Oil & Gas Report Q2 2016 - SDR Ventures · 720.221.9220 | SDRVENTURES.COM Investment Banking & Securities Offered Through SDR Capital Markets, Inc., Member FINRA & SIPC. OIL & GAS

720.221.9220 | SDRVENTURES.COMInvestment Banking & Securities Offered Through SDR Capital Markets, Inc., Member FINRA & SIPC.

OIL & GAS REPORT

Q2 2016

Explore M&A Activity, Capital Market Conditions and Current Trends for the

Oil & Gas Industry

http://sdrventures.com/

720.221.9220 | SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC.

OIL & GAS REPORTQ2 2016 | VOL 4 | ISSUE 2

Q2 INDUSTRY UPDATEPetroleum Product Exports at an All-Time High

KEY TRENDSEven in the peak summer driving season with gasoline demand hitting all-timehighs, U.S. refineries are still cranking out products. Gasoline stocks are up10% from a year ago—15 million barrels (MMbbl) which is higher than the topof the five-year range—and just weeks ago, gasoline inventories made acontra-seasonal move upward, increasing by 1.4 MMbbl. Net exports for thefirst quarter were up almost five times over the same period in 2015.

Gasoline consumption this summer was projected to average 9.5 MMb/d, asolid 1.9% higher than the summer of 2015, which was a strong demandseason itself. Even with high domestic demand for gasoline, net U.S. exportvolumes remain impressive.

The graph below shows U.S. Energy Information Administration (EIA) netexports of gasoline (exports less imports of gasoline) and net exportsof distillates (exports less imports of distillate fuel oil and jet fuel).

The graph on the left is the total of net gasoline and distillate exports, showingthe huge shift of the U.S. from a net importer of about 1.5 MMb/d in 2006 to anet exporter of about 1.2 MMb/d over the past six months.

The graph on the right focuses on the 2012-2016 timeframe and splits netexports into gasoline (green line on chart below) and distillates (brown). Bothare still trending higher, but the big news is gasoline, which has moved wellinto the net export category since late 2015 (dotted purple oval).

REFINING AND MARKETING PUBLIC BASKET ANALYSIS

2

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive. It is notto be construed as an offer or consultation of an offer to sell or buy any securities.

Established in 2002, SDR Ventures hasdeveloped deep M&A and capitaltransaction knowledge and expertise.SDR offers transaction advisory, privatecapital formation and businessconsulting services across a wide rangeof industries. We serve business ownersand operators of privately heldcompanies and provide them with aprofessional-class experience.

ABOUT SDR

Transaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR Ventures

OIL & GAS CONTACTS

CONTENTS

Chris BouckPrincipal – Oil & Gas [email protected]

Steve CrowerDirector – Oil & Gas [email protected]

Market Value (Mil l ions) TEV/EBIDTA P/EMax 40,139$ 10.4x 35.2xMin 429$ 3.3x 5.1xAverage 10,150$ 5.5x 14.1xMean 3,121$ 4.7x 8.6x

Source: RBN Energy, LLC


mailto:[email protected]


720.221.9220 | SDRVENTURES.COM


Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC.

Date Target Buyer(s) SegmentAmount($ in Mil)

TEV/Rev

TEV/EBITDA

06/23/2016 Papco, Inc. and Associated Petroleum Products, Inc.

World Fuel Services Corp. Refining & Marketing 230 0.14x

06/20/2016 PayRock Energy, LLC Marathon Oil Corporation Exploration & Production 888 - -

06/20/2016 Spire Inc. - Refining & Marketing 165 - -

06/14/2016 Hermes Consolidated, Inc. Par Wyoming, LLC Refining & Marketing 271 - -

06/08/2016 W Energy Partners Crestview Partners, L.P. Exploration & Production 150 - -

05/31/2016 Rose Rock Midstream, L.P. SemGroup Corporation Exploration & Production 387 1.79x 10.30x

05/24/2016 Tall City Exploration II LLC Denham Capital Management LP

Exploration & Production 300 - -

05/19/2016 FMC Technologies, Inc. Technip SA Equipment & Services 6,301 0.90x 6.53x

05/16/2016 Memorial Resource Development Corp. Range Resources Corporation

Storage & Transportation 6,965 10.03x 9.02x

04/27/2016 MPLX LP - Storage & Transportation 1,000 - -

04/27/2016 Sentinel Peak Resources LLC Quantum Energy Partners Exploration & Production 300 - -

04/22/2016 Venture Global LNG, Inc. - Integrated Oil & Gas 55 - -

3

ACCESS FULL LISTNote: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

19 22 16

108

9

- 50

100 150

20 or more transactions

11-20 transactions

1-10 transactions

0 transactions

TRANSACTIONS BY SEGMENT TRANSACTIONS BY TYPE

TRANSACTIONS BY LOCATION

TRANSACTION ACTIVITY

Source: S&P Capital IQ



Strategic60%

Financial40%





Financial Buyer Inv. Date Select Holdings

Hillair Capital Management LLC 5/27/2016 • Legend Oil and Gas, Ltd. (OTCPK:LOGL) (Q2 2016 PP)4/7/20163/25/20161/29/2016

NGP Energy Capital Management 5/17/2016 • Teal Natural Resources, LLC (Q2 2016 PP)2/10/2016 • Black Mountain Oil & Gas, LLC (Q1 2016 PP)2/4/2016 • Torrent Oil LLC (Q1 2016 PP)2/1/2016 • PCORE Exploration & Production II LLC (Q1 2016 PP)

Energy Spectrum Capital 5/24/2016 • BlueJack Energy Solutions, LLC (Q2 2016 PP)5/20/2016 • Caliche LLC (Q2 2016 PP)

Oaktree Capital Management, L.P. 5/7/2016 • Harkand Group, US and African businesses (Q2 2016 PP)4/21/2016 • NGL Energy Partners LP (NYSE:NGL) (Q2 2016 PP)

