INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA

Valuable Insights and Market Updates for Oil and Gas CompaniesCONFERENCE CHAIR | SYLVIA BARNES; PRINCIPAL, TANDA RESOURCES LLC

APRIL 21, 2016

Managing Debtin Troubled Times –Surviving 2016

JW MARRIOTT, GALLERIA • HOUSTON, TX

Sylvia Barnes, Principal, Tanda Resources LLC

Ms. Barnes has over 30 years of oil & gas financial experience and a background in engineering. As Principal of Tanda Resources LLC, she focuses on upstream investments and consulting. Previously Ms. Barnes was Head of Oil & Gas Investment and Corporate Banking at KeyBanc Capital Markets from October 2011 through April 2015.

Ms. Barnes was Head of Energy Investment Banking at Madison Williams, and prior to joining Madison Williams, Ms. Barnes served as Managing Director at Merrill Lynch & Co.’s energy investment banking practice. She joined Merrill Lynch as part of the

firm’s 2006 acquisition of Petrie Parkman & Co. During the six years Ms. Barnes was at Petrie Parkman and Merrill Lynch, she successfully executed a variety of merger, acquisition, and divestiture transactions for energy clients, advised on public and private equity offerings and structured and placed private debt and equity. Prior to joining Petrie Parkman, Ms. Barnes was with Enron Energy Services as Vice President, responsible for executing energy management contracts with large industrial clients, including refineries and chemical companies.

From 1994 through 2000, Ms. Barnes worked as Managing Director and Senior Vice President for Nesbitt Burns Securities in New York and Houston, serving as head of the firm’s U.S. energy investment banking group. From 1984 through 1993, Ms. Barnes worked for Bank of Montreal in New York and Calgary, specializing in structured finance and corporate banking for energy clients.

Ms. Barnes began her career as a reservoir engineer for a subsidiary of Exxon, and was a licensed petroleum engineer. She received a Bachelor of Science in Mechanical Engineering (Dean’s List) from University of Manitoba, and a Master’s of Business Administration from York University. Ms. Barnes is active in oil and gas industry activities and the Houston community. She currently is Vice Chairman of the Houston Energy Finance Group and Chairperson of the Santa Maria Hostel Foundation, and recently served as a board member for the Harris County Houston Sports Authority and the Houston Producers Forum.

SETTING THE STAGERay Lemanski, Managing Director, Head of High Yield, KeyBanc Capital Markets

Raymond Lemanski is a Managing Director and the Head of the High Yield group at KeyBanc Capital Markets. He joined Keybanc Capital Markets in 2011 to start the High Yield Sales and Trading effort.Mr. Lemanski has over 30 years of experience in the analysis, trading, sales and structuring of corporate bonds and the transactions in which they are used. Mr. Lemanski began his Wall Street career at E.F. Hutton as a High Yield Securities analyst in 1982. Subsequently, he joined Prudential Securities as Director of High Yield Research and eventually Co-Head of its High Yield Securities and Capital Markets Group. Prior to joining KeyBanc, Mr. Lemanski worked at BB&T Capital Markets as the Senior Fixed Income Credit Analyst, Director of Corporate Bond Credit Research and Co-Head of the Credit Group within

Debt Capital Markets. He has covered a wide array of corporate credits as a practicing analyst as well as holding managerial responsibilities for the High Yield team.Mr. Lemanski received both BA and MBA degrees from the University of Denver. In addition he holds a Masters Degree in Christian Ethics/Moral Theology from Seton Hall University.

PREPARING FOR TROUBLEC.H. (Scott) Rees, III, Chairman and Chief Executive Officer, Netherland, Sewell & Associates

Scott has been with Netherland, Sewell & Associates, Inc. (NSAI) since 1988 and has over 30 years of oil and gas experience. He was promoted to Chairman and CEO of the firm in 2008 after serving as President and COO since 2002. Prior to NSAI, Scott was a Supervising Reservoir Engineer with Exxon Company, U.S.A., where he worked primarily in the onshore and offshore Texas Gulf Coast region. Since joining NSAI he has been involved in hundreds of projects both domestically and around the world, including Latin America, Mexico, Australia, and West Africa. Scott’s extensive experience has given him an invaluable understanding of the important relationship that exists between the reserves evaluation consultant and the petroleum and financial industries. His areas of specific

expertise include coalbed methane property evaluation, probabilistic analysis of exploration prospects and new discoveries, and the application/ interpretation of industry reserves definitions and guidelines.

