Advisorselect - Oilfield Services Bankruptcy Tracker, which includes details on middle-market oilfield services companies that have filed for bankruptcy since the beginning of 2015

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Oilfield Services Bankruptcy Tracker, which includes details on middle-market oilfield services companies that have filed for bankruptcy since the beginning of 2015 - April 29, 2016

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2) Haynes and Boone has tracked 77 North American oil and gas producers that have filed for bankruptcy since the beginning of 2015. These bankruptcies, including Chapter 7, Chapter 11, Chapter 15, and Canadian cases, involve approximately $51.9 billion in cumulative secured and unsecured debt. As of May 16, 2016, 35 producers have filed bankruptcy so far this year, representing approximately $34.7 billion in cumulative secured and unsecured debt. Despite the modest recovery in energy prices, all indications suggest many more producer bankruptcy filings will occur during 2016. During the month of May, Texas bankruptcy courts surged to the top of the venue leaderboard, surpassing Delaware in terms of cumulative debt administered. Texas bankruptcy courts now lead the way both in terms of the number of E&P filings and cumulative debt. Thirty-nine E&P bankruptcies have been filed in Texas, representing approximately $24 billion in cumulative secured and unsecured debt. The lawyers of Haynes and Boone’s Energy and Bankruptcy practice groups are continuing to follow industry developments. The firm has played a key role in a number of high-profile E&P and oilfield service matters, including asset sales, refinancings, debt restructurings and Chapter 11 cases, representing debtors, creditors, energy lenders, and private equity investors. Industry analysts and members of the press have referenced the Oil Patch Bankruptcy Monitor, Oilfield Services Tracker, Oil Patch Bankruptcy Blog, and Haynes and Boone’s Borrowing Base Survey as an indicator of the impact of market conditions on producers’ future borrowing bases. The slides that follow include Haynes and Boone’s most recent summary of E&P bankruptcy filings, which will be updated periodically during 2016. HAYNES AND BOONE, LLP OIL PATCH BANKRUPTCY MONITOR 2

3) 2015-2016 CUMULATIVE NORTH AMERICAN E&P BANKRUPTCY FILINGS HAYNES AND BOONE OIL PATCH BANKRUPTCY MONITOR 90 80 NUMBER OF FILINGS 70 60 50 40 30 20 10 0 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL May See pages 6-7 for a complete list of bankruptcies. (As of May 16, 2016) HAYNES AND BOONE, LLP OIL PATCH BANKRUPTCY MONITOR 3

4) 2015-2016 CUMULATIVE E&P UNSECURED DEBT, SECURED DEBT AND AGGREGATE DEBT HAYNES AND BOONE OIL PATCH BANKRUPTCY MONITOR $60 $50 BILLIONS $40 $30 $20 $10 $0 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL May See pages 6-7 for a complete list of bankruptcies. (As of May 16, 2016) HAYNES AND BOONE, LLP OIL PATCH BANKRUPTCY MONITOR 4

5) 2015-2016 E&P BANKRUPTCY FILINGS BY LOCATION ALASKA – 2 NEW YORK – 3 OKLAHOMA – 2 ALABAMA – 1 MASSACHUSETTS – 1 VIRGINIA – 1 2015-2016 E&P SECURED AND UNSECURED DEBT BY FILING LOCATION ALABAMA $208,827.69 ALASKA $215,936,836.12 CANADA $414,226,827.72 COLORADO $259,040,110.93 LOUISIANA $384,720,963.39 LOUISIANA 4 TEXAS COLORADO 5 39 CANADA 7 DELAWARE MASSACHUSETTS $3,578,275.95 OKLAHOMA $138,654,484.41 VIRGINIA $1,188,000,000.00 TEXAS $23,975,998,369.12 DELAWARE $14,121,065,565.93 NEW YORK $11,228,206,346.27 12 (As of May 16, 2016) HAYNES AND BOONE, LLP OIL PATCH BANKRUPTCY MONITOR 5