EnCap Investments L.P. 5/6/2016 • Felix Energy II (Q2 2016 PP)12/31/2015 • Verdun Oil Company LLC (Q1 2016 PP)

4

ACTIVE BUYERSMOST ACTIVE STRATEGIC BUYERS

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

SELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSSource: S&P Capital IQ


Strategic Buyer Inv. Date Select Corporate Acquisitions

RelaDyne, Inc. 6/14/2016 • Hollingsworth Oil Company Inc., Lubricants Division (Q2 2016)5/11/2016 • US Refueling LLC (Q2 2016)2/22/2016 • Industrial Action Services (Q1 2016)1/1/2016 • Parker Oil Company (Q1 2016)12/16/2016 • Automotive Service, Inc. (Q4 2015)

ERG Resources, L.L.C. 6/21/2016 • AIX Energy, Inc. (Q2 2016)6/20/2016 • Antero Energy Partners, LLC (Q2 2016)8/14/2015 • Endeavor International Corp, Oil & Gas Assets in Alabama, Louisiana, and

Montana (Q3 2015)West Texas Resources, Inc. 3/4/2016 • Two Eagle Resource Inc: East Texas Oil & Gas Property (Q1 2016)

4/11/2016 • Moransco Energy Corporation: Dixie/Dzurich, Louisiana Production (Q2 2016)3/25/2016 • TW Lee: Unit No. 1 in Gregg County, Texas (Oil and Gas Exploration Facility)

(Q1 2016)9/30/2015 • Kiowa Oil Company: 33,000 acres of Oil and Gas Leases throughout US (Q2

2015)Southern Kentucky Energy, L.L.C. 4/25/2016 • Atmos Gathering Company, Natural Gas Gathering and Transmission in South

Central Kentucky (Q2 2016)4/25/2016 • Pioneer Oil Company, 100 Gas Producing Wells (Q2 2016)

Parsley Energy, Inc. 5/23/2016 • Lehm Capital Partners, Ltd., Trees Capital Partners Ltd., PNC Bank, National Association: 30,000 Acres Mineral Rights in Permain Basin (Q2 2016)

5/23/2016 • 885 Acres in Permain Basin (Q2 2016)4/4/2016 • Riverbend Permian LLC: 8,800 Acres in Permain Basin(Q2 2016)4/4/2016 • 10,737 Acres in Permain Basin(Q2 2016)4/4/2016 • 11,631 Acres in Permain Basin(Q2 2016)





PUBLIC BASKET

ROCKY MOUNTAIN PUBLIC BASKET

5


OIL & GAS SEGMENTS VS. S&P 500Running 12 Months

-30%

-20%

-10%

0%

10%

20%

30%

6/30/2015 8/31/2015 10/31/2015 12/31/2015 2/29/2016 4/30/2016 6/30/2016

Rocky Mountain Public Basket Storage & Transportation Refining & Marketing

Equipment & Services Exploration & Production Integrated Oil & Gas

S&P 500

Company Name Symbol State Market Cap($ in Mil) Price Stock Price

Quarter Change YTD Change Price/LMT EPS

Price/ Book

TEV/ Rev

TEV/ EBITDA

Cimarex Energy Co. NYSE:XEC CO $11,313 $119 22.7% 33% NM 4.3x 9.1x 18.4x

Antero Resources Corporation NYSE:AR CO $7,902 $26 4.5% 19% 12.8x 1.2x 9.0x 6.8x

Antero Midstream Partners LP NYSE:AM CO $4,910 $28 26.1% 22% 42.8x 4.5x 12.8x 20.2x

Questar Corporation NYSE:STR UT $4,451 $25 2.3% 30% 20.5x 3.3x 5.1x 9.3x

QEP Resources, Inc. NYSE:QEP CO $4,213 $18 24.9% 32% NM 1.1x 3.2x 7.9x

DCP Midstream Partners LP NYSE:DPM CO $3,957 $34 26.7% 40% 55.2x 1.5x 3.9x 11.9x

Whiting Petroleum Corp. NYSE:WLL CO $1,943 $9 16.0% -2% NM 0.4x 4.3x 6.5x

SM Energy Company NYSE:SM CO $1,838 $27 44.1% 37% NM 1.2x 3.3x 6.6x

Profire Energy, Inc. NasdaqCM:PFIE UT $59 $1 14.4% 12% NM 1.3x 1.4x 39.9x

Superior Drilling Products, Inc. AMEX:SDPI UT $38 $2 59.3% 116% NM 2.7x 5.7x NM

Segment Average $4,063 24.1% 34.0% 32.8x 2.1x 5.8x 14.2x

Segment Market Cap Sum $40,625


The Rocky Mountain public basket is comprised of companies across all of our industry segments that are headquartered in the Mountain Region. Both quarterly and year to date stock price appreciation indicates growth activity that surpasses most individually segmented public baskets in Q2 2016.





Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 6


PUBLIC BASKET (CONTINUED)

STORAGE & TRANSPORTATION



Price/ Book

TEV/ Rev

TEV/ EBITDA

Enterprise Products Partners L.P.

NYSE:EPD TX $61,098 $29 18.8% 14% 35.6x 2.8x 3.4x 16.1x

Kinder Morgan, Inc. NYSE:KMI TX $41,775 $19 4.8% 25% 25.7x 1.2x 6.1x 11.9x

Energy Transfer Partners, L.P. NYSE:ETP TX $19,797 $38 17.7% 13% NM 1.0x 1.9x 10.8x

Magellan Midstream Partners LP

NYSE:MMP OK $17,311 $76 10.5% 12% 33.8x 8.5x 9.6x 18.5x

Williams Companies, Inc. NYSE:WMB OK $16,235 $22 34.6% -16% 13.6x 2.9x 7.0x 14.0x

Energy Transfer Equity, L.P. NYSE:ETE TX $15,045 $14 101.5% 5% 16.9x NM 2.0x 14.7x

MPLX LP NYSE:MPLX OH $12,101 $34 13.3% -14% 126.6x 1.2x 16.0x 34.1x

Plains All American Pipeline, L.P.

