STACK Non-Operated Leasehold and Minerals Strategy

Teton Range’s non-operated leasehold and minerals strategy is to focus in the best geologic area of the STACK and in units with the highest quality operators. Teton Range has acquired approximately 6,500 net acres of non-operated leasehold and approximately 7,100 net acres of minerals / royalties in the core of the over-pressured oil window of the STACK, covering more than 200,000 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 30 rigs running in our focus area. Teton Range’s assets are more than 95% 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.