Exhibit 99.1


Cambrian
• M A N A G E M E N T, L T D.

P.O.Box272
Midland, Texas 79702
Ofc: 432-620-9181
Fax: 432-570-0102






February 12, 2015



Mr. Kenny Hill
Chief Executive Officer
Aurora Energy Partners
3355 Bee Caves Road, Suite 608
Austin, Texas 78746



Dear Mr. Hill:


Per your request an oil and gas reserve and economic appraisal has been performed for the properties owned by Aurora Energy Partners (Aurora) and listed on Exhibit A. The objective of this study is to estimate reserves and value for these properties as of January I, 2015. The methodology, assumptions and results of the study are discussed below.

With the assumptions discussed below the reserves and value for the Aurora properties are estimated as:

SEC Case, As of 1/1/2015


Total Proved Reserves I
Oil, MBO I 20.7
Gas, MMCF 600.0
I



Total Proved Value
PW @ 0% $ $2,687,940
I PW @ 0%, $ $1.464,570



This report is intended to serve as the Aurora Energy Partners report for the United States Securities and Exchange Commission (SEC) for reserves and projected economics as of the end of 2014.







Property Overview

The properties consist of27 wells in six Texas and New Mexico counties, all except one in the
Permian Basin of West Texas and Southeastern New Mexico.

Eight wells are in Crockett County, Texas and are operated for Aurora by Cambrian Management. These gas wells are completed in the Canyon sand formation. Due to the high interest owned by Aurora these wells are a major asset for the Partnership.
• Eleven wells are "Wolfberry" completions located in Howard and Martin Counties.
o The Sage 25 and Hamlin 26 wells were drilled in 2011 by Clear Water Inc. The
Hamlin 24#1 was drilled by OGX Resources in 2007 and acquired by Clear Water in December 2009. Aurora has a 1.5% working interest in these wells and the accompanymg acreage.
o
The two Hamlin 26P wells were drilled by Element Petro Operating and are offsets to the Clear Water Hamlin wells. Aurora's over-riding royalty interest (ORRI) is due to a land deal with Element.
o The Morgan lease is located in Martin County, Texas. One Wolfberry test was
drilled in 2013 by V~F Petroleum.
As a result of the land deal with Element Aurora owns an ORRI in the SFH Unit 23 lH, a horizontal Wolfcamp well in Sections 23 and 26.
• Three wells are located in Pecos County and operated by V-F Petroleum.
o The University 6#1 was completed in July 2011. This was followed in July 2012
with the completion of the University 6#2. Both wells are Ellenburger completions at a depth of 6855 ft.
o The University 7#1 was completed in April of 2013. It tested the Ellenburger and
then was completed in the Connell.
o Current geological interpretation indicates a third well can be drilled in the
existing University 6 fault block. This well is included in this report as a 201 7
PUD well.
• Two wells are located in Lea County, New Mexico.
o The Uno Mas #1 is a re-entry of the Manzano Apple #1, which was a 1993
completion in the Mississippian zone at around a depth of 13,022 ft. The zone was brought back on production in December 2011.

It is estimated that the monthly net cashflow for January 2014 was $29,843 assuming SEC
pricing. Net production for the month is estimated as 9.4 BOPD and 106 MCFD.


Data

Data furnished or available for this analysis included well drilling reports, logs, test data, operating costs, and revenue statements. Production data was obtained from the Texas Railroad Commission records and was supplemented as needed by data from the Operators. Monthly prices received for the gas and oil produced were obtained from check summaries and from the State of Texas tax records as reported by Drillinglnfo.com, a commercial oil and gas information service.


The properties evaluated are listed on the attached Exhibit A. No attempt was made as part of this evaluation to verify ownership of the interests through detailed title work. The interests
were confirmed from the Joint Interest Billings (JIB's) and the revenue check detail. Aurora has
confirmed they expect to receive revenue and pay costs based on the interests provided and shown on Exhibit A.

Assumptions and Methodology

All estimated reserves contained in this report are expressed as gross and net reserves on all properties. Net reserves represent those reserves attributable to the appraised interest. Values for reserves are expressed in terms of future net revenue and present worth of future net revenue. Future net revenue is defined as revenue accruing to the appraised interests from production and sale of the estimated net reserves after deducting production taxes and operating expenses. Present worth (PW) is defined as the future net revenue discounted at a set discount rate compounded daily. All values are calculated as of January 1, 2015.

No plugging costs or salvage values were considered in this evaluation, nor was any consideration given to Federal income tax.

The properties evaluated for this analysis have proved developed producing reserves (PDP) and proved undeveloped reserves (PUD) as defined by the Society of Petroleum Engineers (SPE). The reserve guidelines as published by. the SPE in March 2007 in the Petroleum Reserve Management System (SPE-PRMS) are being used for this analysis. A discussion and details of the SPE-PRMS are available on the SPE website.

Production forecasts were made using methods appropriate for the individual property.


For the Adams wells in Crockett County the future production rates were estimated using decline curve analysis in conjunction with a review of offset production. All of the Adams wells had established, well behaved decline trends.
The University 6-#1 & 6#2 are believed to have a water drive. The Operator has restricted the production to avoid excess water production. For this analysis the reserves were estimated using volumetric analysis. A forecast was then constructed honoring the Operator's production rate and recovering the estimated reserves in a reasonable time
period. The estimated reserves for the University 6#3 undeveloped well was set equal to the two producing wells.
The Uno Mas well forecast was estimated using decline curve analysis of the existing production.
Forecast for all Wolfberry wells were based on the "curve shape" established on other well behaved Wolfberry wells in the Permian Region. This curve shape was used with the reported production for each well to forecast the future production. Two of the wells had very limited production. Two of the wells had sufficient production but did not have well established decline trends. Reserves for these four wells could vary from that forecast.

The resulting forecasts are shown on the attached production plots.


