Bolivar Dev Plan - Final Draft - 16 Sept 2013

BolivarDevelopmentPlan
September16,2013
BolivarBlock
Colombia
Preparedfor
By
RalphE.DavisAssociates,Inc.
LEGAL DISCLAIMER
Ralph E. Davis Associates, Inc. (RED) has been retained by Global Energy Development plc
and its affiliates (together GED or the Company) to prepare a comprehensive development
plan for the Companys reserves within the Bolivar Association Contract, onshore Colombia (the
Bolivar Development Plan).
This Bolivar Development Plan contains certain forward looking statements relating to, but not
limited to, Companys operations, anticipated financial performance, business prospects and
strategies, including expectations relating to production levels; capital expenditure programs; the
quantity of oil and gas reserves; projections of market prices; projections of costs; supply and
demand for oil and gas commodities; expectations regarding the ability to raise capital and to
continually develop the Companys reserves located within the Bolivar Association Contract;
assumptions related to governmental regulatory regimes affecting royalties, taxes, environmental
and general operating permits and licenses. The Bolivar Development Plan also relies on
numerous other assumptions regarding factors and risks that could cause actual results to vary
materially, including, without limitation to, the following factors: risks associated with oil and
gas development, substantial capital requirements and financing, prices, markets and marketing,
government regulation, third party risk, environmental, hydraulic fracturing, dependence on key
personnel, availability of drilling equipment and access, risks may not be insurable, variations in
exchange rates, expiration of licenses and leases, reserves and resources estimates, development
of oil and natural gas properties, competition, management of growth, conflicts of interest, and
issuance of debt. There is no representation by the Company that actual results achieved will be
the same in whole or in part as those set out in the forward looking information.
The Bolivar Development Plan is for informational purposes only. RED AND THE
COMPANY AND EACH OF THEIR RESPECTIVE AFFILIATES, OFFICERS,
DIRECTORS, EMPLOYEES, AGENTS AND REPRESENTATIVES, MAKE NO
EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES AND ASSUME NO
LIABILITY FOR THE ACCURACY OR COMPLETENESS OF THE BOLIVAR
DEVELOPMENT PLAN; AND RED AND THE COMPANY MAKE NO
REPRESENTATIONS CONCERNING THE PRESENT OR FUTURE VALUE OF THE
ANTICIPATED INCOME, COSTS OR PROFITS, IF ANY, TO BE DERIVED FROM
THE EXECUTION OF, INVESTMENT OR PARTICIPATION IN, THE BOLIVAR
DEVELOPMENT PLAN.
Provision of the Bolivar Development Plan does not constitute an offer, an acceptance, or a
contract to negotiate or enter into a possible transaction involving the Companys interest in the
Bolivar Association Contract, nor is it intended to require the Company to proceed with or
continue such negotiations or transaction.
RALPHE.DAVISASSOCIATES,INC.
TexasRegisteredEngineeringFirmF1529
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TableofContents
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TABLEOFCONTENTS
Introduction
BolivarBlockOpportunityDescription
BolivarBlockOverview
27
BolivarGeology&HistoricalWells
31
RegionalGeologicalOverview
GeneralStratigraphicSection
BolivarAreaFieldProjectGeologicalSummary
ReservoirDescription
ReservoirProperties
MiddleLaLunaComparison
ButuramaFieldDrillingResults
Catalina1GeochemicalAnalysis
ThermalMaturities
HydrocarbonGeneration&Migration
HistoricDrilling&SeismicCoverage
Exxon/CanacolMonoAraa1Well
DevelopmentConcept
54
MultipleStackedLightOilProducingZones
BolivarShaleTests
TablazoIntervalwithRecordedOilFlow
FractureIntensityvs.Curvature
WellDesignSelectionCriteriaGuidedbySignificantNaturalFracturing
BolivarFractureFrequencyAnalysis
BolivarsHighNaturalFracturePermeabilityRequiresVerticalWellDevelopment
WellDesignforVerticalvs.HorizontalFracturedOilWells
ExtensiveFractureIntersectionsandDrillingFluidDamageRemediation
VerticalCompletionProfilePossibleatBolivarDuetoIntenseNaturalFracturing
Reserves&Resources
ProjectedProduction&CostProfiles
LaLuna,TablazoandSimitiShaleTypeCurves
BolivarDevelopmentPlanFacilities,OilMarketingTransportandManpower
DevelopmentWellPlan
EnvironmentalLicense
BolivarBlockMultiWellPlatform
Facilities&Transportation
CashFlowandEconomicSummaries
ProductionPlots
ContractInformation
Appendix
32
33
34
39
43
44
46
47
50
51
52
53
55
56
59
60
61
62
63
64
65
66
67
68
70
73
77
78
81
83
85
101
104
107
VerticalWellCostforFiveFormationStackedPay
Olivo2PreliminaryFracDesign
Olivo2WellBoreSchematic
RyvolOilReservoirVolumetricDataSheets
108
111
112
113
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INTRODUCTION
Global Energy Development is focusing its efforts on developing its oil and gas reserves from
theMiddleLaLuna,SimitiandTablazooilshalesandtheRosaBlancaandSaladalimestonesin
theBolivarBlocklocatedinthemiddleMagdalenaBasin,Colombia.TheRosaBlanca,Salada,
Simiti,TablazoandLaLunaformationswillbedevelopedbydrillingandsimultaneouslybeing
produced in vertical wells. The Development Plan will be funded using existing and future
generated cash flow from Global producing properties in the Llanos Basin, Colombia and/or
farminpartners.
CONCLUSIONSREGARDINGBOLIVARDEVELOPMENTPROGRAM
Thedevelopmentprogramasshownhereincanbeimplementedandcarriedoutusing
internal cash flow generated from Global's Llanos Production Base, vendor financing
and/orfarminpartners.
The development program is designed for a six (6) rig drilling program with a total of
252newverticalwells.
Peak2Pgrossproductionof49,000BOPD(netof27,000BOPD)isexpectedin2019.
Peak3Pgrossproductionof200,000BOPD(netof155,000BOPD)isexpectedbyearly
2020.
At contract term expiration in mid2024, a total of 99 MMbo and 104 Bcf (Net of 55
MMboand54Bcf)of2Preserves(ProvedandProbable)willbeproducedgenerating2P
FutureNetIncome(FNI)of$3.9billion($2.2billion@10%).
At contractterm expiration in mid2024, a gross total of 337 MMbo and 227 Bcf (Net
184 MMbo and 110 Bcf) of 3P Reserves (Proved, Probable, Possible) will be produced
generatingFutureNetIncome(FNI)of$13.3billion($7.7billion@10%).
The gross project production of 337 mmbo represents 88% of the 381 mmbo of the
technicallyrecoverableoil.
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The proposed hydraulic fracturing test of the Middle La Luna in the Olivo 1 and the
Simiti shalein theCatalina 1 could significantlyaffect the 3P Reservesand production
rates. Although not horizontal in the test zones, the Catalina 1 and the Olivo 1 were
drilled directionally through the La Luna and Simiti and the tests will give some
indicationofhowwellthesetwoshaleformationsreacttofracturetreatment.
The project becomes internally selffunding for 3P reserve development in 2014. The
maximumcumulativenegativecashflowexperiencedduringthedevelopmentprojectis
lessthan$3million.TheFigurethatfollowsshowsthe3Pcumulativeundiscountedcash
flowestimatedfortheprojecttobe$13.3billionatcontractterminationinmid2024.
GlobalhasinformedusthattheyexpectEcopetroltominimizeitscapitalexposureand
operatingriskbybackinginfora50%workinginterestafterallowingGlobaltoachieve
200%payoutofitscapexpriortobackin.Thisisscheduledtooccurintheeconomic
projections during late mid2019. All reserves and economics are calculated on a net
basis using this backin formula and do not include any out of pocket payments by
Ecopetrol to accelerate their participation. It should be noted that Ecopetrol will
continue to receive a 20% royalty at all times regardless of their backin status.
Therefore,tomaximizeinternalrateofreturn,Ecopetrolwillbackinafter200%payout
when the project becomes selffunding. Such timing insures Ecopetrol will incur zero
capitalexpenditureexposureandinfiniteIRR.
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BOLIVARASSOCIATIONCONTRACT
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MIDDLEMAGDALENAVALLEY,COLOMBIA
OriginalOilinPlacePetrophysical,Fluid,Pressure
andTemperatureData
Formation
Depth*
Porosity
1 LaLuna
4,080
9.5%
2 Salada
4,530
11.8%
3 Simiti
4,800
7.2%
4 Tablazo
5,675
8.0%
5 Rosablanca
5,900
4.5%
TD
6,440
Total
* CatalinaDepthstakenasaverage
Sw
20
15.5
20
20
18.8
Reservoir Reservoir
Oil
temp
Press
Gravity
108
120
127
150
156
170
1958
2174
2304
2724
2832
3091
23
14
32
36
36
Gas
Gravity
0.6
0.6
0.8
0.8
0.8
GOR
100
1200
1000
1000
1200
Net Pay
400.0
78.5
280.0
150.0
180.7
%
Recovery
3.7%
17.0%
6.0%
3.7%
25.0%
1089.2
OOIP Block
Rec. Reserves
Acres
4,572,622,055
212,829,802
1,467,261,700
853,911,046
223,028,277
169,187,016
36,181,066
88,035,702
31,594,709
55,757,069
20,321
7,859
20,321
20,321
7,859
7,329,652,879 380,755,562
6,893,794,801 ShaleVolume
(94%ofOOIP)
NOTES:
1 REDbelievestherecoveryefficiencyintheSimitiwillbebetterthantheothertwoshales.Used6%recoveryfactorhoweverREDonlycounts
thelower280feetbelievingtheupperSimitiislikelytobetoogassy.SchlumbergeranalysisdoesnotindicateUpperSimitiisgassy.
2 The30%recoveryfactorpreviouslyusedfortheRosablancawasperformancedriven.WiththelargervolumesREDhas
compensatedbyreducingtherecoveryfactorto25%.Weightedaveragerecoveryfactorforallfivereservoirsis5.2%.
3 SeparatorTemperature=90degF,SeparatorPressure=100psi.
4 Constantpressuregradient=0.48psi/ft,temperaturegradient=0.0264degF/ft.
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BolivarBlockOpportunityDescription
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BOLIVARDEVELOPMENTPLAN
Global Energy Development PLC conducts operations in the Llanos and Middle Magdalena
ValleyregionsofColombiathroughitswhollyownedsubsidiary,ColombiaEnergyDevelopment
Company(CEDCO).
Over the past several years Global has focused its efforts and capital on complying with
contractualobligationsintheLlanosBasinandhasnowcompletedtheseobligations.
The majority of Globals production in Colombia comes from the Llanos area; however, the
recent higher crude oil prices have created substantial cash flow that can be used by the
companytofocusitseffortsontheirlargestreserveassetslocatedintheBolivarandBocachico
blocks of the Middle Magdalena Basin. Newly identified production process technology and
horizontaldrillingwithmultistagefracswillenablethecompanytoacceleratethedevelopment
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of these assets using the existing and future internal cash flows from the Llanos, industry
partnersorcapitalsources.
Development in the Torcaz Field (Bocachico Block) will be accomplished by drilling wells and
using the modified CHOPS (Cold Heavy Production with Sand) technology which is in use in
producingfieldsinCanada.GlobalhasrecentlyshownthatCHOPSsandingwassuccessfulinthe
Mugrosa formation through the Torcaz No. 5 well. Additional tests will be performed in the
TorcazNo.3wellbeforefullapplicationofthetechnologyisused.
TheplansfortheBolivarBlock,thefocusofthisreport,willbetodeveloptheRosaBlancaplus
SaladalimestonesandtheLaLuna,TablazoandSimitishalesbydrillingverticalwellswithmulti
stage hydraulic fracturing currently being used for development of the natural gas and oil
bearingshalesinNorthAmerica.
The sequential operating plan shown below illustrates the companys plans for funding and
development.
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The following table summarizes the Bolivar Development Concept. As previously mentioned
thezonesofopportunityaretheRosaBlanca,Salada,Simiti,TablazoandLaLuna.
Table1:BolivarProjectOverview
AREA
DESCRIPTION
HISTORY
BOLIVARROSA
BLANCA(CATALINA)
Verticallyfracturedlimestone
containinglightoil.
Horizontalwelldrilledin
1998intheRosaBlanca
producedat10,000boepd.
Wellproduced600,000
barrelsover24months.
BOLIVAR
SALTO/SALADA
(OLIVO)
Verticallyfracturedlimestone
containingheavyoil.
Olivo1producedin1998
heavyoilatratesofupto
5000bopdof14gravityoil.
Wellstillproducingwith
cumulativeof675,000bbls.
BOLIVARLALUNA&
SIMITI
ShaleOilprojectlocatedin
theworldclassLaLunasource
rockandpossiblelightoilrich
Simitishale.
Nopriorwelltestsofthe
Simiti.
LowerLaLunatestedoil
productiveinOlivo#1and
Olivo#2.
SimititestinCatalina1.
OPPORTUNITY
Resumefielddevelopment
givenmuchlowerwellcosts
duetouseofverticaldrilling
techniques.
Hydraulicallyfracturethe
MiddleLaLunaformationin
theexistingwellboreofOlivo
#1includingtheSalto/Salada.
SubstantialP3barrelsofoilare
potentiallyrecoverableinthe
BolivarMiddleandUpperLa
Luna(notincluding
Salto/Saladareserves).
ExpectOlivo#1testorCatalina
#1Simititesttobeginbefore
yearend.
Severalmajoroilcompanies(Exxon,ShellandConocoPhillips)haverecently
acquiredpropertiesadjacentornearbytoBolivar.
Page|12
ContractSummary
GlobalwasawardedtheBolivarcontractinJuly1996withdurationoftwentyeight(28)years.
Allcontractualminimumworkcommitmentsandexplorationobligationshavebeenmet.The
royaltiesare20%ofproductionwhichEcopetrolcantakeinkindandhastherighttobackin
witha50%workinginterestafter200%reimbursementofdirectcosts.TodateEcopetrolhas
notexercisedtheirbackinoptionandGlobalretainsa100%workinginterest.
GeologySummary
The Bolivar block is located at the narrowing northern end of the Middle Magdalena Basin
wheretheWesternandEasternCordilleraconvergecreatingaseriesoffaultedanticlinesand
highlyfracturedreservoirs.ThehighinitialratesseeninTable1areduemainlytothenatural
fracturing.REDanticipatesthattheadditionofhydraulicfracturingwillimprovetheinitialrates
and reserve recovery. The target reservoirs are at depths from 4000 to 8000 feet below sea
level and range in thickness from 300 to 500 feet. A more detailed geologic description
preparedbyGlobalpersonneloftheareaisincludedintheGeologysectionofthisreport.
BolivarFieldReserves
The reserves shown in this report were estimated using volumetric, performance and
analogouswells.Theseestimatesconformtothedefinitionofproved,probableandpossible
reserves approved by the SPE/WPC/AAPG/SPEE Petroleum Resources Management System
(SPEPRMS) documents as cosponsored by the Society of Petroleum Engineers, the World
Petroleum Council, the American Associations of Petroleum Geologists and the Society of
PetroleumEvaluationEngineers.Acopyofthesedefinitionsandguidelinesisincludedinthis
report.
TheRosaBlancaandSaladaformationshavecurrentandpastproductionandareconsidered
reserveswithProved,ProbableandPossibledrillinglocations.TheLaLunavolumesincludedin
thisreportareconsideredPossiblereservesasthepresenceofoilestablished.TheLaLunaisa
knownsourcerockfortheareaandtheOlivoNo.2inclinedwellbrieflytested80BOPDof14
degreegravityoilwithnostimulation.TheproductionratesandreservesattributedtotheLa
Luna completions are modeled using a type well developed from historical and current
productionfromtheoilwindowoftheEagleFordShaleinSouthTexas.
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Tables2showstheestimatesfor2Preservesatyearend2012.Theseestimatesdonotinclude
reserve estimates for the La Luna, Tablazo or Simiti as they are classified as possible and
resourcepotentialrespectively.
Table2:December31,2012Proved+Probable(2P)
PROVED+PROBABLE(2P)
PROVED
NetReserves
PROBABLE
TOTAL
Oil/CondensateMBbls
25,514.3
9,530.8
35,045.1
GasMMCF
31,281.8
7,916.6
39,198.4
IncomeData(M$)
FutureGrossRevenue
2,564,332.1 $
952,520.8 $
3,516,852.9
OperatingCosts
466,065.2 $
173,620.0 $
639,685.2
CapitalCosts
175,556.8 $
75,894.7 $
251,451.5
FutureNetIncome(FNI)
1,922,710.0 $
703,006.1 $
2,625,716.1
FNI@10%
1,311,929.6 $
446,222.5 $
1,758,152.1
Table3showstheestimatesfor3Preservesatyearend2012.
Table3:December31,2012Proved+Probable+Possible(3P)
PROVED+PROBABLE+POSSIBLE(3P)
PROVED
PROBABLE
POSSIBLE
TOTAL
NetReserves
Oil/CondensateMBbls
25,514.3
9,530.8
83,951.1
118,996.2
GasMMCF
31,281.8
7,916.6
9,585.7
48,784.1
IncomeData(M$)
FutureGrossRevenue
$ 2,564,332.1 $
952,520.8 $
8,260,009.4 $ 11,776,862.3
OperatingCosts
466,065.2 $
173,620.0 $
1,515,925.4 $
2,155,610.6
CapitalCosts
175,556.8 $
75,894.7 $
1,923,745.8 $
2,175,197.3
FutureNetIncome(FNI)
$ 1,922,710.0 $
703,006.1 $
4,820,338.0 $
7,446,054.1
FNI@10%
$ 1,311,929.6 $
446,222.5 $
2,605,466.3 $
4,363,618.4
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Anydifferencesintheseestimateswhencomparedtopriorreservereportsareduetocontract
expirationdate,commoditypricesandreserveadditions.Thesubstantialincreaseinpossible
reservesisduetotheadditionof219MMBOattributedtothefuturedevelopmentoftheLa
Luna, Tablazo and Simiti. Also, the probable reserves for wells not yet drilled decreased
becausethecontractexpirationin2024resultsinalossofayearoffutureproduction.
DevelopmentPlan
Thedevelopmentplanoutlinedinthisreportisbasedondrilling252newverticalwellsutilizing
a six (6) rig drilling program that commences in 2014 and is completed in mid2020. The
availability of rigs should not be a concern as the number of rigs in Colombia has increased
dramaticallyinthepastfiveyearsandlocalcontractorshavesufficientequipmenttosupporta
multi rig drilling program at Bolivar. Global plans to shoot additional seismic to identify the
fracturetrendsatBolivar.
Theinitialphaseofdevelopmentin2014istohydraulicallyfracturetheMiddleLaLunainthe
OlivoNo.1wellandtheSimitiinCatalina1.Ifsuccessful,theinitialtestrateinOlivo1couldbe
300to1100BOPD.TheCatalina1,alsoduring2014,wouldthenbyhydraulicallyfracturedin
theSimitiwitharateofseveralhundredBOPDexpected.Therearealsodevelopmentlocations
thatcanbedrilledin2014undertheexistingenvironmentalpermit.Theplanneddevelopment
after2014willrequiremodifyingtheexistingpermittoincludethenewdevelopmentplanand
approvalshouldbeduringearly2015.
The five prospective zones will require hydraulic fracturing. The recent interest in shale
development programs in Colombia and Argentina using established completion techniques
from the United States will require a substantial increase in the number of crews and
equipment in these countries. Service companies operating in the US have informed Global
thatthereisasurplusofequipmentintheUSthatisreadilyavailableandcanbetransportedto
the Bolivar area. Water should also be readily available and in ample supply in the area.
Initially the required volumes of frac sand can easily be transported from the US until a
domesticsupplyinColombiacanbedeveloped.
In this report development drilling will be completed in 2020 with the gross crude oil
productionpeakingatapproximately200,000barrelsperdayduring2020.
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NorthernSouthAmericaGeologicIntroduction
Excerpt from EIA/ARI World Shale Gas And Shale Oil Resource Assessment
MIDDLEMAGDALENAVALLEYBASIN
IntroductionandGeologicSetting
The 13,000mi2 Middle Magdalena Valley Basin (MMVB) is a northsouth

trending intermontane basin in central Colombia situated between the Eastern
and Central cordilleras and located 150 miles north of Bogota. The MMVB is
Colombiasmostexploredconventionaloilandgasproducingbasin,withover40
discovered oil fields that produce mainly from Tertiary sandstone reservoirs.
AlthoughwithintheAndesMountainsregion,withitscomplextectonicsincluding
numerous thrust and extensional faults, the interior of the MMVB has simpler
structurewithrelativelyflatsurfacetopography.Theeasternsideofthebasinis
structurallymorecomplexandoverthrusted.
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NorthernSouthAmericaShaleOilReservoirProperties
andResources(EIA)
Page|18
MiddleMagdalenaOilSourceRockAssessment(EIA)
Oil in the Middle Magdalena was generated by marine, dominantly

