Alta Mesa Resources Barclays CEO Energy-Power ConferenceSeptember 2018

Disclaimer

FORWARD-LOOKING STATEMENTSThe information in this presentation and the oral statements made in connection therewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding our strategy, future operations, financial position, growth, returns, free cash flow, liquidity, budget, drilling and development plans, pipeline construction, projected costs, prospects, and objectives of management are forward-looking statements. When used in this presentation, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. These risks include, but are not limited to, commodity price volatility, low prices for oil and/or natural gas, global economic conditions, inflation, increased operating costs, lack of availability of drilling and production equipment, supplies, services and qualified personnel, processing volumes and pipeline throughput, uncertainties related to new technologies, geographical concentration of operations of our subsidiaries Alta Mesa Holdings, LP (“Alta Mesa”) and Kingfisher Midstream, LLC (“KFM”), environmental risks, weather risks, security risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating oil and natural gas reserves and in projecting future rates of production, reductions in cash flow, lack of access to capital, Alta Mesa’s and KFM’s ability to satisfy future cash obligations, restrictions in existing or future debt agreements of Alta Mesa or KFM, the timing of development expenditures, managing Alta Mesa’s and KFM’s growth and integration of acquisitions, failure to realize expected value creation from property acquisitions, title defects and limited control over non-operated properties, our ability to complete an initial public offering of the KFM midstream business and the other risks described in our filings with the Securities and Exchange Commission (the “SEC”). Should one or more of the risks or uncertainties described in this presentation and the oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation.

RESERVE INFORMATIONReserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact our strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered. Estimated Ultimate Recoveries, or “EURs,” refers to estimates of the sum of total gross remaining proved reserves per well as of a given date and cumulative production prior to such given date for developed wells. These quantities do not necessarily constitute or represent reserves as defined by the SEC and are not intended to be representative of anticipated future well results of all wells drilled on our STACK acreage.

TRADEMARKS AND TRADE NAMESWe own or have rights to various trademarks, service marks and trade names we use in connection with the operation of our business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with us, or an endorsement or sponsorship by or of us. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, service marks and trade names.

INDUSTRY AND MARKET DATA This presentation has been prepared by us and includes market data and other statistical information from sources we believe to be reliable, including independent industry publications, government publications or other published independent sources. Some data is also based on our good faith estimates, which are derived from our review of internal sources as well as the independent sources described above. Although we believe these sources are reliable, we have not independently verified the information and cannot guarantee its accuracy and completeness.

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Alta Mesa Resources

Leading Developer ofSTACK Oil Window

Integrated Business Drives Value

Strong Balance Sheet with Pre-Funded Growth

Strong ManagementAlignment with Investors

Low cost, high return Meramec / Osage Drilled >365 Hz wells, transitioned to multi-well pads Significant runway for capital efficient growth

Contiguous acreage facilitates efficient operations Midstream infrastructure enhances returns Kingfisher Midstream positioned for significant growth

Low leverage Liquidity to fund 2018 and 2019 growth Free cash flow positive by year-end 2019

Management ownership >10% Compensation tied to debt-adjusted per share metrics

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Alta Mesa Resources OverviewFocused on execution and development in the STACK

Q2 Key Metrics

Market Capitalization1 ~$2.6bn

Enterprise Value1 ~$3.2bn

Q2 Net Production (BOE/d) 25,600

Q2 Sales % Oil / % Liquids2 48% / 72%

Q2 KFM System Gas Volume (MMCF/d) 95.6

Upstream AssetsNet STACK Surface Acres3 ~130,000

Single-well IRR (Individual / Corporate) 4 77% / 92%

Operated STACK Hz. Wells Drilled 5 366

Current rig count 8

Kingfisher Midstream AssetsGas Processing Capacity 3506 MMCF/d

Gathering Pipelines 400+ miles

Dedicated Acreage ~300,000 gross acres

Oil Storage Capacity 50,000 BBLs

1 Equity share price as of 06/29/2018 close, the last trading day in the quarter, using aggregate Class A and Class C share count of 383,980,5812 NGL volumes increased in Q2 due to transition to ethane recovery, improved plant efficiency and production deferrals that were more oil weighted than the company wide production profile3 Acreage as of 08/01/2018, not pro forma for recently announced letter agreement in Major County4 Mean IRR of original DSU wells based on NYMEX close at 6/29/2018, calculated over economic life of wells5 Horizontal wells drilled as of 08/31/20186 Includes existing 90 MMCF/d offtake processing 4

