Three Rivers II Overview

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2 NEW MEXICO TEXAS Three Rivers II Overview Private E&P company backed by Riverstone Holdings Formed in August 2012 after sale of Three Rivers I Solely focused in the Permian Basin 50.8 MMBoe Proved Reserves $564MM Total Proved PV10 (1) Approximately 50K net acres across the Permian Current net production ~ 3,900 Boepd 97% operated / 98% WI Currently operating 4 rigs DELAWARE BASIN 5.4K Net Acres CENTRAL BASIN PLATFORM 21K Net Acres Fort Stockton Midland MIDLAND BASIN Big Spring 23K Net Acres (1) Strip Pricing as of September 16, 2013 TROC II Acreage 2

3 Our History - Permian Basin Focused New Mexico JANUARY Acquired Samson s Permian Basin assets for ~ $340MM JANUARY Filed S-1 for $300MM IPO AUGUST/SEPTEMBER Formation of 3ROC II and acquired Midland Basin assets for ~ $190MM APRIL Acquired Chesapeake assets for ~ $209MM Permian Basin Delaware Basin Midland Basin Midland Texas SEPTEMBER Acquired Southern Delaware Basin assets for ~ $10MM Austin ROC I ROC II 2013 JULY Sale of certain non-core assets to Zarvona, Sheridan, Apache & Devon MAY Sale of all assets to Concho Resources for $1.0 Billion DECEMBER Acquired Howard County assets for ~ $19MM 3

4 Strategy Buying Strategy Long-Lived, Broad Assets Economic Drilling Locations Potential for Geologic Upside Public NAV Companies < 30% Developed 30-60% Developed > 60% Developed MLPs Acreage Multiple Exit Opportunities Cash Flow Public NAV Market Individual Plays Whole Company Public Offering MLP Market Shallow Decline Vertical Well Production 4

5 Our view of the Permian ROOSEVELT COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS INCOLN CHAVES YOAKUM TERRY MIDLAND LYNN BASIN GARZA KENT LEA GAINES DAWSON BORDEN SCURRY OTERO EDDY Northern Delaware Basin Best in Class Horizontal Economics ANDREWS MARTIN HOWARD MITCHELL DELAWARE BASIN LOVING WINKLER ECTOR MIDLAND GLASSCOCK STERLING WARD DSPETH PRESIDIO CULBERSON vant_cities_permian_basin_ II _2012_TX_State _2012_NM_State _2012_TX_County _2012_NM_County Sections TX Sections Roadways_County _PRFX_C A; UP; TROC US II Acreage REEVES Southern Delaware Basin Emerging Play Wolfcamp Hz JEFF DAVIS BREWSTER PECOS CRANE 150,000 75, ,000 Feet UPTON TERRELL REAGAN CROCKETT IRION ± SCH Scale: 1:1,855,647 5 Date: 9/25/2013 S

6 New Mexico Texas Cline Shale Wolfcamp Shale 2009 Cline & Wolfcamp Shale Progression

7 2010 Cline & Wolfcamp Shale Progression

8 2011 Cline & Wolfcamp Shale Progression

9 2012 Cline & Wolfcamp Shale Progression

10 2013 Cline & Wolfcamp Shale Progression

11 2014 Cline & Wolfcamp Shale Progression

12 2015 Cline & Wolfcamp Shale Progression

13 Midland Basin Recent IPOs Diamondback Athlon Production ~ 9.6 MBOE/D ~ 12 MBOE/D Enterprise Value $1.74 Billion $3.33 Billion Issue Date October 2012 August 2013 Issue Price $17.50 $20.00 Current Price (1) $43.76 $33.09 (1) Current price as of 10/03/13 13

14 LEGEND TROC II DIAMONDBACK ATHLON LAREDO PIONEER

15 Midland Basin: Horizontal or Vertical? We Think Both Midland Basin Development Vertical Horizontal Rigs Well Cost ($MM) $2.0 - $2.2 $7.0 - $8.0 EUR (MBoe) ~145 ~ Frac Stages Geologic Zones 7 1 Cost/rig/year ($MM) $50 $100 Land Requirements 40 acres 160 acres (1 mile lateral) Vertical Development Lower capital requirements Muti-zone targets normalize results Easier from land perspective Horizontal Development Large capital requirements Single zone risk and more complex 15