carbonaterich source rocks with variable siliciclastic mud content.
SourcerocksincludetheRosablanca,Paja,Tablazo,Simiti,LaLunaand
Umir formations. Among these source rocks, the main units are two
stratigraphic intervals which correspond to the flooding surface distal
faciesofthePajaTablazoandLaLunaformations.
SouthAmericanSourceRockandConventionalReservoirStratigraphy
Page|19
MiddleMagdalenaValleyBasin,ShaleProspectiveAreasandShaleExploration
Page|20
MiddleMagdalenaCrossSections
SchematicCrossSectionoftheMiddleMagdalenaValleyBasinShowingU.CretaceousUmirandLaLunaAndL.
CretaceousSimitiShalesTotaling7501,000FtThick(CorrelateWithEagleFordShale).
Source:SintanaEnergy,Q32012
BolivarStructuralStyle
SchematicCrossSectionofWesternMarginoftheMiddleMagdalenaValleyBasininCentralColombia,Showing
ThrustedFaultBlockswithLaLunaShale.
Source:PlatinoEnergy,2013
Page|21
MiddleMagdalenaSeismicSection
SeismicLineintheMiddleMagdalenaValleyBasinShowingCretaceousLaLunaandSimitiShales
TruncatedbyErosionalUnconformity
Page|22
LaLunaReservoirandSourceRockProperties
The Cretaceous La Luna formation has been identified as one of the richest
source rocks in the world and is the principal source rock for the Middle
MagdalenainColombiaandtheprolificMaracaiboBasininVenezuela.TheLa
Luna has been identified as a selfsourced or hybrid interval, holding
conventionalporosityjuxtaposedindirectcontractwithsourcerockintervals.
Such hybrid properties (similar to the Eagle Ford) suggest potentially higher
recovery factors and superior economics when compared to simple source
rocks. The La Luna mostly contains a kerogen (type II), which qualifies the
unitasanoilproducerandshowsexcellentcharacteristicsasahydrocarbon
sourcerock,asrepresentedbythequalityandquantityofitsorganicmatter.
TheLaLunaconsistsofcalcareousmudstonesandplanktoniclimestonesina
middleto outer marine shelf. Total organic content (TOC) in the La Luna
varies between 0.3% and 12.25% but most values are between 1.0% and
6.4%.Theaverage2.6%TOCcontentcorrespondstoaverygoodtoexcellent
sourcerock.MaturitydataindicatesthattheLaLunaformationisintheearly
oilgenerationwindowinthenorthcentralportionofthebasinandreaches
thegasgenerationwindowfurthertothesouth.
The La Luna formation is approximately 1,000 feet thick and ranges from
3,000 feet to slightly over 15,000 feet deep across the Middle Magdalena.
Mappingindicatesalarge(3,800km)oilproneprospectivewindowforthe
La Luna shale extending through the northern region of the basin, while a
muchsmaller(322km)prospectivewindowforwetgasandcondensatehas
beenidentifiedinthesouthcentralportionofthebasin.
TheLaLunaformationcomprisesthreemembers:theSalada,Pujamana,and
Galembo. The most organic rich (312% TOC) is the 150 m thick Salada
member(productiveatBolivar)whichconsistsofhard,black,thinlybedded
and finely laminated limy shales, along with thin interbeds of black fine
grainedlimestone.ThelowerTOCPujamanamemberconsistsofgraytoblack
thinlybedded and calcareous shale. The 220 m thick Galembo member has
moderate TOC (14%) and also consists of black, thinlybedded calcareous
shalebutwithonlythinlimestoneinterbeds.
Page|23
OtherSourceRocksandStackedTargetDevelopment
TheMiddleMagdalena,inadditiontotheLaLunasourcerock,explorationupsideexistsin
secondaryhorizonsincludingtheRosablanca,SimitiandUmirsourcerocks,andtheTablazo
andPajaconventionalreservoirs.AswiththeLaLuna,boththeRosablancaandtheTablazo
horizons have also been identified as selfsourced or hybrid containing conventional
and source rock intervals. The Salada, Simiti, Rosablanca and Tablazo will likely be drilled
with the La Luna, creating a much larger stacked target. The stacked targets dictate a
verticalwelldevelopmentplan.
The Rosablanca formation underlies the Tablazo formation and is a calcareous unit
consisting of grainstones and wakestones interbedded with mudstones deposited in a
shallow marine shelf environment. Organic richness varies widely due to variations in a
depositional environment and maturity. TOC values range from 1.0% to 2.4%, indicating
excellentoriginalorganicrichness.Inthenorthofthebasin,includingBolivar,theunitisin
theoilgenerationwindowbutsomewellsarelocatedinthegasgenerationwindowasthe
unitbecomesincreasinglymaturethefurthersouthinthebasin.
TheSimitiunitconsistsofcarbonaceous,blackshalesdepositedonanoutermarineshelf.
TheTOCcontentoftheSimitiformationvariesbetween0.55%and12.0%withanaverage
TOCof2.6%indicatingagoodleveloforganiccontent.Presentdaygenerationpotentialof
thisunitisfairtopoorduetoitsthermalmaturity,whichisneartheendofoilgeneration
inthesouthwestportionofthebasinandthebeginningofoilgenerationinthenorthern
portionofthebasinintheBolivararea.TheSimitiisproducinglightoilfromunstimulated
perforationsapproximately5milesfromBolivar.
The Umir unit consists of gray mudstones with thin siltstone interbeds, finegrained
sandstones and thin siltstones deposited in inner marine shelf and coastal plain
environments. TOC content ranges from 0.67% to 6.72%. Maturity data indicates the
beginningofoilgenerationtothesouthandsoutheastportionofthebasin.
ThePajaunitconsistsofshallowmarine,calcareousmudstonesandshaleswithlimestone
interbeds and abundant carbonate concretions. The average TOC content varies between
2%and3%indicatinggoodorganicrichness.Inthecentralpartofthebasinmaturitydata
indicatesthattheunitreachestheendofoilgeneration,whileorganicrichnessincreasesto
theeastandthesouthofthebasin.
The Tablazo unit consists of calcareous, finegrained fossiliferous sandstones, limestones

andinterbeddedblackmudstonesdepositedinaninnermarineshelf.TOCcontentvaries
between0.48%and4.7%withaveragevaluesbetween2.0%and3.5%.Goodtoexcellent
organicrichnessexistsinmostofthebasinfortheTablazounitwiththeexceptionofthe
northeastern portion where regular to poor organic richness values have been seen. As
mentionedabove,theTablazoisalsobelievedtobeaselfsourcedreservoir.
Page|24
ComparisontoEagleFord,VacaMuerta(EIA)
As shown below,the La Luna shale has similar orbetter net pay,

TOC% porosity, and permeability when compared to established
hybridshaleresourceplayssuchastheEagleFordintheU.S.and
the Vaca Muerta in Argentina. We would note that the expected
gravityoftheLaLunaisheavierthantheotherplays.
Withgeologicalandpetrophysicalcharacteristicsanalogoustothe
prolificEagleFordshaleplaysintheU.S.andtheVacaMuertain
Argentina, the La Luna has been highlighted as having
considerable potential for unconventional development. Again,
theLaLunahasbeenidentifiedasaselfsourcedintervalwith
thepotentialforamuchlargerverticallycompletedstackedplay
whencombinedwiththeSimiti,Salada,RosablancaandTablazo
formations.
Page|25
ShalePotentialValidationCriteria(EIA)
The La Luna shale play in Colombia satisfies all the five requirements mentioned
below of a potential worldclass resource play.
1.
Alargeamountoforiginaloilorgasinplacewithwhichtowork;
2.
Awidegeographicaldistributionthatwillsuggest/supportaminimumlevel
ofmaterialityfortheplay;
3.
Abrittlesourceorreservoirrockthatissilicaorcarbonaterichthatcanbe
effectivelyfractured(andthereforeresultinhighratesofdeliverability);
4.
Astructurallysimpleplayattherightverticaldepth(astructurallysimple
playreducesgeologicalriskwhilebeingataproperdepthincreasesthe
chancethatthereservoirisneitherimmaturenorovermature);and
5.
Extraneousfactors(pricing,infrastructure,water,policy)conducivetolarge
scale,manufacturingtypedevelopmentprograms.
ResultingMiddleMagdalenaResourceAssessment(EIA)
The risked, technically recoverable shale gas and shale oil resources in the
combinedCretaceousLaLunaandTablazoshalesoftheMiddleMagdalenaValley
Basinareestimatedtobe18Tcfand4.6billionbarrels,outofriskedshalegasand
shale oil inplace of 135 Tcf and 79 billion barrels. By comparison Ecopetrol has
estimated the MMV Basin has 29 Tcf of shale gas potential (methodology not
disclosed,norwasoilpotentialnoted).
Page|26
BolivarBlockOverview
Page|27

Bolivar Block Location
Introduction
LocatedintheMiddleMagdalenaBasinofColombia
ca.800kmnorthofBogota
AdjacenttotheMagdalenaRiver
GEDwasawardedtheBolivarBlockAssociationContractin1996
20,321grossacres
Threesuccessfulwellsdrilledtodate(Olivo1,Catalina1,Olivo2)
OriginallylicencedfortheexploitationoftheCatalinaField(fracturedlimestone),discoveredbyEsso
in1953
Independentconsultants,RalphE.DavisAssociates,Inc.(RED)haveassessedthereservepotentialoffive
intervalsontheblock:
MiddleLaLunaShale
RosaBlancaLimestone
SaladaLimestone
SimitiShale
TablazoShale
GEDhaspreparedanindicativedevelopmentplanfortheacreageinconjunctionwithRED
Page|28
Activity by other companies and

geologic conditions lead Global to
believe they control the premier
acreage in the Middle Magdalena Oil
Shaleplay
Page|29
Page|30
BolivarGeology&HistoricWells
Page|31
RegionalGeologicalOverviewandInformationDevelopedby
theU.S.EnergyInformationAgency(EIA)
MiddleMagdalenaBasin
NarrowstructuraldepressionlocatedbetweencentralandeasternCordilleras
SimilarstratigraphytotheLlanosforelandbasin,butwiththickCretaceous
Carbonatesection
Areasofintensetectonicdeformation:ThreeregionalfracturesetsoccurinMiddle
MagdalenaBasinCretaceousrocks:longitudinal,transverse&conjugate(Linareset
al,2001).ResultoftwoTertiarycompressionaleventsduringupliftoftheEastern
Cordillera
Welldocumented,worldclasssourcerockpotentialinLaLunaFormation
FlattogentlyrollingtopographywhichisdrainedlongitudinallybythenavigableRio
Magdalena
Page|32
GeneralStratigraphicSectionBolivarBlock
Page|33
BOLIVARAREAFIELDPROJECTGEOLOGICALSUMMARY
The following summary was provided by Global and was reviewed by RED and is included as a part of this report.
The Catalina Field is located within Globals Bolivar Block in the center part of the Magdalena River
Valley approximately 800 kms north of Bogot, the capital of Colombia. The oil accumulation was
discoveredbyESSO(nowExxon)in1953andtheirfield,originallynamedtheButuramaField,represents
some of the first commercial oil production from fractured Cretaceous limestone in Colombia. ESSO
drilled six vertical wells in the Buturama Field, a fault bounded anticlinal closure. It is clear that
fracturing in this structure, as in others of a similar nature, is related to faulting. Four of the wells in
Buturama Field were producers. A total over 520,000 barrels of oil was produced before field
abandonmentbyESSOin1965.Onewell,theButurama#2producedabout450,000barrelsofthatfield
widetotal.Anotherwell,theButurama#6producedabout75,000barrelsofoilandtheremainingsmall
amountofoilattributedtoButurama#1and#3wells.TheButurama#2wellremainedunpluggedand
HarkenInternational,thepredecessorofGlobalEnergylearnedthatEcopetrol,theColombiannational
oilcompanyhadinthelate1980sconducteddownholepressuretestinginthiswellanddetermined
thatbottomholepressurehadreturnedtowhathadbeenreportedasoriginalreservoirpressure.This
situationcouldonlytakeplaceiftheCretaceousreservoirrockswererechargedwithnewoilorwater.
Globalbelievedthesituationsuggestedthattherepressuringwasmorelikelytheresultofrechargeof
the reservoir with more new oil rather than infiltration of water. Subsequently Harken International
acquiredtheBolivarContractBlockanddrilledtwohorizontalwellsinthisfield,eachwithinadifferent
Cretaceousformationandwithgoodinitialsuccess.ThefieldwasrenamedtheCatalinaField,afterthe
first horizontal well, the Catalina #1. An additional unsuccessful horizontal well was drilled by Harken
International on a related (and ontrend) structure, which emphasized the critical role faults play in
thesetypesofstructures,andtheneedformoreprecisefaultdefinition.Theplannedworkprogramin
the Bolivar Block will consist of a seismic survey and the drilling of three development wells. Global
proposestobetterimagethisfieldarea,payingparticularattentiontoobtainingahigherresolutionof
faultpatternswithintheCatalinafieldandtoimage,ifpossible,fractureconcentrationsandorientation
seismically.Toaccomplishthesegoalsahighdefinition3Dseismicsurveywithbeshotacrossthefield
area. Drill sites for the additional three horizontal (or high angle deviated) development wells will be
selectedfromthisinterpretedsurveyandwillbedrilledaspartofthisprogram.
Geologically,BolivarislocatedinthenarrowingnorthernendoftheMiddleMagdalenaStructuralBasin,
whichisboundedonthewestbytheCentralCordilleraandontheeastbytheSantanderMassifportion
ofthenorthernsectionoftheEasternCordillera.Thisisalsoanarealocatedbetweenwheretwomajor
strikeslipfaultsthatareontrendand vergingtowardoneanother.ThePalestinaFault,arightlateral
strikeslipfaultislocatedonthewestsideintheCentralCordillera,andtheBucaramangaFault,aleft
lateralstrikeslipfault,islocatedontheeastsideoftheMiddleMagdalenaBasinandwithinthewestern
marginoftheSantanderMassif.Clearly,theadditionaltectonicforces,fromlateralmovement,onthese
largefaultsexertadditionalstressesonrockswithinthisportionofthebasin,asevidencedbytheseries
ofNESWorientedfaults,fractures,andlineamentsthattransectthisarea.Thesefeaturescanbetraced
to the southwest into the igneous and metamorphic terrain of the Central Cordillera and are easily
observedinthisregiononLandsatimages.
Page|34
BOLIVAR
TORCAZ
Page|35
Thissamestructuralgrainiscarriedintothesubsurfaceandcanbeeasilyidentifiedonregionalseismic
lines.Theseismicrecordindicatesthatmostofthesefaultswiththisorientationarehighangleanddid
not cut the major unconformity at the base of the Miocene age Real Formation. It is faults of this
orientation that are also associated with the fractured Cretaceous Limestone oil production in the
northern part of the Middle Magdalena Basin, of which the Buturama Field is a prominent example.
Profoundstructuraleventsimpactedthisregion,andeachprovidedtheopportunitytofracturebrittle
carbonaterocksandcalcareousshalesindifferentways.Thestructuraleventsbeganwithriftingandthe
development of normal faults in the late Cretaceous. This was followed by several episodes of
compressionintheTertiarywhichresultedinfoldingandthrustingwithreversefaultdevelopmentsome
ofwhichbythereactivationofearliernormalfaults,andsomewrenchingwhichmayhaveresultedin
strikeslip movement along some of these fault planes. There may have also been later and separate
bouts of wrenching. Some of this tectonic activity is still ongoing. A series of horsts and graben and
relatedmorecomplexfaultstructuresweredevelopedintermittentlyalongtheseNESWorientedfault
trends in the northern part of the Middle Magdalena Basin. Global has referred to as them as fault
bounded fairways and the Buturama/Catalina Field is clearly evident on the following Cretaceous age
Rosa Blanca Formation Structure Map on the most prominent and structurally complex one of these
structuralridges(designatedFairwayIII).
Original
Contract
Boundary
TheMiddleMagdalenaisaTertiarydepositionalbasinformedbyamajorAndeanOrogenyinthelate
MiocenetimefromaportionofamuchlargerCretaceousgeosyncline.Amaximumofover40,000feet
ofsediments(bothCretaceousandTertiary)hasbeendepositedinthisbasin.Thebasinisasymmetric,
Page|36
and it deepens gently to the southeast where it disappears beneath thrust faults at the edge of the
Central Cordillera. Northward, the stratigraphic section thins and the easterly sloping eastern margin
adjacenttotheSantanderMassifhasbeenupliftedanderoded,quitedeeplyinsomeplaces.Thereisa
verypronouncedangularunconformity,inthenorthernportionoftheMiddleMagdalenaBasin,atthe
baseoftheEocenethatcanbeveryclearlyseenonregionalseismiclines.Here,Cretaceousrocksmay
subcrop below the unconformity and such a situation exists only about 4 kms north and west of the
ButuramaFieldasseemonSeismicLine7701
whichrunsparalleltothestructuralaxisoffaultboundedFairwayIIIfromtheButuramaFieldmoving
updiptotheundevelopedCrisolGasField,acomplexlyfaultedandpartlyerodedanticlinalfeaturethat
isprobablygeneticallyrelatedtotheButuramaStructure.Thetwofeaturesmayinfactstillbeinfluid
communicationsandthereissomepressuredatathatsupportsthatcontention.Ifthatiscorrect,then
theCrisolStructuremayactuallyrepresentthegascapontheButuramaField.Anoilwatercontacthas
notyetbeenfoundfortheButuramaField.
Page|37
Current
Contract
Boundary
ItisthecarbonaterocksofthelowerhalfoftheCretaceous,almostexclusively,thatareofinteresttooil
explorationistsinthenorthernpartoftheMiddleMagdalenaBasin.Thefigureonpage39illustratesthe
typicalstratigraphicsectioninthatpartofthebasin.
Page|38
ReservoirDescription
Fivekeyformationsaspotentialhydrocarbonbearingintervals(allCretaceous)fromearliesttomostrecent:
MiddleLaLunaShale
o ShalelocatedwithinthelargerLaLunaFormation
o ExhibitshighTOCcontent(upto10%)
o Finelybeddedblackcalcareousshalesequenceswithlimestoneintercalations
o EstimatedthatalmostallproductioninnorthernSouthAmericaoriginatesfromLaLunaFormationsources
SaladaFracturedLimestone
o ca.300ftthickcomprisingargillaceous,veryfinegrainedandfinelylaminatedlimestones
o Depositionoccurredbydirectsettlingofsedimentfromsuspension,mostlikelyinmoderatelydeepwaterwith
restrictedcirculation.Olivo1producedatarateof5000bopdfromtheSalada
SimitiShale
o OffsetwellPimiento2producing32degreelightoilfromlimitedperforationsintheSimiti
TablazoShale
o GEDandotheroperatorsintheareahaveidentifiedtheTablazoasahighpotentialintervalforshaleoil
production
o Buturama2testedupto250bopdfromTablazoduringdrilling
o Catalina1producedlightoilfromtheTablazoat400bopdduringdrilling
RosaBlancaFracturedLimestone
o Basalformationdepositedinlowenergyconditionsinmoderatewaterdepth
o Formationexhibitslittletonomatrixporosity,averaging5%orless
o Catalina1producedtheRosaBlancaataninitialrateof7000bopd
Page|39

