Newsletter DAPL INSIDE THIS ISSUE:

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1 November DAPL Newsletter INSIDE THIS ISSUE: DAPL Welcomes New Members DAPL Christams Party 3 November Luncheon 3 Hully Gully in the Permian Basin Thanksgiving Philanthropy 11 Meet a Member 12 Oktoberfest 14 AAPL Education Calendar 15 Next Generation Landmen 16 UPCOMING EVENTS DAPL UPCOMING EVENTS: November 7th Educational Luncheon Maggiano s North Park November 17th Arts and Crafts Philanthropy Texas Scottish Rite Hospital for Children November 21st Arts and Crafts Philanthropy Texas Scottish Rite Hospital for Children December 5th DAPL Christmas Party Park City Club OTHER INDUSTRY UPCOMING EVENTS: November 3rd Due Diligence Seminar Fort Worth, TX November 15th 16th Fundamentals of Land Practices & Optional RPL Exam Fort Worth, TX November 18th Wills and Heirships Fort Worth, TX DEAR MEMBERS: During the year we will continue to provide a variety of articles within our newsletter that we believe will benefit our membership. I invite any of you to contact the DAPL Publications Director if you have an article, paper, or topic you wish to submit for potential inclusion in future DAPL publications.

2 DAPL Board of Directors PRESIDENT Jerry Padilla, RPL Land Management Partners (806) ST VP (ENTERTAINMENT) D.J. Cherry PetroVen, Inc. (972) ND VP (MEMBERSHIP) Keri Sweet, CPL Northern Trust (972) RD VP (WEBSITE) Nick Peters Merit Energy (972) SERGEANT-AT-ARMS Matt McCauley, CPL Comstock Resources, Inc. (972) TREASURER Alicia Surratt JP Morgan (214) SECRETARY Matt Rettke, CPL Merit Energy (972) PUBLICATIONS DIRECTOR Andrew Swann, RPL Texas Scottish Rite Hospital for Children (214) EDUCATION DIRECTOR Pamela Waites Sewak, CPL The Flying Landman, LLC ca (214) NGL & MEMBERSHIP CO-DIRECTOR Ryan Boschetti, RPL Hunt Oil Company (214) ADVERTISING DIRECTOR J. Brooks Yates Presidio Exploration Company, LLC (214) IMMEDIATE PAST PRESIDENT Adam Griffin, CPL J-W Energy Company (972) AAPL DIRECTOR Iris Bradley, CPL/ESA Northern Trust (972) DAPL Welcomes New Members Jonathon R. Childers Associate Lynn Pinker Cox Hurst 2100 Ross Ave. Ste 200 Dallas, TX Robert Rice Active Continental Land Resources 833 S. Kelly Ave. Ste. 110 Edmond, OK Ty Edelen Active Riley Exploration Group, Inc N. Council Ave. Blanchard, OK ext. 228 Jack Oslin Active JIMAR Resources 4849 Greenville Ave. Ste Dallas, TX Brad Larver Active Hershel Carver & Family Partnership PO Box Carrollton, TX Michael Hurst Associate Lynn Pinker Cox Hurst 2100 Ross Ave. Ste Carrollton, TX Gregory N. Graham Active Trucker Services LLC 6850 Manhattan Blvd #205 Fort Worth, TX

3 MARK YOUR CALENDARS 2016 DAPL CHRISTMAS PARTY Monday, December 5, :30 PM 8:30 PM Park City Club 5956 Sherry Lane Suite 1700 Dallas, TX Join the DAPL for a buffet dinner, drinks, and music provided by Melissa Medlock as we celebrate the holiday season! *First Guest of Active Member is FREE! However, we still need you to register the name of your Guest (please put spouse or guest for company info when registering). Guest/Non-Resident pricing is $75.00 for all additional guests. Don t forget your new, unwrapped toys for children of all ages! DAPL is doing a Toys for Tots drive and we need toys! For each toy you bring, you will receive 1 raffle ticket and be entered into our prize drawings. There will be multiple drawings throughout the night, so there will be lots of chances to win! Please register for the event at DAPL November Educational Luncheon November 7th, :30am 1:00PM Maggiano s North Park 205 N Park Center, Dallas, TX Speaker: James Wicklund Come join the DAPL for our November Educational Luncheon featuring James Wicklund, Managing Director Energy Research at Credit Suisse, LLC. Mr. Wicklund will present a Global Perspective on the State of Industry, Oil Prices, Supply and Demand Effects. AAPL credit application will be available at the luncheon. To register for the November Educational Luncheon, go to 3

