Timbervest, Kellog Property 166 +/- Acres Chapel & Sayre Road Ridgebury Township, Bradford County, PA

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1 Timbervest, Kellog Property 166 +/- Acres Chapel & Sayre Road Ridgebury Township, Bradford County, PA Geologic Summary Zaengle Geoscience LLC Don Zaengle Geologist P.O. Box Chase St. Worcester N.Y Office: Cell: ZGS 1

2 DISCLAIMER The information contained in this presentation was compiled by Zaengle Geoscience LLC. Although this information is believed by Zaengle Geoscience to be complete and accurate in all material respects as of 7/10/16. Zaengle Geoscience LLC disclaim any and all liability for the statements contained herein and make no representation or warranty as to the completeness or accuracy of the enclosed presentation or the information contained herein, or any other written material furnished or information orally transmitted. In particular, Zaengle Geoscience LLC is not making and will not make any representation or warranty of any kind as to the amount of "in place" or recoverable oil and gas reserves (proved, probable or otherwise) attributable to the property, as to geological and engineering interpretations related thereto or as to prices which will be received for production. The purpose of this geologic assessment is to provide a summary of available geologic data for subject property, It is not intended as a valuation for the property. Zaengle Geoscience LLC reserve the right to change materials in this presentation or any other information presented orally at any time, either by revision of existing material or addition of new material. ZGS 2

Athens Township, Bradford County, PA Marcellus Production as of 4/1/16 = ~ 6.

3 Location Map & Regional Production Timbervest, Kellog Property, 166 +/- Acres, Chapel & Sayre Road Ridgebury Township, Bradford County, PA Ridgebury Township, Bradford County, PA Marcellus Production as of 4/1/16 = ~ 0 Bcf 11 well pads 3 well permits issued 2 wells drilled (spud) Athens Township, Bradford County, PA Marcellus Production as of 4/1/16 = ~ 6.3 Bcf 3 Active well pads 21well permits issued 5 wells drilled (spud) Smithfield Township, Bradford County, PA Marcellus Production as of 4/1/16 = ~ 9.6 Bcf 11 well pads 91 well permits issued 22 wells drilled (spud) Slide 3 3

4 GIS Location Map Timbervest Kellog Property, 166 +/- Acres, Chapel & Sayre Road, Ridgebury Township, Bradford County, PA 4

5 Topographic Map Timbervest, Kellog Property, 166 +/- Acres, Chapel & Sayre Road, Ridgebury Township, Bradford County, PA 5

6 Geologic Section Two stacked geologic targets (Marcellus, & Utica Shales). Marcellus Shale ~ 5,150, 180 thick Oneida Sst Oswego Sst Utica/Trenton Shale ~ 11, thick (R. Nyahay, J. Leone, L. Smith, J. Martin, D. Jarvie, 2007) Modified D. Zaengle 10/2008 6

Marcellus: 4-5 % Utica: 2.5 3.5% Total Organic Carbon Marcellus: (High TOC) = 180 Utica = 200-300 Thickness TOC Thermal Maturity Ro Marcellus: ~ 2.4 Utica: ~3.

7 Marcellus: 4-5 % Utica: % Total Organic Carbon Marcellus: (High TOC) = 180 Utica = Thickness TOC Thermal Maturity Ro Marcellus: ~ 2.4 Utica: ~3.0 Dry Gas Window Marcellus: ~ 5,150 Utica: ~11,500 Depth Pore Pressure Summary Key Geologic Factors Subject Property * Public data unavailable Brittleness Natural Fractures Marcellus & Utica: * Marcellus & Utoica: * Mineralogy Gas in Place Marcellus: ~ 70 Bcf/sq mile Utica: * Porosity Permeability Marcellus & Utica: * 7

8 Regional Marcellus Geologic Maps Subject Property Timbervest Kellog Property, 166 +/- Acres Chapel & Sayre Road, Ridgebury Township, Bradford County, PA Regional Depth to base of Marcellus Shale ~ 5,300, Upper Gross Thickness ~ Thermal Maturation (Ro) Marcellus: ~ 3.0 Dry Gas Window Pressure gradient (PSI/ft) 0.46 PSI/ft

9 Regional Production Map Timbervest Kellog Property, 166 +/- Acres, Chapel & Sayre Road, Ridgebury Township, Bradford County, PA Chesapeake Wolf 5H, Spud 11/3/10, Active Marcellus Prod = 1.87 Bcf Range Resources Stubler Farr unit 1, Permit date 6/1/05, Inactive Chesapeake Sophia Bra 6H, Spud 8/20/11, Plugged EOG Resources Reiter 1H, Spud 10/27/10, Inactive EOG Resources Wolf 1H, Spud 4/26/12, Inactive EOG Resources Wolf 2H, Spud 12/1/11, Inactive EOG Resources Ashby 1H, Spud 12/3/11, Inactive Chesapeake DGSM 2H, Spud 3/20/11, Active Marcellus Prod. = 1.33 Bcf 9

Marcellus Shale Production Analog Chesapeake, Wolf 5H, 015-21240

9 miles northeast of subject property Wolf 5H total Marcellus

10 Marcellus Shale Production Analog Chesapeake, Wolf 5H, Athens township, Bradford County, PA 1.9 miles northeast of subject property Wolf 5H total Marcellus production = 1.87 Bcf Initial production ~ 3.06 mmcf/day first 181 days mmcf/day mmcf/day 10

Marcellus Shale Production Analog Chesapeake, DGSM 2H, 015-21557 Smithfield Township, Bradford County, PA 2.0 miles southeast of subject property 0.

