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Texas Licensed Senior Petroleum Engineer

Longview, TX
December 24, 2020

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Contact Information: **** Wilderness Way • Longview, Texas 75604 • 903-***-**** • Revised 12-22-2020 Texas Licensed Senior Petroleum Engineer

Billy Mack Arnold, Jr., P.E., SPEC

Professional Credentials

Texas Licensed Professional Petroleum Engineer No. 139329 Texas Registered Petroleum Engineering Firm No. F-22242 SPE International Certified Petroleum Engineer No. 1339712 Member of Society of Petroleum Engineers

Education Achievements

Texas A&M University – Bachelor of Science Petroleum Engineering (05/1993) Texas A&M University – Certified Safety Engineering Specialty - Nuclear Engineering (11/1993) Texas A&M University – Bachelor of Science Mechanical Engineering (05/1981) Career Objective – As a State of Texas licensed professional petroleum engineer, I am currently seeking employment in a senior or executive role with a public NYSE/NASD listed oil and gas energy company, or with a private oil and gas exploration and production company, or with a petroleum loan bank, or with an equity investment group, or with a registered petroleum engineering firm.

• East Texas Basin (Woodbine, Austin Chalk, Paluxy, Pettit, Travis Peak, and Cotton Valley reservoirs - unconv. horiz. plays)

• North Louisiana Basin (Caddo, Sligo, Hosston, Cotton Valley, Haynesville, and Bossier reservoirs - unconv. horiz. plays)

• Fort Worth Basin (conventional Ellenberger, Strawn, Atoka, Morrow, Barnett-Barnett Combo Shale uncon. horiz. plays)

• South Texas Basin (conventional Wilcox and Yegua reservoirs with Eagle Ford unconventional horizontal plays)

• South Louisiana Basin (onshore and offshore deep sands, over-pressured, highly faulted, and high-water drive reservoirs)

• West Texas Basin (Yates, Queen, Grayburg, Bone Springs, Spraberry, Wolfcamp, and Pennsylvanian conventional plays)

• Midland and Permian Basins (unconventional horizontal Bone Springs, Spraberry, Wolfcamp, and Leonard reservoir plays)

• Delaware Basin and Central Basin Platform (unconventional horizontal Bone Springs, Wolfcamp and Leonard reservoir plays)

• Oklahoma and Arkansas (Anadarko and Arkoma Basins with Woodford, Fayetteville, Merge, Scoop, and Stack horiz. plays)

• Colorado and Wyoming (Green River, Uinta, Denver, and Peceance Basins with conv and unconv. horiz. reservoir plays)

• Utah Paradox Basin (Desert Creek, Ismay, and Honaker Trail reservoirs with unconv. Cane Creek-Mancos-Lewis plays)

• New Mexico San Juan Basin (Point Lookout, Menefee, Gallup, Dakota, and Fruitland CBM - horiz. Mancos-Lewis plays)

• California (conventional San Joaquin, Santa Maria, Los Angeles, Ventura, and Sacramento Basins including steam flood)

• Appalachian Basin (conv. and unconv. horiz. Marcellus, Devonian, and Utica reservoir plays) • Michigan Antrim Basin

• North Dakota Williston Basin (conv. and unconv. horiz. Bakken, Niobrara, and Madison reservoirs) • Hugoton Basin DeGolyer and MacNaughton: (referred to as “D&M”) I was employed as Project and Senior Petroleum Reservoir Engineer for (5) years, 12/2013 to 01/2019 at the North American Division office in Houston, Texas. D&M was established in 1937 and is head-quartered in Dallas, Texas. D&M is regarded as one of the top registered international petroleum engineering firms in the world with its highly respected team of over 160 petroleum engineers, geologists, and scientists.

• I engineered evaluations for projects in virtually every major basin and play in the North American region. These projects included mature legacy, conventional, recent unconventional horizontal, tight gas sands, shales, and coal bed methane reservoirs. Additionally, I engineered and evaluated projects with gas re-injection, water flooding, steam flooding, and carbon dioxide enhanced recovery methods.