Cash flow for the individual well cases were calculated until the monthly cash flow becomes negative; i.e., costs exceed revenue and the well is not economic. The individual cases were summed to produce the total value.

Using SEC guidelines in place for 2014, the gas and oil prices for this analysis were set at the average price received on the "first-day-of-the-month" for each month in 2014, adjusted for appropriate differentials. The "benchmark" prices are $94.99 per barrel and $4.35 per MMBTU, as estimated by Ryder Scott. For each well, or case, the actual monthly prices received during
2014 were compared to the prices used in the calculation of the benchmark. For each well a differential to the benchmark was estimated. These differentials were applied to the 2014 year• end benchmark price and the resulting values were used for the future cashflow estimates. The resulting pricing is shown on Exhibit B. All prices were held constant per SEC guidelines.

Actual 2014 lease operating costs (LOE) for the properties were furnished for this review. The monthly costs were averaged for each well to determine a $/month/well operating cost. Non• recurring costs were omitted. Per SEC guidelines the operating costs are held constant for the life of the wells. Values used for LOE are shown on Exhibit B.

Drill and complete costs for the PUD wells were based on estimates (AFE's) provided by the operator for the University 6#2.

Results

The total proven value and reserves for the twenty-four PDP working interest wells and the three ORRI wells are summarized above. Expanding on the summary, the estimated value and reserves over the life of the wells are shown on Table 1 below.

Detailed cashflow sheets are attached, including summary analysis of the total reserves and individual well analysis. A listing of the reserves, costs, and value for each well, a one-liner, is also attached.

 



PDP
Table
1



PUD



Total

Net Oil, MBO

13.6
 
 

7.0

20.7

Net Gas, MMCF
598.1
 
 
1.8
600.0

Net Revenue, $
$4,324,040
 
 
$596,150
$4,920,190
Expenses. S
$1,675,270
 
 
$26,080
$
1,701,350

Net Investment,
$
 
 
$87,650
$87,650
Taxes,$
Net Income, s
$400,366
$2,248,110
 
 
$42,580
$439,830
$443,250
$2,687,940

Present Worth
Profile
 
 
 
 
 
Disc 10%, s
Disc 12%, s
$1,256,760
$1, 163,540
 
 
$207,810
$180,560
$1,464,570
$1,344,100
Disc 15%, $
$1,050,140
 
 
$146,740
$1,196,880


Qualifications


The value estimated in this report is based on the assumption that the properties are not adversely affected by the existence of any hazardous substances or detrimental environmental conditions. No field inspection was made of the properties as part of this review.

This study was performed using industry-accepted principles of engineering and evaluation that are predicated on established scientific concepts. However, the application of such principles involves extensive judgment and assumptions and is subject to changes in performance data, technical knowledge, economic conditions and statutory provisions. Consequently, reserve estimates and future value are furnished with the understanding that actual performance of the wells could vary from that predicted.

Sincerely,
•!• QCambrianMANAGEMENT, LTD.







James. A. Nicholson, PE Senior Reservoir Engineer P.E. # 81351

Cambrian Management, LTD F-5345















Summary Economics


















































8
Date : 02/! 2/20 l 5 2: 1 9:02PM ECONOMIC SUMMARY PROJECTION
 
To{;ll
Project Name: AURORA 2014 SEC RESERVES Partner:    2015 JAN SEC RESERVES
Case Type : GRAND TOTAL CASE
Cum Oil (Mbbl):
413.85
Cum Gas {MMcO :
l,521-20

Rem
76.04
422.17
0.84
24!61
83.70
5.28
70.69

(.276.46
0.00
Total
872.62
1,695.84
20.66
599.93
84.21
5.30
1,740.IO
3,180.08
0.00
Ult
1,286.47

3,217.04
 
 
 
 
 
 
 


As Of Date: 01/01/2015
Discount Rote(%) : 10.00
All Coses










Year
Gross
Oil
 
Gross
Gas
Net
Oil
 
Net
Gas
Oil
Price
Gas
Price
Oil
Revenue
Gas
Revenue
Misc. Revenue
 
(Mbbl)
 
(MMcO
(Mbbl)
 
(MMcO
($/bbl)
(S/Mc!)
(MS)
(MS)
(MS)
2015
 
1 !3.76
207.41
 
3.03
36.59
84.69
5.33
256.82
194.92

0 00
2016
 
98.31
[64.81
 
266
3348
84.48
5.33
224.76
178.31
0 00
20!7
 
!02 28
144 83
 
2.89
3!.23
84.21
5 32
24334
166.28
0 00
2018
 
9241
!24 54
 
2.59
28.91
84.!3
5 32
218. 19
153.91
0 00
20!9
 
71.34
98.60
 
187
26.22
84 09
5.32
[56.9!
139.57
0.00
2020
 
62.56
90.56
 
l.61
25. 17
84. 11
5.32
135.65
133.99
0 00
2021
 
56.67
83.77
 
1.47
24.l3
84.10
5.32
12336
128.43
0.00
2022
 
47.30
63.14
 
t.t 3
22. 15
83.96
5.30
95.l l
117.3 l
0.00
2023
 
35.00
53.49
 
0 73
2107
83.99
5.29
61.02
111.45
0.00
2024
 
28.16
49.59
 
0.54
20.43
84.07
5 29
44,98
!08 12
0
2025
 
23.68
45.6]
 
0.42
19.68
84. 13
5.30
35.40
104.25
0
2026
 
19 75
41.08
 
0.29
18.94
83 86
5 3[
2468
100 50
0
2027
 
17.01
38.02
 
0.23
17.78
83.69
5.30
19.03
94.29

0 00
2028
 
15.04
35.07
 
19
16.54
83.69
5.30
16.20
87.60

0.00
2029
 
13.32
33.15
 
0.17
16.00
83.69
5.30
13.96

84.71

0 00











Year
\Ve!! Count

Net Tax
Production
(MS)