Joshua S. Scherer, Founding Partner, Ducera Partners LLC

Joshua Scherer is a Founding Partner of Ducera Partners, an independent investment bank relied upon by decision makers to provide critical advice on complex and transformative transactions. Prior to the launch of Ducera Partners in June 2016, he spent 8 years with Perella Weinberg Partners, most recently as a Partner. Joshua has over 20 years of investment banking experience, starting his career with Merrill Lynch in New York and Hong Kong, and thereafter with Houlihan Lokey where he focused on financial restructuring engagements.Joshua has advised companies in many of the most high profile and transformative transactions, including the restructuring and sale of Hostess Brands as well as in the

INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA

INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA

financial restructurings of Caesar’s Entertainment, Hawker Beechcraft and Spectrum Brands, among others. He and his partners are currently active in the energy sector, advising companies or key constituents in Alpha Natural Resources, Border to Border Energy Group, Paragon Offshore, Sun Edison, and Ultra Petroleum, among others. Joshua regularly provides expert witness testimony on valuation and other topics – he has provided testimony in multiple bankruptcies including but not limited to Crusader Energy, Hawker Beechcraft, Hostess Brands, Spectrum Brands, and Workflow Management.

Joshua received a Bachelor of Arts in Economics from Middlebury College, where he graduated Summa cum Laude and was elected to Phi Beta Kappa.

Jack Smith, Managing Director in Debt Capital Markets, J.P. Morgan Jack Smith is a Managing Director in Debt Capital Markets at J.P. Morgan based in Houston. He has been with the firm for approximately 15 years and started his career in the New York office covering private equity firms. He has spent the last 8 years in Houston working with firms across the natural resources sector on all aspects of debt financing including high yield bonds, leveraged loans and syndicated revolvers. Jack received his BBA from Southern Methodist University and his MBA with Distinction from Cornell University.

DEFENSIVE STRATEGIESDon Dimitrievich, Head of Energy & Power, Highbridge Principal Strategies, LLC

Mr. Dimitrievich is a Managing Director and Head of Energy & Power at Highbridge Principal Strategies. Prior to joining HPS in 2012, Mr. Dimitrievich was a Managing Director of Citi Credit Opportunities, a credit-focused principal investment group. At Citi Credit Opportunities, Mr. Dimitrievich oversaw the energy and power portfolio and invested in mezzanine, special situation and equity co-investments, and secondary market opportunities. Prior to joining Citi, Mr. Dimitrievich worked in the New York office of Skadden, Arps, Slate, Meagher & Flom LLP from 1998 to 2004 focusing on energy M&A and capital markets transactions. Mr. Dimitrievich has a law degree magna cum laude

from McGill University in Montreal, Canada and earned a chemical engineering degree with Great Distinction from Queen’s University in Kingston, Canada.

John F. Higgins, Partner, Porter Hedges LLP

John F. Higgins is a partner in the Bankruptcy and Corporate Sections of the Firm and is involved in a wide range of bankruptcy and corporate related matters. Mr. Higgins has represented debtors, national and local banks, financial institutions and creditors’ committees in numerous out of court workouts and bankruptcy cases. His practice also includes general civil litigation in both federal and state courts.

Mr. Higgins was involved in the reorganizations of Lyondell Chemical Company; SemCrude, L.P.; Easy Gardener Products, Ltd.; Doctors Hospital 1997, L.P.; Philip Services Corporation; Contour Energy Corp.; Equalnet Communications Corp.; TriUnion

INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA

Development Corporation; Enron Corporation; TransCom USA Management Co., L.P.; Texas Development Investors, Ltd.; Continental Air Lines, Inc. (Continental I); General Homes Corporation (I and II); Community Health Computing Corp.; University General Health System, Inc.; UGHS Senior Living, Inc.; Goldking Resources, LLC; Milagro Holdings, LLC; Sabine Oil & Gas Corporation; Magnum Hunter Resources Corporation; Sherwin Alumina Company, LLC; Quicksilver Resources, Inc.; Dune Energy, Inc.; Samson Resources Corporation; Black Elk Offshore Operations, LLC; Swift Energy USA, Inc.; American Natural Energy Corporation and numerous other entities.