GeneralStratigraphicSectionBolivarBlock
Page|40
The reservoir targets here are the limestone units of the La Luna Formation, in particular the Salada
LimestoneMember,andtheCretaceousBasalLimestoneconsistingoftheupperTablazoFormationand
thelimestonebedsoftheunderlyingRosaBlancaFormation.TheSaladaLimestoneisalmost300feet
thick and it is contained within thick sequences of dark colored, organic rich shale of the La Luna
FormationaboveandtheSimitiFormationbelow.Thislimestoneisargillaceous,veryfinegrainedand
finely laminated. Little or no matrix porosity has been preserved in these rocks. It is believed to have
been deposited in moderately deep water with restricted circulation. In the Basal Limestone it is the
RosaBlancathatisofprimaryinterestTheRosaBlanca,upto500feetthick,butwithonlyabout200
feet of interest, is a limestone deposited in shallower, more open marine waters that those of the
Salada. The rock type consists of poorly bedded bioclastic limestone. It too, has little or no matrix
porosity,usually5%orless.
Harken International drilled two horizontal wells within the old Buturama Field. Absent any other
analyticaldataitwasthoughtthatthebestfractureporosity,intheseotherwisetightlimestoneunits,
would likely have been developed adjacent to faults and that perhaps those with the larger
displacement (horizontal as well as vertical) would be the most suitable positions in which to drill.
Further, a well spud position as high up on the structure and as close to the best producing well
(Buturama# 2)wasselectedforboth wells.Thefirstwell,theCatalina#1wascompletedinthe Rosa
Blancaasa1200footlateralhorizontalwellalongthefaulttrace.Thetestpotentialtestedforover7000
barrelsof38gravityoilperday,andtodatehasproducedinexcessof600,000barrelsofoil.Thesecond
horizontal well, the Olivo #1, with a northward path parallel to the western bounding fault, was
completed in the Salada Limestone Member of the La Luna Formation. This well potential tested for
10,800barrelsof15gravityofoilperdayandtodatehasalsoproducedover600,000barrelsofoil.The
oilproducedfromeachzoneisrathergassy.ThesolutionGORfortheRosaBlancaisaround750Cubic
feet per barrel. For the lower gravity Salada oil, the solution GOR is 60, but the producing GOR runs
between50,000and100,000cubicfeetperbarrel.Completesuitesofmodernelectricallogswererunin
boththewellsincludingFMIfracturefindinglogs.Coreswerealsocut.Sothesetwonewwellssupplied
an abundance of data never before available for review. Large numbers of small aperture fractures
trending NESW and oriented at very high angle or vertical were encountered. Many were calcite
cemented,totallyorpartially,butquiteafewwerefoundtobeopen.Somefracturesalsoexhibitedoil
staining. Larger portions of the cores were missing, suggesting that other fractures or very close set
fracturezoneswithgreateraperturesmayalsobepresentinthesubsurface.
Source rock for this accumulation is believed to also be from Cretaceous age rocks. Of primary
importancearethehighTOCcontent(upto10%organiccarbon)shalesoftheLaLunaFormation.This
sourcerockformation(anditsageequivalents)isbelievedtoberesponsibleforsourcingmostoftheoil
depositsinnorthernSouthAmerica.ThedarkorganicrichshalesofboththeSimitiFormationandthe
RosaBlancaFormationarealsothoughttohavebeenalocalsourceforhydrocarbonsinthisarea.
The structure of the Buturama/Catalina field is a horst block popup feature of the type sometimes
referred to as a flower structure. This geometry is perfectly displayed on Seismic Line BCP 7706 that
crossed this faultbounded fairway perpendicular to its axis, and the seismic line crosses the flower
Page|41
structurejustsouthoftheterminationoftheCatalina#1lateral.Fromthisseismicline,itisclearthat
both the Catalina and Olivo wells were drilled on the structurally simpler side of this feature.
Fortunately,theselectioncriteriaemployedforwellplacementinhighlyfracturedareaswassuccessful
in these two cases. It is also clear that the faulting is of greater complexity on the east side of the
structure,butthatthedetailsarenotsowellresolvedhere,anddrillingonthissidewouldappeartobe
ahigherrisk.Toresolvethisissue,ahighresolution3Dseismic
survey will be shot by Global over the field to completely resolve these structural issues. Clearly a
velocitysurveywillberequiredtoassureproperdepthconversionformappingpurposes.Itisbelieved
that a 3D seismic survey may actually allow the areas of heavy fracturing, and perhaps even the
orientation of these fractures to be identified and mapped by seismic attribute differences between
fracturedandnon(orless)fracturedcarbonaterocks.Thegassynatureoftheproducedoilfromboth
formations may assist in this recognition. It is envisioned that gas evolving from oil contained in the
fractures (which is essentially the only storage capacity of these rocks) will be released in sufficient
volume to produce a gas effect over fractured zones that can also be recognized seismically. Three
locationsforhorizontalwellswillbeselectedfromtheinterpretationoftheplanned3Dseismicsurvey
inareasthatarebelievedtobestructurallysafeandinhighlyfracturedzones.
Page|42
ReservoirProperties
Intervalshavebeencoredandtestedbyanumberofwellsincluding:
Catalina1
Olivo2
Laurel1
Figurescontainedinthetablereflectrangeofvaluesextractedfromthesewells
Bolivar Block Reservoir Properties

Interval Thickness (ft)
Total Porosity (%)
Fracture Porosity (%)
Matrix Porosity (%)
System Water Saturation (%)
Fracture Water Saturation (%)
Net Pay (ft)
Partitioning Coefficient (%)
La Luna
Salada
Simiti
Tablazo
Rosa Blanca
757 1,560
221 381
900
163 308
112 540
9.4 14.3
4.9 8.1
10.7
5.2 14.0
1.6 9.3
0.1 1.5
0.3 1.2
0.9
0.1 0.8
0.0 0.8
7.9 13.4
4.6 7.0
9.8
5.1 13.2
1.6 9.1
29.7 42.2
23.4 34.7
40.0
33.0 39.3
18.1 40.9
0 26.7
78 238
50 169
450
30 77
65 105
0.0 16.0
2.6 16.1
8.4
0.0 9.3
1.2 30.9
Page|43
MiddleLaLunaShaleComparison
Page|44
Thickness
TheTablazoandLaLunaatBolivarhaveapproximatelythesamethicknessastheExxon/Canacol
MonoAraawellbaseduponregionalisopachmaps
Page|45
ButuramaFieldDrillingResults
EssodiscoveredtheButuramaFieldinwhatisnowtheBolivarBlockarein1953
DrillStemTestReportfrom19November1953showspressuresencounteredintheLaLunaFormation
ThesetestsshowthattheLaLunaisoverpressured
Gradientof0.51psi/ft
DrillingmuddensityplotforthewellsontheButuramaFieldalsoindicatepressuresusedintheLaLuna
exceedingthoseusedintheButuramaField
HenceindicatingevenhigherlevelsofoverpressureintheLaLuna
RefractiveindexdatagatheredfromtheMiddleLaLunaandSaladaintheButurama3wellshowca.23
degreeAPIoilintheMiddleLaLuna
Lighteroilsperthegeochemistryshowupafterthelightoilzoneporespaceisfracturedopen
Page|46
Catalina1GeochemicalAnalysis
4,000to5,500featuresnormalizedoilcontentofover100mg
pergramofTOCindicatingproductiveoilsection
Bestproductivezonesare:
37904520(MiddleLaLunaShale)
48105533(SimitiShale)
HigherProductionIndices(PI)inzonesofhighnormalizedoil
contentsuggestslightercrudeoils
Samplessuchas4671showahighconcentrationoflight
hydrocarbons
ThetightMiddleLaLunaShaleinthissectionappearstonot
haveexpelledhydrocarbonswiththelighthydrocarbonsbeing
trapped
oradsorbedinthepoorspaceoftherock
Intervalswiththehighestnormalizedoilcontentappearto
containthehighestqualityoil
IntervalswithlowTOCvaluesappeartocontainthemost
productivezonesduetobetterreservoirpropertiesofporosity
andlowadsorptivecapacity
Page|47
Page|48
Page|49
ThermalMaturities
BolivarLaLunaisinthemidstageofoilgeneration
SolutiongasforLaLunaisabove100andthusoilgravityshouldbeinthemediumrangeof25API
TheburialhistoryoftheBolivarBlockhastheLaLunadeeperandhotterthanitscurrentpositionthereby
acceleratingoilgenerationbeyondtheearlystage
ThestructurallyhighpositionBolivaroccupiesinthebasinbenefitsfromthemigrationofdeeper,lighteroils
fromdowndip
LightoilintheRosaBlancaandTablazothathasbeentestedatBolivarislikelysourcedfromtheLa
Lunadowndip
Page|50
HydrocarbonGeneration&Migration
GeomathBolivarBlockGeochemistryStudy
MigrationofhydrocarbonsintotheBolivarBlockisverylikelytohaveoccurredfromthemoremature
LaLunaandSimiti/RosaBlancaformationstothesouth
Potentialsourcerockstendtopinchoutorbecomeimmatureoutoftheareatotheeastandwest
duetoupliftanderosionassociatedwiththedevelopmentoftheAndes
Therefore,migrationfromtheseareaswouldbelesssignificantthanthepotentialformigrationof
hydrocarbonsgeneratedfromthesouth
Potentialformigrationfromthenorthcouldnotbedeterminedbasedontheavailabledata
However,thepresenceofgasaccumulationsintheCrisolwells,areestimatedtoberelatively
immature,couldindicatethatthesourcerocksdobecomemorematuretothenorthallowingfor
migrationintothenorthernpartoftheBolivarBlock
Thenorthernsectionoftheblockshowsmoreevidenceofgasaccumulationthantheremainderof
theblock
Page|51
HistoricDrilling&SeismicCoverage
EssodiscoveredtheButuramaFieldinwhatisnowtheBolivarBlockarein1953
6verticalwellsdrilled,fourofwhichproducedoil
520,000bblsoilproducedbeforerelinquishmentin1965
Tested+35APIoilfromtheTablazoinButurama2at250bopdonDST
StaticpressuretestonButurama3wellin1988indicatedrechargetooriginallevel
GED(thenHarkenInternational)acquiredrightstotheareain1996
FourwellsdrilledbyGEDonblock:
Catalina1(1997)
1,200fthorizontalbetweenRosaBlanca/Tablazotestedat7,073bbls/d36APIcrudeand11.5mscfdinthe
RosaBlancaand400bopdof34oilfromtheTablazoproducedca.612,725bbls
Olivo1(1998)
6,000fthorizontalwellinSaladaLimestonetestedat5,000bbls/d16APIcrudestillproducing,cumulativeover
705,000bbls
Laurel1(1999)
Drilled5,400fthorizontalsectionbeforelosingthestring
Wellloggedbutnottested
Olivo2(2001)
HighanglewellpenetratedSaladaLimestone
Encounteredlowfracturedensityzone
Wellsubsequentlyacidizedalthoughonlyproduced80bopd
2
180km2Dseismicand5km 3Davailableontheblock
Page|52
Exxon/CanacolMonoAraa1Well
24January2013CanacolEnergyannouncedinitialresultsfromMonoAraa1well
ExxonMobil(70.1%)andVetraE&P(9.9%,operator)
VMM2blocklies12kmtothesoutheastoftheBolivarBlock
DesignedtotesttheoilpotentialofboththeshallowconventionalTertiaryLisamasandstonereservoiranddeepershale
andcarbonatereservoirswithintheLaLunaandTablazooilsourcerocks
TwointervalswithinthetertiaryLisamasandstoneweretested,whichflowedatacombinedaveragegrossrateof1,242
bopdduringshorttermtests
Drilledto9,942ftMDwithintheLaLunaFormation
760feetofLaLunawereencountered
goodoilandgasshowsnotedthroughout
at9,585ftwithintheLaLunaca.280barrelsofoilflowedintothemudpits
deeperprospectivezonesintheLaLunaandTablazosectionswerenotpenetratedduetohighpressure
encounteredwhiledrilling
ImplicationsfortheBolivarBlock
ThewellissouthoftheLaurel1welldrilledbyCEDCO
TheLaLunaintheCatalinafieldareaisapproximately1,000feetthick.CanacolExxonappearedtohavesetcasing
throughapproximately75%oftheLaLuna
Thedepthof9585ftwheretheLaLunaflowed280bblsofoilisapproximatelythepositionoftheMiddleLaLunainthe
Olivo1andOlivo2wells
Page|53
DevelopmentConcept
Page|54
MultipleStackedLightOilProducingZonesintheCatalinaFieldoftheBolivar
AssociationContractSuggestsVerticalDevelopmentPlan
Zonesalreadytestedforoil:RosaBlanca,TablazoandSimitiintheoffsetPimiento2well
Zonetobefurthertestedin2013:SimitiintheCatalina1
Page|55
BolivarShaleTests
Global plans to reenter the Catalina 1, Olivo 1 and/or the Olivo No. 2 wells and hydraulically
fracturetheMiddleLaLunaShaleand/orSimitiShale.Theestimatedcostis$4.0million.There
has been established production from the Salada and the Rosa Blanca in the immediate area
fromtheOlivoNo.1andtheCatalinaNo.1asshowninthefigurebelow.
Olivo2
In2001GlobaldrilledtheOlivo2throughtheLaLunaandtheSaladaformationsasshowninthefigure
above. The open hole section through these formations swab tested 80 Bopd with no hydraulic
fracturingoranyothercompletionstimulationtoenhancethisrate.Globalplanstoruncasingacross
this open hole interval to perforate and hydraulically fracture the carbonate rich Middle La Luna
sections.TheLaLunaaswellastheSaladaandtheRosaBlancahaveintensenaturalfracturing.The
combination of the naturally occurring fractures and the induced hydraulic fracturing should increase
theproductionratessubstantially.
Page|56
TheOlivo2wasselectedforoneoftheinitialshaleoilhydraulicfracturingtestsbaseduponthelarge
amountofcarbonatepresentintheMiddleLaLunasectionofthewellboreasshowninthefollowinglog
section.Generally,successfulhydraulicfracturingwillincreasethenaturalflowratebyfourtotentimes
andinsomecasesevenhigher.TheOlivo2completionthereforecouldpossiblyseeaninitialproducing
rateof320to800Bopd.
In this report the productive Eagle Ford Shale in South Texas is used as an analogous formation.
PetrophysicaldatashowsthattheMiddleLaLunaandtheEagleFordarecomparable.Theoilwindow
oftheEagleFordiscommercialbecauseoftherecentmultistagehydraulicfracturingtechniques.Post
fracproductionratesrangefrom1000to2500Bopddependingonlaterallengthandthenumberoffrac
stages.TheEagleFordhoweverdoesnotexhibitthenaturalfracturingseenintheLaLuna.Withthe
combination of the naturally occurring and the multistage fracturing the production rates for the
completionsintheLaLunaareexpectedtobecomparabletothoseseenintheEagleFord.
Theflowratescanalsobeaffectedbytheoilgravityandviscosity.TheLaLunawilllikelyproducea23
degreemediumcrudeoilthatwouldusuallyflowatlowerratesthanlightoilbutthenaturallyoccurring
and induced fracturing will augment the flow. The analogous Eagle Ford produces low viscosity 35
degreeoilbutaspreviouslymentionedtherearefewernaturallyoccurringfractures.
AlthoughtheOlivo2isnotahorizontalwell,theresultsoftheproposedtestcouldsignificantlyaffect
theLaLuna3PReservesandproductionratesincludedinthisreport.
The log section following is from the Olivo No. 2 and shows the middle La Luna section (400
feet)tobecompletedwithuptoa4stagefrac.
Page|57
Drilledin2001;swabtestof80bopd
4Potentialfracstagesindicatedby
perfgreenmarkers
Heavydolomitized(increases
brittlenesswhichisfavorablefor
productionratestimulationusing
(
hydraulicfracturing)
Olivo2isoneofthreepotentialre
)
entrywellsincludingOlivo1and
Catalina1
Page|58
Tablazoisoneoffive(5)productiveformationsfoundonoradjacenttoBolivar
DuringDrillingofCatalina1in1998
Page|59
BolivarCurvature
fromderivativeofdip
maps
Notes:
1. GraphicSource;TestingCurvaturesImpactonFractures,AAPGExplorer,July2013,Pg.42
2. BolivarCompression:+45
Conclusion:BolivarhassignificantFractureIntensityandFracturePermeability
Page|60
WellDesignSelectionCriteriaGuidedBySignificantNaturalFracturing
HighFrequencyandLargeApertureFracturesinBolivar
Page|61
BOLIVARFRACTUREFREQUENCYANALYSIS
Formation
LaLuna(includesSalada)*1
Simiti*1
Tablazo*2
RosaBlanca*2
Thickness
(Ft.)
Open
Fractures
Fractures
PerFoot
Fractures
PerMeter
949
320
.34
1.11
870
196
.23
.74
140
.057
.19
217
21
.097
.32
Source *1: Fracture Analysis from Formation Image Data in Simiti and La Luna shales in Catalina 1
Source *2: FMI Analysis, Catalina 1 and Laurel 1, August 4, 1998
FractureFrequencyAnalysisUsedtoCalculateFracturePermeability
Page|62
BolivarsHighNaturalFracturePermeabilityRequiresVertical
WellDevelopment
Catalinavs.EagleFordNaturalFracturePermeability(Undamaged)toOil
ViscosityRatio
Catalinavs.EaglefordNaturalFracturePermeability(Undamaged)toOilViscosityRatio
Interval
Gravity
Aperture
Freq.
Phifrac
Kfrac
hnet
Rate**
Reservoir
K/u
Ft
API
Wf mm
Df
mD
ft
BOPD***
Viscosity
Ratio
La Luna (inc. Salada) Catalina 1
3581-4530
23
0.3
1.11
0.03330%
2497
232
15,643
17.854
140
Simiti
5300-5674
30
0.3
0.74
0.02220%
1664
187
26,123
1.493
1115
Zone
Well
Catalina 1
Tablazo
Catalina 1
5674-5892
32
0.3
0.19
0.00570%
427
30
7,809
0.906
472
Rosablanca
Catalina 1
5892-6392
38
0.3
0.32
0.00960%
720
105
75,011
0.541
1330
Total
554
124,586
130
75
14,260
0.561
232
Eagleford
Normalized
8000-8075
34
0.25
0.1
0.00250%
Quantitative prediction of porosity and perm eability of fractures* relies on the fracture aperture,
m easured in m illim eters, from resistivity m icro-scanner or observation of cores or core im ages:
1: PHIfrac = 0.001 * Wf * Df * KF1
2: Kfrac = 833 * 10^11 * PHIfrac^3 / (Df^2 * KF1^2)
Where:
KF1 = num ber of m ain fracture directions

= 1 for sub-horizontal or sub-vertical
*3: Kfrac = 833 * 10^5 * PHIfrac * Wf^2
= 2 for orthogonal sub-vertical
4: Kfrac = 833 * 10^2 * Wf^3 * Df * KF1
= 3 for chaotic or brecciated

PHIfrac = fracture porosity (fractional)
Df = fracture frequency (fractures per m eter)
Wf = fracture aperture (m illim eters)
Kfrac = fracture perm eability (m illidarcies)
Completion Profile
1. Vertical or near vertical completion profile dictated by available engineering analysis.
2. All five Catalina zones (La Luna, Simiti and Tablazo) can be produced simultaneously.
3. Initial production rates combined total 124,586 bopd (undamaged flow rates).
* Reference: Crain's Petrophysical Handbook