Net Tax AdValorem (MS)

Net
Investment
(MS)

Net
Lease Costs
(MS)

Net
Well Costs
(MS)
Other Costs (MS)


Net
Profits
(MS)
Annual
Cash flow
(MS)

Cum Disc. Cash Flow (MS)
2015
26.00
26.57
11.50

0 00
0.00
98.86
0.00
0.00
314.81

300.06

20!6
22.00
23.82
l0.23
0.00
0.00
98.03
0.00
0.00
271.00
533.59
20!7
23.00
23.75

10 37
87.65
0
93.50

0 00
194.35
683.54

2018
21.00
2!.65
9.4!
0.00
0.00
85.87
0.00
0
255. 17
863.90
2019
17.00
!7.74
7.50
0.00
0.00
7!.48
0.00
0.00
199.76

99[49
2020
17.00
[634
6.82
0.00
0.00
71.48
0.00
0.00
175.00

1.092.57
2021
17.00
1535
636

0.00
0.00
71.48
0.00
0 00
1586!
l, 175.44
2022
17.00
1321
5.37
0.00
0.00
57.32
0.00
0.00
136.52
1,240.10

2,023

14.00

I l.20
4.36
0 00
0.00
53.35
0.00
0 00
103.56
1.284.45
2024
!3.00
10 21
3.87
0.00
0.00
53.07
0.00
0.00
85.94
1,317.74

2025
13.00
947


3.52
0 00

52.71

0
0.00
73.94

1,343.65

2026
12.00
8.67
3. [3
0.00
0.00
47.8]
0.00
0.00
65.57

1,364.43

2027
! LOO
7.95
2.83

0.00
0 00
43.33


0.00
59.21

l,381.41
2028
!0.00
7.31
2 59
0 00
0.00
39 63
0.00
0.00
54.26
1,395.49

2029
I 0.00
7.00

2.47
0.00
0.00
39.63
0.00
0.00
49.58

1,407.13



Rem.
98 99
33.68
0 00
0.00
723.82
0.00
490.67

5,744

Total
319.23

124.02
87.65

0.00
1,701.35

0.00
2,687.94

1,464.57


Present Worth Profile (MS)
PW 5.00%
Disc. Initial Invest (M$) .
6913
PW
8.00%
1,609.43
RO!nvestment (disc/undisc) :
22.19 /3L67
PW
10
%
1,464.57

Years to Payout :
0.26

PW
12.00%
1,344.10

Internal ROR (%) :
>1000
PW
15.00%
1,196.88

 
 
PW
20
%
1,012.29



1,892.25






TRC Eco Detaded.rpt
Date: 02/12/2015 219:02PM ECONOMIC SUMMARY PROJECTION
 
Proved Producing Rsv Class & Category
Project Name: AURORJ\.2014 SEC RESERVES
Partner: 20 l 5 JAN SEC RESERVES
Case Type : REPORT BREAK TOTAL CASE

As Of Date. 01101/2015
Discount Rate(%): 10.00
All Cases



Cum Oil {Mbb]) : Cum Gas (MMe() :

Gross

413.85 l,521.20
Gross
 


Net
 


Net
 


Oil
 


Gas
 


Oil
 


Gas
 


Misc.
Year

2015

Oil
(Mbbl)
I 13.76

Gas
(MMcf)
207.41

Oil
(Mbbt)
 

3.03

Gas
(MMcf)
36.59

Price
(S/bbl)
84.69

Price
(S/Mc[)
5.33

Revenue
(MS)
256.82

Revenue
(MS)
194.92

Revenue
(!\IS)

0.00
2016
2017
2018
20l9
2020
2021
2022
2023
2024

2025
2026
2027
2028
2029

9831
89.80
67.67
4662

37.80
32.00
26.51
22.84
20.02

17.76
15.17
13.33
11.98
10.74

16481
141.66 l 18.24
9230

84.24
77.47
57.83
50.38
47.52
44.10
39.91
37 08
34.29
32.49

2.66
2.42
167
0.94
0.68
0.54
0.35
0.27
023

0.20
0.12
0.09
0.08
O.G7

33.48
3 i.l l
2867
25.99
24.93
23.89
2l.95
20.95
2035

19.63
18.89
17.75
16 51
15.97

84.48
84.32
84.39
84.52
84.72
84.86
84.62
84.55
84.60

84.66
84 15
83.74
83.74
83.74

5.33
5.33
5_33
5.33
5.33
5.33
5.30
5.29
5.29

5.30
5.31
5.30
5.30
5.30

224.76
204.18
140.58
79.38

57.98
45.98
29.88
22 88
19.47
16.83
10.31
7.47
6.60
5.86

178.31
165.69
152.75
138.40
132.82
127.27
116.33
110 88
107.73

103.97
100.28
94. 11
87.45
84.59

0.00
0 00
0.00
0.00
0.00
0 00
o oo
0 00
0.00

0.00
0.00
o oo
0.00
0.00



Rem

61.09
418.36

0.28
24146
83.78
5.28
23.79

l,275.76
0 00

Total
685.41
l,648.09
13.64
598.14
84.50
5.30
1,152.78
3, 171.26
0.00

Lilt
1,099.26
3,!69.29
 
 
 
 
 
 
 
 

Well Net Tax
Net Tax
Net
Net
Net
Other
Net
Annual
Cum Disc.
Year
Count Production
AdValorem
Investment
Lease Costs
Well Costs
Costs
Profits
Cash Flow
Cash Flow
 
(MS)
{MS)
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)