Cushing

Alta Mesa’s TrajectoryRealizing the benefits of our business combination

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2018 2019 2020+

Complete business combination

Strengthen balance sheet to pre-fund growth

Grow production, transition to development drilling

Execute on midstream business development

Maintain capital discipline and efficiencies

Continued delineation of position in NW STACK

Achieve peer leading capital efficient growth

Become free cash flow positive by year-end

Midstream business achieves scale for IPO or other alternatives

Preserve leadership position in the STACK

Capital efficient growth within cash flows

Relentless Pursuit of Shareholder Value Creation

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Leading Developer in STACK Black-Oil Window>365 wells over 300+ sq. mi. area affirm robust economic opportunity

Osage / Meramec Phase Windows

Schematic Cross Section

Pennsylvanian

Mississippian

Meramec/Osage True Dip 1 degree SW

Oswego Lime

Gas Oil

Principal STACK Target: Osage / Meramec

Osage / Meramec progrades basin-ward providing multi-target reservoirs, gradational from siliceous, cherty carbonate to silty carbonate to limy siltstones

Osage / Meramec highly naturally-fractured in Kingfisher, Garfield, Major Counties

Oil production increases and gas decreases moving from the southwest to the northeast across the Basin

Well costs increase transitioning from the normal pressure window in the northeast to overpressure in the southwest

Flattened on the top of the Oswego LimeSW NE

0

100

200

300

400

500

Blaine Canadian Dewey Garfield Grady Kingfisher Major

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50

100

150

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250

300

350

Blaine Canadian Dewey Garfield Grady Kingfisher Major

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Kingfisher County Development

Active Rigs in the Eastern Anadarko BasinNew Drill HZ Permits Issued by County1

New Wells by County1

2015 2016 2017 2018

Activity reflects increasing confidence in STACK/SCOOP/Merge/NW STACK

12018 New Drill HZ Permits and New Wells by County are annualized to full year 2018

Transition to Development Drilling

Initiate Development: 80+% multi-well pad development drilling starting in 2018

Maintain Low Costs: Disciplined execution to sustain competitive advantage

Continued Learnings: Incorporate learnings to enhance development plan

Capital Allocation: Focus on returns, production and cash flow

Systematic Delineation, Disciplined Aggregation, and Consistent Growth

Delineation: Drilled 250+ wells across expanded footprint to validate resource potential

Land: Grew legacy acreage >200% with pooling, bolt-ons and farm-ins at average ~$2,500 / acre

Infrastructure: Expanded legacy field infrastructure to support lower cost full field development

Organization: Built scalable team for low-cost, long-term

Testing: Pattern testing established high confidence basis for full field development

Disciplined Growth, Long-term Shareholder Value2018 upstream operations pace driven by capital efficiency

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2012 - 2017

2018+

13

26

27

74

113

113

57-67 423-433

2013 2014 2015 2016 2017 2018YTD

2018Est Rem

Total2

Drilling and Completions ExecutionContinued cost control with increasing level of activity

Progression of Wells Drilled1 Well Costs

Days to First Oil3

15 13

72

35

13

14

19

23

13

8

132

93

2017 2018 YTD

On Production to 1st Oil

Frac End to On Production

Frac Start to Frac End

RR to Frac Start

Spud to Rig Release

1To date 2018 as of 08/31/2018 2 Includes 1 well drilled in 20123 Days are averages for respective periods

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2-3 Rigs 4-6 Rigs 8 Rigs Focused discipline on costs as activity levels in H1 2018 approached full year 2017 activity levels

Improved efficiencies in spud to rig release and completions stages per day offsetting service price pressure and materials cost increases

YTD wells have averaged $3.8mm

-

10,000

20,000

30,000

40,000

50,000

60,000

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Gross BOPD

Gross BOEPD

Strong Production TrajectoryOngoing coordination and optimization of multi-well drilling & completion

Gross Operated Production, BOE/d 2018 Net Production Outlook, BOE/d

38,000

40,000

20,300

23,900

25,500

31,800

Dec 2017 Q1 '18 Q2 '18 Jul 2018E Exit 2018E

2-3 Rigs 4-6 Rigs 8 Rigs

50%+ increase in production from

2017 Exit Achieved

~85-100% increase in production from 2017 Exit Targeted

58% oil(2 stream)

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Efficient Full Field Development Multi-well pattern development initiated