** Theoretical Rate Calculated from Darcy flow equation using reservoir parameters from Catalina Field and Eagleford literature
Catalinareservoirpressurecalculatedusing0.48psi/ft,30%Drawdown(byzone),GORperRED,tempgradient=0.0264degF/ft,80acres.
Eaglefordreservoirpressureof4400psi,30%Drawdown(Pwf=3065psi),GOR=800,temp=175F,80acres.
*** Rates are for "undamaged" formation rock properties prior to Hydraulic Fracturing
In his text, Geologic Aspects of Naturally Fractured Reservoirs, Aguillera showed that fracture permeability was
closely tied to fracture width, stating that kf=8.35x10^6xwo^2darcys where fracture width wo is measured in
centimeters. He concluded: Consequently, the intrinsic permeability attached to single point properties of a
fracture0.01in.thickwouldbe5,400darcysor5,400,000md.Theseextremelyhighvaluesofpermeabilityclearly
indicatetheimportanceoffracturesonproductionoftightreservoirswhichotherwisewouldbenoncommercial,
eveninthepresenceofhighhydrocarbonsaturations.GEDfeelsthatthemoreconservativeapproachtofracture
permeabilitygivenbyCrainstilldemonstratesthatveryhighoveralleffectivepermeabilitiesshouldbeanticipated
ontheBolivarBlock.
Page|63
WELLDESIGNFORVERTICALVS.HORIZONTAL
FRACTUREDOILWELLS
KeyConclusions:
1. Forhorizontalwellswithtransversehydraulicfractures,thereis
achokingeffectasaresultofthelargecontrastbetweenthe
proppedfractureflowareaandtheareaofcontactbetween
thehydraulicfractureandthewellbore.Thisresultsinalossof
productivitythatwillincreasewithreservoirpermeability.
2. Forhorizontalwellsinoilformations,transversehydraulic
fracturesareveryattractiveforlowpermeabilityformations
andforhigherpermeabilityformationstoapproximately10md.
Abovethispermeability,verticalfracturedwellsorhorizontal
wellswithlongitudinalhydraulicfracturesshouldbe
considered.
Source:CSU/SPEPaper#137328
Page|64
ExtensiveFractureIntersectionsandDrillingFluidDamageRemediation
Conventional Low Porosity Sandstone intervals of the Simiti Shale Representing Pay
andStimulationObjectivesidentifiedbySchlumberger
Page|65
VerticalCompletionProfilePossibleAtBolivarDuetoIntense
NaturalFracturing
Page|66
Reserves&Resources
BolivarDevelopmentPlanAugust2013,preparedbyRalphE.DavisAssociates,Inc.(RED)
Recoverable2PreservesforRosaBlancaandSaladaFracturedLimestoneformations
Recoverable3PreservesforMiddleLaLunaShaleandtheRosaBlancaandSaladaFractured
Limestoneformations
Developmentplanbasedon6rigdrillingprogramwithtotalof252newverticalwells
Wellsproducetillmid2024whencontracttermexpires
PossibleMiddleLaLunaShalereservesandproductionrateswillberevisedafterthehydraulicfracturing
testoftheOlivo1well.Additionalrevisionsofreserveclassificationsareexpected.
Ecopetrolexpectedtobackinfor50%afterGlobalhasrecovered200%capexpayout
337mmboor88%ofthe381mmbotechnicallyrecoverableoilcanbeproducedpriortocontract
termination
Page|67
ProjectedProduction&CostProfiles
GrossproductionandcostprofilespresentedpreroyaltyandprepotentialbackinofEcopetrol
ProfilespresentedincludeproductionandcostsforallundevelopedRosaBlancaandSaladaLimestonewell
locationsandallMiddleLaLuna,SimitiandTablazoShalelocations
Nolearningcurveeffectsmodellede.g.:
Reductionindrillingandcompletionstimeandcosts
Improvedwellperformanceasfracmethodologyisperfected
Profilesexcludeabandonment,asitisassumedthatEcopetrolwilltakeovertheareaattheexpirationofthe
Concession,thusremovingtherequirementforGEDtoabandonthewellsonsite
Totalof$42.7millionspentontheBolivarBlocktodate
Page|68
Page|69
LaLuna,TablazoandSimitiShalesTypeCurves
Allcompletionsinthethreeshaleproductivezoneshavebeenmodeledusingtheshapeofcurvethat
isgenerallyusedfortheoilwindowcompletionsintheEagleFordShaleintheUnitedStates.
Comparisonofformationparametersineachofthethreeshalesexceedthoseparametersfoundinthe
EagleFord.SinceadequateproductiondataisnotcurrentlyavailablefortheColombiashales,REDfeels
thatuseofthisshapeofcurveisthemostreasonablemethodofforecastingproductionwithoutsuch
data.Thefollowingillustratestheshapeofcurveusedforallthreereservoirs.
Page|70
Curvesforeachoftheindividualproductivezonesareavailablebuthavebeensummarizedinthetable
below.ExceptfortheInitialProductionvalueandresultingultimaterecoverablevolume,alloftheShale
curvesareidenticaltotheshapecurveabove.
SummaryofinitialratesandtechnicallyrecoverableEURsbyzoneusedtocreatetypecurve.
IP(BOPD)EUR(MBO)
M.LALUNA1,180
503.7
SALADA335
418.4
SIMITI
790
413.8
TABLAZO
390
204.3
ROSABLANCA 650
802.8
Total 3,345
2343.0
Optimumlocationswillbeproductivefromallfiveintervals,andasisdocumentedelsewhereinthe
plan,willbeproducedfromtwostrings.Thedeeper,lightergravitycrudesoftheSimiti,Tablazoand
Rosablancawillproducefromonstring,whiletheheaviercrudesoftheMiddleLaLuna/Saladawill
producefromasecondstring.Curvesforeachstringinthisconfigurationarepresentedbelow.
LONGSTRING
SIMITITABLAZOROSABLANCA
Initialratesfromthisstringwillbe1,830BOPDwithtechnicallyrecoverablereservesof1.42MMBO.
Page|71
SHORTSTRING
MIDDLELALUNASALADA
Initialratesfromthisstringwillbe1,515BOPDwithtechnicallyrecoverablereservesof922MBO.
Page|72
BOLIVARDEVELOPMENTPLAN
FACILITIES,OILMARKETINGTRANSPORTAND
MANPOWER
Facilities
ThecurrentsurfacefacilityintheBolivarareahasastoragecapacityofapproximately30,000
barrels.Thetreatmentcapacityisbetween16,000to20,000BFPD,dependingonthecondition
ofthefluidstobeprocessed.
OilMarketingTransport
Inordertomarketthecrude,severalalternativeshavebeenevaluated.
Pipeline: The Bolivar area possesses a 12 inch pipeline from the facility to the main
BarrancaAyacucho (BA) pipeline. This pipeline has not been connected to the BA.
Currently, the BA does not have the capacity to allow more oil to be transported.
However, it is expected that with the new Bicentenario pipeline project that is under
construction,newoiltransportcapacitywillbeavailableduring2015or2016.
Trucks:CurrentlyColombiahasthecapacityofmovingBolivaroilbytruck.Thenearest
pumpingstationislocatedatAyacuchowhichisonly30kmsfromBolivar.Thisisthe
likelydestinationfortruckingproducedBolivaroiltomarket.
Barges:Thethirdoiltransportationoptionistousebargesinordertotransportoilon
the Magdalena River from Gamarra port which is 15 kms from Bolivar. Oil would
thereforebetruckedtoGamarraandthenbargedtotheCaribbeanportofBarranquilla
for export. Currently, a large Colombian construction company is improving and
dredgingtheMagdalenaRivertoenablebargetransporttooperateeasilyfromGamarra
toBarranquilla.Theimprovementprojectshouldbecompletedbylate2015.
Page|73
Manpower
TheBolivarDevelopmentPlanwillrequireanentireteamofprofessionalstobehiredandused
infieldoperations.Thefollowingtypesofprofessionalsarerecommended:
DrillingManager
o DrillingEngineers
o Completionengineers
o Costcontroller
o Fielddrillingsuperintendent
Drillsitemanagers
Drillingtechnicalassistant
o Fieldcompletionsuperintendent
Completionspecialists
Operationstechnicalassistant
ConstructionManager
o Facilityengineers
o Fieldconstructionsuperintendent
Mechanicalspecialists
Electricalspecialists
OperationsManager
o Fieldoperationssuperintendent
o FieldSeniorproductionEngineer
o Fieldproductioncoordinator
o Fieldproductionengineers
o Fieldproductionoperators
EngineeringManager
o ReservoirEngineers
o Developmentgeologists
HRManager
o Recruitmentspecialist
o Fieldadministrator
MaterialsManager
o Fieldwarehousesupervisors
Materialstechnicalassistant
SecurityManager
o Fieldsecuritysupervisors
HES&CommunitiesRelationshipManager
o Safetyspecialist
o Environmentalspecialist
o Social&Communitiesspecialist
o Fieldsafetyspecialists
o Fieldsocialcoordinators
Page|74
CurrentOperations
Olivo1wellcurrentlyproducingatlowratesof4060bopd
CrudeoilproductsfromtheBolivarcontractaretrucked30kmfromwellheadgatheringstationstothe
AyacuchoPumpStation
CurrentcrudeblendfromtheBolivarBlockis14API
BlendedatPaloBlancofacilitiesbeforetransportationviathePaloBlancoSantiagopipeline
Note: Bolivar Field development production will be barged to north coast markets
Page|75
Page|76
DevelopmentWellPlan
BolivarBlockcovers20,321grossacres
Itisanticipatedthat6wellscanbedrilledin2014fromtheexistingCatalinaoperationalareaunderexisting
environmentalauthority
OnceanupdatedenvironmentallicenceisgrantedbyAutoridadNacionaldeLicenciasAmbientales(ANLA)
drillingacrosstheentiretyoftheblockcancommence
Keyassumptions:
Allreservescanbedevelopedon80acrespacingwithverticalordirectionalscurvewells(returning
inclinationto0atthetopoftheMiddleLaLuna)
Spacingdimensionconformstoreasonableanticipatedfracturelengthsandconservativerecovery
factorof46%
RosaBlancaandSaladaLimestonereservesanticipatedtobeaccessiblefromasubsetofthesame
surfacelocationsasthoseusedforthedevelopmentofMiddleLaLunaShale,SimitiShaleandTablazo
Shaleandnoadditionalpadswillberequired
Page|77
EnvironmentalLicence
GEDcurrentlyholdsanenvironmentalpermittoconductdrillingactivitiesfromonelocationon
theBolivarBlock
Existingenvironmentallicencefor1platform(complete)and4wells(twodrilled:Catalina1&
Olivo1)
AnupdatetotheexistingenvironmentalpermitisbeingsoughtfromtheAutoridadNacionalde
LicenciasAmbientales(ANLA)
Updatedenvironmentallicencetoaccommodatedevelopmentoftheentireblockoverthelifeof
thelicence:
Multipleplatforms,wells,productionfacilities,accessroads,flowlines,electricallines,aerial
runway,heliport,groundwaterwellsetc.
Waterdisposaloptions:
Reinjection,dumpinginsurfacewater,infiltrationintothesoil,disposalinothersfields,
disposalwiththirdparties,evaporation,secondaryrecovery
Studiesandcostforenvironmentallicensemodification($450ktotal):
EnvironmentalImpactStudy(includingArchaeology)$300k
FeesassessedbyEnvironmentalAuthorities$120k
Supervisionbyconsultants,payrollallocationandcontingencies$30k
Specificsitesforfuturewellpadsnotyetdetermined
Flatterrainwillallowforwellstobedrilledacrosstheentireblock
Page|78
Mapshowingproposedsurfacepadlocationsinrelationtoenvironmentallyrestrictedareas.Thepad
locationsshownherearecontainedintheexpandedenvironmentallicenserequestwhichisnowbeing
processed.
Page|79
Page|80
BOLIVARBLOCK
MULTIWELL PLATFORM
Page|81
MULTIWELLPLATFORM
6Ha,9DrillingWells&1InjectorWell
Page|82
Facilities&Transportation
Estimated$230millionspendingonfacilitiesrequiredforthedevelopmentofthewholeblock:
increasecapacityatproductionfacilitiesandstoragetanks
buildgatheringlines
refurbishdockloadingfacilities
refurbishwaterandnaturalgashandlingfacilities
fourwaterdisposalwellstohandlewaterproduction
fourinjectionwellsfordisposalofproducedgasintotheCrisolgascap
Anticipatedbreakdownofcostspresentedintable(bottomright)
OilinitiallytobeexportedbytruckorbargeviatheMagdalenaRiver(located5to10kmfromfutureproduction
locations)
Existingloadingdocksandfacilitiesavailableontheriverwhichwillbeupgradedaspartofthefacilitiesupgrade
PipelinetobebuiltfromBolivarcentralproductionfacilitiestothedocks
CrudeshippedtoCoveasonthecoastviatheMagdalenaandintracoastalcanalsystems
10,000barrelcapacitybarges
Roundtripinsixdays
Transportby200barreltruckuntilthedockandpipelineareready
RoundtriptoCoveasinfourdays
Trucksinconjunctionwiththebargesorasabackupifneeded
Estimatedtransportcostof$5perbarrel(bargeortruck)
Currentlynoplanstotransportcrudetomarketbypipeline
Page|83
ProductionFacilities
There are 30,000 barrels of existing storage capacity and 16,000 BOPD separation facilities
currentlyatBolivarthatwerepreviouslyinstalled.Globalplanstospendasignificantamount
of capital, approximately $230 million, to increase production facilities, storage tanks, build
gathering lines, refurbish dock loading facilities and water and natural gas handling facilities.
Fourwaterdisposalwellsareplannedtohandlethefuturewaterproductionandfour(4)gas
injection wells are planned to inject any produced gas into the Crisol gas cap. The following
tableshowsthebreakdownofestimatedcostsforincrementalfacilities.
IncrementalFacilityModuleandEstimatedCost/4FacilityModulesRequired
ProcessingandSeparationEquipment
WaterDisposalandRelatedInjection
Facility
GasInjectionandRelatedInjectionFacility
CrudeSalesPipeline
BargeDockModule
StorageTankModule
BreakoutTanks
50,000BOPD
18,000,000
1verticalwell
9,000,000
1verticalwell
Gathering/Transporttobargedock
Upgradeforloadingcrudeoil
10,000BarrelCapacity
$
$
$
$
9,000,000
6,000,000
4,000,000
7,500,000
PerLoadingRequirements
4,000,000
57,500,000
CrudeOilTransportation
Transportationoptionsforthecrudeoilproductionarebypipeline,truckorbargeswhichare
alllocatedinthevicinityofBolivar.Globalhasnoplanstotransportbypipelineatthistimebut
prefers to use barges on the Magdalena Riverwhich is 5 to 10 kilometers away. There are
existingloadingdocksandfacilitiesavailableontheriverbutneedtobeupgraded.Apipeline
caneasilybebuiltfromtheproposedcentralproductionfacilitiesatBolivartothedocks.The
crudeoilwillbeshippedtoCoveasonthecoastin10,000barrelcapacitybargesthatcanmake
the roundtrip from Bolivar in approximately six (6) days. Global will contract the necessary
numberofbargesatanestimatedcurrenttransportcostof$5.00perbarrel.Initiallythecrude
oilwillhavetobetransportedbytrucksuntilthedockandpipelinecommencesoperationand
alllicensesareapproved.Eachtruckhasthecapacityof200barrelsandcanmaketheround
triptoCoveasinfour(4)days.Thereareanabundantnumberoftruckscurrentlyoperatingin
Colombia.Thetruckscanbeinconjunctionwiththebargesorasabackupifneeded.
Page|84
CashFlow
And
EconomicSummaries
Page|85

Bolivar Development Plan

2P and 3P Cash Flow Summaries
& Assumptions

Total 2P and 3P Reserve Economics/Cash Flow
Page|86
Global Energy Development PLC

Bolivar Development Plan
Near-Term Three-Year Monthly Economic Summary, Cash Flow and Assumptions
2014 - 2016
(in thousands, except BOPD)
ASSUMPTIONS:
I.
We ll Capital Costs
Year
2014
Project
Olivo #1 Re-entry
Catalina #1 Re-entry
$
$
2015
Catalina #3
Catalina #4
Catalina #5
Catalina #6
Olivo #2
$
2016
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
Catalina
#7
#8
#9
#10
#11
#12
#13
#14
#15
#16
#17
#18
#19
#20
#21
#22
#23
#24
#25
#26
#27
#28
#29
#30
Project
Start
Date
Feb-14
Jul-14
Project
Completion
Date
Mar-14
Aug-14
Revenue
Start
Date
Mar-14
Aug-14
IP Rate
(BOPD)
1,180
790
7,210
7,210
7,210
7,210
1,751
30,591
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
3,350
3,350
3,350
3,350
800
Probable Undeveloped
Probable Undeveloped
Proved Undeveloped
Proved Undeveloped
Possible Undeveloped
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
7,426
178,224
May-16
May-16
May-16
Jun-16
Jun-16
Jun-16
Jul-16
Jul-16
Jul-16
Aug-16
Aug-16
Aug-16
Sep-16
Sep-16
Sep-16
Oct-16
Oct-16
Oct-16
Nov-16
Nov-16
Nov-16
Dec-16
Dec-16
Dec-16
Jun-16
Jun-16
Jun-16
Jul-16
Jul-16
Jul-16
Aug-16
Aug-16
Aug-16
Sep-16
Sep-16
Sep-16
Oct-16
Oct-16
Oct-16
Nov-16
Nov-16
Nov-16
Dec-16
Dec-16
Dec-16
Jan-17
Jan-17
Jan-17
Jul-16
Jul-16
Jul-16
Aug-16
Aug-16
Aug-16
Sep-16
Sep-16
Sep-16
Oct-16
Oct-16
Oct-16
Nov-16
Nov-16
Nov-16
Dec-16
Dec-16
Dec-16
Jan-17
Jan-17
Jan-17
Feb-17
Feb-17
Feb-17
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
3,350
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Proved Undeveloped
Cost
3,000
1,700
4,700
Reserve
Classification
Possible Non-Producing
Possible Non-Producing
II. Additional Capital Re quire me nts - Facility Cos ts

Year
2016
Project
Processing and Separation Equipment
Water Disposal and Injection Facility
Gas Injection and Injection Facility
Crude Sales Pipeline
Barge Dock Module
Storage Tank Module
Breakout Tanks
Description
50,000 BOPD
1 vertical well
1 vertical well
Gathering/transport to barge dock
Upgrade for loading oil
10,000 barrel capacity
Per loading requiremenst
Cost
18,000
9,000
9,000
6,000
4,000
7,500
4,000
$
57,500
$
III.Pricing, Dis counts and Fe e s :

Year
2014
2015
2016
$
$
$
Oil Price
107.50
110.73
114.05
Benchmark
Brent
Brent
Brent
Escalation
None
3%
3% compounding
Gravity
API
25
25
25
Discount/
Transp Fee
$ 20.29
$ 20.29
$ 20.29
$
$
$
Net
Pricing
87.21
90.44
93.76
IV. Ave rage Ope rating Expe ns e s :

LOE/Bbl
2014
2015
2016
$
$
$
22.31
15.25
14.80
Note: Costs/barrel decrease as a result of the large increase in produced volumes. This
does not include the negative $20.29 deductions to price.
V. Initial Production Rate s (IP) for De ve lopme nt We lls
All development wells shown above assume IP rates as follows:
Formation
Rosa Blanca
Salada
Tablazo
La Luna
Simiti
Total
IP Rate (BOPD)
650
335
390
1,180
790
3,345
Page|87
GLOBAL ENERGY DEVELOPMENT PLC
NEAR-TERM CASH FLOW ECONOMIC SUMMARY