6) COMPLETE LIST OF NORTH AMERICAN BANKRUPTCIES 2015-2016 2015 BANKRUPTCIES FILING DATE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1/3/2015 2/20/2015 3/8/2015 3/9/2015 3/17/2015 3/30/2015 4/13/2015 4/30/2015 5/8/2015 5/15/2015 5/21/2015 6/3/2015 6/18/2015 7/8/2015 7/10/2015 7/15/2015 7/15/2015 18 8/3/2015 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 8/6/2015 8/10/2015 8/11/2015 8/14/2015 8/25/2015 8/28/2015 8/28/2015 8/31/2015 8/31/2015 9/1/2015 9/2/2015 9/16/2015 10/1/2015 10/22/2015 10/26/2015 10/31/2015 11/5/2015 11/9/2015 12/7/2015 12/8/2015 12/11/2015 12/15/2015 12/17/2015 12/31/2015 TOTAL 2015 COURT CASE NUMBER DEBTOR W.D. Tex. Canada W.D. Tex. S.D. Tex. D. Del. Canada Canada N.D. Tex. Colo. N.D. Tex. Colo. W.D. Tex. W.D. La. Colo. W.D. Tex. D. Del. S.D.N.Y. 15-10004 W.D. Tex. 15-70104 S.D. Tex. W.D. La. S.D. Tex. Canada Canada N.D. Tex. Canada E.D. La. E.D. Tex. D. Mass E.D. Tex. D. Del. Alaska N.D. Tex. S.D. Tex. W.D. Tex. D. Colo. D. Del. N.D. Tex. N.D. Tex. D. Del. D. Del. D. Del. D. Del. 15-34221 15-50986 15-34287 15-10336 15-60016 15-10585 15-31858 15-15073 15-41961 15-15610 15-51396 15-50748 15-17608 15-70098 15-11520 15-11835 15-33460 15-12229 15-41561 15-13441 15-41607 15-11934 15-00236 15-34245 15-35615 15-52637 15-22395 15-12263 15-44931 15-34956 15-12500 15-12533 15-12566 15-12670 SECURED WBH ENERGY PARTNERS IVANHOE ENERGY INC. DUNE ENERGY INC. BPZ RESOURCES, INC. QUICKSILVER RESOURCES LARICINA ENERGY *SHORELINE ENERGY ERG RESOURCES, LLC AMERICAN EAGLE ENERGY CORP. DUER WAGNER OIL & GAS SUN RIVER ENERGY PRIMERA ENERGY SARATOGA RESOURCES (HARVEST OIL & GAS) **SEFTON RESOURCES ARABELLA PETROLEUM MILAGRO OIL & GAS, INC. SABINE OIL & GAS AMERICAN STANDARD ENERGY CORP. A DELAWARE CORP. LUCA INTERNATIONAL GROUP LLC SAMCO OIL, LLC BLACK ELK ENERGY OFFSHORE *WALDRON ENERGY WINDFIRE RESOURCES SABLE OPERATING COMPANY *COGI LIMITED PARTNERSHIP AMERICAN NATURAL ENERGY CORPORATION ARMADA OIL INC. BUCKINGHAM OIL INTERESTS, INC. CONTINENTAL EXPLORATION, LLC SAMSON RESOURCES CORPORATION MILLER ENERGY RESOURCES, INC. AIX ENERGY INC. RAAM GLOBAL ENERGY COMPANY REPUBLIC RESOURCES, LLC ESCALERA RESOURCES CO. PARALLEL ENERGY LP ENERGY & EXPLORATION PARTNERS, INC. TRANSCOASTAL CORPORATION CUBIC ENERGY, INC. MAGNUM HUNTER RESOURCES CORPORATION NEW GULF RESOURCES, LLC SWIFT ENERGY COMPANY UNSECURED TOTAL 48,947,377.62 $ 17,236,442.95 $ 107,981,306.07 $ $ $ 1,098,174,135.00 122,113,986.46 $ $ 400,000,000.00 $ 181,517,589.33 $ 120,071,039.11 $ 10,412,000.00 $ 975,082.31 $ 199,207,911.48 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 417,508,106.16 $ $ 1,659,821,675.00 $ 18,225,398.06 $ 655,226,617.00 $ 1,201,384,671.27 $ 48,950,652.62 $ 77,454,512.21 $ 107,981,306.07 $ 238,571,858.05 $ 2,074,197,088.04 $ 133,375,933.47 $ 17,388,039.52 $ 401,624,304.00 $ 193,604,113.55 $ 122,242,739.43 $ 11,652,160.00 $ 7,202,013.11 $ 206,080,008.12 $ $ 18,225,398.06 $ 1,072,734,723.16 $ 2,861,206,346.27 38,363,937.99 $ 136,000.00 $ 38,499,937.99 16,331.26 $ 536,189.71 $ 68,567,000.00 $ 5,818,501.13 $ $667,954.89 $ 13,522,258.05 $ 25,480,464.96 $ 3,663,925.01 $ 1,265,351.87 $ 2,963,267.07 $ 1,692,770.12 $ $ 1,953,122,364.15 192,725,976.00 $ 23,097,666.67 $ 304,135,336.00 $ 725,844.61 $ 39,575,049.63 $ 163,522,337.10 $ 776,515,825.00 $ 21,506,821.00 $ 96,550,562.84 $ 419,291,752.87 $ 418,000,000.00 $ 324,900,000.00 $ $ 9,280,194,139.43 $ $ $ 2,828,437.18 393,315.25 76,166,488.88 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2,844,768.44 929,504.96 144,733,488.88 5,818,501.13 1,269,376.43 16,537,211.74 25,480,464.96 22,711,450.31 3,106,343.81 3,578,275.95 4,339,749.67 4,331,775,489.15 215,547,716.56 34,831,262.75 304,135,336.00 11,215,228.44 42,881,508.96 168,948,267.96 1,189,364,222.00 21,987,971.00 119,109,288.00 1,099,500,655.68 585,722,583.81 1,233,022,421.78 17,220,382,222.04 $ 3,275.00 60,218,069.25 238,571,858.05 976,022,953.04 11,261,947.01 17,388,039.52 1,624,304.00 12,086,524.22 2,171,700.32 1,240,160.00 6,226,930.80 6,872,096.64 $ 601,421.54 $ 3,014,953.69 $ $ 19,047,525.30 $ 1,840,991.94 $ 615,008.88 $ 2,646,979.55 $ 2,378,653,125.00 $ 22,821,740.56 $ 11,733,596.08 $ $ 10,489,383.83 $ 3,306,459.33 $ 5,425,930.86 $ 412,848,397.00 $ 481,150.00 $ 22,558,725.16 $ 680,208,902.81 $ 167,722,583.81 $ 908,122,421.78 $ 7,940,188,082.61 Continued on next page. HAYNES AND BOONE, LLP OIL PATCH BANKRUPTCY MONITOR *Debts estimated based on First Day Declarations or other filings; schedules not yet available **Involuntary chapter 7 filing; subsequently dismissed (As of May 16, 2016) 6

