1. DMK Oil & Gas Howard and Mitchell Counties, Texas

2. Rooster Prospect Acreage Position 2 = Location of Acreage

3. Rooster Acreage Position

4. Wolfberry Trend 4

5. Key Play Dynamics Stacked Pay Environment Multistage high rate frac technology allows more reservoir contact than traditional acid jobs or fracs Ability to commingle producing zones into a combined flow stream Improved Drilling Technology - PDC bits and 2 string casing design decreased 30-day wells to 12 days, saving significant capital expenditure Detailed NuTech Petrophysical Model Integrated NuTech Core-calibrated Petrophysics & Mapping 5

6. Competitor Horizontal Strategy 6

7. 7

8. 8

9. 9

10. Industry Competition 10

11. Offset Operators to Rooster 11

12. Rooster Prospect Acreage Position 12

13. 13

14. 14

15. 15

16. Wolfcamp Paleogeography and Structure 272-292 MYA 16

17. Permits – Most Recent 365 Days (4500’+) 17

18. 18 Permits – Most Recent 365 Days (4500’+)

19. NuTech Analysis 19

20. Evaluation Methodology Technical approach to identify and quantify potential 19 NuLook Petrophysical Well Log Evaluations Sample Cuttings Analysis and Calibration Performed NuStim Frac Model Evaluations (Horizontal & Vertical) NuView Mapping Rooster Prospect Acreage Categorized by Region Full Well Economics Infill Development 20

21. Model Calibration- NuLook Analyses Plus Core Points 21

22. Log Descriptions Used In Cross-Sections 22

23. West-East Structural Cross-Section A-A’ 23

24. West-East Structural Cross-Section B-B’ 24

25. Petrophysical output and mapping attributes 25 Amoco Echols Cora Lee #37-Conventional Analysis

26. Petrophysical output and mapping attributes 26 Amoco Echols Cora Lee #37-Shale Analysis

27. Potential Economics 27

28. General Economic Assumptions 28 Pricing: $90/bbl oil and $7/mcf gas; Gas price imputes liquids/btu adjustment OPEX: $4,000 per well per month GOR: 2,000:1 D&C cost: $3.1MM (8-10 Stages) Only primary production considered Total 19,595 Gross Acres

29. NuStim Analysis: Echols Cora Lee B #37 Type Well 29

30. Total Gross OIP

31. Echols Cora Lee B #37 Economics Per Vertical Well 31 Gross EUR 164 MBOE (6:1) Net EUR 123 MBOE (6:1) Net Revenue $9,569 M Total LOE $1,200 M Total Production and AV Tax $718 M Capital Investment$1,800 M Total Cash Flow $5,851 M PV10 $2,222 M

32. Echols Cora Lee B #37 Vertical Well Development Economics Per Section 32 Spacing40 Acres Wells16 Gross EUR 2,617 MBOE (6:1) Net EUR 1,963 MBOE (6:1) Net Revenue $153,100 M Total LOE $19,200 M Total Production and AV Tax $11,482 M Capital Investment$28,800 M Total Cash Flow $93,618 M PV10 $35,545 M

33. Echols Cora Lee B #37 Vertical Well Development Full Development of 19,595 Acres (30 Sections) 33 Spacing40 Acres Wells480 Gross EUR 78,514 MBOE (6:1) Net EUR 58,886 MBOE (6:1) Net Revenue $4,593,000 M Total LOE $576,000 M Total Production and AV Tax $344,453 M Capital Investment$864,000 M Total Cash Flow $2,808,547 M PV10 $1,066,358 M

34. Mississippian Potential 34

35. 35 Paleogeography of Texas During Late Mississippian

36. Mississippian Carbonate Specific to the Permian Basin 36

37. 37 Mississippian Carbonate- Flanagan #A2 NuLook Analysis

38. 38 Mississippian Carbonate- Echols Cora Lee B #37 NuLook Analysis

39. Mississippian Conventional OIP

40. Callon Petroleum Investor Presentation- August 2013 40

41. 41 Callon Petroleum Investor Presentation- August 2013

42. SM Energy Activity 42

43. Mississippian Lime Completions- Borden County, TX 43

44. 44 Mississippian Chat Example- Borden County, TX

45. 45 Mississippian Chat Example- Borden County, TX

46. Mississippian Heterogeneity 46

47. Infrastructure Roads There are paved county roads all directions from the leasehold acreage. In addition, in most cases, there are ranch roads that make ingress and egress very easy. Oil & Gas Pipelines There are oil and gas pipelines throughout the Permian Basin so the infrastructure is largely in place to facilitate getting the products to market. DCP & Targa have extensive gathering systems in place. Oil Refinery & Gas Plant The Alon Refinery in Big Spring, TX, is a sour crude cracking facility with a throughput capacity of 70,000 barrels per day. The East Vealmoor Gas Plant is located nearby in Coahoma, TX. There are numerous truck crude purchasers in the area. Electricity Electricity infrastructure is in place throughout the Permian Basin. Water Availability Water availability is not an issue. Water Disposal There are numerous commercial salt water disposal facilities in the surrounding area. There is also opportunity to recycle produced water by treating and holding the water for future use. 47

48. 48 Contact Information 200 N. Loraine, Suite 1450 Midland, TX 79701 T: 432.686.9400 F: 432.686.9494 770 FM 1960 East, Suite 300 Houston, TX 77346 T: 281.812.4030 F: 281.812.4027 550 Post Oak Blvd, Suite 540 Houston, TX 77027 T: 713.622.7332 F: 713.622.0030