1. Empresa Energy, L.P. Lower Smackover / Brown Dense Chronology and Update January 18, 2013

2. Empresa Energy, L.P. 2 Empresa Energy LLC  Empresa Energy is a privately held LLC formed in 2004 to pursue unconventional plays  We developed a significant position in NLA and East Texas and started drilling CV wells in ArKlaTex in 2005  Our CV play began to be dominated by the Haynesville by 2007  Participated in 40+ Haynesville wells  We then facilitated the sale of a large mineral package and exited most of play by June, 2009  We prepared an in depth regional study and developed a position in the Eagle Ford liquids window beginning in fall of 2009  Preparing to drill when approached in July, 2010 about an early pre-emptive sale and exited Eagle Ford  After exiting the Eagle Ford we developed ground floor positions in a number of emerging unconventional plays, one of which is the Brown Dense

3. Empresa Energy, L.P. Lower Smackover Brown Dense  Lower Jurassic aged Organic-rich, basinal limestone w/ thinly interbedded organic-rich shale Sandy in some areas  Regional, world class source rock Sources reservoirs from Norphlet up to Tuscaloosa Mature source from offshore GOM to near its updip limit onshore  Recent activity verifies potential as an unconventional reservoir 3

4. Empresa Energy, L.P. Brown Dense Play – N LA & S AR 4 Arkansas Louisiana Mississippi Brown Dense Fairway Stateline Smackover Trend

5. Empresa Energy, L.P. Locator Map 5

6. Empresa Energy, L.P. 6 Brown Dense Activity Map Bayou De Loutre Field SWN Johnson21-1 SWN Doles & BML SWN Exxon Fee#2 Weiser Brown Known High Pressure Wells Lillie Field SWN To be drilled Manville 13-10

7. Empresa Energy, L.P. 7 Brown Dense - Key Area

8. Empresa Energy, L.P. 8 Companies Operating in Play 1. EOG –Border Exploration 2. Pinebelt / SWN 3. Weiser Brown 4. Ankor/JW 5. Empresa Energy 6. Whiting Petroleum 7. Dan Hughes 8. Devon 9. Exxon / XTO

9. Empresa Energy, L.P. 9 Land Status CompanyAcresUnitsWells SWN506,00096 Empresa63,0003 Devon40,00011 JW/Ankor20,000+/-51 Whiting20,000+/- Dan Hughes25,00001 Exxon / XTO Large Fee Position 01 Arkansas has established a 640 acre unit spacing pattern Louisiana has established a 1280 acre unit spacing pattern

10. Empresa Energy, L.P. What to watch for in the near term  Further delineation of the high pressure area of the play will be critical  New SWN Permits  New Units established by Ankor and Empresa  Production curves will be assessed in:  BML  Doles  Dean  Will SWN recomplete the Johnson or Dean Wells as horizontal wells 10

11. Empresa Energy, L.P. Appendix 11

12. Empresa Energy, L.P. Brown Dense / Current Play  Target zone: Lower Smackover “C” or Brown Dense  Within the light oil to liquids-rich gas/condensate window  Play primarily focused in North LA and South AR  Depths between 7,500’ and 10,500’  Reservoir thickness between 300’ and 600’ 12

13. Empresa Energy, L.P. 13 Key Wells Border (EOG) - Endsley Well – August 2009 Weiser Brown -Exxon Fee #2 Cabot – Denny Well SWN – Robertson Well SWN – Garrett Well SWN - BML Well SWN - Dean Well SWN – Johnson Well SWN - Doles Well

14. Empresa Energy, L.P. 14 Endsley 1-24H Well Endsley 1-24H Well – August 2009 API #03073114640000 Operator- Border Exploration, LLC (EOG) Location – S24-19S-26W Spud Date – 6/18/2009 Status – PA 11/16/2009 Notes- Well was rumored to have encountered H2S

15. Empresa Energy, L.P. 15 ExxonMobil #2 Well Exxon-Mobil #2 Well API #17111256100000 Operator – Weiser-Brown Operating Company Location – S12-22N-1E Spud Date – 3/10/2009 Completion Date – 12/19/2012 High Pressure 6,200 BHP Status – Vertical Well, LWR/Smackover, 504 Cond. BOPD, 1019 MCFD, GOR 2022/1, CK 10/64, 50 GVTY, FP 3500 Notes: Well was T/A until it was recently completed over the holidays.

16. Empresa Energy, L.P. 16 Robertson 18-19 1-15H Well API #03027118430000 Operator- Southwestern Energy Production Company Location – S15-18S-19W Spud Date – 9/2011 Completion Date – 12/23/2011 Status – Temporarily abandoned Notes – Well perforated from 8,835’ – 12,800’; Vert Depth of 9,200’, Planned Horiz Length of 4,000’

17. Empresa Energy, L.P. 17 Garrett 7-23-5 H Well API #17027224820000 Operator- Southwestern Energy Production Company Location – S7-23N-5W Spud Date – 12/8/2011 Completion Date – 6/29/2012 Status – Shut In Notes – Planned Vertical Depth of 10,700’, Planned Horizontal Lateral Length of 7,900’

18. Empresa Energy, L.P. 18 Denny 1-32H Well API #03139133010000 Operator- Cabot Oil & Gas Corporation Location – S32-19S-17W Spud Date – 10/14/2011 Completion Date – 11/18/2011 Status – T/A Notes - The well has a permitted total vertical depth of 9,550 feet, and a measured depth of 13,000 feet into the Lower Smackover. 4500 Horizontal Lateral

19. Empresa Energy, L.P. 19 BML 31-22-1 H Well API #17111256220000 Operator- Southwestern Energy Production Company Location – S31-22N-1W Spud Date – 2/16/2012 Completion Date – 6/30/2012 High Pressure - 5,700 BHP 10,400 vertical depth, 4,300 Lateral with a 19 stage frac Status – Producing, 24 hour producing rate of 421 BBLs of 50o gravity oil This well was planned to have a 9,000 foot lateral. Encountered high pressure while drilling

20. Empresa Energy, L.P. 20 Johnson 21 Well API #17111256240000 Operator- Southwestern Energy Production Company Location – S21-22N-1W Spud Date – 5/29/2012 Completion Date – 7/27/2012 Unusually High Pressure Status – Testing. Notes – Well drilled and fracked as a vertical well

21. Empresa Energy, L.P. 21 Dean 31 Well API #17111256250000 Operator- Southwestern Energy Production Company Location – S31-22N-1E Spud Date – 7/10/2012 Completion Date – 8/21/2012 Status – Producing (200 BO/Day) High Pressure 10,503 foot vertical well drilled and fracked

22. Empresa Energy, L.P. 22 Doles 30-22-1 H Well API #17111256260000 Operator- Southwestern Energy Production Company Location – S30-22N-1W Spud Date – 7/18/2012 Completion Date – 9/8/2012 High Pressure 10,673 vertical depth with a 4,731 lateral. The well was planned to have a 6,000 foot lateral Status – Producing This is the last well drilled by SWN and is a key well for the play.

23. Empresa Energy, L.P. 23 Mannville 13-10 Manville 13-10 API # 17111243170000 Operator- LR Resources Location – Sec 13, 21N, 1W Spud Date – 7/26/84 Completion Date – 12/22/84 Status – P&A 4/16/86 High Pressure (This is inferred due to high mud weight while drilling) This well was completed in the LWR Smackover

24. Empresa Energy, L.P. 24 SWN Latest Investor Presentation