2015

26.00 26.57

l t.50

0 00

0 00
98.86
0.00
0.00
314 81
300 06
2016
22.00 23 82
10 23
0 00
0 00
98.03
0 00

271.00

533.59
2017
22.00 2190
9.37

0.00
92.95

0.00
0 00
245.65

725.05

2018
20.00 l 7 99
7.44
0 00
0 00
84.76
0.00
0.00
183.14
854.64

2019
16.00 !4 09
5.53

0.00
0.00
70.37

0.00
0.00
127.79

936.32

2020
16.00 !2.68
4.85
0.00
0.00
70 37
0 00
0.00
102 91
995.80
2021
16.00 1171
4.40
0 00
0 00
70.37

0.00

86.79
1,04il6
2022
16.00 !O. 14
3.71
0.00
0.00
56.21
0
0.00
76 15
1,077. l 7
2023
13.00 9.40
3.40
0 00
0.00
52.24
0.00
0 00
68.72

1,106.57

2024
12.00 9.0l
3.23
0.00
0.00
51.96
0.00
0.00
63 01
1,130.96


2025
12.00 8.59
3.05
0 00
0 00
5160
0
0.00
57.54

l.l 5 !.l l
2026
11.00 8.00
2.76
0.00
0
46.70

0.00

53.13
1,167.95

2027
10.00 740
2.54
0 00
0 00
42.22

0.00

49.42

1/12/182

2028
9.00 6.86
2.35
0.00
0
3852
0 00
0.00
46 32
!,194.14
2,029

9.00 6.61
2.26
0.00
0.00
38.52
0.00
0.00
43.05

!,204.24


Rem.
96.78
32.49
0 00
0.00
711.61
0

458.67
52.51

Total
291.55

109.11
0.00

1,675.27

0.00
2,248.11

1,256.76


Present Worth Profile (MS)
P\V 5.00%:
Disc. Initial Invest. (MS) :
0
 
PW
8.00%
1,369.68

RO!nvestrnent (disc/undisc) :

I 0 00
PW
10
%
1,256.76

Years to Payout :
0
 
PW
12.00%
1,163.54

Internal ROR (%) :
0.00
 
PW
15.00%
l,050.14
 
 
 
PW
20
%
907.79



1,593.52






TRC Eco Deta1letl.rpt 2
Date: 02/12/2015 2:l9:02PM

Project Name : AURORA 2014 SEC RESERVES Partner: 2015 JAN' SEC RESERVES
Case Type; LEASE CASE Archive Set : default

ECONOMIC PROJECTION
As Of Date. Ol/Ol/2015
Discount Rate(%): I 0.00
All Cases
 

Case : UN!VERSITY 6#3
Reserve Cat. : Proved Undeveloped
Field: BOOTLEG CANYON (ELLENBERG Operator: V-F PETROLEUM JNC
Reservoir: ELLENBURGER Co., State : PECOS, TX
Cum Oil (Mbbl) :
Cum Gas (MMcf) :

0.00
0.00

 

Year
Gross
Oil
Gross
Gas
 

Net
Oil
 

Net
Gas
 
Oil
Price

Gas
Price
Oil
Revenue
Gas
Revenue
Misc. Revenue
 
(Mbbl)
(MM cl)
 
(Mbbl)
 
(MMcf)
 
(S/bbl)
(S/Mcf)
(MS)
(MS)
(MS)
2015
 
0.00
 
0 00
 
0.00
 
0 00
0.00
0.00
0.00
0 00
0.00

2016
 
0.00
 
0 00
 
0.00
 
0.00
0
0.00
0 00
0.00
0.00
2017
 
12.48
 
3.17
 
0.47
 
0.12
83.66
4.93
39.15
59

2018
 
24.74
 
6.30
 
0.93
 
0.24
83.66
4.93
77.61
l.16
0 00
2019
 
24 71
 
6.30
 
0.93
 
0.24
83.66
4.93
77.53
Ll6
0 00
2020
 
24.76
 
6.31
 
0.93
 
0.24
83.66
4.93
7767
Ll7
0 00
2021
 
24.66
 
6.30
 
0.92
 
24
83.66
4 93
77.38
l.l6
0 00
2022
 
20.79
 
5.31
 
0.78
 
0.20
83.66
4.93
65.23
0.98

2023
 
12 16
 
3.!0
 
0.46
 
0.12
83.66
4.93
38.14

0.57

2024
 
8.l3
 
2.08
 
0.30
 
0.08
83.66
4.93
25.5]
0.38
0 00
2025
 
5.92
 
1.51
 
0.22
 
0 06
83.66
4 93
18.58
28

2026
 
458
 
1.17
 
0 l7
 
0.04
83.66
4.93
14 37
0.22

2027
 
3.69
 
0.94
 
0.14
 
0.04
83.66
4.93
11.56
0.17
0.00
2028
 
3.06
 
0 78
 
0.11
 
0.03
83 66
4.93
. 9 60
0.14
0 00
2029
 
258
 
0.66
 
0.10
 
0.02
83.66
4.93
8.10
0.12
0 00


Rem
 
14.95
3.82
0.56

0.14
83.66
4.93
46.90
0.7!

0 00

Total
 
187.21
47.75
7.02

l.79
83.66
4.93
587.32
8.82


Ult
 
187.21
47.75
 
 
 
 
 
 
 
 
Well
Net Tax
Net Tax
Net
Net
Net
Other
Net
Annual
Cum Disc.
Year
Count
Production
AdValorem
Investment
Lease Costs
Well Costs
Costs
Pro lits
Cash Flow
Cash Flow
 
 
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)
(MS}
(MS)
(MS)

2015

0.00
0.00
0.00

0.00

0.00

0.00
0.00
ODO


0.00
2016
0.00
0.00
0.00
0
0.00
0 00
0 00
0.00
0.00
0 00
2,017

1.00
185
0.99
87.65
0 00
0.56
0.00
-51.30
-41.52
2018
1.00
3.66
1.97
0.00
0 OD
l ll
0.00
0 00
72.04

