquired in the Rock Ridge Acquisition.

C. Reflects the historical statement of revenues and direct operating expenses of certain oil and gas properties acquired in the Source Acquisition.

Transaction Adjustments

D. Reflects the elimination of revenues and operating expenses included in the results of operations of KMF related to the water business of KMF and KMF Water, LLC that will not be included in the Post-Combination Company.

E. Reflects the elimination of the commodity derivative losses associated with the Rock Ridge Acquisition. In accordance with the terms of the related purchase and sale agreement, the seller was obligated to terminate the derivative contracts prior to the closing of the Rock Ridge Acquisition.

F. Represents the impact of one-time, nonrecurring transaction costs associated with the Merger Transactions. These transaction costs are based on preliminary estimates, and the final amounts and the resulting effect on Desert Peak’s financial position may differ significantly. These incremental costs are only partially reflected in the historical consolidated statements of operations of Falcon and KMF for the three months ended March 31, 2022 and for the year ended December 31, 2021, but are reflected in the unaudited pro forma condensed consolidated statement of operations as an increase to general and administrative expense as they will be expensed by Falcon and Desert Peak as incurred.

10

Notes to unaudited pro forma condensed consolidated combined financial statements—Continued

G. Represents the grant and vesting of one-time restricted stock units to each of the Post-Combination Company’s executive officers in connection with the Merger under the Incentive Plan. For a description of these awards, please see “Proposal No. 5 (Incentive Plan Proposal)” in the Proxy Statement.

H. Reflects the pro forma impact to depletion expense associated with the change in fair value adjustment to oil and gas properties as a result of the Merger Agreement, Chambers Acquisition, Rock Ridge Acquisition and Source Acquisition. Pro forma depletion expense was calculated on a consolidated basis as though all such properties were owned for the entire period. This number was then offset by the historical depletion expense related to Falcon, KMF and the Rock Ridge Acquisition presented in the in the Falcon, KMF and Rock Ridge Acquisition columns, respectively, in the pro forma statement of operations, and the remaining amount was included as an Acquisition Adjustment on the face of the pro forma statement of operations. There is no historical depletion expense related to the Chambers Acquisition or Source Acquisition. The adjustment reflected under Transaction Adjustments was calculated using the units-of-production method under the successful efforts method of accounting (in thousands).

For the three months ended March 31, 2022

Depletion expense related to the fair value of the oil and gas properties of KMF and those acquired in the Merger, Chambers Acquisition, Rock Ridge Acquisition and Source Acquisition	$	14,504
Less KMF historical depletion expense		(15,238	)
DPM Predecessor Transaction Adjustments to depletion expense	$	(734	)
Depletion expense related to the fair value of the oil and gas properties of Falcon	$	3,927
Less Falcon historical depletion expense		(3,424	)
Transaction Adjustments to depletion expense	$	503

For the year ended December 31, 2021

Depletion expense related to the fair value of the oil and gas properties of KMF and those acquired in the Merger, Chambers Acquisition, Rock Ridge Acquisition and Source Acquisition	$	57,041
Less KMF historical depletion expense		(40,318	)
Less Rock Ridge historical depletion expense		(3,353	)
DPM Predecessor Transaction Adjustments to depletion expense	$	13,370
Depletion expense related to the fair value of the oil and gas properties of Falcon	$	17,240
Less Falcon historical depletion expense		(15,233	)
Transaction Adjustments to depletion expense	$	2,007

I. Reflects the management fee expenses of KMF that were paid as compensation for services rendered in the management of the partnership. The management fee expenses represent the charge for managing the investment fund and did not include general and administrative expenses related to operating the business. The administrative expenses incurred by and reimbursed to management are presented in the general and administrative line item on the consolidated statement of operations. While a pro forma adjustment has not been made to eliminate the management fee expenses, the Company will not incur any management fees after completion of the Merger Transactions.

J. Reflects a pro forma adjustment to reclassify lease bonus and other income and commodity derivatives losses of Falcon to conform to Desert Peak’s presentation.