NYSE:PAA TX $10,934 $27 31.1% 19% 188.5x 1.5x 1.1x 11.6x

ONEOK Inc. NYSE:OKE OK $9,969 $47 58.9% 92% 28.4x 34.7x 2.9x 13.4x

Buckeye Partners, L.P. NYSE:BPL TX $9,164 $70 3.5% 7% 32.0x 2.4x 4.2x 15.5x

Sunoco Logistics Partners L.P. NYSE:SXL PA $8,501 $29 14.7% 12% NM 1.2x 1.6x 14.3x

EQT GP Holdings, LP NYSE:EQGP PA $6,785 $25 -5.5% 23% NM NM 16.1x 20.0x

Questar Corporation NYSE:STR UT $4,451 $25 2.3% 30% 20.5x 3.3x 5.1x 9.3x

Rose Rock Midstream, L.P. NYSE:RRMS OK $972 $26 122.3% 75% 40.5x 4.5x 1.9x 10.9x

Segment Average $19,060 25.3% 16.0% 55.7x 5.7x 6.0x 16.3x


Source: S&P Capital IQREFINING & MARKETING



Price/ Book

TEV/ Rev

TEV/ EBITDA

Phillips 66 NYSE:PSX TX $41,700 $79 -8.4% -3% 13.8x 1.8x 0.6x 7.7x

Valero Energy Corporation NYSE:VLO TX $23,960 $51 -20.5% -28% 7.8x 1.2x 0.3x 3.7x

Marathon Petroleum Corporation

NYSE:MPC OH $20,113 $38 2.1% -27% 9.8x 1.6x 0.6x 7.3x

Tesoro Corporation NYSE:TSO TX $8,989 $75 -12.9% -29% 5.3x 1.7x 0.6x 4.0x

HollyFrontier Corporation NYSE:HFC TX $4,179 $24 -32.7% -40% 8.8x 0.8x 0.5x 4.6x

PBF Energy Inc. NYSE:PBF NJ $2,326 $24 -28.4% -35% 9.1x 1.5x 0.3x 5.6x

Western Refining, Inc. NYSE:WNR TX $1,883 $21 -29.1% -42% 7.3x 1.5x 0.5x 4.7x

CVR Energy, Inc. NYSE:CVI TX $1,346 $16 -40.6% -61% 35.6x 1.5x 0.4x 4.8x

Delek US Holdings, Inc. NYSE:DK TN $816 $13 -13.3% -46% NM 0.7x 0.3x 10.7x

Alon USA Energy, Inc. NYSE:ALJ TX $455 $6 -37.2% -56% 34.4x 0.8x 0.2x 3.4x

Segment Average $10,577 -22.1% -36.8% 14.7x 1.3x 0.4x 5.6x









EQUIPMENT & SERVICES



Price/ Book

TEV/ Rev

TEV/ EBITDA

Schlumberger Limited NYSE:SLB N/A $109,954 $79 7.2% 13% 38.7x 2.8x 3.7x 13.5x

Halliburton Company NYSE:HAL TX $38,916 $45 26.8% 33% 52.4x 3.0x 2.2x 13.0x

Baker Hughes Incorporated NYSE:BHI TX $19,763 $45 3.0% -2% NM 1.3x 1.6x 15.6x

National Oilwell Varco, Inc. NYSE:NOV TX $12,688 $34 8.2% 0% 56.4x 0.8x 1.2x 11.3x

FMC Technologies, Inc. NYSE:FTI TX $6,037 $27 -2.5% -8% 18.7x 2.3x 1.1x 7.8x

RPC Inc. NYSE:RES GA $3,379 $16 9.5% 30% NM 3.7x 3.1x 96.2x

Oceaneering International, Inc. NYSE:OII TX $2,928 $30 -10.2% -20% 14.6x 1.8x 1.2x 5.5x

Patterson-UTI Energy Inc. NasdaqGS:PTEN TX $3,142 $21 21.0% 41% NM 1.2x 2.5x 8.3x

Superior Energy Services, Inc. NYSE:SPN TX $2,787 $18 37.5% 37% NM 1.3x 1.7x 16.1x

Dril-Quip, Inc. NYSE:DRQ TX $2,218 $58 -3.5% -1% 15.9x 1.6x 2.3x 7.0x

SeaDrill Limited NYSE:SDRL N/A $1,647 $3 -1.8% -4% 2.2x 0.2x 3.2x 5.5x

Oil States International Inc. NYSE:OIS TX $1,689 $33 4.3% 21% NM 1.4x 1.9x 13.6x

McDermott International Inc. NYSE:MDR TX $1,187 $5 20.8% 47% 12.4x 0.8x 0.4x 4.5x

Segment Average $14,978 $34 8.8% 14.7% 25.3x 1.7x 2.0x 16.1x


Source: S&P Capital IQEXPLORATION & PRODUCTION



Price/ Book

TEV/ Rev

TEV/ EBITDA

Occidental Petroleum Corporation

NYSE:OXY TX $57,708 $76 10.4% 12% NM 2.4x 5.4x 13.5x

ConocoPhillips NYSE:COP TX $53,994 $44 8.3% -7% NM 1.4x 2.9x 15.4x

EOG Resources, Inc. NYSE:EOG TX $45,904 $83 14.9% 18% NM 3.7x 6.7x 18.6x

Anadarko Petroleum Corporation

NYSE:APC TX $27,180 $53 14.3% 10% NM 2.3x 5.6x 19.0x

Pioneer Natural Resources Co. NYSE:PXD TX $25,526 $151 7.4% 21% NM 2.6x 8.5x 23.0x