NEW BOLIVAR DEVELOPMENT PLAN
TOTAL 2P RESERVES
PROVED + PROBABLE
CASH FLOW ECONOMIC SUMMARY

--END--
WELL
GROSS OIL
MO-YEAR COUNT PRODUCTION

-------
-------
01-2014
02-2014
03-2014
04-2014
05-2014
06-2014
07-2014
08-2014
09-2014
10-2014
11-2014
12-2014
1
1
2
2
2
2
2
3
3
3
3
3
01-2015
02-2015
03-2015
04-2015
05-2015
06-2015
07-2015
08-2015
09-2015
10-2015
11-2015
12-2015
3
3
3
3
3
3
4
5
6
7
8
8
---M BBLS---
GROSS GAS
NET OIL
NET GAS
NET OIL
NET GAS
NET
NET
TOTAL
DIRECT OPER
FACILITY
WELL CAPITAL
FUTURE NET
CUML
CUM. DISC.
PRODUCTION
PRODUCTION
PRODUCTION
PRICE
PRICE
OIL SALES
GAS SALES
NET SALES
EXPENSE
EXPENSE
COST
CASHFLOW
CASHFLOW
CASHFLOW
----M M CF---
---M BBLS---
----M M CF---
---$/BBL---
---$/M CF---
-----M $----
-----M $----
-----M $----
-----M $----
-----M $----
-----M $----
-----M $----
-----M $----
1.444
1.431
33.004
26.686
22.610
19.742
17.603
36.999
31.462
27.658
24.836
22.637
266.112
14.437
14.310
14.185
14.061
13.938
13.816
13.696
23.473
21.378
19.987
18.976
18.194
200.451
1.155
1.145
26.404
21.349
18.088
15.793
14.083
29.599
25.169
22.126
19.869
18.110
212.890
11.549
11.448
11.348
11.249
11.151
11.053
10.957
10.861
10.766
10.672
10.578
10.486
132.118
$
$
$
$
$
$
$
$
$
$
$
$
20.863
19.394
18.153
17.088
16.162
15.347
54.660
91.260
125.892
158.960
150.678
144.034
832.491
17.562
17.035
16.583
16.188
15.836
15.518
49.791
81.885
113.374
144.907
140.561
136.595
765.835
16.691
15.515
14.523
13.670
12.929
12.278
43.728
73.008
100.713
127.168
120.542
115.228
665.993
10.394
10.303
10.213
10.124
10.036
9.948
31.978
52.719
78.826
104.741
101.822
99.120
530.224
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
01-2016
02-2016
03-2016
04-2016
05-2016
06-2016
07-2016
08-2016
09-2016
10-2016
11-2016
12-2016
8
8
8
8
8
8
11
14
17
20
23
26
138.395
133.431
128.959
124.860
121.059
117.500
234.251
342.814
445.432
543.330
637.265
727.742
3,695.038
132.905
129.430
126.130
122.979
119.955
117.044
220.933
322.351
421.354
517.995
612.328
704.407
3,547.811
110.716
106.746
103.167
99.888
96.847
94.000
187.401
274.252
356.345
434.664
509.812
582.193
2,956.031
96.579
94.167
91.859
89.642
87.505
85.439
168.797
250.165
329.587
407.109
482.775
556.629
2,740.253
03-2017
06-2017
09-2017
12-2017
35
48
48
50
2,696.440
3,412.908
4,364.894
4,060.248
14,534.490
2,640.909
3,336.373
4,186.966
3,931.321
14,095.569
2,157.151
2,730.326
3,491.915
3,248.199
11,627.591
03-2018
06-2018
09-2018
12-2018
50
50
50
50
3,931.603
3,603.763
3,323.822
3,075.085
13,934.273
3,810.983
3,512.015
3,250.064
3,013.462
13,586.524
03-2019
06-2019
09-2019
12-2019
50
67
86
88
2,850.378
2,764.106
3,846.661
5,020.041
14,481.186
03-2020
06-2020
09-2020
12-2020
88
88
88
88
12-2021
87.21
87.21
87.21
87.21
87.21
87.21
87.21
87.21
87.21
87.21
87.21
87.21
90.44
90.44
90.44
90.44
90.44
90.44
90.44
90.44
90.44
90.44
90.44
90.44
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
101
100
2,303
1,862
1,577
1,377
1,228
2,581
2,195
1,930
1,733
1,579
18,566
$
$
$
$
$
$
$
$
$
$
$
$
1,509
1,403
1,313
1,236
1,169
1,110
3,954
6,602
9,108
11,500
10,901
10,421
60,229
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
101
100
2,303
1,862
1,577
1,377
1,228
2,581
2,195
1,930
1,733
1,579
18,566
$
$
$
$
$
$
$
$
$
$
$
$
1,509
1,403
1,313
1,236
1,169
1,110
3,954
6,602
9,108
11,500
10,901
10,421
60,229
$
$
$
$
$
$
$
$
$
$
$
$
52
52
805
657
561
494
444
701
613
551
504
467
5,901
$
$
$
$
$
$
$
$
$
$
$
$
453
427
405
386
370
355
921
1,446
1,943
2,420
2,304
2,211
13,642
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,000 $
$
$
$
$
1,700 $
$
$
$
$
$
$
4,700
7,210
7,210
7,210
7,210
28,840
-----M $----
(2,951)
48
1,498
1,205
1,016
(817)
784
1,880
1,582
1,379
1,229
1,113
7,965
$
$
$
$
$
$
$
$
$
$
$
$
(2,951)
(2,903)
(1,406)
(201)
815
(2)
782
2,663
4,245
5,623
6,852
7,965
7,965
$
$
$
$
$
$
$
$
$
$
$
$
$
(2,951)
(2,904)
(1,436)
(264)
716
(72)
672
2,444
3,923
5,201
6,332
7,347
7,347
$
$
$
$
$
$
$
$
$
$
$
$
1,056
976
908
850
(6,410)
(6,455)
(4,176)
(2,053)
7,165
9,080
8,597
8,210
17,747
$
$
$
$
$
$
$
$
$
$
$
$
$
9,021
9,996
10,904
11,754
5,344
(1,111)
(5,287)
(7,340)
(175)
8,905
17,502
25,712
25,712
$
$
$
$
$
$
$
$
$
$
$
$
$
8,303
9,180
9,989
10,741
5,092
(550)
(4,180)
(5,963)
125
7,780
14,970
21,782
21,782
93.76
93.76
93.76
93.76
93.76
93.76
93.76
93.76
93.76
93.76
93.76
93.76
$
$
$
$
$
$
$
$
$
$
$
$
$
10,380
10,008
9,673
9,365
9,080
8,813
17,570
25,713
33,410
40,753
47,798
54,585
277,148
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
10,380
10,008
9,673
9,365
9,080
8,813
17,570
25,713
33,410
40,753
47,798
54,585
277,148
$
$
$
$
$
$
$
$
$
$
$
$
$
2,193
2,121
2,056
1,997
1,942
1,890
3,607
5,211
6,733
8,190
9,591
10,945
56,476
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
22,279 $
22,279 $
22,279 $
22,279 $
22,279 $
22,279 $
22,279 $
22,279 $
178,231 $
8,188
7,887
7,616
7,368
(15,141)
(15,356)
(8,315)
(1,777)
4,398
10,284
15,928
21,361
42,440
$
$
$
$
$
$
$
$
$
$
$
$
$
33,900
41,787
49,403
56,771
41,630
26,274
17,958
16,181
20,579
30,863
46,791
68,152
68,152
$
$
$
$
$
$
$
$
$
$
$
$
$
28,522
34,963
41,134
47,056
34,912
22,693
16,097
14,644
17,973
25,786
37,829
53,875
53,875
2,076.503
2,513.778
3,039.909
2,859.335
10,489.525
97.178
97.178
97.178
97.178
$
$
$
$
$
209,628
265,328
339,338
315,654
1,129,948
$
$
$
$
$
$
$
$
$
209,628
265,328
339,338
315,654
1,129,948
$
$
$
$
$
41,552
52,579
67,107
62,760
223,998
$
$
$
$
$
$
$
$
$
$
68,842
99,438
15,298
183,578
$
$
$
$
$
99,234
113,311
272,231
237,595
722,372
$
$
$
$
$
167,386
280,698
552,928
790,524
790,524
$
$
$
$
$
127,285
209,133
401,826
566,043
566,043
3,145.283
2,883.009
2,659.057
2,460.069
11,147.418
2,762.511
2,551.438
2,364.048
2,193.658
9,871.655
100.702
100.702
100.702
100.702
$
$
$
$
$
316,737
290,325
267,773
247,734
1,122,569
$
$
$
$
$
$
$
$
$
316,737
290,325
267,773
247,734
1,122,569
$
$
$
$
$
62,537
57,667
53,518
49,821
223,545
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
254,199
232,658
214,255
197,913
899,025
$
$
$
$
$
1,044,723
1,277,381
1,491,636
1,689,549
1,689,549
$ 737,641
$ 890,996
$ 1,028,894
$ 1,153,275
$ 1,153,275
2,797.240
2,740.734
4,081.701
5,527.449
15,147.124
2,280.302
2,211.285
3,077.327
4,016.035
11,584.949
2,037.308
2,006.994
3,093.249
4,262.128
11,399.679
104.332
104.332
104.332
104.332
$
$
$
$
$
237,908
230,708
321,064
419,001
1,208,680
$
$
$
$
$
$
$
$
$
237,908
230,708
321,064
419,001
1,208,680
$
$
$
$
$
47,618
46,462
64,617
84,328
243,025
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
190,291
54,407
110,378
318,442
673,518
$
$
$
$
$
1,879,839
1,934,246
2,044,624
2,363,066
2,363,066
$
$
$
$
$
1,270,049
1,302,391
1,366,532
1,548,284
1,548,284
4,952.111
4,606.212
4,285.341
3,987.561
17,831.225
5,480.049
5,096.005
4,739.311
4,407.947
19,723.312
3,961.692
2,471.509
1,714.137
1,595.025
9,742.363
4,235.455
2,641.658
1,831.352
1,703.195
10,411.660
108.071
108.070
108.071
108.071
$
$
$
$
$
428,142
267,097
185,248
172,375
1,052,863
$
$
$
$
$
$
$
$
$
428,142
267,097
185,248
172,375
1,052,863
$
$
$
$
$
85,893
53,894
37,654
35,286
212,726
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
342,249
213,204
147,594
137,090
840,136
$
$
$
$
$
2,705,316
2,918,519
3,066,113
3,203,202
3,203,202
$
$
$
$
$
1,739,216
1,855,587
1,934,095
2,005,297
2,005,297
88
13,375.921
14,763.067
3,653.219
3,895.028
111.921
408,874 $
408,874
84,437 $
324,436
3,527,639 $ 2,165,738
129,839
146,068
16,230
292,137
12-2022
88
10,059.885
11,062.938
2,011.977
2,135.483
115.888
233,164 $
233,164
49,805 $
183,358
3,710,997 $ 2,247,516
12-2023
88
7,585.359
8,299.584
1,517.072
1,600.671
119.973
182,008 $
182,008
40,510 $
141,498
3,852,496 $ 2,304,887
12-2024
88
3,065.836
3,329.525
613.167
641.519
124.181
76,144 $
76,144
17,570 $
58,574
3,911,069 $ 2,326,952
99,661.816
104,521.740
55,732.670
53,847.815
$ 5,770,191
TOTAL
$ 5,770,191
$ 1,171,636
687,486
$ 3,911,069
$ 3,911,069
* Note: The totals presented here vary slightly from the totals on the following annualized runs due to mathematical calculation differences within Aries between monthly, quarterly and annual reporting periods.
Page|88
$ 2,326,952
GLOBAL
ENERGY DEVELOPMENT PLC
NEAR-TERM CASH FLOW ECONOMIC SUMMARY

NEW BOLIVAR DEVELOPMENT PLAN
TOTAL 3P RESERVES
PROVED + PROBABLE + POSSIBLE
CASH FLOW ECONOMIC SUMMARY

--END--
WELL
GROSS OIL
MO-YEAR COUNT PRODUCTION

-------
-------
01-2014
02-2014
03-2014
04-2014
05-2014
06-2014
07-2014
08-2014
09-2014
10-2014
11-2014
12-2014
1
1
2
2
2
2
2
3
3
3
3
3
01-2015
02-2015
03-2015
04-2015
05-2015
06-2015
07-2015
08-2015
09-2015
10-2015
11-2015
12-2015
3
3
3
3
3
3
4
5
6
7
8
8
---M BBLS---
GROSS GAS
NET OIL
NET GAS
NET OIL
NET GAS
NET
NET
TOTAL
DIRECT OPER
FACILITY
WELL CAPITAL
FUTURE NET
CUML
CUM. DISC.
PRODUCTION
PRODUCTION
PRODUCTION
PRICE
PRICE
OIL SALES
GAS SALES
NET SALES
EXPENSE
EXPENSE
COST
CASHFLOW
CASHFLOW
CASHFLOW
----M M CF---
---MBBLS---
----M M CF---
---$/BBL---
---$/M CF---
-----M $----
-----M $----
-----M $----
-----M $----
-----M $----
-----M $----
-----M $----
-----M $----
1.444
1.431
33.004
26.686
22.610
19.742
17.603
36.999
31.462
27.658
24.836
22.637
266.112
14.437
14.310
14.185
14.061
13.938
13.816
13.696
23.473
21.378
19.987
18.976
18.194
200.451
1.155
1.145
26.404
21.349
18.088
15.793
14.083
29.599
25.169
22.126
19.869
18.110
212.890
11.549
11.448
11.348
11.249
11.151
11.053
10.957
10.861
10.766
10.672
10.578
10.486
132.118
$
$
$
$
$
$
$
$
$
$
$
$
20.863
19.394
18.153
17.088
16.162
15.347
107.303
186.036
256.028
319.696
306.884
278.210
1,561.164
17.562
17.035
16.583
16.188
15.836
15.518
74.533
126.430
174.538
220.453
213.978
199.657
1,108.311
16.691
15.515
14.523
13.670
12.929
12.278
85.842
148.829
204.822
255.757
245.507
222.568
1,248.931
10.394
10.303
10.213
10.124
10.036
9.948
48.116
81.774
116.283
152.066
149.534
140.007
748.798
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
01-2016
02-2016
03-2016
04-2016
05-2016
06-2016
07-2016
08-2016
09-2016
10-2016
11-2016
12-2016
8
8
8
8
8
8
11
14
17
20
23
26
256.606
239.438
225.282
213.284
202.900
193.760
463.641
694.426
899.453
1,085.898
1,258.094
1,418.875
7,151.657
188.464
179.253
171.402
164.538
158.420
152.886
328.746
487.609
634.744
773.002
904.118
1,029.240
5,172.422
205.285
191.551
180.225
170.627
162.320
155.008
370.913
555.541
719.562
868.718
1,006.475
1,135.100
5,721.325
132.548
126.389
121.116
116.485
112.338
108.571
236.444
355.776
464.478
567.423
665.615
762.176
3,769.359
03-2017
06-2017
09-2017
12-2017
35
44
62
80
5,133.588
6,309.644
8,871.965
11,569.090
31,884.287
3,786.369
4,697.839
6,638.358
9,205.856
24,328.422
4,106.870
5,047.715
7,097.572
9,255.271
25,507.428
03-2018
06-2018
09-2018
12-2018
98
116
134
152
12,906.812
13,013.662
13,142.754
13,266.258
52,329.486
9,998.256
9,526.872
9,234.969
9,016.700
37,776.797
03-2019
06-2019
09-2019
12-2019
170
188
206
224
13,380.934
13,606.530
14,978.136
16,478.734
58,444.334
03-2020
06-2020
09-2020
12-2020
242
256
256
256
12-2021
87.21
87.21
87.21
87.21
87.21
87.21
87.21
87.21
87.21
87.21
87.21
87.21
90.44
90.44
90.44
90.44
90.44
90.44
90.44
90.44
90.44
90.44
90.44
90.44
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
101
100
2,303
1,862
1,577
1,377
1,228
2,581
2,195
1,930
1,733
1,579
18,566
$
$
$
$
$
$
$
$
$
$
$
$
1,509
1,403
1,313
1,236
1,169
1,110
7,763
13,459
18,523
23,129
22,202
20,128
112,947
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
101
100
2,303
1,862
1,577
1,377
1,228
2,581
2,195
1,930
1,733
1,579
18,566
$
$
$
$
$
$
$
$
$
$
$
$
1,509
1,403
1,313
1,236
1,169
1,110
7,763
13,459
18,523
23,129
22,202
20,128
112,947
$
$
$
$
$
$
$
$
$
$
$
$
52
52
805
657
561
494
444
701
613
551
504
467
5,901
$
$
$
$
$
$
$
$
$
$
$
$
453
427
405
386
370
355
1,653
2,763
3,753
4,655
4,479
4,081
23,781
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,247
17,959
16,897
15,997
15,219
14,533
34,776
52,086
67,464
81,448
94,364
106,423
536,413
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,247
17,959
16,897
15,997
15,219
14,533
34,776
52,086
67,464
81,448
94,364
106,423
536,413
$
$
$
$
$
$
$
$
$
$
$
$
$
3,885
3,640
3,438
3,267
3,118
2,987
6,897
10,252
13,241
15,966
18,489
20,850
106,031
2,795.899
3,370.543
4,628.784
6,423.783
17,219.009
97.178
97.178
97.178
97.178
$
$
$
$
$
399,098
490,528
689,729
899,410
2,478,765
$
$
$
$
$
$
$
$
$
399,098
490,528
689,729
899,410
2,478,765
$
$
$
$
$
77,519 $
95,328 $
133,614 $
173,551 $
480,012 $
10,325.453
10,410.934
10,514.207
10,613.013
41,863.607
6,959.222
6,613.090
6,391.407
6,221.551
26,185.270
100.702
100.702
100.702
100.702
$
$
$
$
$
1,039,796
1,048,404
1,058,804
1,068,754
4,215,758
$
$
$
$
$
$
$
$
$
1,039,796
1,048,404
1,058,804
1,068,754
4,215,758
8,839.075
8,830.632
10,224.360
11,715.373
39,609.440
10,704.751
10,885.230
11,982.506
13,180.306
46,752.793
6,080.847
6,073.609
7,186.933
8,352.645
27,694.034
104.332
104.332
104.332
104.332
$
$
$
$
$
1,116,848
1,135,678
1,250,160
1,375,128
4,877,814
$
$
$
$
$
$
$
$
$
17,480.936
18,066.811
16,154.183
14,387.670
66,089.600
11,713.962
11,294.512
10,111.413
9,106.309
42,226.196
13,976.972
9,634.092
6,461.678
5,755.070
35,827.812
8,071.288
5,057.305
3,415.728
3,113.699
19,658.020
108.071
108.070
108.071
108.071
$
$
$
$
$
1,510,499
1,041,161
698,317
621,954
3,871,932
$
$
$
$
256
46,397.691
29,683.219
12,712.669
7,018.159
111.921
1,422,821 $
12-2022
256
34,846.801
22,335.088
6,969.362
3,880.056
115.888
12-2023
256
27,257.949
17,383.512
5,451.590
3,011.027
119.973
12-2024
256
124.181
262,571 $
$ 19,259,294
10,572.118
7,281.036
2,114.424
1,255.169
336,801.199
227,104.894
184,382.831
110,571.019
$
$
$
$
$
$
$
$
$
$
$
$
3,000 $
$
$
$
$
1,700 $
$
$
$
$
$
$
4,700
(2,951)
48
1,498
1,205
1,016
(817)
784
1,880
1,582
1,379
1,229
1,113
7,965
$
$
$
$
$
$
$
$
$
$
$
$
(2,951)
(2,903)
(1,406)
(201)
815
(2)
782
2,663
4,245
5,623
6,852
7,965
7,965
$
$
$
$
$
$
$
$
$
$
$
$
$
(2,951)
(2,904)
(1,436)
(264)
716
(72)
672
2,444
3,923
5,201
6,332
7,347
7,347
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,210 $
7,210 $
7,210 $
7,210 $
1,751 $
$
$
$
30,591
1,056
976
908
850
(6,410)
(6,455)
(1,100)
3,486
13,019
18,474
17,724
16,047
58,576
$
$
$
$
$
$
$
$
$
$
$
$
$
9,021
9,996
10,904
11,754
5,344
(1,111)
(2,210)
1,276
14,295
32,769
50,493
66,540
66,540
$
$
$
$
$
$
$
$
$
$
$
$
$
8,303
9,180
9,989
10,741
5,092
(550)
(1,524)
1,437
12,495
28,069
42,892
56,207
56,207
(45,640)
14,319
13,459
12,731
(10,178)
(10,733)
5,600
19,555
31,944
43,203
53,595
63,294
191,149
$
$
$
$
$
$
$
$
$
$
$
$
$
20,900
35,219
48,678
61,409
51,231
40,498
46,098
65,653
97,596
140,799
194,395
257,689
257,689
$
$
$
$
$
$
$
$
$
$
$
$
$
TOTAL
93.76
93.76
93.76
93.76
93.76
93.76
93.76
93.76
93.76
93.76
93.76
93.76
61,002 $
$
$
$
$
$
$
$
$
$
$
$
61,002 $
22,279
22,279
22,279
22,279
22,279
22,279
22,279
22,279
178,231
$
$
$
$
$
$
$
$
$
$
$
$
$
62,832
62,832
$
$
$
$
$
68,842
114,736
137,684
137,684
458,945
$
$
$
$
$
189,905
280,463
418,432
588,176
1,476,976
$
$
$
$
$
447,594
728,057
1,146,489
1,734,665
1,734,665
$ 340,139
$ 543,175
$ 838,750
$ 1,244,740
$ 1,244,740
$
$
$
$
$
198,928 $ 64,717
200,664 $
202,731 $
204,692 $ 64,717
807,016 $ 129,433
$
$
$
$
$
141,814
141,814
141,814
141,814
567,256
$
$
$
$
$
634,336
705,925
714,258
657,530
2,712,048
$
$
$
$
$
2,369,001
3,074,925
3,789,183
4,446,713
4,446,713
$
$
$
$
$
1,671,969
2,136,825
2,596,098
3,009,074
3,009,074
1,116,848
1,135,678
1,250,160
1,375,128
4,877,814
$
$
$
$
$
212,443
216,169
238,849
263,630
931,091
$
$
$
$
$
$
$
$
$
$
146,068
146,068
146,068
146,068
584,274
$
$
$
$
$
758,336
773,440
865,242
965,429
3,362,448
$
$
$
$
$
5,205,049
5,978,490
6,843,732
7,809,161
7,809,161
$
$
$
$
$
3,474,010
3,937,010
4,442,747
4,993,835
4,993,835
$
$
$
$
$
1,510,499
1,041,161
698,317
621,954
3,871,932
$
$
$
$
$
287,926
198,370
133,430
119,225
738,951
$
$
$
$
$
$
$
$
$
$
150,451
16,717
167,167
$
$
$
$
$
1,072,123
826,076
564,887
502,729
2,965,815
$ 8,881,283 $ 5,591,469
$ 9,707,359 $ 6,042,223
$ 10,272,247 $ 6,342,724
$ 10,774,975 $ 6,603,849
$ 10,774,975 $ 6,603,849
1,422,821
272,765 $
1,150,054
$ 11,925,030 $ 7,172,705
807,663 $
807,663
156,010 $
651,654
$ 12,576,684 $ 7,463,266
654,044 $
654,044
127,373 $
526,672
$ 13,103,356 $ 7,676,728
262,571
51,733 $
210,838
$ 13,314,194 $ 7,756,167
$ 19,259,294
$ 3,700,664
$ 253,267
$ 1,991,165
$ 13,314,194
$ 13,314,194
* Note: The totals presented here vary slightly from the totals on the following annualized runs due to mathematical calculation differences within Aries between monthly, quarterly and annual reporting periods.
-----M $----
Page|89
18,438
30,131
41,036
51,269
43,082
34,521
38,846
54,003
78,611
111,653
152,336
200,012
200,012
$ 7,756,167
EconomicSummaries
Houston, Texas
Page|90

GRAND TOTAL
TOTAL 3P RESERVES
PROVED + PROBABLE + POSSIBLE
NEW BOLIVAR DEVELOPMENT PLAN JULY, 2013
DATE
: 08/27/2013
TIME
: 07:55:12
DBS
: DEMO
SETTINGS : RED123112
SCENARIO : RED123112E
R E S E R V E S
A N D
E C O N O M I C S
AS OF DECEMBER 31, 2013
--END-- GROSS OIL GROSS GAS