9.26

2019
1.00
3.65
l.97
0.00
0.00
1.11
0.00
0.00
71.96

55.16

2020
1.00
3 66
1.97

0.00
0
1.11
0.00
0.00
7,209

96.77
2021
1.00
3.65
1.96
0.00
0.00
1.11
0 00
0 00
71.82
134.27

2021
1.00
3.07
1.66
0
0.00
1.11
0.00
0 DO
60.37

162.93

2023
1.00

180
0.97
0.00
0 00
1.11
0 00
34.84
177.88

2024
l.00
!20
0.65
0.00
0 00
1.11
0.00
0 oo
22.93
]86.78
2,025

JOO
0.88
0.47
0.00
1.11
0.00
0 00
1,640
192.53

2026
LOO
0.68
0 36
0.00
0.00
i.n
0.00
0 00
12.43
196.48
2027
LOO
0.54
0.29
0.00
0 00
l ll
0 00
0.00
9.79
199.29

2028
LOO
0.45
0 24
0 00
0.00
i.t l
0.00
0 00
7.94
201.35
2029
I.DO
0.38
0.21
0.00
0.00
Lil
ODO
0 00
6.53

202.89



Rem.
 
2.21
Ll9
0 00
0.00
12.21

0.00
0.00

3200

4.93
Total
 
27.68
14.90

87.65

26.08


439.83 2
7.81

Major Phase :
Oil
 
 
Abandonment Date :
12/30/2040

 
 
Perts :
0-0
 
 
Working !nt .
0.05000000

 
Present Worth Profile (MS)
Initial Rate:
2,065.00
bbl/month
 
Revenue Int .
0 03750000
 
PW 5.00% 298.73
Abandonment :
66. 99
bbl/month
 
Disc. Initial Invest (M$) :
69.13

 
PW
8.00%
239.75
 
Initial Decline :
0.10

%year
b=0.000
RO!nvestment (disc/undisc) ·
4.0 I / 6.02
 
PW
10
%
207.81
 
Beg Ratio:
0.254
 
 
Years to Payout :
3.72
 
PW
12.00%
180.56
End Ratio:
0.000
 
 
Internal ROR (%):
74.03
 
PW
15.00%
146.74
 
 
 
 
 
 
 
 
PW
20
%
104.50
 

TRC Eco betarled.rpt 25




















Individual Well Economics

















































9
Date: 02/12/2015 2:19:02PM

Project Name; AURORA 2014 SEC RESERVES Partner:    2015 JAN SEC RESERVES
Case Type: LEASE CASE
Archive Set: default

ECONOMIC PROJECTION
As Of Date : Ol/Ol/2015
Discount Rate(%): i0.00
AH Cases
 

Case: ADAMS 'l 15' #8 - 8
Reserve Cat. : Proved Producing
Field : ADAMS-BAGGETT RANCH Operator: CAMBRIAN MANAGEMENT, LTD. Reservoir: CANYON SD.
Co., State ; CROCKETT, TX





Cum Oil (Mbbl): Cum Gas (Mi\kf) z
Gross
Year
Oil
(Mbbl)
Gas
(MMcf)
Oil
(Mbbl)
 
Gas
(MMcf)
Price
(S/bbl)
Price R (S/Mcf)
evenue
(MS)
Revenue
(MS)
Reven
(MS)
e
2015
0.00
8.89
 
0.00
6.58
0
5.02
0
33.01
 
0 00
2016
0.00
840
 
0.00
6.21
0
5.02
0.00
si.is
 
0 00
2017
0
7.94
 
0.00
5.88
0.00
5.02
0
29.50
 
0 00
2018
0
7.57
 

5.60
0.00
5.02
0.00
28.12
 
0.00
2019
0 00
7.25
 
0.00
5.36
0.00
5.02
0
26 92
 
0 00
2020
0.00
6.98
 
0
5.16
0.00
5.02
0.00
25.93
 
0 00
2021
0.00
6.71
 
0.00
4.96
0.00
502
0.00
24.91
 
0.00
2022
0.00
6.48
 
0.00
4.79
0 00
5.02
0.00
24.06
 
0 00
2023
0.00
627
 
0.00
4.64
0.00
5.02
0.00
23.30
 
0 00
2024
0.00
6.10
 
0
4.51
0 00
5.02
22.65
 
0.00
2025
0.00
5.90
 
0.00
4.36
0.00
5 02
0.00
21.91
 
0.00
2026
0.00
5.72
 
0.00
4.23
0 00
5.02
0 00
21.25
 
0 00
2027
0.00
555
 
0.00
4.!I
0
5.02
0
20.62

 
0.00
2028
0.00
5.40
 
0.00
3 99
0
5.02
20.05
 
0.00
2029
0
5.22
 
0.00
3.86
0
5.02
19.40

 
0 00

Rem

000

90.91
 

000

67.27

0.00

5.02

0.00

337.69
 

0 00
Total
0.00
191.27
 
0.00
141.54
0.00
5.02
0.00
710.51

 
0.00
Ult
0.00
288.03
 
 
 
 
 
 
 
 
 
 

Well
Net Tax
Net Tax
Net
Net
Net
Other
Net
Annual
Cum Disc.
Year
Count
Production
AdValorem
Investment
Lease Costs
Well Costs
Costs
Profits
Cash Flow
Cash Flow
 
 
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)
{MS)
(MS)
(MS)

2015

I.DO

2.48
0.83

0.00
0 00
6.60
0.00
0.00
23.l l

22.01
2016
LOO
2.34
0.78
0 00
0.00
6 60
0 00
0.00
21.47
40.50
2017
i.00
2.2 l
0.74
0.00
0 00
6.60
0.00
0.00
19.95
56.05
 