Apache Corp. NYSE:APA TX $21,073 $56 14.1% 25% NM 10.4x 5.3x 9.5x

Devon Energy Corporation NYSE:DVN OK $18,995 $36 32.1% 13% 19.4x 3.0x 2.9x 12.2x

Noble Energy, Inc. NYSE:NBL TX $15,373 $36 14.2% 9% NM 1.5x 7.5x 15.5x

Continental Resources, Inc. NYSE:CLR OK $16,768 $45 49.1% 97% NM 3.7x 9.9x 13.5x

Cimarex Energy Co. NYSE:XEC CO $11,313 $119 22.7% 33% NM 4.3x 9.1x 18.4x

Diamondback Energy, Inc. NasdaqGS:FANG TX $6,540 $91 18.2% 36% 186.4x 3.1x 16.2x 24.0x

Southwestern Energy Company NYSE:SWN TX $5,952 $13 55.9% 77% NM 4.2x 3.9x 11.4x

Parsley Energy, Inc. NYSE: PE TX $4,488 $27 19.7% 47% NM 3.0x 19.5x 29.9x

Gulfport Energy Corp. NasdaqGS:GPOR OK $3,918 $31 10.3% 27% NM 1.8x 6.5x 17.1x

Synergy Resources Corporation AMEX:SYRG CO $1,335 $7 -14.3% -22% NM 1.5x 12.6x 36.2x










INTEGRATED OIL & GAS



Price/ Book

TEV/ Rev

TEV/ EBITDA

Exxon Mobil Corporation NYSE:XOM TX $388,703 $94 12.1% 20% 38.1x 2.3x 2.0x 12.6x

Chevron Corporation NYSE:CVX CA $197,573 $105 9.9% 17% NM 1.3x 2.0x 11.5x

Occidental Petroleum Co. NYSE:OXY TX $57,708 $76 10.4% 12% NM 2.4x 5.4x 13.5x

ConocoPhillips NYSE:COP TX $53,994 $44 8.3% -7% NM 1.4x 2.9x 15.4x

Phillips 66 NYSE:PSX TX $41,700 $79 -8.4% -3% 13.8x 1.8x 0.6x 7.7x

Hess Corporation NYSE:HES NY $18,861 $60 14.2% 24% NM 0.9x 3.9x 13.1x

Marathon Petroleum Co. NYSE:MPC OH $20,113 $38 2.1% -27% 9.8x 1.6x 0.6x 7.3x








Source: GF Data*

*The most current source of GF Data is as of March 31, 2016, and lags one quarter behind the current quarter.Source: GF Data*


CAPITAL STACKOVERALL U.S. LOWER MIDDLE MARKET M&A ACTIVITY

M&A ACTIVITY

TRANSACTION MULTIPLESEBITDA Multiples By Transaction Size

34.3% 39.5% 40.1% 43.7% 37.9%

17.1% 13.1% 18.0% 16.5% 17.3%

48.0% 47.4% 41.9% 39.8% 44.9%

38.2% 35.6% 37.3% 44.1% 39.2%

16.4% 11.0% 14.7% 10.7% 19.6%

45.4% 53.3% 48.0% 45.3% 41.2%

36.6% 37.6% 36.5% 41.8% 36.3%

15.0% 13.1% 12.0% 11.5%18.5%

48.5% 49.3% 51.4% 46.8% 55.2%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Senior Debt Sub Debt Equity

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800

2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2

Cap

ital Invested ($m

m)

Dea

ls C

lose

d

Deals Closed Capital Invested

5.3x5.8x 5.9x

5.4x5.9x

6.5x6.4x 6.2x6.8x 6.6x 6.7x

6.1x

7.5x6.7x 6.8x

8.6x

7.5x6.9x

7.7x 7.4x 7.5x 7.8x

9.0x

7.7x

0.0x

3.0x

6.0x

9.0x

2011 2012 2013 2014 2015 YTD 2016

$10-25mm $25-50mm $50-100mm $100-250mm





SDR SERVICE OFFERINGS

COMPREHENSIVE OIL & GAS EXPERTISEOil & Gas may have stolen the national spotlight in recent years, but we havebeen involved in the oil & gas industry for well over a decade. Our experienceand drive puts us at the leading edge of information in the market, giving youthe advantage when the time comes to buy, sell or seek investments to growyour business.

Our oil & gas investment banking expertise includes the following segments:

SELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Oil & Gas industry, including:

CONTACT USChris BouckPrincipal – Oil & Gas [email protected]

Steve CrowerDirector – Oil & Gas [email protected]

PRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORY

BUY-SIDE ADVISORY STRATEGIC CONSULTING

Storage & Transportation

Refining & Marketing

Equipment & Services

Exploration & Production

Integrated Oil & Gas

STRATEGIC SALESCAPITAL

FORMATION







Date Target Buyer(s) Segment Amount ($ in Mil)

TEV/EBITDA

TEV/Revenue

06/30/2016 Key Link Assets Corp (OTCPK:KYLK) - Exploration & Production 2.0 - -

06/30/2016 TransAtlantic Petroleum Ltd. (AMEX:TAT) - Exploration & Production 1.7 - -

06/29/2016 Denbury Onshore, L.L.C., Remaining Non-Core Assets In Williston Basin of North Dakota and Montana

- Exploration & Production 58.0 - -

06/29/2016 Chisholm Trail Prospect - Exploration & Production 2.1 - 15.67x

06/28/2016 L6 Chemicals & Logistics, Corp. Libra6 Management, Corp Refining & Marketing - - -

06/28/2016 Dakota Prairie Refining, LLC Tesoro Refining & Marketing Company LLCRefining & Marketing - - -

06/28/2016 Dakota Prairie Refining, LLC WBI Energy, Inc. Refining & Marketing 28.5 - -

06/28/2016 Utopia Pipeline Project Riverstone Investment Group LLC Storage & Transportation - - -

06/28/2016 AnchorPipe International, Inc. TorcSill Foundations LLC Equipment & Services - - -

06/27/2016 MCW Energy Group Limited (TSXV:MCW) - Exploration & Production 0.0 - -

06/27/2016 Grade A acreage Tidal Petroleum Inc. Exploration & Production - - -

06/27/2016 Roywell Services, Inc. Roywell LLC Equipment & Services - - -

06/24/2016 Rush Wellsite Services LLC Tong Oil Tools Co., Ltd. (SZSE:300164) Equipment & Services 22.5 - -

06/24/2016 EmKey Companies, LLC, Wyoming Assets Samson Exploration, LLC Exploration & Production - - -

06/23/2016 Papco, Inc. and Associated Petroleum Products, Inc.