4 HULLY GULLY IN THE PERMIAN BASIN BY: JOHN WHITE, ROTH CAPITAL PARTNERS, HOUSTON Read the article online HIGHLIGHTS OF RECENT M&A / A&D ACTIVITY IN THE HOT- TEST BASIN IN THE OIL PATCH DURING OUR RECENT VISIT to Midland, Texas, we were invited by our good friend and colleague, Larry Oldham, to lunch at the Midland Petroleum Club. We were seated at Mr. Oldham s regular table and joined by several of his regular dining friends, all of course, in the oil business. After the dishes were cleared and coffee was served, a bowl of pennies was passed around, and we were each instructed to take three for a game of Hully Gully. It goes like this: you hold between zero to three coins in a closed hand on the table in front of you. Each person offers an estimate of how many total coins everyone is holding. The estimates are documented and the coins are displayed and counted. Exactly how one wins/loses was lost on us due to its complexity. During the summer of 2016, a different version of Hully Gully was played 4 in the Permian Basin. It goes like this: E&P companies, together with private equity investors and bank lenders, try to estimate the amount of proved developed reserves, proved undeveloped reserves, and the probable and possible reserves attributable to certain companies and/or spreads of acreage. They then decide what to pay for it and subsequently finance the transaction. Given the absolute tsunami of Permian Basin M&A/ A&D activity during the summer of 2016, we had to get out to Midland and talk to our contacts to get some first-hand accounts and opinions. Thus, we spent all of August 24th and 25th and a portion of the 26th in Midland in meetings with Diamondback Energy (FANG-Rated Buy as of Sept. 30) and Clayton Williams Energy (CWEI-Rated Neutral as of Sept. 30). We also met with four private E&P companies, four consulting geologists, two petroleum landmen, and a lender to the sector. Here is how we see it: The Permian Basin: 13 Weeks, During the summer of 2016, a different version of Hully Gully was played in the Permian Basin. It goes like this: E&P companies, together with private equity investors and bank lenders, try to estimate the amount of proved developed reserves, proved undeveloped reserves, and the probable and possible reserves attributable to certain companies and/or spreads of acreage. Callon Petroleum s 3-well pad in Midland County, using a Cactus rig to drill the Kendra Kristen 3#23 SH. Photo by John White

5 20 Deals, $12.5 billion. This all kicked off on June 15th with Devon s (DVN- NC) two divestitures of noncore properties, one in the northern Midland Basin, and one in the southern Midland Basin. Activity shifted into high gear with the June 21st announcement from QEP Resources Inc. (QEP-NC) of its $600 million acquisition of Permian assets from privately owned RK Petroleum Corp. Then the cascade of deals really got going, as shown in Table 1. What were the catalysts that prompted this string of transactions at this point in time? What we heard in our meetings in Midland confirmed much of our own thinking: 1) a consensus has formed that the lows for crude oil prices are in, looking back at the dreadful $28/bbl we saw at the beginning of 2016, 2) crude oil prices have displayed some stability over the last several months, in the $40/bbl to $50/bbl range, 3) in both the Midland and Delaware basins, the industry experienced a large decrease in completed well costs and gained expertise and efficiency in applying much larger frac jobs, both of which greatly improved well economics, 4) the timing was right for a number of E&P companies, most backed by private equity investors, to exit and sell. With the $/acre metric crossing the $30,000/acre threshold and, in the case of the QEP Resources-RK Petroleum deal, crossing the $50,000/acre threshold, many in the industry have wondered aloud and in print whether or not all of these deals will be profitable (Source: 1Derrick, ROTH Capital Partners). In our conversations in Midland and in Houston, the transaction that received plenty of criticism was that of QEP Resources-RK Petroleum because of the $58,315/acre metric. Sure, we get it, it is a sky high $/acre figure. But look at the acreage location and its features: it is a contiguous acreage position in the core of the northern Midland Basin 5

