University Lands FY22 Annual Report

OIL & GAS MANAGEMENT

The University Lands Mineral and Surface Land team and the Natural Resource Development team are made up of experienced land, geoscience, engineering, and data professionals who have a deep technical understanding of resources and effective contracting strategies. Together, the teams strategically focus on maximizing development of oil and gas minerals on PUF Lands.

They do this by:

ƒ Identifying best practices in completion designs, landing depth and development strategies ƒ Working with operators towards continuous and well- paced development ƒ Performing comprehensive subsurface studies to understand recoverable resource potential ƒ Improving compliance and accuracy of data retrieval and the application of innovative data analytics ƒ Working with operators where opportunities exist for growth and/or improved economics, including the testing of new formations and the piloting of varying well spacing and completions methods ƒ Negotiating agreements and other contracts that maximize the development value of the minerals ƒ Ensuring rights under existing contracts and state statutes are being met

ƒ Identifying opportunities to repatriate acreage

ƒ Initiating and helping direct acreage swaps between operators to maximize horizontal development opportunities

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