Rolling Hills Joint Venture

Low-Risk Frontier Development Powder River Basin, Converse County, Wyoming
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Rolling Hills Joint Venture

PROJECT

1-Well Frontier Development Program powder River Basin (Core)
Converse County, Wyoming

PROJECT

Low-Risk Frontier Development

Powder River Basin, Converse County, Wyoming
The Rolling Hills (Frontier) Project will involve the drilling, completion and production of one new horizontal well to be operated by WRC Energy which is located in an established oil shale resource play. Considered a very low geologic-risk drilling opportunity in an oil-rich field, the Frontier Formation Trend is composed of interbedded fine-grained sandstones, with oil-rich bioturbated shales and siltstones, overlain by the Cody Shale, and underlain by the Mowry Shale. The Frontier Formation is the primary horizontal target in the immediate area and the reservoir responds very well to horizontal drilling and multi-stage fracturing. The ongoing development of the Frontier Formation Trend 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.
To date, WRC Energy has drilled 20 horizontal wells in the “Niobrara Trend” with nine wells producing from the Frontier Formation in Converse County, Wyoming with strong well-to-well performance and increasing production results due to technology advancements in drilling and completion. The direct offset analog Frontier well was drilled by WRC Energy in 2018 immediately to the northwest and has already produced 703,651 barrels oil and 2,606,403 thousand cubic feet gas (or 1,153,031 barrels oil equivalent), with estimated ultimate recovery of 1.6 million barrels oil equivalent, with a strong max monthly average rate of 3,509 barrels oil equivalent per day
Immediately south of the Powder River Basin, in the DJ Basin of southeastern Wyoming and northeastern Colorado, Eagle Natural Resources has participated in a non-operating working interest position in 54 consecutive successful Niobrara wells to date, including the Rio La, Wilson, Rinn Valley, Groves Farm, Calvary Farms and Big Sandy Projects, with gross production of 7.8 million barrels oil and 41 billion cubic feet of natural gas (or 14.8 million barrels oil, equivalent) since September 2018, from these six projects (See map below). Eagle continues to pursue additional non-operating working interest projects in the resource plays of the Rocky Mountains, taking advantage of recovering oil and natural gas prices, and later generation completion techniques developed by industry over many years, receiving the benefit of billions of dollars invested in the “learning curve” of early development in the prolific Niobrara and Frontier Formation Trends.

1-Well Development Program
Powder River Basin, Converse County, Wyoming

4.98810% Non-Operated Working Interest (3.74108% Net Revenue Interest)
Operator WRC Energy New Horizontal Well is Permitted, to Drill 2023 – 2-Mile Lateral (PTD 21,974’ – PTVD 12,599’) WRC has Drilled 20 Horizontal Wells (9 Frontier) in Converse County, Wyoming with Strong Results
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Eagle Natural Resources, LLC

ENR Operating, LLC RRC # 253075

5445 Legacy Dr. STE 440 Plano TX 75024 
Phone: (469) 915-9366

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Disclosing Party – Lexstar Energy, DBA Eagle Natural Resources

Effective Date – Date of Registration

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