6 right square on the Martin County/Andrews County line where well results have been strongly positive. The properties are about 10 miles east of existing QEP operations, providing ease of integration with existing operations. The package has approximately 9,400 net acres, with 98% of acreage held by production (HBP) to the base of Wolfcamp formation or deeper. And, this is one of the recent slew of Permian deals that actually has proved reserves. QEP s internal proved reserve report pegs them at 76 million BOE. This round of transactions was a real watershed for the southern Delaware Basin with lots of properties in Reeves, Culbertson, Ward, and Pecos Counties. How will development in the southern Delaware fare going forward? We think, as do our comrades in Midland, it will develop pretty much like all the previous shale plays. There will be sweet spots discovered and there will be acreage in the play that is condemned due to drilling difficulties or more likely, poor rock quality as you move west-southwest from FANG s acreage along the Pecos River in Reeves County. Sometimes, despite all the sophisticated metrics, the complex geology and reservoir engineering, it all gets boiled down in much more simple fashion. We were meeting with a private equity backed E&P in Midland and hotly debating the pros and cons of these big deals in the conference room with the top four members of the management team of a private equity backed oil and gas company. Then, one of them, with 20-plus years of experience in the Permian Basin, said in the Permian Basin, if you have HBP acreage, and hold on long enough, you will eventually make money. You will either experience: 1) higher oil and gas prices than when you made the acquisition, 2) be graced with geological serendipity, or 3) an advancement in technology will improve reserve recoveries and or lower well costs. So there you have it. WHERE IS THE NEXT PLAY? We think this question was answered by EOG Resources (EOG-NC) with its announcement on September 6 of its acquisition of the Yates family of companies. On the conference call elaborating on the deal, Bill Thomas, EOG s chairman and CEO, said, This combination substantially increases EOG s position in the Delaware Basin, and establishes a large position and new potential resource plays on the Northwest Shelf in New Mexico. The Northwest Shelf is, not surprisingly, a structural feature just northwest of the Delaware Basin. It lies entirely in New Mexico, primarily in Eddy, Lea, and Chaves Counties. Target formations on the Northwest Shelf include the Yeso, Abo, Wolfcamp, and Cisco formations, which are all platform carbonates. These formations are found at shallower depths and display a lower initial production rate and lower overall ultimate oil and gas recovery than the target formations in the southern Delaware, but they can be drilled for much lower total completed well costs, rendering many locations in the trend economic at current commodity prices. EOG and others in the area are also targeting the Leonard Shale, which is in the northern Delaware Basin, and was explained by Bill Thomas: The Leonard is equivalent to the Avalon, it s the upper part of the Bone Spring section. So it s what many in the industry call the Avalon, and it s a very significant shale play for EOG over the years. EOG went on to say that the company is targeting the Leonard primarily in southern Lea County. DELAWARE BASIN TRANSACTIONS EOG Resources (EOG-NC) After the industry took a break for Labor Day, the action resumed promptly on September 6th with EOG Resources Inc. and Yates Petroleum Corp. announcing agreements under which EOG and Yates Petroleum (and certain other Yates entities) will combine. EOG will issue million shares of common stock valued at $2.3 billion and pay $37 million in cash, subject to certain adjustments. EOG will assume and repay at closing $245 million of Yates debt offset by $131 million of anticipated cash from Yates. Yates is a large, privately-held, independent E&P with a rich and favorable history in the industry. Yates has 1.6 million net acres across the western United States and has operated since 1924 (93 years) when Yates drilled the first commercial oil well on New Mexico state trust land. Highlights of Yates assets are summarized as follows: 1) production of 29,600 BOE per day, 2) proved developed reserves of 44 million BOE, 3) a Delaware Basin position of 186,000 net acres, 4) a Northwest Shelf position of 138,000 net acres, 5) a Powder River Basin position of 200,000 net acres, 6) an additional 1.1 million net acres in New Mexico, Wyoming, Colorado, Montana, North Dakota, and Utah. 6

