Priority Completes Electrical Infrastructure System Powering Parsley Energy Southern Delaware Basin Assets

High Voltage Substation and Primary Distribution System Delivers
Electrical Capacity for Oil and Gas Production in the Southern Delaware
Basin

MIDLAND, Texas & ARLINGTON, Texas–(BUSINESS WIRE)–#DelawareBasin–Priority Power Management, LLC (“Priority”), a Texas-based leading
independent energy management and consulting services firm, announced
today that it has successfully completed the development and
energization of a new private electrical system for Parsley Energy, Inc.
(“Parsley”) that will serve to power Parsley Southern Delaware Basin
assets in Pecos and Reeves County for years to come. The system consists
of a new 50/83 MVA electrical high voltage (“EHV”) substation and
33-circuit miles of primary distribution.

Priority has been providing energy management and consulting services to
Parsley since the company was formed in 2008. In July 2016, Parsley
entered into a 10-year agreement with Priority for energy services that
included (1) full turnkey engineering, procurement and construction
services for development of the Parsley System, (2) asset management
services for the ongoing operation and maintenance of the Parsley
System, and (3) supply side management services to procure and manage
the competitive retail electricity supply to be used by the Parsley
System.

The EHV substation has a base rated capacity of 50 MVA, capable of
serving up to 83 MVA of power requirements, equivalent to serving
approximately 39,000 residential homes per year. Four primary
distribution feeders totaling 33-circuit miles exit the EHV substation
and extend throughout Parsley’s Southern Delaware Basin acreage to power
oil and gas production.

“Securing adequate electric delivery capacity and supply for our
operations in a timely and cost effective manner is critical to our
success,” said Paul Treadwell, Senior Vice President of Production
Operations for Parsley. “We have trusted in Priority Power since our
beginning, and nearly 10 years later, they have continued to deliver
critical services to us with high quality.”

“We are honored to have been a small part of Parsley’s growth and
success through the services we provide to them,” said Pat Ennis,
founding principal of Priority. “By expanding our services to include
energy infrastructure, we are positioned to provide Parsley with
comprehensive energy services from the grid to the well.”

About Priority Power Management

Priority Power Management, LLC (www.PriorityPower.net)
is a leading Texas-based independent energy management and consulting
services firm to large commercial, industrial and government customers.
Priority provides unbiased and objective energy management services in
the areas of energy information, supply and risk management, demand-side
management and energy infrastructure solutions. Since its establishment
in 2001, Priority Power Management has grown to procure and manage
approximately $1 billion of annual energy spend on behalf of clients
from its offices in Midland/Odessa, Dallas/Fort Worth, Houston and
Abilene.

About Parsley Energy, Inc.

Parsley Energy, Inc. is an independent oil and natural gas company
focused on the acquisition and development of unconventional oil and
natural gas reserves in the Permian Basin in West Texas. For more
information, visit the Company's website at www.parsleyenergy.com.

Contacts

Priority Power Management, LLC
John J. Bick, 972-314-9040
Managing
Principal
[email protected]
or
Parsley
Energy, Inc.
Brad Smith, Ph.D., CFA, 512-505-5199
Senior Vice
President, Corporate Strategy and Investor Relations
[email protected]