2018
l.00
2.11
0.70
0.00
0.00
6 60
0 00
0
18.71
69.25
 
2019
1.00
2.02
0.67
0.00
0.00
6.60
0.00
0.00
l 7.63
80.49
 

2020
l.00
1.94
0 65
0.00
0
6.60
0.00
0.00
16.73
90.15
2021
LOO
1.87
0.62
0 00
0.00
6.60
0
0
15.82
98.42
 





2022
I.OD
1.80
60
0.00
0
6.60
0.00
0.00
15.06
105.53
2023
1.00
l.75
0.58
0.00
0.00
6.60
 
0 00
0.00
14.37

I 11.68
2024
l.00
l.70
0 57
0 00
0 00
6.60
0.00
0.00
13.79

117.01
 

2025
l.00
l.64
55
0.00
0.00
6.60
 
0 00
0 00
l3.l2
12!.60
2026
1.00
l.59
0.53
0.00
0.00
6.60
0.00
0.00
12.53

125.57
 
2027
1.00
l.55
0.52
0
0 00
6.60
 
0.00
0.00
11.96

129.00
 
2028
1.00
l .50
0.50
0.00
0.00
6.60
0.00
0 00
l l .45
131.97
2029
I.OD
1.45
0.48
 
0.00
6.60
0.00
0.00
10.86
134.52
 


0.00
96.76

Gross
 


Net
 


Net
 


Oil
 


Gas
 


Oil
 


Gas
 


Misc.
u


















































e





Rem.

2


5.33

8.44

0 00

0 00

16733

0.00
0 oo

136.60

14.78
fotal
5

3.29

17.76
0.00

266.33
0.00
o.oo
373.14

149.30

Major Phase ·
Gas
 
 
Abandonment Date ·
5/1012055
 
 
 
 
 
Perts:
4436. 4597
 
 
Working Int :
l .00000000
 
Pres
nt Worth
Profil
e (MS)
Initial Rate .
765.03
Mcf/month
 
Revenue Int :
0.74000000
 
PW
5.00%
 
217.71

Abandonment :
l98 11
Mcfi'month
 
Disc Initial Invest (MS):
0 00
 
PW
8.00%
 
171.09

Initial Decline :
6.49

% year
b = 2.000
RO!nvestment (disc/undisc) :
0.00 I 000
 
PW
10
%
 
149.30

Beg Ratio·
0.000
 
 
Years to Payout ·
0
 
PW
12.00%
 
132.31
End Ratio:

 
 
Internal ROR (%) :

 
PW
15.00%
 
112.95

Date: 021!2/20!5 2:19:02PM

Project Name: AURORA 2014 SEC RESERVES Partner:    2015 JAN SEC RESERVES
Case Type : LEASE CASE
Archive Set : default

ECONOMIC PROJECTION
As Of Date· 01/01/2015
Discount Rate(%): 10.00
All Cases
 

Case: ADAMS '127' #I! - l l
Reserve Cat. : Proved Producing
Field: ADAMS-BAGGETT RANCH Operator: CAMBRLA.N MANAGEMENT, LTD. Reservoir: CANYON SD.
Co., State: CROCKETT, TX
Cum Oil (Mbbl) : Cum Gas (MMcf) :
Gross
Year
Oil
(Mbbl)
Gas
(MMcf)
 
Oil
(Mhbl)
 
Gas
(MMcf)
 
Price
(Slbbl)
Price
(S/Mcf)
Revenue
(MS)
Revenue
(MS)
Revenue
(MS)
 
2015
0.00
 
5.74
 
0.00
 
4.34
0
5.39
0
23.38
 
0 00
2016
0.00
 
5.59
 
0.00
 
4 22
0 00
5.39
0 00
22.74
 
0.00
2017
0 00
 
5.4!
 
0.00
 
4.08
0.00
5.39
0.00
2,200

 
0
2018
0 00
 
5.24
 
'0.00
 
3.96
0
5.39
0.00
2134
 
0 00
2019
0 00
 
5.09
 
0
 
3.84
0.00
5.39

20.70
 
0.00
2020
0.00
 
4.95
 
0.00
 
3.74
0.00
5.39
0.00
20.13
 

2021
0.00
 
4 79
 
0.00
 
3.62
0
5.39

19.47
 
0.00
2022
0.00
 
4.64
 
0.00
 
3.51
0
5.39
0
l 8.89
 
0.00
2023
0.00
 
4.50
 
0
 
3.40
0.00
5.39
0.00
I S.32
 
0.00
2024
0 DO
 
4.38
 
0
 
3.31
0.00
5.39
0.00
17.82
 
0
2025
0.00
 
4.24
 
0.00
 
3.20
0.00
5.39
0 00
17.24
 
0.00
2026
0.00
 
4.11
 
0.00
 
3.11
0 00
5.39
0 00
16.72
 
0.00
2027
0
 
3.99
 
0.00
 
3.01
0 00
5 39
0.00
16.22
 
0 DO
2028
0.00
 
3 88
 
0.00
 
2.93
0 00
5.39
0.00
15.78
 
0.00
2029
0.00
 
3.75
 
0.00
 
2.83
0
5.39
0
15.26
 
0.00


0.00
117.85
Gross
 


Net
 


Net
 


Oil
 


Gas
 


Oil
 


Gas
 


Misc.




