• For each project that I was the D&M designated job coordinator and engineer of, confidentiality agreements, engagement contracts, job cost estimations, scheduled meetings, and conference calls were required and arranged with D&M clients before a project could be “kicked-off”. Most D&M clients requested the traditional D&M green covered, bound, and published report with optional digitized report copy. The D&M Published reports were either SPE- PRMS, SEC, or Canadian National Instrument 51-101 styled. I was the single engineer on most projects I was designated the job coordinator and project engineer of, but occasionally, large projects would require the participation of supporting junior engineers. Some D&M projects were so large, that multiple project engineers, including myself would be involved in a team effort.

• The following is a partial list of recognized names of public oil companies that D&M serviced and I was the designated job coordinator, project engineer or co-project engineer; Conoco-Philips, EOG, Chesapeake, Stat-Oil, Whiting, Linn, Roan, Vanguard, and Riviera. The present worth estimates ranged from $500 million up to $2 billion. Continuing, the following is a partial list of recognized names of private oil companies that D&M serviced and I was the designated job coordinator and project engineer or co-project engineer; Texas Petroleum Investment Company,

(11) Years of Senior Petroleum Reservoir Engineering Experience in the Following Basins, States, Conventional, and Unconventional Horizontal Reservoir Plays Over (26) Years of Experience as Petroleum Engineer 2

Contact Information: 1509 Wilderness Way • Longview, Texas 75604 • 903-***-**** • Revised 12-22-2020 Vermillion Cliffs, Manti, US Enercorp, Unitex, Jay Bee, Tokyo Gas, Rosneft, and Alpha. Present worth estimates ranged from $20 million up to $500 million. Additionally, the following is a partial list of recognized names of petroleum equity investment companies that D&M serviced and I was the designated project engineer or co-project engineer; Barclays, Old Iron Sides, Apollo, Mountain Capital, and Liberty. Present worth estimates ranged from $250 million to much greater. I also was the designated job coordinator and project engineer for the appraisal of Dugan Production Estate. Present worth estimates were in several hundreds of millions of dollars. Importantly, I was the D&M designated co-project engineer for the recent Anadarko’s East Texas asset sell off with Castleton Commodities and D&M client Tokyo Gas being the co-joint venture purchasers. Present worth estimates were close to one billion dollars.

• For each evaluation I engineered, D&M client proprietary data or IHS historical production data was loaded into a PHDWin data base and performance-based decline curve analysis was performed on each well or lease case. Occasionally, I utilized the ARIES application for the evaluation of large property sets with case counts as high as approximately 7,500. Evaluations included proved, probable, and possible reserves classifications. Recently, I utilized a newly developed Citrine petroleum software application for the evaluation of unconventional horizontal wells. This tedious task required the “case-by-case” manipulation of “trend lines” to fit the plotted production, pressure and water data point trends and search for independent flow regimes. The results of the Citrine analysis provided estimates of the hyperbolic “b” factors for each regime and corresponding “time switch points” for each case. Statistical analysis was performed to determine estimates of hyperbolic “b” factors and “time switch points” to be utilized in the engineering of type curve models for similar producing, non-producing, and undeveloped cases.

• Generally, the evaluations required the utilization of one or more of the following petroleum engineering methods; log analysis, volumetric analysis, material balance analysis, statistical analysis, and Monte-Carlo analysis. Most projects required newly engineered type curve models for PDNP, behind pipe, and undeveloped EUR estimations. P90, P50, and P10 statistical profiles and distributions of EURs were analyzed with the use of D&M proprietary statistical applications. Where case counts allowed, P90, P50, and P10 aggregated EURs were determined by Monte Carlo simulation methods using the Crystal Ball software application. Occasionally, I constructed and engineered a totally new “ground up” data base for start-up projects. The IHS Power Tools software application was used for mapping and well location purposes when necessary.