7) COMPLETE LIST OF NORTH AMERICAN BANKRUPTCIES 2015-2016 2016 BANKRUPTCIES FILING DATE 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 1/11/2016 1/18/2016 1/25/2016 2/3/2016 2/3/2016 2/4/2016 2/17/2016 2/17/2016 2/17/2016 3/1/2016 3/8/2016 3/15/2016 3/18/2016 3/22/2016 3/24/2016 3/31/2016 4/1/2016 4/4/2016 4/13/2016 4/13/2016 4/14/2016 4/15/2016 4/21/2016 4/21/2016 4/29/2016 4/29/2016 4/30/2016 5/2/2016 5/3/2016 5/9/2016 5/11/2016 5/11/2016 5/12/2016 5/15/2016 5/16/2016 TOTAL 2016 TOTAL 2015-2016 COURT S.D. Tex. S.D. Tex. N.D. Tex. N.D. Tex. W.D. Okl. S.D. Tex. S.D. Tex. Canada S.D. Tex. D. Colo. N.D. Tex D. Del. D. Del. D. Del. E. D. La. N. D. Tex. W. D. Okl. W.D. Tex. S.D. Tex. S.D. Tex. S.D. Tex. S.D. Tex. W.D. Tex. N.D. Tex. S.D. Tex. S.D.N.Y. S.D. Tex. N.D. Ala. Alaska D. Del. S.D. Tex. S.D. Tex. E.D. Va. S.D.N.Y. S.D. Tex. CASE NUMBER DEBTOR 16-30218 16-50010 16-30308 16-30548 16-10308 16-30678 16-30822 16- 20061 16-11767 16-30988 16-10642 16-10655 16-10704 16-10661 16-41274 16-11230 16-70045 16-31895 16-31922 16-31928 16-31975 16-10472 16-31590 16-32202 16-11189 16-32237 16-70740 16-00130 16-11144 16-60040 16-60041 16-32395 16-11385 16-32488 HAYNES AND BOONE, LLP OIL PATCH BANKRUPTCY MONITOR SECURED AURORA OPERATING, LLC MOG PRODUCING, LP ANTERO ENERGY PARTNERS, LLC EMKEY RESOURCES, LLC OSAGE EXPLORATION AND DEVELOPMENT, INC. GINGER OIL COMPANY PRIMROSE LA SARA, LLC *ARGENT ENERGY TRUST ***ARGENT ENERY (U.S.) HOLDINGS, INC. D.J. SIMMONS, INC. RMR OPERATING, LLC NEW SOURCE ENERGY PARTNERS, LP VENOCO, INC. EMERALD OIL, INC. *WHISTLER ENERGY II, LLC 7711 OPERATING COMPANY, LLC POSTROCK ENERGY CORPORATION BLUFF CREEK PRODUCTION, LLC *AZTEC OIL & GAS, INC. *HYDROCARB ENERGY CORPORATION *ENERGY XXI LTD GOODRICH PETROLEUM CORPORATION TRINITY RIVER RESOURCES, LP PALADIN ENERGY CORPORATION *ULTRA PETROLEUM CORP. ***PACIFIC EXPLORATION & PRODUCTION CORP. *MIDSTATES PETROLEUM COMPANY, INC. *CALERA GAS, LLC **AURORA GAS LLC *CHAPARRAL ENERGY, INC. *LINN ENERGY, LLC *BERRY PETROLEUM COMPANY, LLC *PENN VIRGINIA CORPORATION *BREITBURN OPERATING LP *SANDRIDGE ENERGY, INC. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,331,924.00 24,290,000.00 16,687,218.00 31,991,829.14 3,231,238.02 892,888.12 51,900,000.00 9,156,050.00 2,193,523.60 49,000,000.00 367,080,469.89 112,036,390.73 130,000,000.00 200,000.00 65,000,000.00 7,000,000.00 6,751,086.00 1,549,000,000.00 215,000,000.00 123,543,967.51 22,952,403.90 1,403,900,000.00 132,335.04 580,207,000.00 2,939,000,000.00 899,000,000.00 113,000,000.00 1,242,000,000.00 1,756,824,000.00 11,725,302,323.95 $ 21,005,496,463.38 UNSECURED $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2,353,102.84 961,648.00 1,164,894.00 5,664,547.09 7,472,849.50 3,246,485.35 3,430,928.63 153,440,000.00 1,746,278.42 1,369,121.17 2,176,315.74 915,022,838.38 200,077,033.61 25,000,000.00 332,558.89 34,189,805.77 95,739.93 1,498,813.00 7,560,824.00 1,309,290,000.00 229,221,000.00 10,302,821.63 528,752.40 3,917,351,000.00 5,320,000,000.00 641,300,000.00 208,827.69 256,784.52 1,210,455,000.00 3,023,000,000.00 834,000,000.00 1,075,000,000.00 1,805,000,000.00 2,241,234,091.00 22,983,952,061.54 $ 30,924,140,144.15 TOTAL $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2,353,102.84 4,293,572.00 25,454,894.00 22,351,765.09 39,464,678.64 6,477,723.37 4,323,816.75 153,440,000.00 51,900,000.00 10,902,328.42 3,562,644.77 51,176,315.74 1,282,103,308.27 312,113,424.34 155,000,000.00 532,558.87 99,189,805.77 7,095,739.93 1,498,813.00 14,311,910.00 2,858,290,000.00 444,221,000.00 133,846,789.14 23,481,156.30 3,917,351,000.00 5,320,000,000.00 2,045,200,000.00 208,827.69 389,119.56 1,790,662,000.00 5,962,000,000.00 1,733,000,000.00 1,188,000,000.00 3,047,000,000.00 3,998,058,091.00 34,709,254,385.49 $ 51,929,636,607.53 *Debt information estimated from declarations or other filings; schedules not yet available **Involuntary Chapter 11 filing; debt information is estimated ***Chapter 15 filing; debt information estimated from declarations or other filings (As of May 16, 2016) 7