K. Reflects estimated income tax provision associated with Desert Peak’s historical results of operations assuming its earnings had been subject to federal and state income tax as a subchapter C corporation using a blended statutory rate of 22% for the period noted. This rate is inclusive of U.S. federal and state taxes. The calculation of future net income tax expense is performed on a year-by-year basis by taking into account each year’s projected revenues, operating expenses, depreciation, depletion, and other factors in arriving at each year’s tax outflow. As such, the effective rate utilized in this calculation can differ from the blended statutory rate.

11

Notes to unaudited pro forma condensed consolidated combined financial statements—Continued

L. Reflects the elimination of net income attributable to non-controlling interest of KMF and Falcon historical consolidated financial statements, as the non-controlling interest will not exist subsequent to the Falcon Merger Transactions. In addition, management estimated the net income attributable to the Class C Common Stock that will be classified as temporary equity on the Post-Combination Company’s consolidated balance sheet subsequent to the Merger Transactions.

M. Reflects basic and diluted loss per common shares of Class A Common Stock as shown below for the applicable period, computed using the two-class method (in thousands, except per share data):

For the three months ended March 31, 2022

Numerator:
Net income attributable to Desert Peak	$	2,187
Less: Earnings allocated to participating securities		(181	)
Net income attributable to common stockholders — basic	$	2,006
Plus: Net income attributable to temporary equity(1)		—
Net income attributable to common stockholders — diluted	$	2,006
Denominator(1):
Weighted average shares outstanding — basic		11,762
Effect of dilutive securities(1)		—
Weighted average shares outstanding — diluted		11,762
Net income per common share — basic	$	0.17
Net income per common share — diluted	$	0.17

(1) For the three months ended March 31, 2022, Class C common stock was not included in the calculation of diluted earnings per share as the effect would have been antidilutive.

For the year ended December 31, 2021

Numerator:
Net income attributable to Desert Peak	$	6,887
Less: Earnings allocated to participating securities		(565	)
Net income attributable to common stockholders — basic	$	6,322
Plus: Net income attributable to temporary equity(1)		—
Net income attributable to common stockholders — diluted	$	6,322
Denominator(1):
Weighted average shares outstanding — basic		11,580
Effect of dilutive securities(1)		—
Weighted average shares outstanding — diluted		11,580
Net income per common share — basic	$	0.55
Net income per common share — diluted	$	0.55

(1) For the year ended December 31, 2021, Class C common stock was not included in the calculation of diluted earnings per share as the effect would have been antidilutive.

4. Supplementary Disclosure of Oil and Natural Gas Operations

The following tables present the estimated pro forma proved reserve information as of December 31, 2021, along with a summary of changes in quantities of remaining proved reserves during the year ended December 31, 2021.

The following estimated pro forma reserve information is not necessarily indicative of the results that might have occurred had the Transactions been completed on December 31, 2021 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected because of various factors, including those described under “Risk Factors.”

12

Notes to unaudited pro forma condensed consolidated combined financial statements—Continued