7 EOG is our partner of choice as we look to extend Yates 93-year legacy, said John A. Yates Sr., chairman emeritus of Yates Petroleum Corp. and son of founder Martin Yates Jr. As we enter a new era of unconventional resource development, we are excited to join forces with another pioneering company like EOG. (Source: EOG press release dated September 6, 2016.) Diamondback Energy (FANG-Buy) Our first meeting on Wednesday was with Diamondback Energy (FANG-Buy). If you re gathering data on Permian Basin happenings, FANG is a great start. The company recently signed an agreement to acquire 19,180 net acres from privately-owned Luxe Energy. The properties are located primarily in Reeves and Ward counties, along the Pecos River. The purchase price was $560 million. The properties currently produce approximately 1,000 BOE per day from 30 gross wells (11 Hz and 19 Vt) and 2.2 million BOE of proved developed reserves. As we learned from FANG and also in several of our other meetings in Midland, there are a number of highly favorable geological characteristics in this area of the Delaware Basin. These include thicker formations and, in turn, higher estimates of original oil in place (OIP). The drilling activity on and offsetting FANG s to-be-acquired properties, part of which is the Phantom Field, was also some of the industry s earliest and has yielded some of the best wells. This area also runs along the deepest axis of the Delaware Basin, which in turn leads to high TOC levels and also higher reservoir pressures. As FANG advised in a press release, it believes it has identified 290 net potential horizontal drilling locations with an anticipated average lateral length of approximately 9,500 feet. The properties already possess tank batteries, frac water pits, salt water disposal facilities, and pipelines. Management believes the acreage is in the top quartile of FANG s existing acreage portfolio based on well results in immediate proximity. FANG stated that it estimates three horizontal zones have been de-risked: 1) the 3rd Bone Spring, 2) the Wolfcamp A, and 3) the Wolfcamp B. FANG estimates further upside potential exists in additional Bone Spring and Wolfcamp intervals. (Source: FANG press release dated July 13, 2016.) Silver Run to acquire Centennial On July 6th, Riverstone Holdings LLC, an energy and power focused private investment firm, announced that it will acquire a majority stake in Centennial Resources Development LLC from NGP Energy Capital and others. On July 21st, Riverstone agreed to assign its right to purchase the stake in Centennial to Silver Run Acquisition Corp. Silver Run will acquire an 89.1% stake and NGP retains the balance of 10.9% in Centennial. At closing, Silver Run is expected to be renamed Centennial Resource Development Corp. Deal value breakout is as follows: 1) cash of $1,408.4 million, 2) additional contributed equity of $184.7 million, 3) debt of $142 million as of 3/31/2016, for an aggregate firm value of $1,735.1 million. The Centennial assets are located in the Delaware Basin, primarily in Reeves County, Texas, and also in Ward County, Texas and Pecos County, Texas. Acreage consists of 42,500 net acres, approximately 83% operated, and 67% HBP. According to Silver Run and 1Derrick, the operated producing horizontal well count is 61, with an estimated 1,357 gross horizontal drilling locations. Formation targets include the Bone Spring, Upper Wolfcamp A, Lower Wolfcamp A, Wolfcamp B, and Wolfcamp C. Proved reserves as of 6/30/2016 are 48.6 million BOE split: PD/PDNP 20.3 million BOE and PUD 28.4 million BOE. Production during 1Q 2016 averaged 7,200 BOE/ per day and was 72% oil, 18% gas, 10% NGL. PDC acquires Delaware Basin acreage from Kimmeridge According to PDC Energy (PDCE-NC) and 1Derrick, PDCE has entered into two separate agreements to acquire acreage in the Delaware Basin through the acquisition of Arris Petroleum Corp. and 299 Resources LLC, portfolio companies of Kimmeridge Energy Management Co. PDC will pay approximately $915 million in cash and 9.4 million of PDCE shares valued at about $590 million. The aggregate transaction value, including shares and cash, is approximately $1,505 million. The transaction is expected to be completed by year end 2016, subject to necessary approvals. The assets are comprised of 1) 57,000 net acres in Reeves and Culberson Counties, Texas, 2) 7,000 BOE per day of current net production, 3) 530 million BOE of estimated net reser- 7

