Third Quarter EnergyIQ. Summary of M&A and Capital Markets Activity in the Energy Industry. AmherstPartners.com

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1 Third Quarter 2017 EnergyIQ Summary of M&A and Capital Markets Activity in the Energy Industry

2 Recent Deal Activity Q2/Q April 17, Las Vegas, Nevada-based Fortem Resources Inc. (OTCPK:FTMR) acquired Las Vegas, Nevada-based Black Dragon LLC. Black Dragon owns and operates leases for hydrocarbons and wells. Fortem management cited Black Dragon permits totaling approximately 165,000 acres and new production facilities as key drivers for the acquisition. The announced transaction value was $39 million. April 17, Private equity group The Blackstone Group announced an agreement to acquire Midland, Texas-based EagleClaw Midstream Services LLC. EagleClaw Midstream provides gathering, transportation, compression, processing, and treating services for the natural gas and crude oil markets. Blackstone management cited the ability to deploy additional capital and expand EagleClaw Midstream s footprint in the Delaware Basin as key drivers for the transaction. The announced transaction value was $2 billion. May 18, Houston, Texas-based Keane Group Inc. (NYSE:FRAC) acquired Denver, Colorado-based RockPile Energy Services LLC. RockPile provides proppant transportation and chemical optimization services. Keane Group management cited RockPile s extensive assets, capacity utilization, and primary service markets as key drivers for the acquisition. The announced transaction value was $278 million. May 30, United Kingdom-based Ensco plc (NYSE:ESV) announced an agreement to acquire Houston, Texas-based Atwood Oceanics Inc. (NYSE:ATW). Atwood Oceanics engages in the drilling and completion of exploratory and developmental offshore oil and gas wells. Ensco management cited Atwood s technologically advanced fleets as a key driver for the acquisition. The announced transaction value was $2.2 million, which implies revenue and EBIT multiples of 2.5x and 4.7x, respectively. June 7, Milwaukee, Wisconsin-based Gardner Denver Holdings Inc. (NYSE:GDI) acquired Sidney, Ohio-based LeRoi Compressors. LeRoi designs and manufactures gas compression equipment and solutions for vapor recovery, biogas and other industrial applications. Gardner Denver management noted LeROI will provide missioncritical gas compression technologies and enable expansion of Gardner Denver s product offering into new and attractive markets. The announced transaction value was $20 million. June 19, Pittsburgh, Pennsylvania-based EQT Corporation (NYSE:EQT) announced an agreement to acquire Canonsburg, Pennsylvania-based Rice Energy Inc. (NYSE:RICE). Rice Energy engages in the acquisition, exploration, and development of natural gas, oil, and natural gas liquid properties in the Appalachian Basin. EQT management cited Rice Energy s acreage footprint contiguous to Rice Energy s footprint as a key driver for the acquisition. The announced transaction value was $10.7 billion. July 18, Gainesville, Texas-based Select Energy Services Inc. (NYSE:WTTR) announced an agreement to acquire Houston, Texasbased Rockwater Energy Solutions Inc. Rockwater provides fluids management services and environmental solutions to the oil and gas industry in North America. Select Energy management noted Rockwater provides complementary chemical products and water solutions. The announced transaction value was $516 million. July 21, Houston, Texas-based Quanta Services Inc. (NYSE:PWR) acquired La Porte, Texas-based Stronghold Ltd. and Stronghold Specialty Ltd. Stronghold offers fabrication, piping, specialty tank design, and turnaround services to the refining and petrochemical industry. Quanta management noted that the industrial services market is a natural service line expansion for Quanta. The announced transaction value was $548 million. August 14, Bermuda-based Nabors Industries Ltd. (NYSE:NBR) announced an agreement to acquire Houston, Texas-based Tesco Corporation (NasdaqGS:TESO). Nabors management noted Tesco s complementary products and Nabors ability to automate and integrate tubular services into its global rig footprint as key drivers for the acquisition. The announced transaction value was $223 million, which implies a revenue multiple of 1.0x. August 14, San Antonio, Texas-based Andeavor Logistics LP (NYSE:ANDX) announced an agreement to acquire Houston, Texasbased Western Refining Logistics, LP (NYSE:WNRL). Andeavor management cited the ability to expand its activities into the Permian Basin as rationale for the transaction. The announced transaction value was $1.8 billion, which implies revenue and EBITDA multiples of 0.8x and 14.1x, respectively. August 29, Houston, Texas-based Zenith Energy U.S. Logistics Holdings LLC announced an agreement to acquire New York, New York-based Arc Logistics Partners LP (NYSE:ARCX). Arc Logistics engages in the terminalling, storage, throughput, and transloading of petroleum products and other liquids. Zenith management cited Arc Logistics diversified portfolio and critical links between supply and demand locations in the U.S. as rationale for the acquisition. The announced transaction value was $660 million, which implies revenue and EBITDA multiples of 6.2x and 10.4x, respectively. September 5, Houston, Texas-based Patterson-UTI Energy, Inc. (NasdaqGS:PTEN) announced an agreement to acquire Conroe, Texas-based Multi-Shot LLC. Multi-Shot provides directional drilling services and operates a fleet of wireline units for the oil and gas market. Patterson-UTI management cited Multi-Shot s comprehensive suite of directional drilling services as the key driver for the acquisition. The announced transaction value was $215 million. September 18, Canada-based Superior Plus Corp. (TSX:SPB) announced an agreement to acquire Troy, Ohio-based The R. W. Earhart Company. Earhart provides fuel services to homes, businesses, and governments in the Midwest. Superior management cited Earhart s market presence in Ohio and Superior s goal of expanding distribution in the U.S. as rationale for the acquisition. The announced transaction value was $38 million.

