| Selected Barnett Shale Transactions >$50MM (2006-3Q2009) | ||||||||||
| Announced | Buyer | Seller | Transaction | % Gas/ | % Gas/ | PDP/ | Henry Hub | R/P Ratio (Years) | Reserve Value/ | Reserve Value/ |
| 08-Jul-09 | EOG Resources | Undisclosed | $134,100 | NA | 0% | NA | $3.20 | NA | NA | $9,092 |
| 18-May-09 | Eni SpA | Quicksilver Resources | $280,000 | NA | 100% | 45% | $4.02 | 21.8 | $1.88 | $14,933 |
| 14-May-09 | Talon Oil & Gas | Denbury Resources | $270,000 | 77% | 77% | 23% | $4.08 | 16.2 | $1.00 | $5,908 |
| 22-Jul-08 | XTO Energy | Undisclosed | $800,000 | NA | 100% | 25% | $10.16 | 23.5 | $1.73 | $14,857 |
| 21-Jul-08 | Williams Cos. | Aspect Abundant Shale | $166,000 | NA | 0% | NA | $10.58 | NA | NA | $18,444 |
| 07-Jul-08 | Quicksilver Resources | Collins & Young, | $1,307,000 | NA | 100% | 40% | $12.96 | 21.3 | $2.99 | $23,267 |
| 10-Dec-07 | Range Resources | DTE, Adexco | $305,000 | NA | 100% | NA | $6.98 | NA | NA | $21,786 |
| 06-Nov-07 | Pioneer Natural Resources | Royal Dutch Shell | $150,000 | NA | 100% | NA | $7.20 | 14.8 | $1.61 | $8,670 |
| 23-Oct-07 | XTO Energy | Undisclosed | $550,000 | NA | 100% | NA | $6.30 | 21.9 | $2.75 | $22,000 |
| 26-Feb-07 | Undisclosed | Range Resources | $82,000 | 93% | 97% | NA | $7.73 | 6.5 | $1.94 | $4,587 |
| 03-Aug-06 | Chesapeake Energy | Cities of Dallas, Fort Worth | $181,000 | NA | NA | NA | $7.60 | NA | NA | NA |
| 05-Jun-06 | Chesapeake Energy | Sinclair, Four Sevens Oil | $845,000 | 100% | 100% | NA | $6.35 | 14.6 | $3.38 | $18,050 |
| 05-Jun-06 | Chesapeake Energy | Undisclosed | $87,000 | NA | NA | NA | $6.35 | NA | NA | NA |
| 01-Jun-06 | XTO Energy | Peak Energy | $110,400 | 100% | 100% | 14% | $6.25 | 17.5 | $1.33 | $8,500 |
| 02-May-06 | Devon Energy | Chief Oil & Gas | $2,200,000 | 100% | 100% | NA | $6.68 | 19.9 | $2.78 | $20,188 |
| 06-Feb-06 | Stroud Energy | Joint Resources | $61,000 | 97% | 98% | 54% | $8.24 | 19.2 | $2.18 | $15,292 |
| Mean | $470,531 | 95% | 84% | 33% | $7.17 | 17.9 | $2.14 | $14,684 | ||
| Mean | $376,250 | 98% | 89% | 33% | $7.04 | 18.6 | $2.13 | $14,810 | ||
| Median | $225,500 | 99% | 100% | 33% | $6.83 | 19.2 | $1.94 | $15,113 | ||
| Source: Scotia Waterous, John S. Herold Inc./IHS | ||||||||||
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