World Fuel Services Corp. (NYSE:INT) Refining & Marketing 230.0 - 0.14x

06/23/2016 Direct Fuels LLC and Allied Energy Company LLC and Emerge Energy Distributors Inc.

Susser Petroleum Operating Company LLC Refining & Marketing 178.5 - -

06/23/2016 Linc USA GP, Gulf Coast Assets, Alaska Assets and Wyoming Assets

The Bank of New York Mellon Trust Company, N.A.

Exploration & Production 60.5 - -

06/22/2016 Energen Corp., Non-Core Delaware Basin and San Juan Basin Assets


06/22/2016 Deltide Energy Services, LLC, Specialty Tool Product Lines

Abrado Wellbore Services Equipment & Services - - -

06/22/2016 5,050 Net Acres at the Eagle Ford in McMullen County, Texas

Sundance Energy Australia Limited (ASX:SEA)


06/21/2016 Oil and Gas Properties in the Permian Basin in Martin County, Texas

QEP Energy Company Exploration & Production 600.0 - -

06/21/2016 AIX Energy, Inc. ERG Resources, L.L.C. Exploration & Production 8.3 - -

06/20/2016 PayRock Energy, LLC Marathon Oil Corporation (NYSE:MRO) Exploration & Production 888.0 - -

06/20/2016 Spire Inc. (NYSE:SR) - Refining & Marketing 165.0 - -

06/20/2016 Antero Energy Partners, LLC ERG Resources, L.L.C. Exploration & Production 20.0 - -

06/20/2016 Non-core Rockies Assets in Colorado and Wyoming


06/20/2016 Great Plains Exploration LLC, Subsurface Mineral Rights and Interests in An Oil and Gas Well

Jiggy, Ltd. Exploration & Production 0.3 - -

06/17/2016 NorthAmerican Services Group, LLC The Sterling Group, L.P. Equipment & Services - - -

06/16/2016 13,500 Net Acres in Weld County PDC Energy, Inc. (NasdaqGS:PDCE) Exploration & Production - - -

06/16/2016 Oil And Gas Wells, Leases And Other Associated Assets And Interests In Oklahoma Andkansas

Gateway Resources U.S.A., Inc. Exploration & Production - - -

06/16/2016 Armada Operating, LLC Laris Oil & Gas, LLC Exploration & Production 0.1 - -

06/15/2016 Devon Energy Corporation (NYSE:DVN), 28,000 Net Acres In Midland Basin

Pioneer Natural Resources Co. (NYSE:PXD) Exploration & Production 435.0 - -

06/15/2016 Devon Energy Corp., Assets in the Southern Midland Basin


06/15/2016 Spark Energy, Inc. (NasdaqGS:SPKE) - Refining & Marketing - - -

06/14/2016 Hermes Consolidated, Inc. Par Wyoming, LLC Refining & Marketing 271.4 - -

06/14/2016 NRP Oil and Gas LLC, Williston Basin Non-Operated Oil and Gas Working Interest

Lime Rock Management LP Exploration & Production 116.1 - -

06/14/2016 Illinois Basin Assets Campbell Development Group, LLC Exploration & Production 50.0 - -

06/14/2016 Lilis Energy, Inc. (OTCPK:LLEX.D) - Exploration & Production 20.0 - -

06/10/2016 Foothills Exploration LLC Key Link Assets Corp (OTCPK:KYLK) Exploration & Production - - -

Q2 2016 TRANSACTION ACTIVITY

11








TEV/EBITDA

TEV/Revenue

06/09/2016 Southwestern Energy Company, 55,000 Net Acres in Wetzel, Tyler and Doddridge Counties, West Virginia

Antero Resources Corporation (NYSE:AR) Exploration & Production 450.0 - -

06/09/2016 Oil and Gas Assets in STACK Play Triumph Energy Partners, LLC Exploration & Production 74.5 - -

06/09/2016 GulfSlope Energy, Inc, Six Offshore Gulf of Mexico Prospects

EnerGulf Resources Inc. (TSXV:ENG) Exploration & Production 0.8 - -

06/08/2016 Lubrication Technologies Inc, Distribution Arm Lube-Tech & Partners, LLC Storage & Transportation - - -

06/08/2016 W Energy Partners Crestview Partners, L.P. Exploration & Production 150.0 - -

06/08/2016 Moore Oil Company, Inc. Lube-Tech & Partners, LLC Refining & Marketing - - -

06/07/2016 MCW Energy Group Limited (TSXV:MCW) - Exploration & Production 0.1 - -

06/06/2016 Devon Energy Corporation, Upstream Assets in East Texas, Anadarko Basin and Midland Basin


06/06/2016 Cheyenne Pipeline LLC Holly Energy Partners L.P (NYSE:HEP) Storage & Transportation 42.5 - -

06/06/2016 First Titan Corp. AngioSoma, Inc. (OTCPK:SOAN) Exploration & Production - - -

06/06/2016 Orlando development Bridge Petroleum Limited Exploration & Production 1.1 - -

06/02/2016 Omron Oilfield & Marine, Inc. Schlumberger Limited (NYSE:SLB) Equipment & Services - - -

06/02/2016 Stonewall Gas Gathering LLC Antero Midstream Partners LP (NYSE:AM) Storage & Transportation 45.0 - -

06/01/2016 Mutual Oil Incorporated TAC Energy Refining & Marketing - - -

06/01/2016 Bulk Tank, Inc. Sage Capital, LLC Equipment & Services - - -

05/31/2016 Rose Rock Midstream, L.P. (NYSE:RRMS) SemGroup Corporation (NYSE:SEMG) Storage & Transportation 387.2 10.30x 1.79x