3 Energy Company Trading Multiples ($ in Millions) 09/30/17 Qtrly Price Market Total Forward EBITDA Net Debt/ Dividend Enterprise Value/ Company Stock Price Change Cap. EV (1) Revenue EBITDA Growth EBITDA Yield Revenue EBITDA Majors/Integrated Oil 5.50x 30.00x BP p.l.c. $ % $ 126,614 $ 169,266 $ 187,072 $ 19,312 (21%) 2.0x 6.3% 0.9x 8.8x Chevron Corporation % 222, , ,293 20,055 (31%) 2.0x 3.7% 2.3x 13.1x ConocoPhillips % 60,908 72,789 24,258 5,189 (33%) 1.6x 2.1% 3.0x 14.0x Exxon Mobil Corporation % 347, , ,067 33,399 (23%) 1.4x 3.8% 1.7x 11.7x Royal Dutch Shell plc % 251, , ,421 32,912 (13%) 1.8x 6.2% 1.3x 9.8x TOTAL S.A % 133, , ,824 19,714 (21%) 1.0x 5.5% 1.3x 8.1x Median (2) (22%) 1.7x 4.6% 1.5x 10.8x Mean (24%) 1.6x 4.6% 1.7x 10.9x Exploration & Production (U.S. Large Cap) 4.0x 30.0x Anadarko Petroleum Corporation $ % $ 27,372 $ 41,354 $ 7,941 $ 3,625 (3%) 2.9x 0.4% 5.2x 11.4x Apache Corporation (4%) 17,447 25,625 5,400 3,155 (16%) 2.5x 2.2% 4.7x 8.1x Chesapeake Energy Corporation* 4.30 (13%) 3,834 15,599 3,991 1,319 (46%) 6.6x 0.0% 3.9x 11.8x Devon Energy Corporation* % 19,292 31,969 10,616 2,467 (52%) 2.4x 0.7% 3.0x 13.0x EOG Resources, Inc.* % 55,862 61,200 7,338 2,843 (32%) 1.4x 0.7% 8.3x 21.5x Noble Energy, Inc % 13,700 20,820 3,539 2,437 (3%) 3.8x 1.4% 5.9x 8.5x Median (2) (24%) 2.7x 0.7% 5.0x 11.6x Mean (25%) 3.3x 0.9% 5.2x 12.4x Midstream MLPs (Large Cap Diversified) 5.5x 30.0x Enbridge Energy Partners, L.P. $ (0%) $ 6,711 $ 18,837 $ 4,462 $ 1,876 6% 4.7x 8.8% 4.2x 10.0x Energy Transfer Partners, L.P (10%) 21,133 58,295 21,540 5,624 (1%) 6.9x 12.0% 2.7x 10.4x Enterprise Products Partners L.P (4%) 56,024 79,567 22,414 5,213 (1%) 4.6x 6.4% 3.5x 15.3x Kinder Morgan, Inc % 42,833 81,752 13,107 7,230 (2%) 6.2x 2.6% 6.2x 11.3x Williams Partners L.P (3%) 37,181 55,545 7,221 4,413 9% 4.4x 6.2% 7.7x 12.6x Median (2) (1%) 4.7x 6.4% 4.2x 11.3x Mean 2% 5.4x 7.2% 4.9x 11.9x (1) EV ( Enterprise Value ) is defined as market capitalization plus net debt, preferred equity and minority interest. (2) Median and mean values exclude all non-meaningful values. (as of September 30, 2017) Energy Indices - Median Enterprise Value/LTM EBITDA 20.0x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Majors/Integrated Oil Exploration & Production Midstream MLPs Refining & Marketing Oilfield Services Energy Indices - Median Net Debt/LTM EBITDA 8.0x 6.0x 4.0x 2.0x 0.0x Majors/Integrated Oil Exploration & Production Midstream MLPs Refining & Marketing Oilfield Services