	Balance, December 31, 2020		Revisions			Extensions		Acquisition of reserves		Divestiture of reserves			Production			Balance, December 31, 2021
Kimmeridge Mineral Fund, LP
Oil (MBbls)		5,075		180			610		7,240		—			(1,261	)		11,844
Natural Gas (MMcf)		23,402		6,531			1,991		19,165		—			(4,746	)		46,343
Natural Gas Liquids (MBbls)		2,825		405			216		2,076		—			(499	)		5,023
Total (MBOE)		11,800		1,674			1,158		12,511		—			(2,551	)		24,592
Chambers Acquisition
Oil (MBbls)		775		(5	)		—		—		(713	)		(57	)		—
Natural Gas (MMcf)		2,694		(447	)		—		—		(2,108	)		(139	)		—
Natural Gas Liquids (MBbls)		326		48			—		—		(349	)		(25	)		—
Total (MBOE)		1,550		(32	)		—		—		(1,413	)		(105	)		—
Rock Ridge Acquisition
Oil (MBbls)		3,564		(1,781	)		—		—		(1,620	)		(163	)		—
Natural Gas (MMcf)		8,132		(3,551	)		—		—		(4,095	)		(486	)		—
Natural Gas Liquids (MBbls)		1,325		(834	)		—		—		(438	)		(53	)		—
Total (MBOE)		6,244		(3,207	)		—		—		(2,740	)		(297	)		—
Source Acquisition
Oil (MBbls)		1,515		347			—		—		(1,585	)		(277	)		—
Natural Gas (MMcf)		4,033		847			—		—		(4,423	)		(457	)		—
Natural Gas Liquids (MBbls)		359		69			—		—		(394	)		(34	)		—
Total (MBOE)		2,546		557			—		—		(2,716	)		(387	)		—
Falcon Minerals Corporation
Oil (MBbls)		9,742		(1,571	)		326		22		—			(756	)		7,763
Natural Gas (MMcf)		48,536		(3,109	)		1,777		34		—			(3,801	)		43,437
Natural Gas Liquids (MBbls)		2,186		159			122		5		—			(230	)		2,242
Total (MBOE)		20,017		(1,930	)		744		33		—			(1,620	)		17,245
Pro Forma
Oil (MBbls)		20,671		(2,830	)		936		7,262		(3,918	)		(2,514	)		19,607
Natural Gas (MMcf)		86,797		271			3,768		19,199		(10,626	)		(9,629	)		89,780
Natural Gas Liquids (MBbls)		7,021		(153	)		338		2,081		(1,181	)		(841	)		7,265
Total (MBOE)		42,157		(2,938	)		1,902		12,544		(6,869	)		(4,960	)		41,837

	Proved Developed and Undeveloped Reserves
	Developed as of December 31, 2020		Undeveloped as of December 31, 2020		Balance, December 31, 2020		Developed as of December 31, 2021		Undeveloped as of December 31, 2021		Balance, December 31, 2021
Kimmeridge Mineral Fund, LP
Oil (MBbls)		3,731		1,344		5,075		9,285		2,559		11,844
Natural Gas (MMcf)		19,505		3,897		23,402		40,747		5,596		46,343
Natural Gas Liquids (MBbls)		2,352		473		2,825		4,417		606		5,023
Total (MBOE)		9,334		2,467		11,800		20,494		4,098		24,592
Chambers Acquisition
Oil (MBbls)		596		179		775		—		—		—
Natural Gas (MMcf)		2,088		606		2,694		—		—		—
Natural Gas Liquids (MBbls)		253		73		326		—		—		—
Total (MBOE)		1,196		354		1,550		—		—		—
Rock Ridge Acquisition
Oil (MBbls)		1,469		2,095		3,564		—		—		—
Natural Gas (MMcf)		3,723		4,409		8,132		—		—		—
Natural Gas Liquids (MBbls)		599		726		1,325		—		—		—
Total (MBOE)		2,688		3,556		6,244		—		—		—
Source Acquisition
Oil (MBbls)		1,060		455		1,515		—		—		—
Natural Gas (MMcf)		3,244		789		4,033		—		—		—
Natural Gas Liquids (MBbls)		289		70		359		—		—		—
Total (MBOE)		1,890		656		2,546		—		—		—
Falcon Minerals Corporation
Oil (MBbls)		3,291		6,451		9,742		2,738		5,025		7,763
Natural Gas (MMcf)		19,755		28,781		48,536		19,098		24,339		43,437

13

Notes to unaudited pro forma condensed consolidated combined financial statements—Continued

	Proved Developed and Undeveloped Reserves
	Developed as of December 31, 2020		Undeveloped as of December 31, 2020		Balance, December 31, 2020		Developed as of December 31, 2021		Undeveloped as of December 31, 2021		Balance, December 31, 2021
Natural Gas Liquids (MBbls)		1,164		1,022		2,186		1,183		1,059		2,242
Total (MBOE)		7,747		12,270		20,017		7,104		10,141		17,245
Pro Forma
Oil (MBbls)		10,147		10,524		20,671		12,023		7,584		19,607
Natural Gas (MMcf)		48,315		38,482		86,797		59,845		29,935		89,780
Natural Gas Liquids (MBbls)		4,657		2,364		7,021		5,600		1,665		7,265
Total (MBOE)		22,855		19,303		42,157		27,598		14,239		41,837

Standardized Measure of Discounted Future Cash Flows

The following pro forma standardized measure of the discounted net future cash flows and changes applicable to KMF’s proved reserves reflect the effect of income taxes assuming KMF’s standardized measure had been subject to federal and state income tax as a subchapter C corporation. The future cash flows are discounted at 10% per year and assume continuation of existing economic conditions.