21 Multi-Well Development Patterns1

Average

TypeCurve

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74 of 86 wells drilled in 1H 2018 on multi-well pads

Methodical approach, goal to achieve maximum present value from resource with target recovery of >8% OOIP

Initial results from 21 patterns give distribution of outcomes for insight into well placement, completion design, and production methods including artificial lift

MROHansens

MROEve

MROCerny

NFXFreeman

NFXChlouber

NFXMargie

MROYost

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

0 50 100 150 200C

umul

ativ

e B

ODays on Production

1 Includes wells with at least 32 days production

Capital Efficient Multi-Well Pad DevelopmentSystematic, progressive optimization

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Reservoir

Offset Activity

Drilling Operations

Completion Operations

Production Operations

Capital Efficient Growth

Key Drivers

Define wellbore landing zones, spatial distribution of wells, analyze and optimize full pattern production profile (initial well + infill)

Manage shut-in wells during offset frac operations, analyze and optimize recovery times after frac hit

Minimize cycle time with standard four-well pads and the efficient scheduling and sequencing of drilling

Maximize equipment utility and stages/day, tailor stage spacing and fluid volumes, optimize supply chain including water sourcing and infrastructure

Maximize production and minimize costs of produced water, gas lift supply, gas gathering / compression; manage artificial lift life-cycle

Near-Term Focus on Returns, Production and Cash FlowLong-Term Goal to Maximize Present Value

Specific Factors

Kingfisher Midstream OperationsContinued expansion of business

System Volumes Increased 37% Since Closing, 3rd Party Growth of 87%1

Recent Developments

Gas Gathering & Processing Alta Mesa delivered volumes Q1 vs. Q2 grew 10%

3rd party delivered volumes Q1 vs. Q2 grew 58%

Oil Gathering Alta Mesa is initial customer

Targeting 3rd party expansion with Cimarron Express start up in 2019

Produced Water Business to be transferred to KFM in 2018; not

reflected in Q2 results

KFM Gas Processing Plant

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1 Percentages calculated as July 2018 vs. February 2018 monthly volumes.

67 67 70 72 7485

14 1720

2526

27

8284

90

96101

112

0

30

60

90

120

Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18E

Syst

em V

olum

es (M

mcf

/d)

AMR Third Parties

Kingfisher Midstream Expansion OpportunitiesMeaningful growth trajectories for all 3 services

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KFM Gas System KFM Oil System KFM Water System

Gas Base growth from Kingfisher County

Expansion opportunities in NW STACK (Major, Blaine, and Dewey counties)

Oil Cimarron Express underpins near term growth

Unique crude takeaway solution differentiates gathering

Water Readily scalable business

Significant undedicated acreage throughout the STACK

Permitted SWD Wells

Planned SWD Pipeline

Expansion into Northwest STACKIncreased industry activity

Drilling, specialty well logging, geologic analysis, initial well results affirm continued development of NW STACK area

Broad industry activity increasing

Kingfisher Midstream expanding into Major County and has started construction of a new high-pressure pipeline

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Industry Permitting and Activity NW STACK Update

1 Only Alta Mesa 2018 wells drilled are shown.

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Alta Mesa Resources

Leading Developer of STACK Oil Window

Integrated Business Drives Value

Strong Balance Sheet with Pre-Funded Growth

Strong Management Alignment with Investors

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APPENDIX

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Capitalization as of June 30, 2018 ($ mm)

Cash and Cash Equivalents $83.4

Alta Mesa Holdings RCF $0.0

Kingfisher Midstream RCF $63.5

7.875% Senior Unsecured Notes $500.0

Net Debt $480.1

Availability on Alta Mesa Holdings RCF1 $378.1

Availability on Kingfisher Midstream RCF2 $236.5

Total Liquidity $698.0

Strong Balance Sheet Pre-Funds Growth PlansSignificant liquidity in place to support activity levels

Balance Sheet Highlights

Capitalization and Liquidity

Liquidity to fund capital plan to provide positive free cash flow in Q4 2019

No near term debt maturities

Debt Maturity Profile

$700

$500

2018 2019 2020 2021 2022 2023 2024

Undrawn Alta Mesa Holdings RCFUndrawn Kingfisher Midstream RCFDrawn Kingfisher Midstream RCF7.875% Senior Unsecured Notes

1 $21.9mm of outstanding letters of credit as of 06/30/2018 against $400mm borrowing base2 $63.5mm drawn against $300mm credit facility