8) PRIMARY CONTACTS BANKRUPTCY ENERGY TRANSACTIONS IAN PECK Partner, Dallas 214.651.5155 ian.peck@haynesboone.com BUDDY CLARK Partner, Houston 713.547.2077 buddy.clark@haynesboone.com CHARLES BECKHAM, JR. Partner, Houston 713.547.2243 charles.beckham@haynesboone.com JEFF NICHOLS Partner, Houston 713.547.2052 jeff.nichols@haynesboone.com STEPHEN PEZANOSKY Partner, Fort Worth 817.347.6601 stephen.pezanosky@haynesboone.com JOSEPH VILARDO Partner, Houston 713.547.2228 joseph.vilardo@haynesboone.com PATRICK HUGHES Partner, Denver 303.382.6221 patrick.hughes@haynesboone.com GIL PORTER Partner, New York 212.659.4965 gilbert.porter@haynesboone.com KEN KATTNER Partner, Houston 713.547.2518 kenric.kattner@haynesboone.com BILL NELSON Partner, Houston 713.547.2084 bill.nelson@haynesboone.com HENRY FLORES Partner, Houston 713.547.2259 henry.flores@haynesboone.com BRIAN BARNARD Partner, Fort Worth 817.347.6605 brian.barnard@haynesboone.com DAVID STAAB Associate, Fort Worth 817.347.6645 david.staab@haynesboone.com MIKE COOPER Counsel, Dallas 214.651.5465 michael.cooper@haynesboone.com Haynes and Boone has more than 575 lawyers, including more than 30 bankruptcy practitioners and 100 energy lawyers, landmen and consultants, serving clients across the globe. HAYNES AND BOONE, LLP OIL PATCH BANKRUPTCY MONITOR 8