The standardized measure of discounted future net cash flows, in management’s opinion, should be examined with caution. The basis for this table is the reserve studies audited by independent petroleum engineering consultants, which contain imprecise estimates of quantities and rates of production of reserves. Revisions of previous year estimates can have a significant impact on these results. Also, estimates of new discoveries and undeveloped locations are more imprecise than estimates of established proved producing oil and gas properties. Accordingly, these estimates are expected to change as future information becomes available. Therefore, the standardized measure of discounted future net cash flows is not necessarily indicative of the fair value of KMF’s proved oil and natural gas properties.

The data presented should not be viewed as representing the expected cash flows from or current value of existing proved reserves since the computations are based on a large number of estimates and assumptions. Reserve quantities cannot be measured with precision and their estimation requires many judgmental determinations and frequent revisions. Actual future prices and costs are likely to be substantially different from the prices and costs utilized in the computation of reported amounts.

The pro forma standardized measure of discounted estimated future net cash flows was as follows as of December 31, 2021 (in thousands):

	KIMMERIDGE MINERAL FUND, LP			FALCON MINERALS CORPORATION			CORPORATE REORGANIZATION			PRO FORMA
Future oil and natural gas sales	$	1,068,652		$	708,450		$	—		$	1,777,102
Future production costs		(90,137	)		(51,256	)		—			(141,393	)
Future income tax expense		(5,302	)		(42,787	)		(36,186	)		(84,275	)
Future net cash flows		973,213			614,407			(36,186	)		1,551,434
10% annual discount		(437,910	)		(267,005	)		14,938			(689,977	)
Standardized measure of discounted future net cash flows	$	535,303		$	347,402		$	(21,248	)	$	861,457

Pro forma income tax expense is calculated using the estimated statutory rate of 22%. The pro forma future income tax expense, as calculated, is lower than the statutory rate due to the tax basis related to the acquired properties.

14

Notes to unaudited pro forma condensed consolidated combined financial statements—Continued

The change in the pro forma standardized measure of discounted estimated future net cash flows were as follows for the year ended December 31, 2021 (in thousands):

	KIMMERIDGE MINERAL FUND, LP			CHAMBERS ACQUISITION			ROCK RIDGE ACQUISITION			SOURCE ACQUISITION			FALCON MINERALS CORPORATION			CORPORATE REORGANIZA- TION			PRO FORMA
Balance at the beginning of the period	$	123,559		$	17,838		$	72,639		$	39,965		$	251,812		$	—		$	505,813
Net change in prices and production costs		119,993			12,877			35,964			28,437			186,943			—			384,214
Sales, net of production costs		(111,691	)		(3,858	)		(10,054	)		(18,437	)		(65,181	)		—			(209,221	)
Extensions and discoveries		29,853			—			—			—			15,048			—			44,901
Acquisitions of reserves		326,192			—			—			—			1,026			—			327,218
Divestiture of reserves		—			(30,424	)		(68,318	)		(69,721	)		—			—			(168,463	)
Revisions of previous quantity estimates		43,843			—			—			—			(29,572	)		—			14,271
Net change in income taxes		(2,205	)		—			—			—			(20,810	)		(21,248	)		(44,263	)
Accretion of discount		12,426			1,784			7,264			3,997			25,553			—			51,024
Changes in timing and other		(6,667	)		1,783			(37,495	)		15,759			(17,417	)		—			(44,037	)
Balance at the end of the period	$	535,303		$	—		$	—		$	—		$	347,402		$	(21,248	)	$	861,457

15