Covey Park Announces Pricing and Upsize of Private Offering of Additional Senior Unsecured Notes Due 2025

DALLAS–(BUSINESS WIRE)–Covey Park Energy LLC (“Covey Park”) and Covey Park’s wholly owned
subsidiary, Covey Park Finance Corp., announced today the pricing of its
previously announced private offering (the “Notes Offering”) of an
additional $175 million in aggregate principal amount of their 7.50%
senior notes due 2025 (the “New Notes”) at 104.25% of principal amount
plus accrued interest. Covey Park upsized the offering amount from $150
million to $175 million in aggregate principal amount. The Notes
Offering is expected to close on December 11, 2017 subject to customary
closing conditions.

On May 3, 2017, Covey Park and Covey Park Energy Finance Corp. completed
an offering of $450 million of their 7.50% senior notes due 2025 (the
“Initial Notes” and, together with the New Notes, the “Notes”). The New
Notes will have the same terms as the Initial Notes. The New Notes and
the Initial Notes will be treated as a single class of securities under
the indenture governing the Notes, and will mature on May 15, 2025.

Covey Park intends to use the net proceeds from the Notes Offering to
repay borrowings under its revolving credit facility.

The Notes offered by Covey Park will not be registered under the U.S.
Securities Act of 1933, as amended (the “U.S. Securities Act”), and may
not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements. The New Notes were
offered only to qualified institutional buyers in the United States
under Rule 144A and to non-U.S. persons outside the United States in
compliance with Regulation S under the U.S. Securities Act.

This news release does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such an
offer, solicitation, or sale would be unlawful.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements.
All statements, other than statements of historical fact, included in
this press release that address activities, events or developments that
Covey Park expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based on
certain assumptions made by Covey Park based on its experience and
perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in their
entirety by this cautionary statement. Covey Park undertakes no
obligation and does not intend to update these forward-looking
statements to reflect events or circumstances occurring after this press
release.

About Covey Park Energy LLC

Covey Park is an independent oil and gas exploration and production
company headquartered in Dallas, Texas. The company is currently one of
the largest acreage holders and producers in the Haynesville/Bossier
shales. Covey Park was formed in June 2013 with an equity commitment
from Denham Capital.

About Denham Capital

Denham Capital is a leading energy-focused global private equity firm
with more than $9.0 billion of invested and committed capital across
eight fund vehicles. The firm makes direct investments across all stages
of the corporate lifecycle. Denham’s investment professionals apply deep
operational and industry experience and work in partnership with
management teams to achieve long-term investment objectives.

Contacts

Covey Park Energy LLC
Ernesto Alegria, 214-548-6000
VP,
Investor Relations and Treasurer
[email protected]