• Occasionally, I performed high level due diligence review and audit of client submitted LOS and financial data. Subsequent tasks required the revision and update of ownership, CAPEX, OPEX, tax, product price differentials, transportation, compression, and shrinkage economic models. Additionally, the scope of some projects required that I work closely with the D&M geological and technical analysis departments. Each project would require that I coordinate with the technical and report writing staff to produce the D&M written and bound reports. After I performed review of the report draft and subsequent re-conciliation, then all would be forwarded to management for review and approval. CREST Engineering Services: I was employed as Staff Petroleum Reservoir Engineer for approximately (3) years, 10/2010 to 12/2013 at the Tyler, Texas office. My employment at this registered petroleum engineering firm involved the following daily tasks; (a) engineer evaluations for estimates of EURs, reserves, and present worth, (b) perform due diligence review, audit, and revision of ownership, CAPEX, OPEX, and product price differential models with client submitted LOS data, and (c) write and develop technical reports, memorandums, and exhibits for each of the evaluations according to SPE-PRMS, SEC, or Canadian National Instrument 51-101 guidelines. Most of the petroleum properties I evaluated were in the East Texas Basin, North Louisiana Basin, South Texas Basin, Barnett Shale play, and Eagle Ford play. The PHDWin petroleum engineering software application was routinely used to perform decline curve analysis of the producing properties and to estimate the EURs, reserves, and present worth. Volumetric analysis and analogy methods were used for the evaluation of PDNP, behind pipe, and PUD cases in the data base. On rare occasion, I provided “in the field” drilling and completion engineering services.

Texas Capital Bank: I was employed as Senior Petroleum Reservoir Engineer and SRVP for approximately (3) years 07/2007 to 08/2010. This includes (1) year at the bank headquarters in Dallas, Texas and (2) years at the bank location in Houston, Texas. My employment with the bank had the following routine responsibilities; (a) I performed engineering reviews and updates on existing bank energy related loans on a periodic six month cycle, (b) I performed rigorous due diligence review, audit and update of ownership, OPEX, CAPEX, and product price differentials models from client submitted LOS and financial statements, (c) I performed audit and review of client submitted third party engineering reports from registered petroleum engineering firms such as DeGolyer and MacNaughton, Ryder Scott, NSAI, and Von Gotten & Associates, (d) I would meet with potential new bank clients and work closely with the bank relationship managers to obtain all the information and data needed for a thorough evaluation, and (e) for each evaluation, I wrote technical report memos with tables and exhibits summarizing the results of evaluations. Each memo would be submitted to bank management and credit department.

• The petroleum properties I evaluated at the bank were primarily located onshore North America and within most of the major conventional basins and plays. Also included were unconventional horizontal properties. Performance based decline curve analysis was routinely performed with the PHDWin petroleum software application to estimate EURs, reserves, and present worth. I was required to apply confidential and proprietary “black box” reserve limitation and risk factors for PDNP, proved behind pipe, and proved undeveloped cases. Ordinarily, the bank’s energy loans ranged from $2 million to $20 million and occasionally the bank joined syndicated group energy loan facilities that ranged from 3

Contact Information: 1509 Wilderness Way • Longview, Texas 75604 • 903-***-**** • Revised 12-22-2020

$20 million to $1 billion. Periodic training and testing on federal bank rules and regulations was required in addition to a pre-employment FBI background check by the bank.

For the period between 1982 through 2007, I have accumulated over (15) years of oil and gas industry experience in various employed or contract roles as a petroleum engineer. As reservoir engineer, I performed well log, core analysis, structure and iso-pach map construction, cross-section construction, bulk volume analysis, volumetric analysis, and material balance analysis. As petroleum engineer, I planned and provided written procedures with well bore diagrams for the drilling, completing and work-over of wells, including an AFE estimate of cost. Subsequently, I engineered and managed “in the field” vertical and side-tracked well drilling operations, completion operations, production operations, artificial lift operations, work-over operations, P&A operations, and pipeline-facility operations. My responsibilities included working closely with geologists, landmen, and attorneys for obtaining leases, unitizing, pad, road, and pipeline “right-a-ways in order to assure “good title” to drilling projects. As operations manager, I filed any required state and federal permits. As company safety engineer I managed and enforced strict compliance with state, federal OSHA safety, and federal EPA environmental regulations. Occasionally, my responsibilities included the evaluation and marketing of petroleum assets for the purpose of acquisition or divesture of assets. Complete Employment and Education History

