University Lands FY22 Annual Report

ACTIVITY SUMMARY

UL DEVELOPMENT

ƒ 2 oil and gas development agreements adding approximately 160,000 lateral feet obligation over the next 5 years ƒ 15,000 acres on leasehold in the Southern Midland Basin ƒ One agreement under negotiation on approximately 5,000 acres, potential lateral feet obligation increase of 450,000 over three years ƒ 229 wells began producing ƒ 2.04 million lateral feet drilled put on production

~36% in Delaware Basin ~40% Northern Midland Basin ~20% in Southern Midland Basin ~4% Central Basin Platform

OIL & GAS LEASE SALE #131

ƒ ~22,000 acres leased ƒ $54MM in lease bonus

ƒ ~$2,460 per acre average bonus ƒ Leases sold as “blocks” to promote horizontal development

UL ACTIVITY BY BASIN

SOUTHERN MIDLAND BASIN

NORTHERN MIDLAND BASIN

Wells Spud

104

Wells Spud

73

Producing Wells

64

Producing Wells

81

Producing Lateral Ft

660,870

Producing Lateral Ft

823,845

Average Lateral Length

10,326

Average Lateral Length

10,840

CENTRAL BASIN PLATFORM

DELAWARE BASIN Wells Spud

92

Wells Spud

44

Producing Wells

46

Producing Wells

38

Producing Lateral Ft

408,708

Producing Lateral Ft

151,374

Average Lateral Length

8,885

Average Lateral Length

7,568

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