05/27/2016 Perkins Oil & Gas, Inc. - Exploration & Production - - -

05/27/2016 Mid-Con Energy Properties, LLC, Hugoton Assets - Exploration & Production 18.0 - -

05/27/2016 Discovery Energy Corp. (OTCPK:DENR) Avista Capital Holdings, L.P. Exploration & Production 5.0 - -

05/27/2016 Legend Oil and Gas, Ltd. (OTCPK:LOGL) Hillair Capital Management LLC Storage & Transportation 0.4 - -

05/25/2016 Emerald Oil, Inc., Substantially All Assets Crestline Investors, Inc.; Sole Source Capital


05/25/2016 Accelergy Corporation - Refining & Marketing 6.4 - -

05/24/2016 Tall City Exploration II LLC Denham Capital Management LP Exploration & Production 300.0 - -

05/24/2016 BlueJack Energy Solutions, LLC Energy Spectrum Capital Refining & Marketing 100.0 - -

05/24/2016 Tellurian Investments Inc. - Refining & Marketing 2.5 - -

05/23/2016 30,000 Acres Mineral Rights In Parsley Leasehold And Adjacent Properties In Pecos And Reeves Countie

Parsley Energy, Inc. (NYSE:PE) Exploration & Production 280.5 - -

05/23/2016 Reliance Gathering LLC Metalmark Capital LLC; Monarch Investments Holdings, LLC

Storage & Transportation - - -

05/23/2016 885 Net Acres in Pecos and Reeves Counties Parsley Energy, Inc. (NYSE:PE) Exploration & Production 9.0 - -

05/20/2016 Caliche LLC Energy Spectrum Capital Storage & Transportation - - -

05/19/2016 FMC Technologies, Inc. (NYSE:FTI) Technip SA (ENXTPA:TEC) Equipment & Services 6301.3 6.53x 0.90x

05/19/2016 Producing and Non-producing Assets Primarily in Leon and Madison Counties

Hawkwood Energy East Texas, LLC Exploration & Production - - -

05/19/2016 Amazing Energy Oil and Gas, Co. (OTCPK:AMAZ)


05/18/2016 CARBO Ceramics Inc. (NYSE:CRR) - Equipment & Services 25.0 - -

05/18/2016 1,979.13 Acres Oil and Gas Exploration Licences in Williston Basin, North Dakota

Highlands Natural Resources Plc (LSE:HNR)


05/17/2016 30% interest in Zydeco Pipeline ,1% in interest Bengal Pipeline and 3% interest in Colonial Pipeline

Shell Midstream Operating LLC Storage & Transportation 700.7 - -

05/17/2016 Pennsylvania Land Resources, LLC, Marcellus and Utica assets in central Greene County, Pennsylvania

Vantage Energy Appalachia II LLC Exploration & Production 339.5 - -

05/17/2016 Teal Natural Resources, LLC NGP Energy Capital Management; Pearl Energy Investments


05/17/2016 Working interest in Hitchcock County, Nebraska Virtus Oil and Gas Corp. (OTCPK:VOIL) Exploration & Production 0.5 - -

05/17/2016 Strongbow Resources Inc. (OTCPK:STBR) - Exploration & Production 0.2 - -

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

12








TEV/EBITDA

TEV/Revenue

05/17/2016 BlackBrush Oil and Gas, L.P., 7,056 Net Acres with 5,170 boe/d of Production

EnerVest, Ltd. Exploration & Production - - -

05/17/2016 Accelerate Resources Holdings, LLC Pine Brook Road Partners, LLC Exploration & Production - - -

05/16/2016 Memorial Resource Development Corp. (NasdaqGS:MRD)

Range Resources Corporation (NYSE:RRC) Exploration & Production 6965.0 9.02x 10.03x

05/12/2016 World Wide Exchangers Inc. NDA Group Equipment & Services - - -

05/12/2016 Assets in East Texas and North Louisiana Tanos Exploration II LLC Exploration & Production - - -

05/12/2016 Two Eagles Resources Inc., East Texas Oil and Gas Property

West Texas Resources, Inc. (OTCPK:WTXR)


05/11/2016 FMC Technologies, Inc., North American Wireline Assets

Reliance Oilfield Services, LLC Equipment & Services - - -

05/11/2016 U.S. Refueling, LLC RelaDyne, Inc. Storage & Transportation - - -

05/10/2016 Fortuna Resources LLC Och-Ziff Capital Management Group LLC (NYSE:OZM)


05/10/2016 Vertex Energy, Inc. (NasdaqCM:VTNR) - Refining & Marketing 19.4 - -

05/10/2016 T-Rex Oil, Inc. (OTCPK:TRXO) - Exploration & Production 2.0 - -

05/10/2016 NuTech Energy Resources, Inc. (OTCPK:NERG) TechnoInvest Oil and Gas Ltd. Exploration & Production - - -

05/09/2016 Interest in 4,800 Gross Acres in the Wattenberg Field

Black Stone Minerals, L.P. (NYSE:BSM) Exploration & Production 35.0 - -

05/09/2016 Interests in the GA A133 and PN 975 Blocks Peregrine Oil & Gas LP Exploration & Production 1.9 - -

05/09/2016 Fifty Seven Oil and Gas Leases Covering 7,314 Acres in Texas Panhandle

Taipan Resources Inc (TSXV:TPN) Exploration & Production 0.5 - -

05/07/2016 Harkand Group, US and African businesses Oaktree Capital Management, L.P. Equipment & Services - - -

05/06/2016 Oil, Gas and Mineral Assets Energy Reserves Group II, LLC Exploration & Production 10.7 - -

05/06/2016 Felix Energy II EnCap Investments L.P. Exploration & Production - - -

05/06/2016 Enhanced Oil Resources, Inc. (TSXV:EOR) Deon Investments, Inc. Exploration & Production 2.5 - -