8 ves potential, with 65% liquids, 4) 710 currently identified potential locations in the Wolfcamp A, B, and C zones assuming a combined total of four to 12 wells per section, 5) 93% working interest and 100% operated, 6) includes operated gas gathering systems, pipelines and five SWD wells. MIDLAND BASIN TRANSACTIONS Concho Resources acquires Reliance Energy On Aug. 15th, Concho Resources (CXO-NC) announced its definitive agreement to acquire approximately 40,000 net acres in the core of the Midland Basin from Reliance Energy, a privately held, Midland-based energy company, for $1.625 billion. The transaction was privately negotiated. This is a meaningful deal as it expands CXO s core Midland Basin position to more than 150,000 net acres and boosts production to 30,000 BOE per day. The deal adds approximately 40,000 net acres with an average 99% working interest and includes approximately 10,000 BOE per day of production with 67% oil content. CXO estimates the Reliance acquisition brings a drilling inventory of more than long lateral drilling locations, targeting the Middle Spraberry, Lower Spraberry, and Wolfcamp B. The acquisition includes 326 vertical wells and 44 horizontal wells, only one of which was completed in The present value of this production base at NYMEX strip pricing as of 8/15/2016 is approximately $0.5 billion, with the remaining $1.1 billion of the purchase price attributable to the 40,000 undeveloped acres. (Source: CXO press release dated July 15, 2016.) Estimated proved reserves attributable to the acquisition total approximately 43 million BOE. Proved developed reserves represent approximately 69% of the total proved reserves. The estimate of proved reserves is based on CXO s internal estimates as of June 30, 2016, and utilizes the Securities and Exchange Commission s reserve recognition standards and pricing assumptions based on the trailing 12-month average first-day-of-the-month prices of $39.63 per bbl of oil and $2.24 per MMBtu of natural gas. (Source: CXO press release dated July 15, 2016.) The acquired acreage is located in Andrews, Martin, and Ector counties in Texas with minimal leasehold drilling obligations. Please see the acreage maps shown below. Due to the contiguous nature of the acquired assets, two-thirds of these locations will accommodate two-mile lateral wellbores, and the remaining locations will accommodate 1.5-mile lateral wellbores. The engineered locations are based on eight locations per zone per drilling and spacing unit in the Middle Spraberry, Lower Spraberry or Wolfcamp B, with two to three of these zones targeted per drilling spacing unit. CXO believes there is substantial development upside from applying optimal drilling and completion methods, testing closer well spacing and delineating other zones. (Source: CXO press release dated July 15, 2016.) Consideration in the transaction includes approximately $1.1 billion of cash and 3.96 million shares of Concho s common stock valued at approximately $0.5 billion and issuable pursuant to a stock payment option that CXO will exercise. QEP Resources: Midland Basin acquisition QEP (QEP-NC) is acquiring a contiguous acreage position in the core of the northern Midland Basin in Martin County, Texas for approximately $600 million. These properties are approximately 10 miles east of existing QEP operations. The package has approximately 9,400 net acres, with 98% of acreage held by production (HBP) to base of Wolfcamp formation or deeper. The average working interest is 96% WI with a 23% royalty burden. These properties are currently producing about 1,400 BOE per day with 83% oil content from 96 vertical wells. QEP believes there is the potential for over 430 horizontal locations in four target reservoirs. The QEP internal proved reserve estimate is 76 million BOE. Callon Petroleum acquires assets from Plymouth Petroleum (Element Petroleum) On Sept. 6th, Callon Petroleum (CPE-Buy) announced an agreement to acquire oil and gas properties for $327 million in cash. Key attributes of the pending acquisition include: 1) approximately 5,667 net acres, primarily located in Howard County, Texas, 2) over 75% of the acreage is offsetting CPE s position in northwest Howard County, providing opportunities for shared infrastructure and extended laterals, 3) 112 net identified horizontal drilling locations targeting the Wolfcamp A, Lower Spraberry, and Wolfcamp B zones, increasing CPE s existing inventory of drilling locations in these delineated zones in its WildHorse

9 (Howard County) region by over 90%, assuming current development spacing, 4) current net production of approximately 2,300 BOE per day (86% oil) from 9 horizontal (gross) and 16 vertical wells (gross), 5) an estimated 12.2 million BOE (87% oil) of net proved reserves as of 9/1/2016 based on CPE s internal reserve report, 5) overriding royalty interests in three units offsetting the acreage. Upon closing, CPE will become operator of 90% of the acquired acreage and CPE s Midland Basin position will include approximately 40,000 net acres. This article was first published in the Oil & Gas Financial Journal on 10/18/2016 ABOUT THE AUTHOR JOHN WHITE is a senior research analyst in ROTH Capital Partners Houston office. Previously, he was a portfolio manager and analyst with Triple Double Advisors. Prior to that, he was an E&P equity analyst with Natixis Bleichroeder. From 1996 to 2003 he served as an energy high yield fixed income analyst for BMO Capital and John S. Herold Inc. His experience also includes banking and credit analysis responsibilities with Scotia Capital. His industry background includes working in acquisitions and divestitures and exploration and production, primarily with BP. White received a BBA from the University of Oklahoma and an MBA from the University of St. Thomas (Houston). He serves on the OGFJ Editorial Advisory Board. Your Industry is our Industry Energy companies like yours have never had a greater need for legal advice you can trust from attorneys who understand the increasingly complex issues you face in this challenging and rapidly evolving industry. Gray Reed & McGraw provides a full spectrum of legal services to publicly traded and private energy companies. In addition, Gray Reed currently employs attorneys who primarily focus their work on title examination for onshore properties in Texas, Colorado, Wyoming, Montana, New Mexico, Utah, North Dakota, Louisiana, and other oil and gas producing states. Our proven experience in the industry extends upstream and downstream covering almost every facet of your industry which, in a sense, makes it our industry too. GrayReed.com Dallas HOUSTON 9

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11 2016 DAPL Thanksgiving Philanthropy Join fellow DAPL members as we visit the children at Texas Scottish Rite Hospital for a Thanksgiving themed arts and crafts session. Available slots are limited, so make sure to sign up before this event is full! Please Andrew.swann@tsrh.org and specify which day you would like to come: Thursday, November 17th from 11:00 am 12:00 noon Monday, November 21st from 11:00 am 12:00 noon Texas Scottish Rite Hospital for Children treats children with orthopedic conditions, such as scoliosis, clubfoot, hand disorders, hip disorders and limb length differences, as well as sports injuries, certain related arthritic and neurological disorders and learning disorders, such as dyslexia. For more information about the Hospital, visit Sign up today as this event is filling up quickly! The Hospital is located at 2222 Welborn Street, Dallas, TX