11 Marcellus Shale Production Analog Chesapeake, DGSM 2H, Smithfield Township, Bradford County, PA 2.0 miles southeast of subject property 0.59 mmcf/day 0.94 mmcf/day 1H, 4H, 6H not drilled DGSM 2H total Marcellus production = 1.33 Bcf Initial production ~ 2.57 mmcf/day first 182 days 11

12 Regional Utica Shale Depth & Thickness Timbervest, Kellog Property, 166 +/- Acres Chapel & Sayre Road, Ridgebury Township, Bradford County, PA (Marcellus Center Outreach & Research, PSU, 3/2015) 12

Utica Shale Well Permit Spud 5/4/2016, Currently drilling Talisman, Roy 55H, 015-23259, Wells Township, Bradford County, PA ~11.

13 Utica Shale Well Permit Spud 5/4/2016, Currently drilling Talisman, Roy 55H, , Wells Township, Bradford County, PA ~11.0 miles west of subject property Top Utica = 11,734 Bottom Utica = 12,134 Gross Utica Thickness ~ 400 (from drilling permit) 13

Utica Shale Well Permit Talisman, Moretz 55H, 015-23260,

14 Utica Shale Well Permit Talisman, Moretz 55H, , Wells Township, Bradford County, PA, ~12.3 miles west of subject property Top Utica = 11,238 Bottom Utica = 11,633 Gross Utica Thickness ~ 395 (from drilling permit) 14

Utica Shale Well Permit Talisman, Boor 55H, 015-23265, Columbia Township, Bradford County, PA, ~12.

15 Utica Shale Well Permit Talisman, Boor 55H, , Columbia Township, Bradford County, PA, ~12.0 miles southwest of subject property Top Utica = 11,907 Bottom Utica = 12,307 Gross Utica Thickness ~ 400 (from drilling permit) 15

Utica Shale Production Analog Synnestvedt, 878-22H, 117-21670, SWEPI, 468 Holden Brook Road, Osceola Township, Tioga County, PA.

$19 stage frack Gas BTU = 1019 (dry gas) 24 hour open flow test 12.78 mmcf/day 9/16/14 24 shut-in pressure = NA Total Production 6/15/16 = 6.47 Bcf 8.47 mmcf/d 10.$

16 Utica Shale Production Analog Synnestvedt, H, , SWEPI, 468 Holden Brook Road, Osceola Township, Tioga County, PA. 16 2HB 1V 22 H 2H Synnestvedt, H, , SWEPI Osceola Township, Tioga County, PA Utica Shale Spud date = 12/10/13 Elev. = 1,316 Utica Shale top = ~ 10,000 (-8,684 ) Utica Shale target = ~ 10,050 (-8,734 ) Trenton Limestone top = ~10,100 (-8,784 ) Utica Shale gross thickness = ~ 100 Horizontal length = ~2, stage frack Gas BTU = 1019 (dry gas) 24 hour open flow test mmcf/day 9/16/14 24 shut-in pressure = NA Total Production 6/15/16 = 6.47 Bcf 8.47 mmcf/d mmcf/d Total Production = 6.47 Bcf (1 year, 4 months) mmcf/d 9.28 mmcf/d 9.76 mmcf/d Flaring Synnestvedt 22H well, Utica Shale, photo taken 9/20/14

17 Summary Timbervest Kellog Property, 166 +/- Acres Chapel & Sayre Road, Ridgebury Township, Bradford County, PA Within Marcellus Shale production fairway. Marcellus ~ 180 thick, depth ~ 5,150. High Marcellus Shale Total Organic Carbon (TOC) content %. Within dry gas window Ro = 3.0, little if any processing required, high BTU value. Gas- in place estimate for area (~ 70 Bcf/square mile) Chesapeake, Wolf 5H, , Athens township, Bradford County, PA, 1.9 miles northeast of subject property produced 1.87 Bcf, initial production ~ 3.06 mmcf/day for first 181 days. Within Utica Shale Exploration fairway. Utica Shale exploration potential in northern Bradford County follows Shell (SWEPI) huge Utica Shale development and production program in Tioga County, PA. Talisman filed permits for three Utica wells in northern Bradford County. Talisman Utica Shale well, Roy 55H, , Wells Township, Bradford County, PA was spud on 5/4/2016 (~11.0 miles west of subject property). Currently drilling. Excellent Infrastructure (gathering pipelines near property). Abundant Water Resources near property. Within Susquehanna River Basin. 17

New Yo r k Marc e l l us and Utica Shales. 130,000 net acres Oil, natural gas liquids, and dry gas Access to major pipelines

New Yo r k Marc e l l us and Utica Shales 130,000 net acres Oil, natural gas liquids, and dry gas Access to major pipelines Page 2 Central New York ~97,000 Net Acres Marcellus & Utica Shale Fairways Domi