9) LOCATIONS AUSTIN CHICAGO DALLAS DENVER FORT WORTH 600 Congress Avenue Suite 1300 Austin, TX 78701 United States of America 180 N. LaSalle Street Suite 2215 Chicago, IL 60601 United States of America 2323 Victory Avenue Suite 700 Dallas, TX 75219 United States of America 1801 Broadway Street Suite 800 Denver, CO 80202 United States of America 301 Commerce Street Suite 2600 Fort Worth, TX 76102 United States of America T F T F T F T F T F +1 512.867.8400 +1 512.867.8470 +1 312.216.1620 +1 312.216.1621 +1 214.651.5000 +1 214.651.5940 +1 303.382.6200 +1 303.382.6210 +1 817.347.6600 +1 817.347.6650 HOUSTON MEXICO CITY NEW YORK ORANGE COUNTY PALO ALTO 1221 McKinney Street Suite 2100 Houston, TX 77010 United States of America Torre Esmeralda I, Blvd. Manuel Ávila Camacho #40 Despacho 1601 Col. Lomas de Chapultepec, DF 11000 Mexico City, Mexico 30 Rockefeller Plaza 26th Floor New York, NY 10112 United States of America 600 Anton Boulevard Suite 700 Costa Mesa, CA 92626 United States of America 525 University Avenue Suite 400 Palo Alto, CA 94301 United States of America T +1 212.659.7300 F +1 212.918.8989 T +1 949.202.3000 F +1 949.202.3001 T F T F +1 713.547.2000 +1 713.547.2600 +1 650.687.8800 +1 650.687.8801 T +52.55.5249.1800 F +52.55.5249.1801 RICHARDSON SAN ANTONIO SHANGHAI WASHINGTON, D.C. 2505 North Plano Road Suite 4000 Richardson, TX 75082 United States of America 112 East Pecan Street Suite 1200 San Antonio, TX 78205 United States of America 800 17th Street, NW Suite 500 Washington, D.C. 20006 United States of America T +1 972.739.6900 F +1 972.680.7551 T F Shanghai International Finance Center, Tower 2 Unit 3620, Level 36 8 Century Avenue, Pudong Shanghai 200120, P.R. China +1 210.978.7000 +1 210.978.7450 HAYNES AND BOONE, LLP OIL PATCH BANKRUPTCY MONITOR T F +86.21.6062.6179 +86.21.6062.6347 T F +1 202.654.4500 +1 202.654.4501 9

10) This publication is for informational purposes only and is not intended to be legal advice and does not establish an attorney-client relationship. Legal advice of any nature should be sought from legal counsel. © 2016 Haynes and Boone, LLP

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