Mr. Higgins received his undergraduate degree in accounting from Louisiana State University in Baton Rouge, Louisiana (B.S., 1980; Beta Alpha Psi). He received his law degree from the University of Houston in 1983.

James A. Watt, President and Chief Executive Officer, Warren Resources

James A. Watt joins Warren Resources, Inc. from Dune Energy, Inc., where he served as President, Chief Executive Officer and Director. Prior to joining Dune in 2007, Mr. Watt also served as the Chief Executive Officer of Remington Oil and Gas Corporation since February 1998 and the Chairman of Remington since May 2003, until Helix Energy Solutions Group, Inc. acquired Remington in July 2006. From 1993 through 1997, Mr. Watt served as Vice President—Exploration of Seagull E&P, Inc., and from 1991-1993, he served as Vice President—exploration and exploitation of Nerco Oil and Gas. From August 2006 through March 2007, Mr. Watt also served as the Chairman and Chief Executive Officer of Maverick Oil & Gas, Inc. Mr. Watt currently serves on the Board of Directors of Bonanza Creek Energy, Inc., where he is Chairman of the Board, and Helix. Mr. Watt

received a B.S. in Physics from Rensselaer Polytechnic Institute.

LUNCH KEYNOTEThomas J. Edelman, Managing Partner, White Deer Energy

Prior to forming White Deer, Mr. Edelman founded and/or managed a series of eight energy companies, creating significant value for investors over more than a 25-year period. He founded or co-founded Snyder Oil Corporation (now part of Devon Energy Corporation), Range Resources (NYSE: RRC) and Patina Oil and Gas (now part of Noble Energy, Inc.). He also co-founded Bear Paw Energy and Bear Cub Energy, both midstream companies based in the Rocky Mountains.

Prior to 1981, when he left Wall Street to co-found Snyder Oil, Mr. Edelman was a Vice President in The First Boston Corporation’s (now Credit Suisse) energy group and an associate at Lehman Brothers Kuhn Loeb.

Mr. Edelman is currently a Director of Noble Energy, Inc. (NYSE: NBL). He currently chairs the Investment Committee and serves as a Trustee of The Hotchkiss School, serves as Chairman Emeritus of Lenox Hill Neighborhood House, is a Director of The Wildlife Conservation Society and serves on the Advisory Council of Princeton University’s Department of Politics. He is a former member of the Board of Georgetown University. Mr. Edelman holds an MBA in Finance from Harvard Business School (Baker Scholar) and a BA in Political Economy from Princeton University, magna cum laude.

INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA

SERIOUS SOLUTIONS: WORKOUTS AND RESTRUCTURINGS

Joe Gatto, Senior Vice President and Chief Financial Officer, Callon Petroleum Company

Mr. Gatto is Senior Vice President and Chief Financial Officer of Callon Petroleum Company. Prior to joining Callon, Mr. Gatto was a Managing Director in the energy investment banking groups of Merrill Lynch & Co. and Barclays Capital, with involvement in all phases of M&A and capital raising transactions for his clients. In 2009, he founded MarchWire Capital, LLC, a financial advisory and strategic consulting firm, and subsequently served as Head of Structuring and Execution with Merrill Lynch Commodities, Inc. until joining Callon in 2012. Mr. Gatto graduated with distinction from Cornell University with a BS degree in 1992 and The Wharton School of the University of Pennsylvania with an MBA in 1997.

J.P. Hanson, Managing Director, Head of E&P Group, Houlihan Lokey

Mr. Hanson is a Managing Director at Houlihan Lokey, where he is Head of Houlihan Lokey’s E&P Group, and Co-Head of the firm’s Energy Group. Mr. Hanson is based in the New York office with a dual-office in Houston.