Rem
 
0.00
60.97
0.00
46.07

0
5.39

248. l 1

0 00

Total
 
0.00
131.25
0.00
99.18
0.00
5.39
0.00
534.10

Ult
 
0.00
249.10
 
 
 
 
 
 
 
 

Well
Net Tax
Net Tax
Net
Net
Net
Other
Net
Annual
Cum Disc.
Year
Count
Production
AdValorem
Investment
Lease Costs
Well Costs
Costs
Profits
Cash Flow
Cash Flow
 
 
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)

2015

l.00
l.75


0.58

0 00

0.00

6.60
0.00
0.00

14.44

I3.74
2016
I.00
l.71

0.57
0.00
0.00
6 60
0.00
0
13.86
25.68
2017
1.00
L65

0.55
0.00
0 00
6.60


0.00
13.20
35.97

20]8
1.00
LGO

53
0 00
0.00
6.60
0.00
0.00
12 60
44.85
2019
1.00
l.55

0.52
0.00
0.00
6.60
0
0.00
12.03

52-53
2020
1.00
!.51

0.50
0.00
0.00
6.60
0.00

11.52

59 17
2021
1.00
!.46

0.49


0.00
6 GO
0 00
0 00
10.92

64.88

1012
LOO
!.42

0.47
0.00
0.00
6.60
0.00
0.00
ID.40
69.80

2,023

1.00
1.37

0.46
0.00
0.00
6.60

0 00
0
9.89

74.03

2024
LOO
1.34

0.45
0.00
0.00
6.60
0.00
0.00
9.44
7768

2025
1.00
!29

0.43
0 00
0.00
6.60


0.00
8.91
80.80
2026
1.00
125
0.41
0.00
0.00
6 60
0.00
0 00
8.45

83.48

2,027

l.00
122

0.41

0.00
6.60
0.00
0.00
8.00
85.77

2028
LOO
l.l 8
0.39
0.00
0.00
G 60
0.00
0.00
7.60

87.74

2,029

I.DO
!!4

0.38

0.00
6.60


7.!4
89.41



Rem.
 
 
l 8.61
6.20
0.00
0.00
 
151.27
0.00
0.00
72.03
 
8 74
Total
 
 
40.06

13.35


 
250.27


230.42

 
98.16

Major Phase ·
Gas
 
 
 
Abandonment
Date :
121!12052
Perfs :
4605.
4,790

 
 
Working Int :
 
1.00000000 Present Worth Profile (MS)
Initial Rate :
486.36
Mcf/month
 
Revenue Int :
 
0. 75563000
 
PW
5.00%:
 
140.92
Abandonment :
153.24
Mct7month
 
Disc. Initial Invest. (M$) ·
 
0 00
 
PW
8.00%
 
112.04
 
Initial Decline :
3.00
 
% year
b = 2.000
RO!nvestmem (disc/undisc)
·
0.00 I 000
 
PW
10
%
 
98.16
Beg Ratio:
0.000
 
 
Years to Payout .
 
0.00
 
PW
12
%
 
87.16
 
End Ratio:
D.000
 
 
Internal ROR (%).
 
0.00
 
PW
15.00%
 
74.46
 

Date : 02/! 2/20 l 5 2. i 9:02PM

Project Name: AURORA 2014 SEC RESERVES Partner: 2015 JAN SEC RESERVES
Case Type: LEASE CASE Archive Set : default
Cum Oil (Mbbl):
0.00
Cum Gas (Mi\lcf) :
122.99


ECONOMIC PROJECTION
As Of Date : 01/01/2015
Discount Rate(%): 10.00
All Cases
 

Case: ADAMS 'l27' #12- 12
Reserve Cat : Proved Producing
Field : ADAMS-BAGGETT RANCH Operator: CAMBRIAN MANAGEMENT, LTD. Reservoir: CANYON SD.
Co., State : CROCKETT, TX




Year

Gross Oil (Mbbl)
 

Gross Gas (MMd)
 

Net Oil (Mbbl)
 

Net Gas (MMcl)
 
Oil Price ($/bbl)

Gas Price (S/Mcf)

Oil Revenue (MS)

Gas Revenue (MS)
Mis~. Revenue (MS)
2015
 
0 DO
 
6.92
 
D.00
 
5.23
0 00
5.39
0
28.17
0 00
2016
 
0.00
 
6.68
 
0 00
 
5 05
0 00
5.39
0.00
27 19
0.00
2017
 
0 00
 
6.43
 
0 00
 
4.86
0.00
5.39
0.00
26.17
0.00
2018
 
D.00
 
6.22
 
0.00
 
4.70
0.00
5.39
0.00
25.31
0.00
2019
 
0.00
 
6.03
 
0.00
 
456
0.00
5.39

24.54
0.00
2020
 
D 00
 
5.86
 
0.00
 
4.43
0.00
5 39
0 00
23.87
0.00
202!
 
0 00
 
5 67
 
0.00
 
4.29
0.00
5.39
0.00
23.09
0
2022
 
0.00
 
5.50
 
0.00
 
4.16
0
5.39
0
22.39
0 00
2023
 
0.00
 
5.34
 
0
 
4 03
0
5.39
0.00
21.72
0 00
2024
 
0.00
 
5.19
 
0.00
 
3.92
0.00
5.39
0.00
21.13
0.00
2025
 
0.00
 
5.02
 
0.00
 
380
0.00
5.39
0.00
20.44
0.00
2026
 
0 00
 
4.87
 
0.00
 
3.68
0.00
5.39
0 00
l9.82
0.00
2027
 
0 00
 
4.73
 
0.00
 
3.57
0.00
5.39
ODO
19.23
0.00
2028
 
0 00
 
460
 
0.00
 
3.47
0.00
5.39
0
18.70
0.00
2029
 
0.00
 
4.45
 
0.0D
 
3.36
0
5.39
0.00
18.09
0 00

Rem
Total

Ult

0.00
0.00

0.00

77.30
160.82

283.81

D.00
D.00

58.41
!21.52

0.00
0.00

5.39
5.39

0.00
0.00

314.58
654.43

0.00
0.00






2015
20!6
20!7
20!8
2019

2020
2021
2022
2023
2024
 
Year

Well
Count


1.00
1.00
1.00
1.00
1.00

1.00
1.00
I.OD
1.00
1.0D

Net Ta~ Productiou
(MS)

2.11
2.04
1.96
1.90
1.84

1.79
1.73 l.68 l.63
!58

Net Tax AdValorem (MS)