4 U.S. Energy M&A Activity Aggregate Transactions (Number of Deals) $ YTD 2016 YTD 2017 Search Criteria: (1) Oil and Gas Drilling, Oil and Gas Equipment and Services, Integrated Oil and Gas, Oil and Gas Exploration and Production, Oil and Gas Refining and Marketing, Oil and Gas Storage and Transportation; (2) Acquisition of Majority Stake Amherst Partners Energy Indices $240 $200 $160 $120 $80 $40 Aggregate Trans. Value ($ in Billions) Index Value 190% 175% 160% 145% 130% 115% 100% 85% 70% 55% 40% Majors/Integrated Oil Exploration & Production Midstream MLPs U.S. Energy Prices $120 Refining & Marketing Oilfield Services S&P 500 Stock Index $10 USD/Bbl $90 $60 9/30/2017: $52.00 $7 $4 USD/MMBtu $30 9/30/2017: $3.01 $1 $- $(2) U.S. Oil & Gas Production 2,250 Crude Oil (WTI) Natural Gas (NYMEX) Series3 Millions of Barrels of Oil Equivalent 2,000 1,750 1,500 1,250 1, Crude Oil Natural Gas Source: U.S. Energy Information Adminstration

5 Copyright 2017 Amherst Partners, LLC All Rights Reserved. Amherst Partners LLC is a boutique, independent Investment Banking, Restructuring Advisory, and Management Consulting firm. Securities transactions are offered through Amherst Partners wholly-owned subsidiary, One Amherst Partners LLC, a registered broker-dealer and member of FINRA ( and SIPC ( This report is published solely for informational purposes and is not to be construed as rendering legal, accounting or investment advice or as a solicitation or an offer to buy or sell securities. Although information contained in this report has been obtained from and is based on sources that Amherst Partners LLC believes to be reliable, it is not guaranteed as being accurate. Past performance is not an indication of future results. About Amherst Amherst Partners track record spans over 20 years of investment banking excellence, using senior level advisors to create unique solutions for middle-market transactions. Our Services Merger & Acquisition Advisory Capital Raising Restructuring Advisory Management Consulting As a partner in IMAP, Amherst maintains a well-established network of international offices in over 40 countries. In 2016, IMAP advisers completed 165 global tranactions, with an aggregate transaction value of more than $4.6 billion. Through our IMAP partners, Amherst benefits by having seasoned deal professionals on the ground across the globe, with first-hand knowledge of the local cultural and business environment. For more information on Amherst Partners, please visit our web site at Contact Us Jeremy Falendysz, Managing Director Head of Energy Group jfalendysz@amherstpartners.com Chas Chandler, Partner chander@amherstpartners.com Scott Eisenberg, Partner seisenberg@amherstpartners.com Don Luciani, Partner dluciani@amherstpartners.com Sheldon Stone, Partner sstone@amherstpartners.com Thomas McCabe, Managing Director tmccabe@amherstpartners.com James Morden, Managing Director jmorden@amherstpartners.com John Patterson, Managing Director jpatterson@amherstpartners.com Brian Phillips, Managing Director bphillips@amherstpartners.com Matthew Feldman, Director mfeldman@amherstpartners.com

Food & BeverageIQ. Recent Deal Activity Q2/Q3 2017

Food & BeverageIQ. Recent Deal Activity Q2/Q3 2017 Third Quarter 2017 Food&BeverageIQ Summary of M&A and Capital Markets Activity in the Food & Beverage Industry Recent Deal Activity Q2/Q3 2017 April 5, 2017 - Private equity group The Windquest Group acquired