GROSS NGL
NET OIL
NET GAS
NET NGL
MO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION
------- ---MBBLS--- ----MMCF--- ----MBBLS-- ---MBBLS-- ----MMCF-- ---MBBLS--
NET GAS
REVENUE
---M$---
NET NGL
REVENUE
---M$---
TOTAL
REVENUE
----$---
12-2014
12-2015
12-2016
12-2017
12-2018
264.5
1559.7
7150.3
31883.1
52328.4
183.9
1093.4
5159.0
24316.4
37765.9
0.0
0.0
0.0
0.0
0.0
211.6
1247.7
5720.3
25506.5
41862.8
118.9
736.9
3758.7
17209.4
26176.6
0.0
0.0
0.0
0.0
0.0
18450.8
112839.5
536312.4
2478671.0
4215667.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
18450.8
112839.5
536312.4
2478671.0
4215667.5
12-2019
12-2020
12-2021
12-2022
12-2023
58443.4
66088.8
46396.9
34846.1
27253.0
39599.7
42217.4
29675.3
22328.0
17334.5
0.0
0.0
0.0
0.0
0.0
46752.0
35827.3
12712.5
6969.2
5450.6
27686.2
19653.3
7016.0
3878.6
3001.2
0.0
0.0
0.0
0.0
0.0
4877727.5
3871881.8
1422796.8
807646.6
653926.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4877727.5
3871881.8
1422796.8
807646.6
653926.8
12-2024
12-2025
12-2026
12-2027
12-2028
10570.1
7261.2
0.0
2114.0
1251.2
0.0
262521.8
0.0
0.0
262521.8
S TOT
336784.2
226934.8
0.0
184374.4
110487.0
0.0 19258442.0
0.0
0.0
19258442.0
0.0
0.0
0.0
0.0
0.0
0.0 19258442.0
0.0
0.0
19258442.0
AFTER
0.0
0.0
0.0
0.0
0.0
TOTAL
336784.2
226934.8
0.0
184374.4
110487.0
--END-MO-YEAR
-------
NET OIL
PRICE
---$---
NET GAS
PRICE
---$---
NET NGL
PRICE
---$---
SEVERANCE
TAXES
------M$----
12-2014
12-2015
12-2016
12-2017
12-2018
87.21
90.43
93.76
97.18
100.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5901.5
23780.5
106031.0
480011.9
807015.6
12549.4
89059.0
430281.5
1998659.1
3408652.5
12-2019
12-2020
12-2021
12-2022
12-2023
104.33
108.07
111.92
115.89
119.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
931090.6
738949.8
272765.4
156009.9
127266.7
12-2024
12-2025
12-2026
12-2027
12-2028
124.18
0.00
0.00
0.0
0.0
51684.3
S TOT
104.45
0.00
0.00
0.0
0.0
AFTER
0.00
0.00
0.00
0.0
0.0
TOTAL
104.45
0.00
0.00
0.0
0.0
OIL
--------GROSS WELLS
436.0
GROSS ULT., MB & MMF 337493.750
GROSS CUM., MB & MMF
709.518
GROSS RES., MB & MMF 336784.250
NET RES.,
MB & MMF 184374.438
NET REVENUE, M$
19258442.000
INITIAL PRICE, $
100.751
INITIAL N.I., PCT.
80.000
NET OIL
REVENUE
---M$---
GAS
--------278.0
230116.656
3181.867
226934.781
110487.031
0.000
0.000
80.000
PROD & OTHER

TAXES
-----M$-----
NET OPER OPERATING

EQUITY
EXPENSES CASH FLOW INVESTMENT
----M$---- ----M$---- ----M$----
UNDISC NET
CASH FLOW
-----M$----
DISC NET
CASH FLOW
-----M$----
4700.0
30591.0
239233.0
521777.1
696690.2
7849.4
58468.0
191048.5
1476881.1
2711962.2
7164.8
48615.1
142924.7
1039315.1
1754311.5
3946638.2
3132932.2
1150030.2
651637.1
526660.5
584273.9
167167.3
0.0
0.0
0.0
3362367.5
2965763.2
1150030.2
651637.1
526660.5
1975149.5
1590783.9
562896.6
289956.0
213041.4
210837.4
0.0
210837.4
79380.4
3700507.5 15557936.0
2244432.5
13313505.0
7703539.0
0.0
0.0
0.0
0.0
3700507.5 15557936.0
2244432.5
13313505.0
7703539.0
0.0
LIFE, YRS.
10.50
DISCOUNT %
10.00
UNDISCOUNTED PAYOUT, YRS.
0.37
DISCOUNTED PAYOUT, YRS.
0.39
UNDISCOUNTED NET/INVEST.
6.93
DISCOUNTED NET/INVEST.
6.16
RATE-OF-RETURN, PCT.
100.00
INITIAL W.I., PCT.
98.307
P.W. %
P.W., M$
------------5.00 10032552.000
10.00 7703527.500
15.00 6014551.500
20.00 4766132.500
25.00 3827473.500
30.00 3110767.000
40.00 2120770.000
60.00 1092229.500
80.00
624443.562
100.00
385985.906
Page|91

GRAND TOTAL
TOTAL 2P RESERVES
PROVED + PROBABLE
DATE
TIME
DBS
SETTINGS
SCENARIO
R E S E R V E S
A N D
:
:
:
:
:
08/27/2013
08:08:18
DEMO
RED123112
RED123112E
E C O N O M I C S

GROSS NGL
NET OIL
NET GAS
NET NGL
NET GAS
REVENUE
---M$---
NET NGL
REVENUE
---M$---
TOTAL
REVENUE
----$---
12-2014
12-2015
12-2016
12-2017
12-2018
14.9
659.7
3588.5
14455.3
13870.5
148.6
713.2
3512.8
14067.9
13563.3
0.0
0.0
0.0
0.0
0.0
11.9
527.7
2870.8
11564.2
11096.4
118.9
518.3
2729.6
10479.9
9863.0
0.0
0.0
0.0
0.0
0.0
1037.0
47725.5
269158.1
1123791.1
1117431.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1037.0
47725.5
269158.1
1123791.1
1117431.2
12-2019
12-2020
12-2021
12-2022
12-2023
14427.4
17784.6
13334.6
10022.8
7547.7
15127.1
19705.6
14747.3
11048.8
8244.3
0.0
0.0
0.0
0.0
0.0
11542.0
9717.2
3642.1
2004.6
1509.5
11391.9
10406.9
3892.9
2134.1
1590.9
0.0
0.0
0.0
0.0
0.0
1204194.2
1050144.6
407629.0
232304.1
181105.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1204194.2
1050144.6
407629.0
232304.1
181105.0
12-2024
12-2025
12-2026
12-2027
12-2028
3048.7
3306.7
0.0
609.7
637.5
0.0
75718.9
0.0
0.0
75718.9
S TOT
98754.8
104185.8
0.0
55096.2
53763.9
0.0
5710239.0
0.0
0.0
5710239.0
AFTER
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL
98754.8
104185.8
0.0
55096.2
53763.9
0.0
5710239.0
0.0
0.0
5710239.0
--END-MO-YEAR
-------
NET OIL
PRICE
---$---
NET GAS
PRICE
---$---
NET NGL
PRICE
---$---
SEVERANCE
TAXES
------M$----
12-2014
12-2015
12-2016
12-2017
12-2018
87.21
90.43
93.76
97.18
100.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
622.1
10085.8
54101.7
222113.7
221932.4
414.9
37639.8
215056.3
901677.6
895498.8
12-2019
12-2020
12-2021
12-2022
12-2023
104.33
108.07
111.92
115.89
119.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
241585.8
211838.0
84022.3
49512.7
40125.0
12-2024
12-2025
12-2026
12-2027
12-2028
124.18
0.00
0.00
0.0
0.0
S TOT
103.64
0.00
0.00
0.0
AFTER
0.00
0.00
0.00
0.0
TOTAL
103.64
0.00
0.00
0.0
GROSS WELLS
GROSS ULT., MB & MMF
GROSS RES., MB & MMF
NET RES.,
MB & MMF
NET REVENUE, M$
INITIAL PRICE, $
INITIAL N.I., PCT.
NET OIL
REVENUE
---M$---
OIL
--------179.0
99464.281
709.518
98754.758
55096.184
5710239.000
98.561
80.000
GAS
--------26.0
107367.625
3181.867
104185.758
53763.855
0.000
0.000
80.000
PROD & OTHER

TAXES
-----M$-----
NET OPER OPERATING

EQUITY
----M$---- ----M$---- ----M$----
UNDISC NET
CASH FLOW
-----M$----
DISC NET
CASH FLOW
-----M$----
0.0
28840.0
178231.3
183578.1
0.0
414.9
8799.8
36825.1
718099.2
895498.8
395.7
6609.0
27403.9
507432.0
583394.5
962608.5
838306.7
323606.6
182791.5
140979.9
292137.0
0.0
0.0
0.0
0.0
670471.4
838306.7
323606.6
182791.5
140979.9
392177.0
451351.5
158393.2
81335.9
57028.4
17386.5
58332.4
0.0
58332.4
21962.2
0.0
1153326.0
4556913.0
682786.4
3874126.5
2287483.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1153326.0
4556913.0
682786.4
3874126.5
2287483.5
LIFE, YRS.
10.50
DISCOUNT %
10.00
0.00
0.00
6.67
5.85
100.00
INITIAL W.I., PCT.
100.000
P.W. %
-----5.00
10.00
15.00
20.00
25.00
30.00
40.00
60.00
80.00
100.00
P.W., M$
-------2949121.000
2287483.250
1803845.375
1443429.125
1170171.875
959768.312
665597.062
352878.562
206210.406
129409.023
Page|92

GRAND TOTAL
BOLIVAR BLOCK
TOTAL PROVED RESERVES
DATE
TIME
DBS
SETTINGS
SCENARIO
R E S E R V E S
A N D
:
:
:
:
:
08/27/2013
08:04:26
DEMO
RED123112
RED123112E
E C O N O M I C S

GROSS NGL
NET OIL
NET GAS
NET NGL
NET OIL
REVENUE
---M$---
NET GAS
REVENUE
---M$---
NET NGL
REVENUE
---M$---
12-2014
12-2015
12-2016
12-2017
12-2018
14.9
214.5
2379.8
7410.4
5604.4
148.6
375.1
2961.7
8987.8
6811.1
0.0
0.0
0.0
0.0
0.0
11.9
171.6
1903.8
5928.3
4483.5
118.9
300.1
2369.3
7190.3
5448.9
0.0
0.0
0.0
0.0
0.0
1037.0
15520.1
178496.0
576104.0
451499.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1037.0
15520.1
178496.0
576104.0
451499.9
12-2019
12-2020
12-2021
12-2022
12-2023
8429.6
13295.1
9931.1
7418.5
5537.5
10192.7
16023.6
11979.9
8958.4
6658.1
0.0
0.0
0.0
0.0
0.0
6743.6
7265.6
2713.6
1483.7
1107.5
8154.2
8756.1
3273.2
1791.7
1331.6
0.0
0.0
0.0
0.0
0.0
703577.2
785199.9
303710.8
171941.7
132869.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
703577.2
785199.9
303710.8
171941.7
132869.3
12-2024
12-2025
12-2026
12-2027
12-2028
2217.9
2661.5
0.0
443.6
532.3
0.0
55085.2
0.0
0.0
55085.2
S TOT
62453.6
75758.7
0.0
32256.8
39266.6
0.0
3375041.2
0.0
0.0
3375041.2
AFTER
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL
62453.6
75758.7
0.0
32256.8
39266.6
0.0
3375041.2
0.0
0.0
3375041.2
--END-MO-YEAR
-------
NET OIL
PRICE
---$---
NET GAS
PRICE
---$---
NET NGL
PRICE
---$---
SEVERANCE
TAXES
------M$----
12-2014
12-2015
12-2016
12-2017
12-2018
87.21
90.43
93.76
97.18
100.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
622.1
3693.1
36701.3
117368.1
93538.6
414.9
11827.0
141794.6
458736.0
357961.3
12-2019
12-2020
12-2021
12-2022
12-2023
104.33
108.07
111.92
115.89
119.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
144399.8
159913.5
63282.6
37099.5
29844.7
12-2024
12-2025
12-2026
12-2027
12-2028
124.18
0.00
0.00
0.0
0.0
S TOT
104.63
0.00
0.00
0.0
AFTER
0.00
0.00
0.00
0.0
TOTAL
104.63
0.00
0.00
0.0
GROSS WELLS
NET RES.,
MB & MMF
NET REVENUE, M$
INITIAL PRICE, $
INITIAL N.I., PCT.
TOTAL
REVENUE
----$---
OIL
--------126.0
63163.078
709.518
62453.562
32256.814
3375041.250
100.112
80.000
GAS
--------0.0
78940.531
3181.867
75758.664
39266.578
0.000
0.000
80.000
PROD & OTHER

TAXES
-----M$-----
NET OPER OPERATING

EQUITY
----M$---- ----M$---- ----M$----
UNDISC NET
CASH FLOW
-----M$----
DISC NET
CASH FLOW
-----M$----
0.0
14420.0
178231.3
0.0
0.0
414.9
-2593.0
-36436.6
458736.0
357961.3
395.7
-2528.7
-29601.8
328584.6
233202.7
559177.4
625286.6
240428.2
134842.2
103024.5
292137.0
0.0
0.0
0.0
0.0
267040.3
625286.6
240428.2
134842.2
103024.5
153245.2
336659.7
117680.5
60000.1
41674.9
12857.0
42228.2
0.0
42228.2
15899.0
0.0
699320.2
2675721.0
484788.2
2190932.5
1255211.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
699320.2
2675721.0
484788.2
2190932.5
1255211.9
LIFE, YRS.
10.50
DISCOUNT %
10.00
0.00
0.00
5.52
4.87
100.00
INITIAL W.I., PCT.
100.000
P.W. %
-----5.00
10.00
15.00
20.00
25.00
30.00
40.00
60.00
80.00
100.00
P.W., M$
-------1641776.750
1255211.875
976860.500
772322.188
619259.250
502822.062
342571.656
176539.719
100864.766
62063.840
Page|93

GRAND TOTAL
BOLIVAR BLOCK
TOTAL PROBABLE RESERVES
DATE
TIME
DBS
SETTINGS
SCENARIO
R E S E R V E S
A N D
:
:
:
:
:
08/27/2013
07:54:42
DEMO
RED123112
RED123112E
E C O N O M I C S

GROSS NGL
NET OIL
NET GAS
NET NGL
NET OIL
REVENUE
---M$---
NET GAS
REVENUE
---M$---
NET NGL
REVENUE
---M$---
12-2014
12-2015
12-2016
12-2017
12-2018
0.0
445.1
1208.7
7044.9
8266.1
0.0
338.0
551.2
5080.1
6752.2
0.0
0.0
0.0
0.0
0.0
0.0
356.1
967.0
5635.9
6612.9
0.0
218.2
360.2
3289.6
4414.1
0.0
0.0
0.0
0.0
0.0
0.0
32205.5
90662.1
547687.1
665931.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
32205.5
90662.1
547687.1
665931.4
12-2019
12-2020
12-2021
12-2022
12-2023
5997.9
4489.5
3403.5
2604.3
2010.3
4934.4
3682.0
2767.5
2090.4
1586.1
0.0
0.0
0.0
0.0
0.0
4798.3
2451.6
928.5
520.9
402.1
3237.7
1650.8
619.7
342.4
259.2
0.0
0.0
0.0
0.0
0.0
500617.1
264944.7
103918.1
60362.4
48235.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
500617.1
264944.7
103918.1
60362.4
48235.7
12-2024
12-2025
12-2026
12-2027
12-2028
830.8
645.2
0.0
166.2
105.2
0.0
20633.7
0.0
0.0
20633.7
S TOT
36301.2
28427.1
0.0
22839.4
14497.3
0.0
2335198.2
0.0
0.0
2335198.2
AFTER
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL
36301.2
28427.1
0.0
22839.4
14497.3
0.0
2335198.2
0.0
0.0
2335198.2
--END-MO-YEAR
-------
NET OIL
PRICE
---$---
NET GAS
PRICE
---$---
NET NGL
PRICE
---$---
SEVERANCE
TAXES
------M$----
12-2014
12-2015
12-2016
12-2017
12-2018
0.00
90.43
93.76
97.18
100.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
6392.7
17400.4
104745.6
128393.8
0.0
25812.8
73261.7
442941.6
537537.6
12-2019
12-2020
12-2021
12-2022
12-2023
104.33
108.07
111.92
115.89
119.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
97186.0
51924.5
20739.7
12413.1
10280.3
12-2024
12-2025
12-2026
12-2027
12-2028
124.18
0.00
0.00
0.0
0.0
S TOT
102.24
0.00
0.00
0.0
AFTER
0.00
0.00
0.00
0.0
TOTAL
102.24
0.00
0.00
0.0
GROSS WELLS
NET RES.,
MB & MMF
NET REVENUE, M$
INITIAL PRICE, $
INITIAL N.I., PCT.
TOTAL
REVENUE
----$---
OIL
--------53.0
36301.195
0.000
36301.195
22839.371
2335198.250
96.386
80.000
GAS
--------26.0
28427.086
0.000
28427.086
14497.270
0.000
0.000
80.000
PROD & OTHER

TAXES
-----M$-----
NET OPER OPERATING

EQUITY
----M$---- ----M$---- ----M$----
UNDISC NET
CASH FLOW
-----M$----
DISC NET
CASH FLOW
-----M$----
0.0
14420.0
0.0
183578.1
0.0
0.0
11392.8
73261.7
259363.3
537537.6
0.0
9137.7
57005.8
178847.3
350191.8
403431.1
213020.2
83178.4
47949.3
37955.4
0.0
0.0
0.0
0.0
0.0
403431.1
213020.2
83178.4
47949.3
37955.4
238931.8
114691.9
40712.7
21335.8
15353.5
4529.5
16104.2
0.0
16104.2
6063.2
0.0
454005.7
1881192.2
197998.1
1683193.9
1032271.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
454005.7
1881192.2
197998.1
1683193.9
1032271.4
LIFE, YRS.
10.50
DISCOUNT %
10.00
1.56
1.58
9.50
8.03
100.00
INITIAL W.I., PCT.
100.000
P.W. %
-----5.00
10.00
15.00
20.00
25.00
30.00
40.00
60.00
80.00
100.00
P.W., M$
-------1307344.000
1032271.312
826984.812
671107.000
550912.562
456946.312
323025.406
176338.844
105345.625
67345.188
Page|94

GRAND TOTAL
BOLIVAR BLOCK
TOTAL POSSIBLE RESERVES
DATE
TIME
DBS
SETTINGS
SCENARIO
R E S E R V E S
A N D
:
:
:
:
:
08/27/2013
08:06:17
DEMO
RED123112
RED123112E
E C O N O M I C S

GROSS NGL
NET OIL
NET GAS
NET NGL
NET GAS
REVENUE
---M$---
NET NGL
REVENUE
---M$---
TOTAL
REVENUE
----$---
12-2014
12-2015
12-2016
12-2017
12-2018
249.6
900.0
3561.8
17427.8
38457.9
35.3
380.3
1646.2
10248.5
24202.6
0.0
0.0
0.0
0.0
0.0
199.7
720.0
2849.4
13942.2
30766.4
0.0
218.6
1029.1
6729.5
16313.6
0.0
0.0
0.0
0.0
0.0
17413.8
65114.0
267154.3
1354879.9
3098236.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
17413.8
65114.0
267154.3
1354879.9
3098236.2
12-2019
12-2020
12-2021
12-2022
12-2023
44015.9
48304.2
33062.3
24823.3
19705.3
24472.6
22511.8
14928.0
11279.2
9090.2
0.0
0.0
0.0
0.0
0.0
35210.0
26110.1
9070.4
4964.7
3941.1
16294.3
9246.4
3123.1
1744.6
1410.4
0.0
0.0
0.0
0.0
0.0
3673533.8
2821737.2
1015167.8
575342.5
472821.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3673533.8
2821737.2
1015167.8
575342.5
472821.8
12-2024
12-2025
12-2026
12-2027
12-2028
7521.4
3954.4
0.0
1504.3
613.7
0.0
186802.9
0.0
0.0
186802.9
S TOT
238029.5
122749.0
0.0
129278.2
56723.2
0.0 13548205.0
0.0
0.0
13548205.0
0.0
0.0
0.0
0.0
0.0
0.0 13548205.0
0.0
0.0
13548205.0
AFTER
0.0
0.0
0.0
0.0
0.0
TOTAL
238029.5
122749.0
0.0
129278.2
56723.2
--END-MO-YEAR
-------
NET OIL
PRICE
---$---
NET GAS
PRICE
---$---
NET NGL
PRICE
---$---
SEVERANCE
TAXES
------M$----
12-2014
12-2015
12-2016
12-2017
12-2018
87.21
90.43
93.76
97.18
100.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5279.3
13694.8
51929.3
257898.2
585083.2
12134.5
51419.2
215225.2
1096981.4
2513153.8
12-2019
12-2020
12-2021
12-2022
12-2023
104.33
108.07
111.92
115.89
119.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
689504.8
527111.8
188743.1
106497.2
87141.7
12-2024
12-2025
12-2026
12-2027
12-2028
124.18
0.00
0.00
0.0
0.0
34297.8
S TOT
104.80
0.00
0.00
0.0
0.0
AFTER
0.00
0.00
0.00
0.0
0.0
TOTAL
104.80
0.00
0.00
0.0
0.0
OIL
--------GROSS WELLS
257.0
0.000
NET RES.,
MB & MMF 129278.250
NET REVENUE, M$
13548205.000
INITIAL PRICE, $
101.206
INITIAL N.I., PCT.
80.000
NET OIL
REVENUE
---M$---
GAS
--------252.0
122749.023
0.000
122749.023
56723.184
0.000
0.000
80.000
PROD & OTHER

