University Lands FY21 Annual Report

21

Oil & Gas Development

Fiscal Year 2021 Annual Report

University Lands’ top oil & gas operators represent ~90% of production volumes on PUF Lands. 2021 TOP PRODUCERS

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Largest Producers 70% of total production

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Substantial Producers 20% of total production

*pro forma for M&A transactions and based on exit rate for FY2021

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