12 Meet a Member Ann Hallam Introducing the newest feature in the : Meet a Member! Each month a new DAPL member will be featured. Please contact the Publications Director, Andrew Swann, at Andrew. swann@tsrh.org if you are interested in being featured. It is a great way to introduce yourself to fellow landmen in the DAPL. An additional perk of being the featured member is if you are looking for new opportunities, your resume can be published as well. ANN HALLAM Land Manager PEC Minerals LP Hometown Lake Charles, LA Education Bachelor of Science, Petroleum Land Management from University of Houston, MBA from TWU AAPL involvement I actually joined as a student member in the early 80 s and rejoined in 1991 and have been an active member since rejoining. I was part of the Planning Committee for AAPL s 48th Annual Meeting & Conference in Dallas, June , and AAPL Membership Committee for several years. DAPL involvement Board Member , and first woman DAPL President Favorite food Any seafood as I grew up close to the coast Favorite hobbies Traveling with my husband, daily walks with the WCWG (Working Girl s Walking Club), cooking for friends and family, and hunting down great finds at estate sales and antiquing. Favorite way to unwind Peleton bike and yoga, and Dallas Mafia Happy Hours Favorite vacation spot Florence, Italy and southern France Favorite teams Dallas Cowboys, Dallas Stars and LSU Tigers What is something unique about you that most members probably don t know I collect Quimper pottery from France and a member of the Quimper Club International. What is the best advice anyone ever gave you I love what Audrey Hepburn once said, Nothing is impossible the word itself says I m possible!. What do you love most about the land profession Every day is a new day, so it s never, ever boring! Whether it s researching title, negotiating a lease or a JOA, managing deals, or fighting quiet title cases, it s a challenging profession. How has the DAPL helped you in your career The networking, deal making are unsurpassed, good friends, good times and good deals. What made you want to be a landman It was 1978 and I was working in the Production Dept. for Total Petroleum, Inc., in Houston. There were lots of international employees (too many foreign languages) so you can imagine the number of wells Total was involved in all over the world. Truly a great experience. I noticed how much fun the land department had so the Land Managers, Bill Pattillo and Jack Atkinson suggested I take PLM courses at U of H from Dr. Tinkler and there aren t very many women in the land business. My family owns small mineral interests in South Louisiana. The rest is history. What are your strengths I love the art of making a deal. On the mineral side, I strive to emulate my predecessor, the beloved and fair minded Sara Beth Williams, who managed these minerals for over 25 years and sadly passed in 2007 of leukemia. On the A&D side at Five States Energy Company, my mentor is Mr. James A. Gibbs, who insisted from the beginning to get involved in all land related associations, obtain my CPL, and attend auctions and A&D Conferences to mine for good acquisitions. How has your career prepared you for the role you are in today You have to work your way up the ladder, learn all aspects of the business, pay your dues and live by the Golden Rule. What are some of the challenges you face in today s environment Whether oil is $10 a barrel or $50 a barrel, you have to persevere through lots of marketing deals to find decent acquisitions.

13 What are some challenges you see facing the DAPL today Keep your membership active. You never know when you can help someone get a job or will have to look for a job. It s also important to mentor younger landmen and promote our great industry. Just because there is a downturn doesn t mean it s time to switch careers. What do you see as the DAPL s greatest strength Provides opportunities to network for deals whether it is at meetings, educational seminars, casual meetings or the golf course! The hard working board (young and seasoned professionals) keeping the meetings fresh and relevant. What is your long term goal? For the industry to value landmen and hopefully, one day women s salaries will equal or surpass men s salaries. We need to shatter that glass ceiling! What advice would you give someone starting in the land profession Just know that tough times don t last but tough people do! If you love the land biz like I do you will survive. 13

14 2016 DAPL Oktoberfest Thank you to everyone who attended the first annual DAPL Oktoberfest social event at Gordon Biersch Brewery! We had a great time networking, catching up, eating, and most importantly tasting their beers! 14

