CARBONATE CONTENT Utica Shale Play Book Study - Canonsburg, PA - July 14, 2015 Taury Smith – Smithstrat LLC

SEM Images from 74NY5 Have had 8 samples ion-milled and imaged by Juergen Schieber His assessment is that almost all of the porosity is organic porosity with much less common intra-clay porosity He said these are some of the best-developed organic pores he has seen High thermal maturity in this area (Ro>3)

74NY-5 Mineral core from Northeast part of play area Core gamma ray and TOC logs to right - more than

170 ft Organic Pores from Lower Indian Castle 2% TOC

240 feet – Lower Indian Castle - SEM shows that these rocks that look like shale are actually very grainy – this too has organic pores (2.3% TOC)

292 feet - More well developed organic pores in Lower Indian Castle (=Point Pleasant in OH) (1.8% TOC)

380 feet well developed organic pore from upper Dolgeville Formation thin organic-rich bed (1.9% TOC)

566 feet Flat Creek (=Lexington in OH) has organic pores but also some minor porosity between clay particles (1.5% TOC)

710 feet - Organic pores between clasts in Logana Equivalent (2% TOC)

730 feet – clastic looking rock in Logana equivalent with well developed organic pores (2.5% TOC)