STACK Non-Operated Leasehold and Minerals Strategy

Teton Range’s non-operated leasehold and minerals strategy is to focus on building a large scale position in the best geologic area of the STACK and in units with the highest quality operators. Teton Range has acquired approximately 20,500 net acres (13,000 net acres of non-operated leasehold and 7,500 net acres of minerals / royalties) in the core of the over-pressured oil window of the STACK, covering more than 233,000 gross acres.

Teton Range’s business strategy is to build significant scale by acquiring leasehold and minerals in the over-pressured oil window in the STACK play in Oklahoma. Current activity levels are very high, with approximately 22 rigs running in our focus area. Teton Range’s assets are more than 90% undeveloped. As drilling activity progresses, particularly high-density drilling and pad development, the Company expects its production and cash flow to increase with the rapid pace of development.