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Commodities and MarketingOil and liquids drive economics, natural gas flow assurance in place

Oil and Liquids Continues to Drive Economics

Production Mix

Firm Transport and Marketing

80%

10%10%

H1 2018 Revenue Source

Oil Gas NGLs

Commodity Take Away End Markets

Natural Gas

• 100,000 Dth/d PEPL FT, 20 years• Additional 20,000 Dth/d PEPL FT

through 2019• 125,000 Dth/d OGT West FT1

through May 2023

• Panhandle Pool• OGT Pool• Cap Rock• El Paso North Plains

NGLs

• Connected to Phillips 66 Chisholm Pipeline

• 3 year contract extendable for 2 1-year terms with shipper history

• Conway, KS

Oil

• Trucking to Cushing and/or pipelines to Cushing

• Cimarron Express to provide takeaway beginning in 2019 with 90,000 Bbls/d capacity expandable to 175,000 Bbls/d

• Cushing, OK

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50%

29%

21%

H1 2018 Commodity Sales

Oil Gas NGLs

Two stream wellhead production remained at 56% oil in H1 2018 and mix is forecast to continue as new, lower GOR wells come on production

Ethane recovery and improved plant efficiencies have increased NGL volumes and percentage of 3-stream sales since April

Q2 production mix also impacted by deferral from early life wells that have higher oil cut. Average two stream oil was ~70% for offset frac shut-ins in Q2

1 Contract at Alta Mesa Holdings, LP.

D&C79%

Water9%

Acqusitions7%

Kingfisher Midstream

5%

Infrastructure Investments Drive Lower CostsFreshwater and Produced

YTD 2018 Capital Breakdown

Deployed ~$380mm through second quarter 2018

Significant investments made in produced water and freshwater systems

Freshwater system investment ensures more consistent D&C capex going forward from reliable supply of frac water

Produced water system lowers ongoing LOE costs vs. trucking alternatives

Produced Water System

Format like previous page check numbers78%

10%

6%6%

1D&C Water Acquisition Kingfisher Midstream

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1 D&C includes recompletion spending for workovers and artificial lift instillations.

Permitted SWD Wells

Planned SWD Pipeline

Production OptimizationRigorous stewardship of growing field operations

Production Contribution, Gas Lift Conversions to Jet Pump / ESP

Optimizing Production for Base Decline Mitigation

Process Disciplined daily surveillance engineer review

Lift parameters adjusted or lift method changed

Actions Systematically deploying ESP/jet pump

KFM gathering system pressure reduced

Initial results reflect base decline rate mitigation Time

Pro

duct

ion

Rat

e,

Flow

ing

Pre

ssur

eEarly

Flowback Transition Mature• Gas Lift (high gas-

liquid ratio)

• High Volume Jet Pump (lower GLR)

• ESP (production acceleration)

• Gas Assisted Plunger (high GLR, downsize compression)

• Rig-less jet pump

• ESP (for higher water cut wells)

• Conventional Plunger, Remove Compressor (normal/high GLR)

• Rod pumps (low GLR)

• Small Jet Pump (low GLR, higher BHP)

Artificial Lift Lifecycle

21

0

5,000

10,000

15,000

Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18

Gro

ss O

pera

ted

BO

EP

D

Cimarron Express UpdateConstruction underway, expected in-service Mid 2019

Asset Overview

Downstream Connectivity

Pipeline RoutingKFM Ownership 50%

Length ~65 miles

Pipeline Size 16”

Capacity Initial: 90,000 BBLs/dExpandable to: 175,000 BBLs/d

Connectivity Access to regional refineries and all major Cushing downstream markets

AMR Acreage Dedication

~120,000 Net Acres in Kingfisher and Garfield Counties

KFM Share of Capex ~$45mm (Initial)

BKEPCushing north Rose Rock 20”

BKEP north manifold

BKEPCushing central

BKEPCushing south

BKEP 20”

BKEP 12”

BKEP central manifold

BKEP manifold R

BKEP manifold D

Indirect Connectivity

Seaway via Enterprise

TransCanada via Magellan or Plains

NGL via Magellan or Enterprise

Sun

oco

30”

Sun

oco

30” Spearhead 20”

Ent

erpr

ise

20”

Ent

erpr

ise

12”

Mag

ella

n 20

”

Cen

turio

n 16

”

Plains 20”

BKEP 20”

BKEP 12”

Bi-directional

Receipt only (Spearhead)

Delivery only (Enterprise 12”)

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