15 AAPL Education Calendar 11/3/ /4/2016 RMMLF Joint Operations and the New AAPL Form Houston, TX CEU / 1.00 CEU ETHICS /3/2016 Due Diligence Seminar (webinar available) Fort Worth, TX 5.00 CEU 11/8/ /11/2016 Oil and Gas Land Review, CPL/RPL Exam Oklahoma City, OK CEU / 1.00 CEU ETHICS 11/15/ /16/2016 Fundamentals of Land Practices & Fort Worth, TX 7.00 CEU / 1.00 CEUETHICS OPTIONAL RPL Exam 11/18/2016 Wills and Heirships (Webinar Available) Fort Worth, TX 12/8/2016 Oil and Gas Lease Fundamentals Fort Worth, TX 6.00 CEU 12/16/2016 Landman 2.0 Series: Advanced Acquisitions & Fort Worth, TX 4.00 CEU Divestitures (webinar available) 1/20/2017 Oil and Gas Contracts (webinar available) Fort Worth, TX 4.00 CEU 1/24/2017 1/27/2017 Oil and Gas Land Review, CPL/RPL Exam Midland, TX CEU / 1.00 CEU ETHICS 1/31/2017 WI/NRI Workshop Oklahoma City, OK 6.00 CEU 2/2/2017 One Day JOA Workshop Houston, TX 7.00 CEU 2/10/2017 Landman 2.0 Series: Operations in a Low Priced Fort Worth, TX 4.00 CEU Environment (webinar available) 2/23/2017 Pooling Seminar Fort Worth, TX 5.00 CEU 2/24/2017 CPL EXAM ONLY Fort Worth, TX 2/24/2017 RPL EXAM ONLY Fort Worth, TX 3/3/2017 One Day JOA Workshop Midland, TX 7.00 CEU 3/28/2017 3/31/2017 Oil and Gas Land Review, CPL/RPL Exam Lafayette, LA CEU / 1.00 CEU ETHICS 4/4/2017 One Day JOA Workshop Oklahoma City, OK 7.00 CEU 4/21/2017 Landman 2.0 Series: Workout, Workover & DoOver Fort Worth, TX 4.00 CEU (webinar available) 4/28/2017 Due Diligence Seminar Midland, TX 5.00 CEU 5/2/2017 5/5/2017 Oil and Gas Land Review, CPL/RPL Exam Pittsburgh, PA CEU / 1.00 CEU ETHICS 5/11/2017 Surface Use and Access Fort Worth, TX 5.00 CEU / 1.00 CEUETHICS 6/1/2017 Negotiations Seminar Fort Worth, TX 5.00 CEU 6/2/2017 WI/NRI Workshop Denver, CO 6.00 CEU 6/9/2017 Landman 2.0 Series: The Exit: Cashing Out Fort Worth, TX 4.00 CEU Note: Dates are subject to change, please check the AAPL Website at for event details. 15

16 NEXT GENERATION LANDMEN Next Generation Landmen ( NGL ) is a group within the Dallas Association of Petroleum Landmen ( DAPL ) that promotes the development of young professionals in an educational and social setting. NGL is mostly comprised of DAPL members ranging from 0-15 years of experience, but all members of DAPL are encouraged to attend events. Throughout the year NGL hosts educational luncheons, happy hours, seminars, sports events and joint meetings with other local energy associations. Participating in Next Generation Landmen is free and allows DAPL members to get additional value out of their annual dues. NGL Connections is a mentor program that connects interns and NGL s with Senior Landmen to address the experience gap within our profession. NGL Connections is a great way for experienced Landmen to invest in the future of our business. A mentorship is so valuable to the NGL s education; it adds a dimension of training not accomplished in the classroom. Participants arrange meetings based on their schedule and discuss important Land fundamentals, challenging work scenarios or current industry news. Send an to ngl@dapl.org to become more involved in NGL! DAPL s NGL Director Ryan Boschetti started his career as a Land Intern at Southwestern Energy Company and joined J-W Energy after graduating from The University of Texas at Austin with a BA in Psychology in Mr. Boschetti managed Haynesville and Barnett assets during his 4 years at J-W and now works across multiple basins as a Senior Landman in U.S. Exploration at Hunt Oil Company. Ryan achieved his Registered Professional Landman certification in He also serves on the Dallas Young Professionals in Energy Board as Education Director. Ryan Boschetti has a passion for the oil and gas industry and serving his fellow energy professionals. 16 A M B A S S A D O R S O F T H E O I L I N D U S T R Y L A N D I S T H E B A S I S O F A L L W E A L T H