During his career, Mr. Hanson has worked on numerous financing, M&A, and financial restructuring engagements. In addition to domestic transactions, he has been involved in transactions for several Latin American-, European-, and South African-based companies, advising companies and stakeholders regarding the structuring and implementation of financings, M&A transactions, out-of-court exchange offers, and “pre-arranged” reorganizations in local jurisdictions. In financial restructuring engagements he has advised

companies, secured and unsecured creditors, and other stakeholders in both out-of-court and in-court restructurings, including “pre-packaged,” “pre-arranged,” and “free-fall” chapter 11 bankruptcy cases. His notable engagements include: ATP Oil & Gas Corp.; Endeavour International, Inc.; Chesapeake Energy Corp.; Quicksilver Resoureces, Inc.; Samson Resources Corp.; BPZ Energy Corp.; Trident Resources Corp.; Magnum Hunter Energy; Swift Energy Corp.; U.S. Department of Energy Loan Program Office; U.S. Energy Corp.; GBGH Ltd.; Big West Oil, LLC; Solutia, Inc.; National Energy & Gas Transmission, Inc. (formerly PG&E NEG); and Gas Transmission Northwest Corp., among others, within both the energy industry and a variety of other sectors.

Before joining Houlihan Lokey, Mr. Hanson was a manager of alternative lending at Commonfund Mortgage Corp., where he structured whole loan and portfolio fundings, sales, and securitizations involving a variety of asset-backed lending transactions. Earlier in his career, he held a similar position at MoneyLine Lending. Mr. Hanson began his career in finance, trading fixed income securities at NNJ, a private family wealth fund formerly based in San Francisco, Calif.

Mr. Hanson has authored, co-authored, and spoken on various topics, including: Trends in E&P Finance, Financing Markets in a Distressed Environment and Valuation Dynamics in Financial Restructuring, among others. Mr. Hanson currently serves on the Board of Directors of Bennu Oil & Gas, LLC, an entity established for the purpose of acquiring and operating oil and gas properties in the Gulf of Mexico.

INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA

Mr. Hanson earned a dual B.A. degree, cum laude, in Italian and International Finance from Brigham Young University and an MBA, with a concentration in Finance, from the University of Maryland’s Robert H. Smith School of Business.

Bill Marko, Managing Director, Jefferies LLC

William “Bill” Marko is a Managing Director of Jefferies LLC in the Energy Investment Banking Group. He has managed more than $60 billion of asset and corporate transactions. His client base consists of many of the world’s 50 largest oil and gas companies. Prior to joining Randall & Dewey, subsequently purchased by Jefferies, Mr. Marko worked more than 18 years in various engineering, operations and commercial roles at Mobil Oil, followed by COO of Madison Energy Advisors, a transaction advisory firm.

With more than 35 years of industry experience in worldwide acquisition, divestment and new business development, he has evaluated transactions in all major U.S. basins and more than 70 countries.

Bill is a registered Professional Engineer in Louisiana and is on the Tulane University President’s Council and the Board of the Tulane School of Science & Engineering. He received his Masters and Bachelor of Science degrees in engineering from Tulane University.

LOOKING BACK ON LESSONS LEARNEDBert S. Conly, Senior Managing Director, FTI Consulting, Inc.

Mr. Conly is a Senior Managing Director in FTI’s Business Recovery practice in Dallas, Texas. He has 38 years of extensive restructuring, corporate finance, interim management and asset management experience in a variety of industries including energy, food service, financial services, telecommunications, retail, real estate, manufacturing, distribution, and broadcast. He has a proven track record solving complex business problems for clients related to restructures; mergers, acquisitions and dispositions; business integration; capital raising and capital structure, operational improvements, and investment decisions.

During his tenure, Mr. Conly has represented a wide variety of clientele with corporate finance, business recovery, lender services, investigative and litigation consulting needs.

His assignments include large and complex transactions with several constituencies and completing agendas.

Mr. Conly was a partner in the Big 5 accounting firm of PricewaterhouseCoopers LLP and a Managing Director of the Corporate and investment Bank at Bank of America.

Prior to joining FTI, Mr. Conly’s experience includes sever years of energy industry experience, five years of regulatory and compliance experience with the Federal Deposit Insurance Corporation (“FDIC”).

While with Bank of America, Mr. Conly was responsible for the management and disposition of approximately $1.2 billion of owned oil and gas properties obtained through foreclosure or settlement with borrowers. Additionally he served in various capacities including Join Venture and Revenue Accountant (Texas Eastern Corporation and

INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA

National Exploration Company), Director of Finance (Traco Petroleum Corporation) and Controller (Petroleum Acquisitions Corporation) positions from 1977 through 1984.