16 Midland Basin Vertical Wolfberry Program Operator D&C Returns Wells Proppant Frac Fluid Capex EUR PV10 (1) Drilled (Lbs) (Bbls) ($M) (MBoe) ($M) IRR (1) Private ,755 23,081 $2, $72 11% Private ,300 18,750 $2, ($700) 3% TROC II ,278 34,724 $2, $750 20% Drilling deeper - adding Strawn, Mississippian or Atoka Substantial increase in frac fluid Improved frac design (slickwater) Employ geologic expertise to identify conventional zone (1) Flat Pricing: $85.00 oil and $3.50 gas 16

17 EBITDA - $M Loe / Boe Net Production - Boepd Growth Through the Drill Bit (actuals through August) Increased rig count from 2 to 4 rigs in first half of 2013 EBITDA increased by 170% from 4Q12 to 3Q13 o Forecasted fiscal year 2013 EBITDA of $57MM 6,000 5,000 Production Growth 5,038 Production increased by 93% and is forecasted to be over 5,000 Boepd in 4Q13 Reduced LOE / Boe to $8.40 which compares favorably to other Permian operators Pioneer - $14.56 / Boe 4,000 3,000 2,000 1,861 2,503 3,122 3,604 Diamondback - $10.15 / Boe 1,000 Athlon - $7.64 / Boe Concho - $7.25 / Boe - Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 EBITDA Growth LOE / Boe Reduction $25,000 $14.00 $20,000 $15,000 $13,640 $15,508 $20,019 $12.00 $10.00 $8.00 $10.00 $8.50 $7.48 $8.40 $6.82 $10,000 $5,000 $5,733 $9,058 $6.00 $4.00 $ Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 - Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Note: Includes workovers. Excludes severance taxes 17

18 What s next? 54

19 Play Development Bone Springs ROOSEVELT COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS INCOLN CHAVES YOAKUM TERRY LYNN GARZA KENT EDDY 3ROC I LEA GAINES MIDLAND DAWSON BASIN BORDEN SCURRY OTERO NORTHERN DELAWARE BASIN ANDREWS MARTIN HOWARD MITCHELL LOVING WINKLER ECTOR MIDLAND GLASSCOCK STERLING WARD DSPETH PRESIDIO CULBERSON vant_cities_permian_basin_ II _2012_TX_State _2012_NM_State _2012_TX_County _2012_NM_County Sections TX Sections Roadways_County _PRFX_C A; UP; TROC US II Acreage JEFF DAVIS REEVES BREWSTER PECOS CRANE 150,000 75, ,000 Feet UPTON TERRELL REAGAN CROCKETT IRION ± SCH Scale: 1:1,855, Date: 9/25/2013 S

20 Play Development Midland Basin Woflcamp Shale ROOSEVELT COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS INCOLN CHAVES YOAKUM TERRY LYNN GARZA KENT LEA GAINES MIDLAND DAWSON BASIN BORDEN SCURRY OTERO EDDY ANDREWS 3ROC II MARTIN HOWARD MITCHELL DELAWARE BASIN LOVING WINKLER ECTOR MIDLAND GLASSCOCK STERLING WARD DSPETH PRESIDIO CULBERSON vant_cities_permian_basin_ II _2012_TX_State _2012_NM_State _2012_TX_County _2012_NM_County Sections TX Sections Roadways_County _PRFX_C A; UP; TROC US II Acreage JEFF DAVIS REEVES BREWSTER PECOS CRANE 150,000 75, ,000 Feet UPTON TERRELL REAGAN CROCKETT IRION ± SCH Scale: 1:1,855, Date: 9/25/2013 S

