PT Petroleum, LLC Announces Wolfcamp C Results in Midland Basin

PLANO, Texas–(BUSINESS WIRE)–PT Petroleum, LLC (PT) announced today the preliminary results from its
recent Wolfcamp C discovery drilled on the Trinity Project, 63,769
contiguous acres, located in Reagan, Upton and Crockett Counties in the
Midland Basin. The Orange 6091C well produced over 100,000 barrels of
oil in its first 140 days along with 45,000 MCFG. Associated production
metrics are as follows:

PT Petroleum believes this well is likely not only to be
transformational for the Trinity Project, but for a large portion of the
southern Midland Basin. PT is currently drilling three confirmation
wells in the Wolfcamp C in different areas of the Trinity block. Two of
the three confirmation wells will be landed in the same stratigraphic
position as the Orange 6091C and the third will land in the upper
portion of the Wolfcamp C which exhibits similar reservoir quality to
the Orange 6091C well.

The Orange 6091C was landed in a similar stratigraphic position in the
Wolfcamp C as Parsley Energy’s Taylor 4601H well 27 miles to the north.
Other operators near the Trinity Project that have drilled recent
Wolfcamp C wells include Callon Petroleum and Pioneer Natural Resources.
Wolfcamp C wells drilled by PT and other Midland Basin operators in 2017
have exhibited much stronger production results than previous Wolfcamp C
wells due to a lower landing position and improved completions.

Since PT’s Orange 6091C well landed in a similar stratigraphic position
as the Parsley Taylor well, PT has extended the Wolfcamp C commercial
limits significantly south of the Big Lake fault. The Orange 6091C
production places it in the top tier of Wolfcamp C results, including
wells north of the Big Lake fault. PT has mapped in excess of 1,000’ of
gross Wolfcamp C interval over the entire Trinity block and believes it
will support two bench development.

PT Petroleum, LLC is a private independent oil and gas producer with
offices in Plano, Texas and Midland, Texas. PT has private equity
sponsorship from Kayne Anderson Energy Funds. Additional owners in the
Trinity Project include Carrier Energy Partners II, LLC of Houston,
Texas and Henry Energy, LP of Midland, Texas. PT Petroleum, LLC can be
contacted at 2701 Dallas Parkway, Suite 580, Plano, Texas 75093 or by
phone at (972)-372-2200.

Contacts

PT Petroleum, LLC
Cory Richards, 972-372-2200