Covey Park Announces Proposed $150 Million Private Offering of Additional Senior Unsecured Notes Due 2025

DALLAS–(BUSINESS WIRE)–Covey Park Energy LLC (“Covey Park”) and its wholly owned subsidiary,
Covey Park Finance Corp., announced today that, subject to market and
other conditions, they intend to offer for sale in a private placement
under Rule 144A and Regulation S of the Securities Act of 1933, as
amended (the “Securities Act”), to eligible purchasers an additional
$150 million in aggregate principal amount of their 7.50% senior notes
due 2025 (the “New Notes”). On May 3, 2017, Covey Park and Covey Park
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 identical terms as the
Initial Notes, and the New Notes and the Initial Notes will be treated
as a single class of securities under the indenture governing the Notes.

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

The New Notes are being offered only to qualified institutional buyers
in the United States in reliance on Rule 144A under the Securities Act
and to certain persons outside of the United States pursuant to
Regulation S under the Securities Act. The Notes to be offered have not
been registered under the Securities Act or any state securities laws
and may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements of the
Securities Act and applicable securities laws.

This press release does not constitute an offer to sell or a
solicitation of an offer to buy such Notes nor shall it constitute an
offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.

About Covey Park Energy

Covey Park Energy 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.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent Covey Park’s expectations or beliefs concerning
future events, and it is possible that the results described in this
press release will not be achieved. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which are
outside of Covey Park’s control, that could cause actual results to
differ materially from the results discussed in the forward-looking
statements.

Any forward-looking statement speaks only as of the date on which it is
made, and, except as required by law, Covey Park does not undertake any
obligation to update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise. New factors
emerge from time to time, and it is not possible for Covey Park to
predict all such factors.

Contacts

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