05/05/2016 Chesapeake Energy Corporation, Certain Oil and Gas Assets in Oklahoma

Newfield Exploration Co. (NYSE:NFX) Exploration & Production 470.0 - -

05/05/2016 Black Hills Exploration, Certain Property Interests in Oil and Gas Leases in Converse and Natrona

T-Rex Oil LLC #3 Exploration & Production 0.3 - -

05/04/2016 Phillips 66 Plymouth LLC and Sweeny Frac Bravo LLC and Sweeny Frac Charlie LLC and Sweeny Frac Delta

Phillips 66 Partners LP (NYSE:PSXP) Storage & Transportation 775.0 - -

05/04/2016 Acreage In The Permian Basin SM Energy Company (NYSE:SM) Exploration & Production 15.1 - -

05/04/2016 4,000 Net Bolt-on Acres in the Eagle Ford Shale Carrizo Oil & Gas Inc. (NasdaqGS:CRZO) Exploration & Production - - -

05/04/2016 Interest In Two Sections Offsetting the Liberator State 1H Well

Carrizo Oil & Gas Inc. (NasdaqGS:CRZO) Exploration & Production - - -

05/03/2016 Certain Wattenberg Field Oil and Gas Properties, Leasehold Mineral Interests and Related Assets

Synergy Resources Corporation (AMEX:SYRG)


05/03/2016 Universal Lubricants, A PetroChoice Co. PetroChoice Holdings, Inc. Refining & Marketing - - -

05/02/2016 GulfTex Energy, LLC, Certain Producing Properties and Undeveloped Acreage in the Eagle Ford Shale

EnerVest, Ltd. Exploration & Production 501.0 - -

05/02/2016 Statoil USA Onshore Properties, Inc., Non Core Assets

EQT Corporation (NYSE:EQT) Exploration & Production 407.0 - -

05/02/2016 Bill Barrett Corp., Certain Non-Core Assets Located in the Uinta Basin


05/02/2016 Four G Holdings Corporation - Exploration & Production 11.0 - -

05/02/2016 Torchlight Energy Resources, Inc., Assets in the Cimarron Trail Property


05/02/2016 Permian Basin Hazel Project Torchlight Energy Resources, Inc. (NasdaqCM:TRCH)

Exploration & Production - - -

04/29/2016 Iroquois Gas Transmission System, L.P. TransCanada PipeLines Limited Storage & Transportation 54.0 - -

04/29/2016 Brenham Oil & Gas Corp. (OTCPK:BRHM) Angola International Capital Ltd. Exploration & Production - - -


13








TEV/EBITDA

TEV/Revenue

04/28/2016 Certain Producing Properties and Undeveloped Acreage in Cotton Valley and Haynesville

Indigo Minerals LLC Exploration & Production 375.0 - -

04/28/2016 Indigo Minerals LLC Yorktown Partners, L.L.C.; Trilantic Capital Management LLC; Ridgemont Equity Partners; Martin Companies, L.L.C., ROM


04/28/2016 Memorial Production Partners GP LLC Memorial Production Partners LP (NasdaqGS:MEMP)


04/28/2016 Team Oil Tools, Inc., Wholesale Completion Packer Business

Forum Energy Technologies, Inc. (NYSE:FET)

Equipment & Services - - -

04/27/2016 MPLX LP (NYSE:MPLX) Massachusetts Mutual Life Insurance Company; Kayne Anderson MLP Investment Company (NYSE:KYN); Magnetar Financial Llc; KA Fund Advisors, LLC; Triangle Peak Partners, LP; The Energy & Minerals Group; MTP Energy Infrastructure Finance Master Fund, Ltd.; Stonepeak Infrastructure Partners; MTP Energy Management LLC

Storage & Transportation 1000.0 - -

04/27/2016 Sentinel Peak Resources LLC Quantum Energy Partners Exploration & Production 300.0 - -

04/27/2016 Lease Holdings And Participation Right in Polk And Tyler County

Tanager Energy Inc. (TSXV:TAN) Exploration & Production 8.0 - -

04/27/2016 CrossFoot Energy, LLC - Exploration & Production 0.1 - -

04/26/2016 Sitewise Corporation Track Utilities, Inc. Equipment & Services - - -

04/25/2016 16.67% of Tri-States and 25.3% of Wilprise Pipeline and 49.67% of Destin Pipeline

American Midstream Emerald, LLC Storage & Transportation 183.6 - -

04/25/2016 American Midstream Partners, LP (NYSE:AMID) ArcLight Capital Partners, LLC; High Point Infrastructure Partners, LLC; Magnolia Infrastructure Partners, LLC

Integrated Oil & Gas 120.0 - -

04/25/2016 Pioneer Oil Company, Inc., 100 Producing Gas Wells

Southern Kentucky Energy, L.L.C. Exploration & Production - - -

04/25/2016 Atmos Gathering Company, Natural Gas Gathering and Transmission Pipelines in South Central Kentucky

Southern Kentucky Energy, L.L.C. Storage & Transportation - - -

04/25/2016 1% in Delta House FPS LLC and 1% in Delta House Oil & Gas Lateral LLC

American Midstream Partners, LP (NYSE:AMID)


04/25/2016 RHC Energy USA LLC, Interests in Certain Oil and Gas Properties in Robertson county, Texas


04/25/2016 Crude, Natural Gas, Salt Water onshore & offshore Pipelines in Gulf of Mexico & Henry Gas Gathering

American Midstream Partners, LP (NYSE:AMID)

Storage & Transportation - - -

04/25/2016 Argent Energy (US) Holdings Inc. BXP Partners IV, L.P. Exploration & Production - - -

04/22/2016 Venture Global LNG, Inc. - Integrated Oil & Gas 55.0 - -

04/22/2016 Meridian Energy Group, Inc. - Refining & Marketing 30.0 - -

04/21/2016 Stagecoach Gas Services LLC Con Edison Gas Pipeline and Storage, LLC Storage & Transportation 975.0 - -

04/21/2016 NGL Energy Partners LP (NYSE:NGL) Oaktree Capital Management, L.P. Integrated Oil & Gas 240.0 - -