TAXES
-----M$-----
NET OPER OPERATING

EQUITY
----M$---- ----M$---- ----M$----
UNDISC NET
CASH FLOW
-----M$----
DISC NET
CASH FLOW
-----M$----
4700.0
1751.0
61001.7
338199.0
696690.2
7434.5
49668.2
154223.4
758781.8
1816463.6
6769.1
42006.1
115520.8
531883.1
1170917.0
2984029.8
2294625.5
826423.7
468845.7
385680.5
292137.0
167167.3
0.0
0.0
0.0
2691895.8
2127456.5
826423.7
468845.7
385680.5
1582972.5
1139432.4
404503.5
208620.1
156013.0
152505.0
0.0
152505.0
57418.2
2547181.2 11001023.0
1561646.2
9439379.0
5416056.0
0.0
0.0
0.0
0.0
2547181.2 11001023.0
1561646.2
9439379.0
5416056.0
0.0
LIFE, YRS.
10.50
DISCOUNT %
10.00
0.39
0.41
7.04
6.30
100.00
INITIAL W.I., PCT.
97.964
P.W. %
-----5.00
10.00
15.00
20.00
25.00
30.00
40.00
60.00
80.00
100.00
P.W., M$
-------7083431.000
5416045.000
4210706.500
3322703.250
2657301.750
2150998.500
1455173.125
739350.938
418233.188
256576.922
Page|95

GRAND TOTAL
BOLIVAR BLOCK
TOTAL PROVED PRODUCING RESERVES
DATE
TIME
DBS
SETTINGS
SCENARIO
R E S E R V E S
A N D
:
:
:
:
:
08/27/2013
07:54:28
DEMO
RED123112
RED123112E
E C O N O M I C S

GROSS NGL
NET OIL
NET GAS
NET NGL
NET OIL
REVENUE
---M$---
NET GAS
REVENUE
---M$---
NET NGL
REVENUE
---M$---
TOTAL
REVENUE
----$---
12-2014
12-2015
12-2016
12-2017
12-2018
14.9
13.4
12.0
10.8
9.8
148.6
133.8
120.4
108.4
97.5
0.0
0.0
0.0
0.0
0.0
11.9
10.7
9.6
8.7
7.8
118.9
107.0
96.3
86.7
78.0
0.0
0.0
0.0
0.0
0.0
1037.0
967.8
903.0
842.4
785.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1037.0
967.8
903.0
842.4
785.6
12-2019
12-2020
12-2021
12-2022
12-2023
8.8
7.9
7.1
6.4
1.5
87.8
79.0
71.1
64.0
15.0
0.0
0.0
0.0
0.0
0.0
7.0
4.2
1.9
1.3
0.3
70.2
42.5
19.1
12.8
3.0
0.0
0.0
0.0
0.0
0.0
732.5
459.3
214.0
148.3
35.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
732.5
459.3
214.0
148.3
35.9
92.5
925.5
0.0
63.5
634.6
0.0
6125.9
0.0
0.0
6125.9
12-2024
12-2025
12-2026
12-2027
12-2028
S TOT
AFTER
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL
92.5
925.5
0.0
63.5
634.6
0.0
6125.9
0.0
0.0
6125.9
--END-MO-YEAR
-------
NET OIL
PRICE
---$---
NET GAS
PRICE
---$---
NET NGL
PRICE
---$---
SEVERANCE
TAXES
------M$----
PROD & OTHER

TAXES
-----M$-----
NET OPER OPERATING

EQUITY
----M$---- ----M$---- ----M$----
UNDISC NET
CASH FLOW
-----M$----
DISC NET
CASH FLOW
-----M$----
12-2014
12-2015
12-2016
12-2017
12-2018
87.21
90.44
93.76
97.18
100.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
434.1
447.1
460.5
474.4
488.6
602.9
520.7
442.5
368.0
297.0
0.0
0.0
0.0
0.0
0.0
602.9
520.7
442.5
368.0
297.0
575.0
451.5
348.8
263.7
193.5
12-2019
12-2020
12-2021
12-2022
12-2023
104.33
108.07
111.92
115.89
119.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
503.2
345.6
178.0
137.5
35.4
229.3
113.7
36.1
10.8
0.5
0.0
0.0
0.0
0.0
0.0
229.3
113.7
36.1
10.8
0.5
135.8
61.2
17.7
4.8
0.2
S TOT
96.54
0.00
0.00
0.0
0.0
AFTER
0.00
0.00
0.00
0.0
0.0
3504.3
2621.5
0.0
2621.5
2052.3
0.0
0.0
0.0
0.0
0.0
TOTAL
96.54
0.00
0.00
0.0
0.0
3504.3
2621.5
0.0
2621.5
2052.3
12-2024
12-2025
12-2026
12-2027
12-2028
GROSS WELLS
NET RES.,
MB & MMF
NET REVENUE, M$
INITIAL PRICE, $
INITIAL N.I., PCT.
OIL
--------1.0
802.064
709.518
92.546
63.456
6125.867
87.210
80.000
GAS
--------0.0
4107.329
3181.867
925.462
634.560
0.000
0.000
80.000
LIFE, YRS.
9.25
DISCOUNT %
10.00
0.00
0.00
0.00
0.00
100.00
INITIAL W.I., PCT.
100.000
P.W. %
-----5.00
10.00
15.00
20.00
25.00
30.00
40.00
60.00
80.00
100.00
P.W., M$
-------2303.559
2052.285
1850.147
1684.932
1547.970
1432.981
1251.557
1010.547
859.173
755.732
Page|96

GRAND TOTAL
BOLIVAR BLOCK
TOTAL PROVED UNDEVELOPED RESERVES
DATE
TIME
DBS
SETTINGS
SCENARIO
R E S E R V E S
A N D
:
:
:
:
:
08/27/2013
07:54:37
DEMO
RED123112
RED123112E
E C O N O M I C S

GROSS NGL
NET OIL
NET GAS
NET NGL
NET OIL
REVENUE
---M$---
NET GAS
REVENUE
---M$---
NET NGL
REVENUE
---M$---
12-2014
12-2015
12-2016
12-2017
12-2018
0.0
201.1
2367.7
7399.6
5594.6
0.0
241.4
2841.3
8879.5
6713.6
0.0
0.0
0.0
0.0
0.0
0.0
160.9
1894.2
5919.7
4475.7
0.0
193.1
2273.0
7103.6
5370.9
0.0
0.0
0.0
0.0
0.0
0.0
14552.3
177593.0
575261.7
450714.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
14552.3
177593.0
575261.7
450714.2
12-2019
12-2020
12-2021
12-2022
12-2023
8420.8
13287.2
9924.0
7412.1
5536.0
10104.9
15944.6
11908.8
8894.5
6643.2
0.0
0.0
0.0
0.0
0.0
6736.6
7261.4
2711.7
1482.4
1107.2
8083.9
8713.6
3254.0
1778.9
1328.6
0.0
0.0
0.0
0.0
0.0
702844.7
784740.6
303496.8
171793.4
132833.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
702844.7
784740.6
303496.8
171793.4
132833.3
12-2024
12-2025
12-2026
12-2027
12-2028
2217.9
2661.5
0.0
443.6
532.3
0.0
55085.2
0.0
0.0
55085.2
S TOT
62361.0
74833.2
0.0
32193.4
38632.0
0.0
3368915.2
0.0
0.0
3368915.2
AFTER
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL
62361.0
74833.2
0.0
32193.4
38632.0
0.0
3368915.2
0.0
0.0
3368915.2
--END-MO-YEAR
-------
NET OIL
PRICE
---$---
NET GAS
PRICE
---$---
NET NGL
PRICE
---$---
SEVERANCE
TAXES
------M$----
12-2014
12-2015
12-2016
12-2017
12-2018
0.00
90.43
93.76
97.18
100.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
188.0
3246.0
36240.8
116893.7
93050.0
-188.0
11306.3
141352.2
458368.0
357664.2
12-2019
12-2020
12-2021
12-2022
12-2023
104.33
108.07
111.92
115.89
119.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
143896.5
159567.9
63104.6
36962.0
29809.3
12-2024
12-2025
12-2026
12-2027
12-2028
124.18
0.00
0.00
0.0
0.0
S TOT
104.65
0.00
0.00
0.0
AFTER
0.00
0.00
0.00
0.0
TOTAL
104.65
0.00
0.00
0.0
GROSS WELLS
NET RES.,
MB & MMF
NET REVENUE, M$
INITIAL PRICE, $
INITIAL N.I., PCT.
TOTAL
REVENUE
----$---
OIL
--------125.0
62361.020
0.000
62361.020
32193.357
3368915.250
100.121
80.000
GAS
--------0.0
74833.211
0.000
74833.211
38632.023
0.000
0.000
80.000
PROD & OTHER

TAXES
-----M$-----
NET OPER OPERATING

EQUITY
----M$---- ----M$---- ----M$----
UNDISC NET
CASH FLOW
-----M$----
DISC NET
CASH FLOW
-----M$----
0.0
14420.0
178231.3
0.0
0.0
-188.0
-3113.7
-36879.0
458368.0
357664.2
-179.3
-2980.2
-29950.6
328320.9
233009.2
558948.1
625172.8
240392.1
134831.3
103024.0
292137.0
0.0
0.0
0.0
0.0
266811.0
625172.8
240392.1
134831.3
103024.0
153109.4
336598.4
117662.9
59995.3
41674.7
12857.0
42228.2
0.0
42228.2
15899.0
0.0
695815.9
2673099.2
484788.2
2188311.0
1253159.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
695815.9
2673099.2
484788.2
2188311.0
1253159.6
LIFE, YRS.
10.50
DISCOUNT %
10.00
3.09
3.10
5.51
4.86
100.00
INITIAL W.I., PCT.
100.000
P.W. %
-----5.00
10.00
15.00
20.00
25.00
30.00
40.00
60.00
80.00
100.00
P.W., M$
-------1639473.250
1253159.500
975010.375
770637.188
617711.312
501389.062
341320.062
175529.172
100005.594
61308.109
Page|97

GRAND TOTAL
BOLIVAR BLOCK
TOTAL PROBABLE UNDEVELOPED RESERVES
DATE
TIME
DBS
SETTINGS
SCENARIO
R E S E R V E S
A N D
:
:
:
:
:
08/27/2013
07:54:42
DEMO
RED123112
RED123112E
E C O N O M I C S

GROSS NGL
NET OIL
NET GAS
NET NGL
NET OIL
REVENUE
---M$---
NET GAS
REVENUE
---M$---
NET NGL
REVENUE
---M$---
12-2014
12-2015
12-2016
12-2017
12-2018
0.0
445.1
1208.7
7044.9
8266.1
0.0
338.0
551.2
5080.1
6752.2
0.0
0.0
0.0
0.0
0.0
0.0
356.1
967.0
5635.9
6612.9
0.0
218.2
360.2
3289.6
4414.1
0.0
0.0
0.0
0.0
0.0
0.0
32205.5
90662.1
547687.1
665931.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
32205.5
90662.1
547687.1
665931.4
12-2019
12-2020
12-2021
12-2022
12-2023
5997.9
4489.5
3403.5
2604.3
2010.3
4934.4
3682.0
2767.5
2090.4
1586.1
0.0
0.0
0.0
0.0
0.0
4798.3
2451.6
928.5
520.9
402.1
3237.7
1650.8
619.7
342.4
259.2
0.0
0.0
0.0
0.0
0.0
500617.1
264944.7
103918.1
60362.4
48235.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
500617.1
264944.7
103918.1
60362.4
48235.7
12-2024
12-2025
12-2026
12-2027
12-2028
830.8
645.2
0.0
166.2
105.2
0.0
20633.7
0.0
0.0
20633.7
S TOT
36301.2
28427.1
0.0
22839.4
14497.3
0.0
2335198.2
0.0
0.0
2335198.2
AFTER
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL
36301.2
28427.1
0.0
22839.4
14497.3
0.0
2335198.2
0.0
0.0
2335198.2
--END-MO-YEAR
-------
NET OIL
PRICE
---$---
NET GAS
PRICE
---$---
NET NGL
PRICE
---$---
SEVERANCE
TAXES
------M$----
12-2014
12-2015
12-2016
12-2017
12-2018
0.00
90.43
93.76
97.18
100.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
6392.7
17400.4
104745.6
128393.8
0.0
25812.8
73261.7
442941.6
537537.6
12-2019
12-2020
12-2021
12-2022
12-2023
104.33
108.07
111.92
115.89
119.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
97186.0
51924.5
20739.7
12413.1
10280.3
12-2024
12-2025
12-2026
12-2027
12-2028
124.18
0.00
0.00
0.0
0.0
S TOT
102.24
0.00
0.00
0.0
AFTER
0.00
0.00
0.00
0.0
TOTAL
102.24
0.00
0.00
0.0
GROSS WELLS
NET RES.,
MB & MMF
NET REVENUE, M$
INITIAL PRICE, $
INITIAL N.I., PCT.
TOTAL
REVENUE
----$---
OIL
--------53.0
36301.195
0.000
36301.195
22839.371
2335198.250
96.386
80.000
GAS
--------26.0
28427.086
0.000
28427.086
14497.270
0.000
0.000
80.000
PROD & OTHER

TAXES
-----M$-----
NET OPER OPERATING

EQUITY
----M$---- ----M$---- ----M$----
UNDISC NET
CASH FLOW
-----M$----
DISC NET
CASH FLOW
-----M$----
0.0
14420.0
0.0
183578.1
0.0
0.0
11392.8
73261.7
259363.3
537537.6
0.0
9137.7
57005.8
178847.3
350191.8
403431.1
213020.2
83178.4
47949.3
37955.4
0.0
0.0
0.0
0.0
0.0
403431.1
213020.2
83178.4
47949.3
37955.4
238931.8
114691.9
40712.7
21335.8
15353.5
4529.5
16104.2
0.0
16104.2
6063.2
0.0
454005.7
1881192.2
197998.1
1683193.9
1032271.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
454005.7
1881192.2
197998.1
1683193.9
1032271.4
LIFE, YRS.
10.50
DISCOUNT %
10.00
1.56
1.58
9.50
8.03
100.00
INITIAL W.I., PCT.
100.000
P.W. %
-----5.00
10.00
15.00
20.00
25.00
30.00
40.00
60.00
80.00
100.00
P.W., M$
-------1307344.000
1032271.312
826984.812
671107.000
550912.562
456946.312
323025.406
176338.844
105345.625
67345.188
Page|98

GRAND TOTAL
BOLIVAR BLOCK
TOTAL POSSIBLE NON-PRODUCING RESERVES
DATE
TIME
DBS
SETTINGS
SCENARIO
R E S E R V E S
A N D
:
:
:
:
:
08/27/2013
07:54:42
DEMO
RED123112
RED123112E
E C O N O M I C S

GROSS NGL
NET OIL
NET GAS
NET NGL
NET GAS
REVENUE
---M$---
NET NGL
REVENUE
---M$---
TOTAL
REVENUE
----$---
12-2014
12-2015
12-2016
12-2017
12-2018
249.6
171.3
105.2
78.0
62.7
35.3
37.8
21.6
15.6
12.4
0.0
0.0
0.0
0.0
0.0
199.7
137.1
84.1
62.4
50.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
17413.8
12396.0
7889.4
6063.1
5050.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
17413.8
12396.0
7889.4
6063.1
5050.8
12-2019
12-2020
12-2021
12-2022
12-2023
52.8
45.8
40.5
36.4
32.7
10.3
8.9
7.8
7.0
6.3
0.0
0.0
0.0
0.0
0.0
42.2
24.7
10.9
7.3
6.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4404.4
2666.6
1220.9
842.9
785.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4404.4
2666.6
1220.9
842.9
785.3
12-2024
12-2025
12-2026
12-2027
12-2028
15.1
2.9
0.0
3.0
0.0
0.0
375.4
0.0
0.0
375.4
S TOT
890.1
165.9
0.0
628.1
0.0
0.0
59108.6
0.0
0.0
59108.6
AFTER
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL
890.1
165.9
0.0
628.1
0.0
0.0
59108.6
0.0
0.0
59108.6
--END-MO-YEAR
-------
NET OIL
PRICE
---$---
NET GAS
PRICE
---$---
NET NGL
PRICE
---$---
SEVERANCE
TAXES
------M$----
12-2014
12-2015
12-2016
12-2017
12-2018
87.21
90.43
93.76
97.18
100.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5279.3
3555.9
2374.7
1884.6
1612.3
12134.5
8840.1
5514.7
4178.4
3438.5
12-2019
12-2020
12-2021
12-2022
12-2023
104.33
108.07
111.92
115.89
119.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1439.5
887.9
414.8
292.8
278.6
12-2024
12-2025
12-2026
12-2027
12-2028
124.18
0.00
0.00
0.0
0.0
S TOT
94.11
0.00
0.00
0.0
AFTER
0.00
0.00
0.00
0.0
TOTAL
94.11
0.00
0.00
0.0
GROSS WELLS
NET RES.,
MB & MMF
NET REVENUE, M$
INITIAL PRICE, $
INITIAL N.I., PCT.
NET OIL
REVENUE
---M$---
OIL
--------2.0
890.061
0.000
890.061
628.083
59108.598
87.210
80.000
GAS
--------0.0
165.942
0.000
165.942
0.000
0.000
0.000
0.000
PROD & OTHER

TAXES
-----M$-----
NET OPER OPERATING

EQUITY
----M$---- ----M$---- ----M$----
UNDISC NET
CASH FLOW
-----M$----
DISC NET
CASH FLOW
-----M$----
4700.0
0.0
0.0
0.0
0.0
7434.5
8840.1
5514.7
4178.4
3438.5
6769.1
7665.4
4347.2
2994.4
2240.1
2964.9
1778.7
806.1
550.0
506.7
0.0
0.0
0.0
0.0
0.0
2964.9
1778.7
806.1
550.0
506.7
1755.9
957.7
394.6
244.8
205.0
135.0
240.4
0.0
240.4
90.5
0.0
18155.6
40953.0
4700.0
36253.0
27664.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
18155.6
40953.0
4700.0
36253.0
27664.4
LIFE, YRS.
10.50
DISCOUNT %
10.00
0.39
0.41
8.71
6.97
100.00
INITIAL W.I., PCT.
100.000
P.W. %
-----5.00
10.00
15.00
20.00
25.00
30.00
40.00
60.00
80.00
100.00
P.W., M$
-------31420.404
27664.443
24675.227
22247.049
20239.406
18553.736
15884.166
12286.337
9967.760
8342.006
Page|99

GRAND TOTAL
BOLIVAR BLOCK
TOTAL POSSIBLE UNDEVELOPED RESERVES
DATE
TIME
DBS
SETTINGS
SCENARIO
R E S E R V E S
A N D
:
:
:
:
:
08/27/2013
07:55:12
DEMO
RED123112
RED123112E
E C O N O M I C S