21 Emerging Play Southern Delaware Basin Wolfcamp Shale ROOSEVELT COCHRAN HOCKLEY LUBBOCK CROSBY DICKENS INCOLN CHAVES YOAKUM TERRY LYNN GARZA KENT LEA GAINES MIDLAND DAWSON BASIN BORDEN SCURRY EDDY OTERO ANDREWS MARTIN HOWARD MITCHELL LOVING WINKLER ECTOR MIDLAND GLASSCOCK STERLING WARD DSPETH PRESIDIO CULBERSON vant_cities_permian_basin_ II _2012_TX_State _2012_NM_State _2012_TX_County _2012_NM_County Sections TX Sections Roadways_County _PRFX_C A; UP; TROC US II Acreage JEFF DAVIS REEVES SOUTHERN DELAWARE BASIN BREWSTER PECOS CRANE 150,000 75, ,000 Feet UPTON TERRELL REAGAN CROCKETT IRION ± SCH Scale: 1:1,855, Date: 9/25/2013 S

22 New Mexico Texas Southern Delaware Basin Operators EDDY Anadarko / Shell ANDREWS MARTIN LOVING WINKLER ECTOR MIDLAND WARD CULBERSON CRANE Cities_Permian_Basin_ REEVES UPTON 2_TX_State 2_NM_State 2_TX_County 2_NM_County ions ections ys_county FX_C JEFF DAVIS PECOS 150,000 75, ,000 P; US PRESIDIO BREWSTER Feet TERRELL TROC II Acreage 22

23 New Mexico Texas Southern Delaware Basin Operators EDDY Anadarko / Shell ANDREWS Energen & Cimarex MARTIN LOVING WINKLER ECTOR MIDLAND WARD CULBERSON CRANE Cities_Permian_Basin_ REEVES UPTON 2_TX_State 2_NM_State 2_TX_County 2_NM_County ions ections ys_county FX_C JEFF DAVIS PECOS 150,000 75, ,000 P; US PRESIDIO BREWSTER Feet TERRELL TROC II Acreage 23

24 New Mexico Texas Southern Delaware Basin Operators EDDY Anadarko / Shell ANDREWS Energen & Cimarex MARTIN LOVING WINKLER ECTOR MIDLAND EOG WARD CULBERSON CRANE OXY & Rosetta Cities_Permian_Basin_ _TX_State 2_NM_State 2_TX_County 2_NM_County ions ections ys_county FX_C JEFF DAVIS REEVES PECOS 150,000 75, ,000 UPTON P; US PRESIDIO BREWSTER Feet TERRELL TROC II Acreage 24

25 New Mexico Texas Southern Delaware Basin Operators EDDY Anadarko / Shell ANDREWS Energen & Cimarex MARTIN LOVING WINKLER ECTOR MIDLAND PRESIDIO CULBERSON Cities_Permian_Basin_ _TX_State 2_NM_State 2_TX_County 2_NM_County ions ections ys_county FX_C P; US EOG OXY & Rosetta JEFF DAVIS REEVES BREWSTER WARD PECOS CRANE Clayton Williams 150,000 75, ,000 Feet UPTON TERRELL TROC II Acreage 25

26 New Mexico Texas Southern Delaware Basin Operators EDDY Anadarko / Shell ANDREWS Energen & Cimarex MARTIN LOVING WINKLER ECTOR MIDLAND PRESIDIO CULBERSON Cities_Permian_Basin_ _TX_State 2_NM_State 2_TX_County 2_NM_County ions ections ys_county FX_C P; US EOG OXY & Rosetta JEFF DAVIS Concho REEVES BREWSTER WARD PECOS CRANE 150,000 75, ,000 TROC II Acreage Clayton Williams Feet UPTON TERRELL 26

27 Lay of the Land Southern Delaware Basin 27

28 What s ahead Continue manufacturing operations on vertical Wolfberry wells Kick off horizontal Wolfcamp drilling program 2Q14 De-risk acreage in southern Delaware Basin Continue to execute grass roots leasing and bolt-on acquisitions near core areas Actively seek large scale acquisitions in the Permian 2014 Capital Budget: $200+MM (excluding acquisitions) Expected EBITDA: $95 - $115MM 28