04/21/2016 Chesapeake Energy Corporation, Certain Oil & Gas Assets in SCOOP Play

Casillas Petroleum Resource Partners, LLC Exploration & Production 106.0 - -

04/21/2016 Woodford Shale Assets GR Woodford Properties LLC Exploration & Production 18.0 - -

04/21/2016 Four Industrial Gas Businesses Praxair Inc. (NYSE:PX) Exploration & Production - - -

04/20/2016 Devon Energy Corporation, Certain Mississippi Lime and Woodford Shale Assets

White Star Petroleum, LLC Exploration & Production 200.0 - -

04/20/2016 Chaffee Corners Joint Exploration Field Banpu Public Company Limited (SET:BANPU)


04/19/2016 Certain oil and gas producing properties and undeveloped acreage in the Midland Basin

Callon Petroleum Operating Company Exploration & Production 301.5 - -

04/19/2016 Chevron U.S.A. Inc., Downstream Assets Island Energy Services, LLC Refining & Marketing - - -


14








TEV/EBITDA

TEV/Revenue

04/19/2016 The Equinox Group LLC, Oil and Gas Leases Covering Lands Located in Section 5, Township 1 South

PetroShare Corp. (OTCPK:PRHR) Exploration & Production 0.6 - -

04/19/2016 Jilpetco, Inc. Amazing Energy Oil and Gas, Co. (OTCPK:AMAZ)


04/19/2016 4,745 Net Acres North of the Garrison Draw Field

Callon Petroleum Operating Company; TRP Energy, LLC


04/18/2016 Royale Energy Inc. (OTCPK:ROYL) - Integrated Oil & Gas 0.2 - -

04/17/2016 Sage Midstream Ventures, LLC Stonepeak Infrastructure Partners Integrated Oil & Gas 500.0 - -

04/15/2016 Chevron Corporation, Assets in the Gulf of Mexico

Cox Oil, LLC Integrated Oil & Gas - - -

04/15/2016 Gas Natural Inc. (AMEX:EGAS) - Storage & Transportation 4.0 - -

04/15/2016 Magellan Petroleum Corporation (NasdaqCM:MPET)


04/14/2016 Whiptail Midstream, LLC GE Energy Financial Services Storage & Transportation 79.8 - -

04/13/2016 50% Working Interest in 10,000 Acre Asset and 25% Working Interest in 30,000 Acre Asset

Jericho Oil Corporation (TSXV:JCO) Exploration & Production - - -

04/12/2016 Tellurian Investments Inc. - Refining & Marketing 24.1 - -

04/11/2016 Moransco Energy Corporation, Dixie/Dzurich Production

West Texas Resources, Inc. (OTCPK:WTXR)


04/11/2016 Marathon Oil Corporation, Wyoming Assets Merit Energy Company Exploration & Production 870.0 - -

04/11/2016 Phoenix Natural Resources, LLC Kayne Anderson Capital Advisors, L.P. Exploration & Production 250.0 - -

04/11/2016 Forestar Group Inc., Over 130 Producing Wells and Nearly 8,100 Net Acres of Leasehold Interests

DW Slate, LLC Exploration & Production 50.0 - -


15



04/11/2016 Forestar Group Inc., 9 Producing Wells and Over 900 Net Acres in North Dakota

DW Slate, LLC Exploration & Production 9.5 - -

04/08/2016 North Dakota LNG, LLC - Refining & Marketing 7.0 - -

04/08/2016 Amyris, Inc. (NasdaqGS:AMRS) Bill & Melinda Gates Foundation Asset Trust

Refining & Marketing 5.0 - -

04/08/2016 MCW Energy Group Limited (TSXV:MCW) - Equipment & Services 0.9 - -

04/07/2016 Legend Oil and Gas, Ltd. (OTCPK:LOGL) Hillair Capital Management LLC Exploration & Production 1.1 - -

04/07/2016 Oil Assets in Southwestern Louisiana Gulf Coast Western, LLC Exploration & Production - - -

04/07/2016 ConocoPhillips, Certain Producing Properties and Undeveloped Acreage in Delaware Basin

- Integrated Oil & Gas - - -

04/07/2016 ConocoPhillips, Certain Producing Properties and Undeveloped Acreage in Delaware Basin

- Integrated Oil & Gas - - -

04/06/2016 Lucas Energy, Inc. (AMEX:LEI) - Exploration & Production 5.5 - -

04/06/2016 Victory Blue, LLC Old World Industries, LLC Integrated Oil & Gas - - -

04/05/2016 Fidelity Exploration & Production Company, Oil and Natural Gas Assets

- Exploration & Production - - -

04/05/2016 McCabe Petroleum Corporation, 66.66% Working Interest in 12,000 Acres in Midland Basin

Torchlight Energy Resources, Inc. (NasdaqCM:TRCH)

Refining & Marketing - - -

04/04/2016 Riverbend Permian, LLC, 8,800 Gross Acres Located in Glasscock, Midland and Reagan Counties


04/04/2016 11,631 Gross Acres Located in the Midland and Delaware Basins


04/04/2016 Caza Oil & Gas, Inc. Talara Capital Management, LLC Exploration & Production 2.2 ###### 4.89x

04/04/2016 Ivanhoe Energy Holdings Inc. and Intellectual Property of Ivanhoe Energy Inc.

FluidOil Limited Exploration & Production - - -

04/04/2016 Sanjel Corporation, United States Fracturing, Coiled tubing and Cementing Assets

Liberty Oilfield Services LLC Refining & Marketing - - -

04/01/2016 100% in Nautilus Poplar, LLC and 51% in Utah CO2 LLC

One Stone Energy Partners, L.P. Exploration & Production - - -


Documents

Oil & Gas Report Q2 2016 - SDR Ventures · 720.221.9220 | SDRVENTURES.COM Investment Banking & Securities Offered Through SDR Capital Markets, Inc., Member FINRA & SIPC. OIL & GAS