Furthermore, Mr. Conly served on numerous panels speaking to a variety of corporate finance and restructuring topics including presentations to the JP Morgan High Yield Conference, Jay L. Westbrook Bankruptcy Conference, State Bar of Texas Bankruptcy Section, Rocky Mountain Minerals Conference, Turnaround Management Association, FTI Economic Forum, Valcom Conference, Fifth Circuit Bench Bar Conference, various client conference and the Comptroller of the Currency – Large Bank Examination Group.

Jim McBride, Managing Director, Opportune LLP

Jim McBride joined Opportune LLP in March as a Managing Director in its energy consulting practice. Jim is an established energy finance executive with over 35 years of petroleum engineering and energy finance experience. Prior to joining Opportune, Mr. McBride founded the JRMcBride & Company, a privately owned company that advises and invests in the oil and gas industry. Having begun his career as a petroleum engineer, Jim has led the upstream and midstream energy banking practices for a number of firms including Capital One Bank, Royal Bank of Scotland, FleetBoston Financial, Bank of America and Texas Commerce Bank (now J.P.Morgan).

Mr. McBride began his career with Mobil Oil in 1977 in New Orleans and later served in a number of leadership roles in energy finance. He was also chief financial officer of Baker Hughes Solutions in Houston in the late 1990s and a vice president of Enron Capital & Trade. Mr. McBride received a bachelor’s degree in engineering from Mississippi State University. He currently serves on the Board of Directors of the IPAA as well as the Board of Trustees of Loyola University New Orleans.

James M. Trimble, Former CEO, PDC Energy, Inc.

Mr. Trimble is co-founder and CEO of Tanda Resources LLC, a privately owned company involved in oil and gas investments and advisory services located in Houston, Texas.

From June 2011 to January 2015 Mr. Trimble was CEO and President of Petroleum Development Corporation (“PDC Energy”, NASDQ: PDCE) and joined the board of directors in June 2009. He currently serves as a board member of PDCE and Callon Petroleum Company (NYSE: CPE).

In January 2005, Mr. Trimble founded Grand Gulf Energy Company LLC, a privately held exploration and development company with assets in the Arkoma Basin. In August 2006,

these assets were merged with Alto Energy International Limited, an Australian publicly traded company.

From June 2002 thru December 2004, Mr. Trimble served as CEO, President and Chairman of the board of directors of TexCal Energy LLC (previously named Tri-Union Development Corporation), a small-cap private company with publicly traded high yield debt. Mr. Trimble successfully directed the company through a Chapter 11 bankruptcy process in less than a year, preserving value for the creditors and restoring the company’s exploration and production activities. From July 2000 to December 2001, Mr. Trimble served as President and a member of the board of directors

INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA

of Elysium Energy L.L.C., a privately held, small-cap exploration and production company. In November 2001, Elysium was successfully merged into Patina Oil & Gas Company (NYSE:POG).

From 1983 to 2000, Mr. Trimble was Sr. Vice President E&P with Cabot Oil & Gas Company (NYSE: COG), responsible for its operation and exploration activities. Prior to joining Cabot, Mr. Trimble was President of Volvo Petroleum, Inc., a private domestic and international exploration and production company from 1978 to 1983. Volvo acquired its position from Fred Olsen Inc, where Mr. Trimble served in many management roles, which had domestic and international exploration and production, as well as a drilling services company. From 1972 to 1978, Mr. Trimble served with several US domestic exploration and production companies in operations and engineering roles. He also spent 2 years with Robray Drilling, an International Drilling Service Company in the Far East.

Mr. Trimble is a graduate of Mississippi State University where he majored in Petroleum Engineering with a BS and graduate studies in Engineering. He is active and has served on the board of several professional organizations including IOGA PA, IOGA WV, IPAA, API, SPE and TIPRO and is a Registered Professional Engineer in the State of Texas.

DIAMOND

GOLD

Financial LLC

SILVER Haynes and Boone, LLP logosize: 2.5”(width)

C32 M100 Y86 K48

Thank You To Our Sponsors