Crossbow Joint Venture

Non-Op Working Interest Investment Opportunity ($1 Million)

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Crossbow Joint Venture

PROJECT

Eight Well Development Program - Powder River Basin (Core)
Campbell County, Wyoming

PROJECT

Crossbow Joint Venture

Powder River Basin (Core) – Campbell County, Wyoming

The Crossbow Joint Venture involves the drilling and completion of eight new horizontal wells with two different operators, EOG Resources and Peak Powder Resources, located in the prolific Powder River Basin in Campbell County, Wyoming. Crossbow is comprised of two different projects with the current status of the eight wells as follows: 1) one well actively drilling as of October 2024, 2) four wells with initial holes drilled in early August 2024, 3) three wells permitted, to drill in 2024.

The Powder River Basin is emerging as a world class oil and gas basin, and currently has thirteen drilling rigs active in the basin, which is six more rigs than the seven rigs active in the prolific DJ Basin in Colorado to the south.

Like the DJ Basin, the Powder River Basin is an established oil shale resource play and considered a very low geologic-risk drilling opportunity in several different prospective formation targets. The “stacked” formation targets of the Powder River Basin allows a “shared risk” approach to oil and gas development. In the two different projects in Crossbow, there are two different formations that will be targeted: 6 Niobrara wells and 2 Mowry wells.

Both of these horizontal formations (shown on the Stratigraphic Chart) already produce in the offset horizontal wells (used in the Analog Production Study), and both formations respond very well to horizontal drilling and multi-stage fracturing. The ongoing development of the unconventional resources of the Powder River Basin can be considered more of a “mining process” than a true exploration or “wildcatting” play, since the oil is already in-place, and horizontal drilling and multi-stage hydraulic fracturing can be used to extract the oil economically.

Multi-Project Development Program – Powder
River Basin (Core), Wyoming

8 New Horizontal Wells – 6 Niobrara Wells and 2 Mowry Wells

Two Projects – Two Leases – Two Operators (EOG Resources and Peak Powder Resources) – 2-Mile Laterals

1.912500% (Avg) Non-Operated Working Interest, 1.434375% (Avg) Net Revenue Interest (in Each Well) – Available for $3.6MM

Project 1:

Operator EOG Resources – Four Niobrara Wells to Drill in 2024 – Permitted, Initial Hole Drilled for all Four Wells

Project 2:

Operator Peak Powder Resources – Two Niobrara Wells and Two Mowry Wells to Drill in 2024 – Permitted, One Well Drilling

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VIEW Detailed Production Report

Crossbow Joint Venture

8 New Horizontal Wells – 6 Niobrara Wells and 2 Mowry Wells 
Powder River Basin (Core) – Campbell County, Wyoming

Monthly Income Conversion Table

Crossbow Joint Venture

8 New Horizontal Wells – 6 Niobrara Wells and 2 Mowry Wells
Powder River Basin (Core) – Campbell County, Wyoming

NATURAL GAS UPSIDE CASE – ASSUMES HIGHER NATURAL GAS PRICES AS PREVIOUS TABLE

(Assumes $8 Natural Gas at $80 Oil, rather than $4 Natural Gas at $80 Oil)

Monthly Income Conversion Table
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Additional Docs

APPLICATION
CIM
Ballot

Recipient – Registrant on www.EaglenNaturalResources.com

Disclosing Party – Lexstar Energy, DBA Eagle Natural Resources

Effective Date – Date of Registration

  1. Definitions.

(a) Disclosing Party and Recipient. The party disclosing Confidential Information is referred to as the “Disclosing Party,” and the party receiving Confidential Information is referred to as the “Recipient.”

(b) Confidential Information. “Confidential Information” means all information (whether in oral, written or electronic form) relating to the business, business relationship between disclosing party and recipient, personnel, marketing, customers, finances, products or services of the Disclosing Party, and includes confidential information received by the Disclosing Party from third parties.

  1. Permitted Use of Confidential Information.The Recipient must not use the Disclosing Party’s Confidential Information for any purpose without the explicit written approval of the Disclosing Party.
  2. Protect Confidential Information.The Recipient will keep the Disclosing Party’s Confidential Information confidential, and will also cause its directors, officers, employees and agents to keep the Disclosing Party’s Confidential Information confidential. The Recipient will take all necessary steps (including those steps that the Recipient takes to protect its own information that it regards as confidential) to maintain the confidentiality of the Disclosing Party’s Confidential Information.
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(a) the Recipient will return to the Disclosing Party all materials in physical form (including any notes, summaries or memoranda relating to or derived from those materials by the Recipient) that contain the Disclosing Party’s Confidential Information or, at the Disclosing Party’s option, the Recipient may certify in writing that it has destroyed all such materials permanently and confidentially; and

(b) the Recipient will certify in writing that it has destroyed permanently all materials in electronic form (including emails and including any notes, summaries or memoranda relating to or derived from those materials by the Recipient) that contain the Disclosing Party’s Confidential Information.

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  3. Integration.This Agreement constitutes the entire agreement between the parties relating to its subject matter. No amendment or waiver of this Agreement is binding unless agreed to in writing by the parties.
  4. Governing Law.This Agreement is governed by the laws in effect in the State of Texas.