University Lands FY24 Annual Report

OIL & GAS MANAGEMENT

NORTHERN MIDLAND BASIN Wells Spud Wells Put-On-Production Producing Lateral Ft Average Lateral Length 23 80 ≈828,250 ≈10,350 UL FY24 Activity by Basin

Activity Summary • Eight oil and gas development agreements were executed, adding approximately 2.6MM lateral feet obligation (LFO) over the next 6 years • 289 horizontal wells began production and ≈3.1 million lateral fe et drilled put-on-production UL Development Percentages are based on metrics weighted for wells spud and wells put on-line. ≈36% in Delaware Basin

SOUTHERN MIDLAND BASIN Wells Spud Wells Put-On-Production Producing Lateral Ft Average Lateral Length 99 82 ≈997,500 ≈12,150

≈20% Northern Midland Basin ≈35% in Southern Midland Basin ≈9% Central Basin Platform

DELAWARE BASIN Wells Spud Wells Put-On-Production Producing Lateral Ft Average Lateral Length

79 106 ≈1,109,750 ≈10,470

CENTRAL BASIN PLATFORM Wells Spud Wells Put-On-Production Producing Lateral Ft Average Lateral Length 22 23 ≈193,000 ≈8,400

UNIVERSITY LANDS

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