17 Newsletter and Website Advertisement Guidelines DAPL News is the Monthly newsletter of the Dallas Association of Petroleum Landmen. s are circulated from September through June to more than 500 members throughout the Dallas / Fort Worth area. Website ads run continuously throughout the year. Advertisements must be submitted in static gif, jpg, png or pdf format (no animations, video or audio). Advertisements must conform to the dimensions specified on the chart below. Alternative text for website advertisements must not exceed 255 characters. Website advertisements will follow a URL of your choice in a new browser window. Color: CMYK color mode only Resolution: 300dpi 600dpi Send to for information about how to get started. Deadline for artwork changes and new advertisements is two weeks prior to newsletter distribution date which is typically around the 1 st of each month the newsletter is published. Advertisers are limited to one art work change per plan year. All ads and advertisers are subject to DAPL Board approval. Newsletters are distributed to its membership via each month from September through June, and Website ads run throughout the year. Advertising Plan years run from September 1st through June 30 th for Newsletters and September 1 st through August 30 th for Website ads. Artwork and payments are due by each year to ensure publication in the September newsletter. Website Advertisers will pay pro-rated amounts if renewed or commenced other than these times. For questions about advertising with DAPL, please contact (Advertising Director) at. Full Page 7.5 x 10.5 inches 3 MB $2,645 $1,465 $375 1/2 Page 7.5 x 5.25 inches 2MB $1,325 $775 $170 1/4 Page 3.75 x 5.25 inches 1MB $720 $400 $145 1/8 Page 3.75 x inches 1MB $400 $260 $115 Skyscraper 120 x 640 pixels 20k $610

18 DALLAS ASSOCIATION OF PETROLEUM LANDMEN P. O. Box , 2016 Membership Year Dallas, Texas January-December Please accept my application for membership in the Dallas Association of Petroleum Landmen under the classification of membership I have checked below. I agree to be governed by the Constitution and Bylaws of the Association, including the Code of Ethics. Check one of the following: ACTIVE Member ($150.00) Active membership in the association shall be available to professional Landmen whose responsibilities primarily involve the negotiation for the acquisition and/or divestiture of mineral rights, negotiation of business agreements that provide for the exploration, trading and management of oil, gas and all other mineral estates in land in a non-administrative or clerical manner. An applicant for active membership must have the sponsorship of two (2) Active Members of the Association who know the applicant. ASSOCIATE Member ($150.00) Associate membership in the Association shall be available to all persons who are directly, primarily and regularly engaged in performing services in the oil, gas and mineral industry. Associate Members shall have all the rights and privileges of Active Members except they may not hold office in the Association, vote in Association affairs or sponsor membership applications. An applicant for associate membership must have the sponsorship of two (2) Active Members of the Association who know the applicant. NON-RESIDENT Member ($40.00) Non-Resident membership in the Association shall be available at the discretion of the Board to individuals residing at least seventy-five (75) miles from downtown Dallas. Non-Resident Members will pay reduced annual dues as set by the Board. Non-Resident Members will have all the rights of Active Members except they may not hold office in the Association, vote in Association affairs or sponsor membership applications, and they will pay their share of any and all activities attended. An applicant for Non-Resident membership must be sponsored by two (2) Active Members of the Association or two (2) non-member CPL s. If the applicant is a CPL no sponsors are required. SENIOR Member ($40.00) Senior membership shall be optional to those members who have reached the age of sixty (60) years, and have actively engaged as a Petroleum Landman for at least twenty (20) years, and an Active member of the Association (DAPL) for a period of at least five (5) years. A senior member shall be relieved of his obligation of paying full annual dues, without prejudicing his/her fair rights as an Active member of the organization; provided however, a Senior member shall pay his/her share of ANY and ALL activities attended, plus reduced annual dues which shall be fixed from time to time by the Board of Directors. PLEASE PRINT C L E A R L Y Full Name (please print) Preferred First Name Company Name Nature of Business (i.e., Production, Exploration, Brokerage, etc.) Position Title Does this position, primarily involve Landman responsibilities Length of Experience as a Landman Length of total energy industry experience (yes or no) Office Address / / Street City Zip Office Phone Cell Phone (optional) All DAPL news/information is sent via . Address Are you a member of the AAPL? (yes/no) Please print legibly Birth date / / (for AAPL purposes) Are you a CPL? RPL? ESA? Universities Attended Other industry associations/societies of which you are a current member Date Signature of Applicant The following two (2) ACTIVE Members in good standing have signed below as sponsors of this applicant. Associate Members may not sponsor. Sponsor s Signature Print Name Legibly: Address: Phone MEMBERSHIP APPROVED: DATE Sponsor s Signature Print Name Legibly: Address: Phone THE BOARD OF DIRECTORS President THIS APPLICATION MUST BE SUBMITTED TO THE ABOVE ADDRESS WITH A CHECK MADE OUT TO DAPL FOR ANNUAL DUES IN THE AMOUNT OF $ IF ACTIVE OR ASSOCIATE, OR $40 IF NON-RESIDENT. 50% AFTER JUNE 1. RETURN TO ABOVE ADDRESS. Your dues cover the costs associated with all DAPL publications, regular meetings and social functions. AMBASSADORS OF THE OIL INDUSTRY NTAC:4UC-11 LAND IS THE BASIS OF ALL WEALTH