GROSS NGL
NET OIL
NET GAS
NET NGL
NET OIL
REVENUE
---M$---
NET GAS
REVENUE
---M$---
NET NGL
REVENUE
---M$---
TOTAL
REVENUE
----$---
12-2014
12-2015
12-2016
12-2017
12-2018
0.0
728.7
3456.6
17349.8
38395.2
0.0
342.5
1624.6
10232.9
24190.2
0.0
0.0
0.0
0.0
0.0
0.0
582.9
2765.3
13879.8
30716.2
0.0
218.6
1029.1
6729.5
16313.6
0.0
0.0
0.0
0.0
0.0
0.0
52718.0
259264.9
1348816.9
3093185.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
52718.0
259264.9
1348816.9
3093185.5
12-2019
12-2020
12-2021
12-2022
12-2023
43963.1
48258.4
33021.8
24786.9
19672.6
24462.3
22502.9
14920.2
11272.2
9083.9
0.0
0.0
0.0
0.0
0.0
35167.8
26085.5
9059.5
4957.4
3934.5
16294.3
9246.4
3123.1
1744.6
1410.4
0.0
0.0
0.0
0.0
0.0
3669129.2
2819070.5
1013946.9
574499.7
472036.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3669129.2
2819070.5
1013946.9
574499.7
472036.5
12-2024
12-2025
12-2026
12-2027
12-2028
7506.3
3951.5
0.0
1501.3
613.7
0.0
186427.5
0.0
0.0
186427.5
S TOT
237139.4
122583.1
0.0
128650.2
56723.2
0.0 13489095.0
0.0
0.0
13489095.0
0.0
0.0
0.0
0.0
0.0
0.0 13489095.0
0.0
0.0
13489095.0
AFTER
0.0
0.0
0.0
0.0
0.0
TOTAL
237139.4
122583.1
0.0
128650.2
56723.2
--END-MO-YEAR
-------
NET OIL
PRICE
---$---
NET GAS
PRICE
---$---
NET NGL
PRICE
---$---
SEVERANCE
TAXES
------M$----
12-2014
12-2015
12-2016
12-2017
12-2018
0.00
90.43
93.76
97.18
100.70
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10138.8
49554.6
256013.6
583470.9
0.0
42579.2
209710.5
1092803.0
2509715.2
12-2019
12-2020
12-2021
12-2022
12-2023
104.33
108.07
111.92
115.89
119.97
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
688065.2
526223.9
188328.3
106204.4
86863.1
12-2024
12-2025
12-2026
12-2027
12-2028
124.18
0.00
0.00
0.0
0.0
34162.8
S TOT
104.85
0.00
0.00
0.0
0.0
AFTER
0.00
0.00
0.00
0.0
0.0
TOTAL
104.85
0.00
0.00
0.0
0.0
OIL
--------GROSS WELLS
255.0
0.000
NET RES.,
MB & MMF 128650.172
NET REVENUE, M$
13489095.000
INITIAL PRICE, $
101.255
INITIAL N.I., PCT.
80.000
GAS
--------252.0
122583.086
0.000
122583.086
56723.184
0.000
0.000
80.000
PROD & OTHER

TAXES
-----M$-----
NET OPER OPERATING

EQUITY
----M$---- ----M$---- ----M$----
UNDISC NET
CASH FLOW
-----M$----
DISC NET
CASH FLOW
-----M$----
0.0
1751.0
61001.7
338199.0
696690.2
0.0
40828.2
148708.7
754603.4
1813025.1
0.0
34340.8
111173.6
528888.7
1168677.0
2981065.0
2292846.8
825617.6
468295.7
385173.9
292137.0
167167.3
0.0
0.0
0.0
2688931.0
2125677.8
825617.6
468295.7
385173.9
1581216.5
1138474.6
404108.9
208375.3
155808.0
152264.6
0.0
152264.6
57327.7
2529025.8 10960071.0
1556946.2
9403126.0
5388391.0
0.0
0.0
0.0
0.0
2529025.8 10960071.0
1556946.2
9403126.0
5388391.0
0.0
LIFE, YRS.
10.50
DISCOUNT %
10.00
1.04
1.04
7.04
6.30
100.00
INITIAL W.I., PCT.
97.957
P.W. %
-----5.00
10.00
15.00
20.00
25.00
30.00
40.00
60.00
80.00
100.00
P.W., M$
-------7052010.500
5388380.000
4186031.000
3300456.500
2637062.250
2132445.000
1439288.875
727064.625
408265.406
248234.891
Page|100
ProductionPlots
Page|101
Page|102
Page|103
ContractInformation
Page|104
Page|105
Page|106
Appendix
Page|107
VerticalWellCostforFiveFormationStackedPay
COLOMBIA ENERGY DEVELOPMENT

Drilling cost estimate for development well in Bolivar
Bolivar Block
August, 2013
EXPENDITURE ITEM
CODE
301
ROAD & LOCATION

Civil works
INSURANCE
Estimated
ENVIRONMENTAL
COMMUNITY AID
RIGHT OF WAY AND DAMAGES
SOLIDS AND FLUIDS TREATMENT
MOBILIZATION / DEMOBILIZATION (RIG)
Lump Sum Cost
DRILLING RIG
WORKOVER RIG, SWABING UNIT, POWER SWIVEL
QA/QC
WATER SUPPLIES
Tanker Truck
MUD, DRILLING FLUID & MUD ENGINEERING
Completion fluid
BITS
CORING
DRILL STEM TESTS / CASED HOLE TESTS
ELECTRIC LOGGING (OPEN HOLE)
MUD LOGGING & WELLSITE GEOLOGIST
CEMENT AND CEMENTING SERVICES
FISHING TOOLS AND SERVICES
DIRECTIONAL SERVICES
EQUIPMENT RENTALS & SERVICES
COMMUNICATIONS
Mobile Phone Service
LAND TRANSPORTATION
Pick Up
OIL TRANSPORTATION
HELICOPTERS / AIRCRAFT RENTAL. AIR TICKETS.
Air Tickets
POTENTIAL TESTS, PRESSURE SURVEYS
SECURITY
PERFORATING
ACIDIZING/FRACTURING/ESTIMULATION
GRAVEL PACK AND SAND CONSOLIDATION
SUPERVISION - CONTRACT
Drilling Site Manager
PROJECT MANAGEMENT
Drilling Manager
Drilling & Workover Engineer
MISCELLANEOUS LABOR AND EXPENSES
Patio Hands & Waitress
PLUG AND ABANDONMENT
150,000
30,000
30,000
5,000
5,000
5,000
5,000
100,000
100,000
202,143
560,000
560,000
27,000
10,000
10,000
165,000
27,000
15,000
165,000
319
321
322
323
30,000
30,000
99,000
99,000
324
325
328
329
330
331
0
100,000
0
100,000
175,000
30,000
1,000
1,000
5,000
5,000
175,000
30,000
2,000
311
312
315
316
202,143
202,143
5,000
5,000
318
332
333
334
335
336
337
338
340
341
342
343
1,000
1,000
2,750
2,750
2,000
2,000
346
BHA & RIG INSPECTION

Surface & Production Casing inspection
TOTAL INTANGIBLE COST
CASING:
SURFACE AND PRODUCTION CASING
13-3/8 Surface Casing
Casing Accesories
9-5/8 Production Casing
Casing Accesories
TUBING, PUP AND BLAST JOINTS (3-1/2")
Tubing
DOWNHOLE EQUIPMENT (Mechanical Pump)
Stator + rotor +Anchor
DOWN HOLE COMPLETION EQUIPMENT
Sucker Rods X 25 ft each X 8000 ft + Polished rod
GRAVEL PACK EQUIPMENT
CHRISTMAS TREE AND WELLHEAD EQUIPMENT
347
7,750
2,000
2,000
20,000
22,000
7,333
7,333
6,000
5,000
1,000
4,000
4,000
36,667
36,667
13,000
10,000
3,000
20,000
20,000
44,000
10,000
10,000
5,000
27,000
27,000
10,000
10,000
10,000
10,000
1,421,667
344
Meals
TOTAL TANGIBLE COST

SUB-TOTAL WELL COST
Contingency (5%)
IVA 16%
TOTAL WELL COST
Total
24 Days
303
304
306
307
308
MISCELLANEOUS SUPPLIES
FLOWLINES, VALVES, METERS AND CONNECTIONS

4" flow line and construction
SURFACE POWER EQUIPMENT
OTHER SURFACE EQUIPMENT
Drilling
20 Days
302
345
CAMP & CATERING
Moving
4 Days
Unit Cost
150,000
150,000
19,000
24,000
0
397,226
354
37,000
15,000
10,000
1,875,893
70,000
66,000
4,000
259,200
15,000
344,200
15,000
15,000
85,000
359,200
2,235,093
111,755
375,496
2,722,343
355
358
360
361
362
367
378
382
0
Prepared by: Diana C. Oicat Chica

Revised : Rodolfo Rivera
Page|108
COLOMBIA ENERGY DEVELOPMENT
Cost estimate for a development well in Bolivar - Completion w/ Workover Rig

Ro Verde Block
Aug, 2013
EXPENDITURE ITEM
CODE
301
ROAD & LOCATION

Civil works
INSURANCE
Estimated
ENVIRONMENTAL
COMMUNITY AID
RIGHT OF WAY AND DAMAGES
SOLIDS AND FLUIDS TREATMENT
MOBILIZATION / DEMOBILIZATION (DRILLING RIG)
Lump Sum Cost
MOBILIZATION / DEMOBILIZATION (WORKOVER RIG)
Lump Sum Cost
DRILLING RIG
WORKOVER RIG, SWABING UNIT, POWER SWIVEL
FUEL AND LUBRICANTS
QA/QC
Tanker Truck
MUD, DRILLING FLUID & MUD ENGINEERING
Completion fluid
BITS
CORING
DRILL STEAM TESTS / CASED HOLE TESTS
ELECTRIC LOGGING (OPEN & CASED HOLE)
MUD LOGGING & WELLSITE GEOLOGIST
CEMENT AND CEMENTING SERVICES
FISHING TOOLS AND SERVICES
TANKS
EQUIPMENT RENTALS & SERVICES
COMMUNICATIONS
Mobile Phone Service
LAND TRANSPORTATION
Pick Up
OIL TRANSPORTATION
HELICOPTERS / AIRCRAFT RENTAL. AIR TICKETS.
Air Tickets
POTENTIAL TESTS, PRESSURE SURVEYS
SECURITY
PERFORATING
ACIDIZING/FRACTURING/ESTIMULATION
GRAVEL PACK AND SAND CONSOLIDATION
SUPERVISION - CONTRACT
Drilling Site Manager
PROJECT MANAGEMENT
Drilling Manager
Drilling & Workover Engineer
MISCELLANEOUS LABOR AND EXPENSES
Patio Hands & Waitress
PLUG AND ABANDONMENT
Drilling
Moving
Completion
4 Days
20 Days
2 Days
20 Days
20,000
20,000
20,000
0
0
101,071
101,071
231,022
0
27,000
27,000
10,000
10,000
318
319
321
322
323
0
231,022
27,000
10,000
0
45,000
324
325
328
329
330
331
332
333
334
45,000
0
0
250
250
1,250
1,250
74,074
30,000
250
250
5,000
5,000
74,074
30,000
500
6,250
0
0
335
336
337
338
340
341
342
343
2,000
10,000
150,000
1,900,000
12,000
150,000
1,900,000
3,667
3,667
3,000
2,000
1,000
2,000
2,000
36,667
36,667
7,000
5,000
2,000
20,000
20,000
40,333
2,500
2,500
15,000
15,000
10,000
10,000
5,000
5,000
2,344,991
17,500
10,000
22,000
344
Meals
346
BHA & RIG INSPECTION

Surface - Production Casing & Tubing inspection
TOTAL INTANGIBLE COST
CASING:
SURFACE AND PRODUCTION CASING
13-3/8 Surface Casing
Casing Accesories
9-5/8 Production Casing
Casing Accesories
TUBING, PUP AND BLAST JOINTS (3-1/2")
3-1/2 Tubing
DOWNHOLE EQUIPMENT (Dual Completion)
DOWN HOLE COMPLETION EQUIPMENT
GRAVEL PACK EQUIPMENT
CHRISTMAS TREE AND WELLHEAD EQUIPMENT
347
TOTAL TANGIBLE COST

SUB-TOTAL WELL COST
Contingency (5%)
IVA 16%
TOTAL WELL COST
Prepared by: Diana C. Oicat Chica
Revised: Rodolfo Rivera
0
0
0
101,071
308
311
312
315
316
MISCELLANEOUS SUPPLIES
FLOWLINES, VALVES, METERS AND CONNECTIONS

4" flow line and construction
SURFACE POWER EQUIPMENT
OTHER SURFACE EQUIPMENT
Total
22 Days
302
303
304
306
307
308
345
CAMP & CATERING
Moving
0
20,000
354
0
0
355
358
360
361
362
10,000
0
2,706,751
0
0
0
0
0
49,584
49,584
49,584
700,000
700,000
50,000
50,000
799,584
799,584
3,506,335
175,317
589,064
4,270,716
367
378
382
0
TOTALCOMPLETEDWELLCOST=$6,993,059
Page|109
Page|110
Olivo2PreliminaryFracDesign
Page|111
Olivo2WellBoreSchematic
Page|112
RyvolOilReservoirVolumetricDataSheets
Page|113
Rosa Blanca - Minimum (Proven)
RyVOL
Input:
Calculated:
Oil Reservoir Volumetric Analysis

(Protected)
Field:
County/Parish:
State/Country:
Bolivar
Bolivar Block
Columbia S.A.
Reservoir:
Wells:
Mid La Luna
Date:
Operator:
Lease:
8/5/2013
Global Energy
Fault Block:
Penetrations:
Accumulation:
Geol/Engr: LBB/KH
Press. Base, psia:

Temp. Base, F:
14.73
60
Oil
Avg. Depth, Ft
4,400
(ss)
(lko)
Limiting Contact, Ft
Reservoir & Fluid Parameters

Avg Porosity, (%)
Average Sw
(%)
9.50%
20.00%
Res. Temp.
(F)
Res. Press.
(psia)
Oil Gravity
(API)
Sep. Gas Grav. (Air=1)
GOR
(Scf/Bbl)
108.
1,958
23.
0.60
100
Data Source
Check, if R
Sep. Press. (psia)

Sep. Temp.
(F)
Calculated Hydrocarbon Properties (May be entered)

Boi
(RB/STB)
1.0726
P bp
(psia)
862
Sol. GOR (Scf/Bbl)

Bt
(RB/STB)
100
1.0726
OOIP
(Bbl/AF)
549.7 =7758 x x (1-Sw) / Bo
Reservoir Volumetric Parameters

Res. Area
ANET
Res. Volume
(AC)
(Ft)
(AF)
Producing Status
Well Name/No.
80.
400.
32,000
160.
400.
64,000
Undeveloped
20,321.
400.
8,128,400
Undeveloped
Undeveloped
Hydrocarbon Recovery
Bbl
In-Place
Rec Fac/GOR (%/GOR)
Rec. Reserves
MMcf
Bbl
17,590,233
1,759
3.7
100.0
650,839
650,839
MMcf
35,180,466
3,518
3.7
100.0
65
1,301,677
65
1,301,677
if %
Bbl
MMcf
4,468,139,063
446,814
3.7
100.0
130
165,321,145
16,532
130
165,321,145
16,532
if %
if %
Cum. Production
Remaining Res.
As-of Date:
Notes:
Page|114
Page|115
POSSIBLE
RyVOL
Input:
Calculated:

(Protected)
Field:
County/Parish:
State/Country:
Bolivar
Bolivar Block
Columbia S.A.
Reservoir:
Wells:
Salada - Average Well

Penetrations:
Accumulation:
Date:
Operator:
Lease:
2/16/2009
Global Energy
Geol/Engr: AK
Fault Block:
Press. Base, psia:
Temp. Base, F:
14.73
60
Oil
Avg. Depth, Ft
(ss)
(lko)

Avg Porosity, (%)
(%)
Average Sw
11.80%
15.50%
Res. Temp.
(F)
Res. Press.
(psia)
Oil Gravity
(API)
GOR
(Scf/Bbl)
120.
2,168
14.
0.60
1200
Data Source
Check, if R
Sep. Press. (psia)

Sep. Temp.
(F)

Boi
(RB/STB)
1.1041
Pbp
(psia)
12,284
Sol. GOR (Scf/Bbl)

(RB/STB)
Bt
120
2.2453
OOIP
(Bbl/AF)
344.5 =7758 x x (1-Sw) / Bo
*Warning:
In-place Oil and Gas volumes
have been adjusted for "free gas". This is
strictly an approximation.
Users should
consider adjusting the input GOR or
performing separate oil and gas calculations.

Res. Area
ANET
Res. Volume
Total 3P
7,859.
78.5
616,932
Possible Only
2,730.
78.5
214,305
Undeveloped
Undeveloped
(AC)
(Ft)
(AF)
Producing Status
Well Name/No.
Undeveloped
Bbl
In-Place
Rec Fac/GOR (%/GOR)
Rec. Reserves
MMcf
#########
255,055
17.0
1,200.0
36,132,837
36,132,837
Bbl
MMcf
73,832,657
88,599
17.0
1,200.0
43,359
12,551,552
15,062
43,359
12,551,552
15,062
if %
Bbl
if %
MMcf
if %
Cum. Production
Remaining Res.
As-of Date:
Notes:
Page|116
Page|117
RyVOL
Input:
Calculated:

(Protected)
Field:
County/Parish:
State/Country:
Bolivar
Bolivar Block
Columbia S.A.
Reservoir:
Wells:
Tablazo
Date:
Operator:
Lease:
8/5/2013
Global Energy
Fault Block:
Penetrations:
Accumulation:
Geol/Engr: LBB/kh
Press. Base, psia:

Temp. Base, F:
14.73
60
Oil
Avg. Depth, Ft
5,850
(ss)
(lko)

Avg Porosity, (%)
Average Sw
(%)
8.00%
20.00%
Res. Temp.
(F)
Res. Press.
(psia)
Oil Gravity
(API)
GOR
(Scf/Bbl)
150.
2,724
36.
0.60
1000
Data Source
Check, if R
Sep. Press. (psia)

Sep. Temp.
(F)

Boi
(RB/STB)
1.3082
P bp
(psia)
4,690
Sol. GOR (Scf/Bbl)

Bt
(RB/STB)
525
1.7724
OOIP
(Bbl/AF)
280.1 =7758 x x (1-Sw) / Bo

Res. Area
ANET
Res. Volume
(AC)
(Ft)
(AF)
Producing Status
Well Name/No.
Potential Resource
80.
150.
12,000
Potential Resource
160.
150.
24,000
Undeveloped
Potential Resource
20,321.
150.
3,048,150
Undeveloped
Undeveloped
Bbl
In-Place
Rec Fac/GOR (%/GOR)
Rec. Reserves
MMcf
3,361,689
3,362
3.7
1,000.0
124,382
124,382
Bbl
MMcf
6,723,378
6,723
3.7
1,000.0
124
248,765
124
248,765
if %
Bbl
MMcf
853,911,046
853,911
3.7
1,000.0
249
31,594,709
31,595
249
31,594,709
31,595
if %
if %
Cum. Production
Remaining Res.
As-of Date:
Notes:
Page|118

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BolivarDevelopmentPlan

The 13,000mi2 Middle Magdalena Valley Basin (MMVB) is a northsouth

Oil in the Middle Magdalena was generated by marine, dominantly

The Tablazo unit consists of calcareous, finegrained fossiliferous sandstones, limestones

As shown below,the La Luna shale has similar orbetter net pay,

Activity by other companies and

Bolivar Block Reservoir Properties

La Luna (inc. Salada) Catalina 1

KF1 = num ber of m ain fracture directions

*3: Kfrac = 833 * 10^5 * PHIfrac * Wf^2

= 2 for orthogonal sub-vertical

4: Kfrac = 833 * 10^2 * Wf^3 * Df * KF1

= 3 for chaotic or brecciated

* Reference: Crain's Petrophysical Handbook

Global Energy Development PLC

II. Additional Capital Re quire me nts - Facility Cos ts

III.Pricing, Dis counts and Fe e s :

IV. Ave rage Ope rating Expe ns e s :

GLOBAL ENERGY DEVELOPMENT PLC

NEAR-TERM CASH FLOW ECONOMIC SUMMARY

CASH FLOW ECONOMIC SUMMARY

MO-YEAR COUNT PRODUCTION

NEAR-TERM CASH FLOW ECONOMIC SUMMARY

CASH FLOW ECONOMIC SUMMARY

MO-YEAR COUNT PRODUCTION

GLOBAL ENERGY DEVELOPMENT PLC

AS OF DECEMBER 31, 2013

--END-- GROSS OIL GROSS GAS

PROD & OTHER

NET OPER OPERATING

GLOBAL ENERGY DEVELOPMENT PLC

AS OF DECEMBER 31, 2013

--END-- GROSS OIL GROSS GAS

PROD & OTHER

NET OPER OPERATING

GLOBAL ENERGY DEVELOPMENT PLC

AS OF DECEMBER 31, 2013

--END-- GROSS OIL GROSS GAS

PROD & OTHER

NET OPER OPERATING

GLOBAL ENERGY DEVELOPMENT PLC

AS OF DECEMBER 31, 2013

--END-- GROSS OIL GROSS GAS

PROD & OTHER

NET OPER OPERATING

GLOBAL ENERGY DEVELOPMENT PLC

AS OF DECEMBER 31, 2013

--END-- GROSS OIL GROSS GAS

PROD & OTHER

NET OPER OPERATING

GLOBAL ENERGY DEVELOPMENT PLC

AS OF DECEMBER 31, 2013

--END-- GROSS OIL GROSS GAS

PROD & OTHER

NET OPER OPERATING

GLOBAL ENERGY DEVELOPMENT PLC

AS OF DECEMBER 31, 2013

--END-- GROSS OIL GROSS GAS

PROD & OTHER

NET OPER OPERATING

GLOBAL ENERGY DEVELOPMENT PLC

AS OF DECEMBER 31, 2013

--END-- GROSS OIL GROSS GAS

3: Kfrac = 833 10^5 * PHIfrac * Wf^2