Present Billy Arnold Petroleum Engineering, LLC. (Longview, Texas) Licensed Petroleum Engineer 12/2013 to 01/2019 DeGolyer and MacNaughton, Inc. (Houston, Texas) Project & Senior Petroleum Reservoir Engineer 11/2010 to 12/2013 CREST Engineering Services, Inc. (Tyler, Texas) Staff Petroleum Reservoir Engineer 06/2007 to 08/2010 Texas Capital Bank (Houston, Texas) Bank Senior Petroleum Reservoir Engineer & SRVP 09/2006 to 05/2007 Mar Oil & Gas, Inc. (Santa Fe, New Mexico) Petroleum Engineer and Operations Manager Permian and San Juan Basins – approx. 115 wells operated-drilling-completion-production and 75 non-operated 12/2005 to 05/2006 DJ Simmons, Inc. (Farmington, New Mexico) Reservoir Engineer & Operations Manager San Juan and Paradox Basins – approx. 50 wells operated-drilling-completion-production, with CBM wells 09/1999 to 12/2005 Independent Petroleum Engineering Consultant (Longview, Texas) East Texas Basin – drilling-completion-production, Cotton Valley, Travis Peak, Pettit, Hill, Rodessa, Paluxy, Woodbine 09/1998 to 03/1999 Morgan Stanley, Inc. (Phoenix, Arizona) Licensed Financial Advisor & Stockbroker 05/1998 to 09/1998 Joseph Charles & Associates, Inc. (Phoenix, Arizona) Investment Banking Associate 05/1998 to 09/1998 John Hall & Associates, Inc. (Scottsdale, Arizona) Arizona Licensed Real Estate Sales 09/1997 to 05/1998 Golden Vista Construction, Inc. (Scottsdale, Arizona) New Home Marketing and Sales Manager 09/1997 to 05/1998 Realty Executives, Inc. (Scottsdale, Arizona) Arizona Licensed Real Estate Sales 12/1996 to 09/1997 Pinnacle Peak Realty, Inc. (Scottsdale, Arizona) Arizona Licensed Real Estate Sales 06/1993 to 08/1996 Independent Petroleum Engineering Consultant (Longview, Texas) Petroleum and Safety 09/1991 to 05/1993 Texas A&M University (College Station, Texas) Full Time Student of Petroleum Engineering 10/1981 to 07/1991 Leo Energy, Inc. (Longview, Texas) Field Engineer (Mechanical) & Operations Manager East Texas Basin – drilling-completion-production, Cotton Valley, Travis Peak, Pettit, Hill, Rodessa, Paluxy, Woodbine 06/1976 to 05/1981 Texas A&M University (College Station, Texas) Full Time Student of Mechanical Engineering 01/1978 to 03/1980 Riddle Oil Company, Inc. (San Antonio, Texas) Part Time Geological and Map Graphics Draftsman 10/1974 to 02/1976 Good Sheppard Hospital (Longview, Texas) Part Time Security Officer while at Kilgore College 09/1974 to 05/1976 Kilgore College (Kilgore, Texas) Full Time Student of Pre-Engineering Professional Training

2017 Citrine Unconventional Petroleum Engineering Software Training (Houston, Texas) D&M-Dilhan Ilk 2008 ARIES Petroleum Evaluation Software Training (Houston, Texas) Landmark (Halliburton) 2007 PHDWin Petroleum Evaluation Software Training (Houston, Texas) TRC Consultants 2006 Malcolm Baldridge Performance Excellence Program (Albuquerque, New Mexico) 1998 Licensed Financial Advisor Training Program (New York, New York) Morgan Stanley 1998 Arizona School of Securities (Phoenix, Arizona) 1996 Arizona School of Real Estate (Scottsdale, Arizona) 1994 OSHA VPP “Train the Trainer” Program (Kilgore, Texas) Kilgore College Professional Licenses and Registrations

12/2020 Texas Registered Engineering Firm No. F-22242 11/2020 Texas Licensed Professional Petroleum Engineer No. 139***-**** to 1998 (Morgan Stanley) Series 65 NYSE/NASD Financial Advisor License, Series 7 NYSE/NASD Stockbroker License, Series 63 NYSE/NASD “Blue Sky” License, Chicago Board of Trade Futures License, State of Arizona Insurance License, State of Arizona Real Estate License Over (15) Years of Petroleum Engineering and Management Experience with Drilling, Completion, and Production Operations in Texas, North Louisiana, New Mexico, Colorado, and Utah

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