1. www.bipc.com © 2013 Copyright Buchanan Ingersoll & Rooney PC Upstream Oil and Gas Leasing and Acquisitions Lisa Pampena August 2013

2. www.bipc.com © 2013 Copyright Buchanan Ingersoll & Rooney PC  Organic leasing  Acquisition of existing leases in their primary term from other upstream companies  Acquisition of existing leases in their secondary term from other upstream companies How do upstream (E&P) companies acquire assets?

3. www.bipc.com © 2013 Copyright Buchanan Ingersoll & Rooney PC Organic Leasing  Use of Landmen  Landowner Group Transactions  Lease Form – importance of due diligence and secondary term provisions  Addendum – landowners are becoming more sophisticated and are requesting additional lease provisions  Memorandum of Lease – compliance with 21 P.S. Section 405  Orders for Payment © 2013 Copyright Buchanan Ingersoll & Rooney PC www.bipc.com

4. © 2013 Copyright Buchanan Ingersoll & Rooney PC Acquisition of existing leases in their primary term from other upstream companies  Letters of Intent  Purchase and Sale Agreements  Assignment  Purchase of Deep Rights Only – cooperation with shallow depth owner © 2013 Copyright Buchanan Ingersoll & Rooney PC www.bipc.com

5. © 2013 Copyright Buchanan Ingersoll & Rooney PC Acquisition of existing leases in their secondary term from other upstream companies  Letters of Intent  Purchase and Sale Agreements  Assignment and Bill of Sale  Purchase of deep rights only – cooperation with shallow depth owner © 2013 Copyright Buchanan Ingersoll & Rooney PC www.bipc.com

6. © 2013 Copyright Buchanan Ingersoll & Rooney PC Questions? Lisa Pampena | lisa.pampena@bipc.com | 412.391.2124. Lisa Pampena’s practice focuses on mergers and acquisitions and all phases of the development of oil & gas projects. Lisa was part of the transactional team that conducted mineral title diligence on 120,000 net acres of Marcellus assets that was part of a $1.7 billion joint venture. Lisa’s experience also includes representing producers in the acquisition of oil & gas assets in the Marcellus and Utica from other producers and landowner groups, and representing a wind developer in the development and financing of a multi-state project.