0.70
0.68
0.65
0.63
0.61

0.60
0.58
0.56
0.54
0.53

Net Investment (MS)

0.00
000
O.OD
0.00
O.OD

0.00
0 00
0.00
0 00
0.00

Net Lease Costs (MS)

O.OD
0.00
0 00
0.00
0 00

000
0 00
0.00
0 00
0.00

Net Well Costs (MS)

6.60
6.60
6.60
6.60
6.60

6.60
6.60
6.60
6.60
6.60


Other Costs (MS)

0.00
0.00
0.00
0.00
0.00

0.00
000
0.00
0 00
0.00

Net Profits (MS)
 



0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0 00
0.00

Annual
Cash Flow
(MS)

18.75
l 7.87
!6.95
16.18
!5.48

14.88
14.18
13.55
12.95
12.41

Cum Disc. Cash Flow (MS)

17.85
33.24
46.44
57.85
67.73

76.32
83.73
90.13
95.67
l00.47

2025
2026
2027
2028
2029
 
l.DO
1.00
!.00 l.DO I.OD
 
l.53
1.49
1.44
l.40
136
 
0.51
0.50
0.48
0.47
0.45
 
0 00
0.00
0.00
0.00
0.00
 
0.00
0 00
0.00
0 00
0.00
 
6.60
6.60
6.60
6.60
6.60
 
0.00
0 00
0.00
0.00
O.OD
 
0.00
000
0 00
0.00
0 00
 
l l.79
1124
10.71
10.23
9.68
 
104.60
108.17
11 l.24
l 13.89
116.16



Rem.
 

13.59
7.86

0.00
0 00
167.00
0.00


116. 12
12 88
Total
 
49.08

16.36
0.00
0.00
266.00


0.00
32Z.98
129.04

Maj or Phase : Perts.
Gas
4607 -4818
 
Abandonment Date . Working Int:
4/22/2055 l.00000000
 

Present Worth Profile (MS)
Initial Rate :
588.83
Mcf/month
Revenue Int :
75563000
 
P\V 5.00%: 188.93
Abandonment:
168. 94
Mcf/month
Disc. Initial Invest. (MS):
0.00
 
PW 8.00% 148.17
Initial Decline:
4.05

% year b = 2.000
ROlnvestment (disc/undisc)
: 0 00 ! 0.00
 
P\V 10.00% 129.04
Beg Ratio:
0.000
 
Years to Payout .
0.00
 
PW 12.00% ll4.09
End Ratio·
0.000
 
Internal ROR (%)
0.00
 
PW 15.00% 97.03
 
 
 
 
 
 
P\V 20.00% 77.53

Date : 02/! 2/20 l 5 2: 19 :02PM

ECONOMIC PROJECTION

Project Name : Partner:
Case Type: Archive Set :

Cum Oil {Mbbl) :
 
AURORA2014 SEC RESERVES
2015 JAN SEC RESERVES LEASE CASE
default

0.00

As Of Date. 01/01/2015
Discount Rate(%): 10.00
All Cases

Case: ADAMS '127' #13 - 13
Reserve Cat. : Proved Producing
Field : ADAMS-BAGGETT RANCH Operator : CAMBRJAN MANAGEMENT, LTD. Rescrvolr : CANYON SD.
co., State : CROCKETT, TX
Cum Gas (MMcf) :

98-86



Year
Gross
Oil
 
Gross
Gas
Net
Oil
 
Net
Gas
Oil
Price
Gas
Price
Oil
Revenue
Gas
Revenue
Misc. Revenue
(Mbbl)
 
(MMcf)
(Mbbl)
 
(MMcl)
(S/bbl)
(S/Mcl)
(MS)
(MS)
(MS)
20!5
 
0.00
4.84
 
0.00
3.66
0.00
5.39
0
19.72
0 00
2016
 
0.00
4.66
 
0.00
3.52
0.00
5 39
0 00
18.95
0 00
2017
 
0 00
4.46
 
0.00
3.37
0
5.39

18.16
0 00
2018
 
0 00
4.30
 
0.00
3.25
0.00
5.39
0.00
1750
0.00
2019
 
0 00
4.15
 
0 00
3.14

5 39

16.89
0.00
2020
 
0
4.02
 
0.00
3.04
0
5.39
0.00
16.37
0.00
2021
 
0.00
3.89
 
0.00
2.94
0.00
5.39
0 00
15.81
0.00
2022
 
0.00
3.77
 
0
2.85
0 00
5.39
0 00
15.33
0 00
2023
 
0.00
3.66
 
0
2.76
0
539
0
14.87
0
2024
 
0 00
3.56
 
0 00
2.69
0.00
5.39
0 00
14.47
0
2025
 
0 00
3.44
 
0.00
260
0.00
539
0.00
13.99
0.00
2026
 
0.00
3.34
 
0.00
2.52
0 00
5.39
()00
13.57
0.00
2027
 
0 00
3.24
 
0.00
245
0 00
5.39
0.00
!3.17
0.00
2028
 
0.00
3.15
 
0.00
2.38
0.00
5.39
0 00
12.81
0.00
2029
 
0.00
3.04
 
0
2.30
0 00
5.39
0 00
12.39
0 00

Rem
 

0.00

38.!3
 

0.00

28.81

0.00

5.39

0.00

155.!6

0 00
Total
 
0.00
95.63
 
0.00
72.26
0.00
5.39
0.00
389.17

Llt
 
0.00
194.49
 
 
 
 
 
 
 
 



Year
Well
Count
Net Tax
Production
Net Tax
Advalorem
Net
Investment
Net
Lease Costs
Net
Well Costs
Other
Costs
Net
Profits
Annual
Cash Flow
Cum Disc. Cash Flow
 
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)
(MS)

2015
LOO


1.48

0.49
0.00
0.00
6.60