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Home My WebLink About20240726.tiffTO: NICKEL ROAD OPERATING 3773 CHERRY CREEK NORTH DRIVE SUITE 670 DENVER CO 80209 DIVISION ORDER Date: February 21, 2024 Effective Date: Date of First Sales The undersigned certifies the ownership of their decimal interest in production or proceeds as described below payable by Nickel Road Operating (Nickel Rd). Nickel Rd shall be notified, in writing, of any change in ownership, decimal interest, or payment address. All such changes shall be effective the first day of the month following receipt of such notice. OWNER NAME/ADDRESS OWNER: 0020218 WELD COUNTY GOVERNMENT ATTN: OIL AND GAS LEASING 1150 O STREET GREELEY CO 80631 Nickel Rd is authorized to withhold payment pending resolution of a title dispute or adverse claim asserted regarding the interest in production claimed herein by the undersigned. The undersigned agrees to indemnify and reimburse Nickel Rd any amount attributable to an interest to which the undersigned is not entitled. Nickel Rd may accrue proceeds until the total amount equals $100.00, or pay annnirally, whichever occurs first, or as required by applicable state statutes. This Division Order does not amend any lease or operating agreement between the undersigned and the lessee or operator or any other contracts for the purchase of oil or gas. In addition to the terms and conditions of this Division Order, the undersigned and Nickel Rd may have certain statutory rights under the laws of the state in which the property is located. Special Clauses: None PROPERTY PROPERTY NAME COUNTY/PARISH ST LEGAL DESCRIPTION 1166 ELDER 1X -HNC -09-07-65 WELD CO SECTION 9 & 10, T7N, R65W OPERATOR: NICKEL ROAD OPERATING, LLC Pvi 'Pt o5 kaaa, soz:vak 1167 ELDER 2X-HNA-09-07-65 WELD CO SECTION 9 & 10, T7N, R65W OPERATOR: NICKEL ROAD OPERATING, LLC pc krt. o5 - k - So sA:18 1168 ELDER 2X -HC -09-07-65 WELD CO SECTION 9 & 10, T7N, R65W OPERATOR: NICKEL ROAD OPERATING, LLC �►p� 05-1,13-5c k'E 1169 ELDER 3X-HNB-09-07-65 WELD CO SECTION 9 & 10, T7N, R65W OPERATOR: NICKEL ROAD OPERATING, LLC r�pr. os-a3- Co Lk 1170 ELDER 4X -HNC -09-07-65 WELD CO SECTION 9 & 10, T7N, R65W OPERATOR: NICKEL ROAD OPERATING, LLC MOS OS-la.3-So1`4L C On %son \ f; 31e ay 0V -0e REVENUE INT INTEREST TYPE PROD 0.00030067 RI OIL 0.00030067 RI OIL 0.00030067 RI OIL 0.00030067 RI OIL 0.00030067 RI OIL SCENE 0 WAR t14 2024 2024-0726 6 1 LtoLkst-k k_oLikets Date: February 21, 2024 PROPERTY PROPERTY NAME OWNER #: 0020218 WELD COUNTY GOVERNMENT COUNTY/PARISH ST LEGAL DESCRIPTION PAGE 2 REVENUE INT INTEREST TYPE PROD IMPORTANT: TO AVOID DELAY IN PAYMENT, YOUR SOCIAL SECURITY NUMBER OR TAX IDENTIFICATION NUMBER MUST BE SHOWN BELOW. FAILURE TO FURNISH YOUR SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER WILL RESULT IN WITHHOLDING TAX IN ACCORDANCE WITH FEDERAL LAW AND ANY TAX WITHHELD WILL NOT BE REFUNDABLE BY NICKEL RD. BE SURE YOUR SIGNATURE IS WITNESSED AND YOUR CORRECT ADDRESS IS SHOWN. SIGNATURE: BOARD OF W ATTEST: CLERK BY: DEPUTY CLERK T BOA `J J L COU;NTY MI t MAR 2 7 2024 Weld County Government S NE S, CHAIR P.O. Box 758 214,6, Greeley, CO 80632-0758 Phone: 970-400-4225 Fax: 970-336-7233 boilandgasleasing@weld.gov x ID: 84-6000813 074CoW 0.7026' Jessica Reid From: Subject: Attachments: CTB-Oil and Gas Leasing Elder Division Order DDOTO - ELDER WEST UPDATE - 2274 - Weld County.pdf From: Blake Leavitt <blake.leavitt@nickelroadoperating.com> Sent: Wednesday, March 20, 2024 4:21 PM To: CTB-Oil and Gas Leasing <CTB-0ilandGasLeasing@weld.gov> Subject: RE: Elder Division Order Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the sender and know the content is safe. Jess, Shoot I had a DO inquiry come in today from another owner in these wells and it made me remember that I never got back to you! I'm so sorry about that! Answers to your questions below. 1. The reception number(s) or copy of the lease that shows Weld County's mineral interest. a. 4491818 and 4491819 2. Detailed calculations illustrating how the County's royalty interest was derived. Tract Reception Lease Lease Red Lease Royalty Lease Unit Acres Rounded Type Interest of LANDOWNER ROYALTY ("LOR") Tract Acres Tract LOR TOTAL Mineral Interest Tract L0R UNIT LOR FOR OWNER Weld corporation County, Colorado, a quasi -municipal 13A 9- 4491819 41 7 100.000000% 18.500000% 1.2100 1279.7700 0.0001749142%"- 0.00017491 0.0003006710e'LOR Weld corporation County, Colorado, a quasi -municipal 13B 9- 4491818 40 7 100.000000% 18.500000% 0.8700 1279.7700 0.0001257648'#' 0.00012576 LOR 3. Title opinion pages that refer to Weld County's royalty interest. a. See attached. You'll note in this opinion that Source Rock Royalty, which Nickel Road owns, had sold it's ORI in the leases to Phoenix Capital Holdings Group in July of 2023. Per requirement 7 we need to get a consent to assign for that assignment on these leases and a couple of others associated with the transaction. Which also bring up another related topic, Nickel Road is currently in contract to sell these assets to Prairie Operating Co. The transaction is anticipated to close sometime between 4/15 and 8/15 of this year but may not close if certain provisions within the purchase agreement are not met. As such we 1 will also soon need a consent to assign from Weld County on these two and another couple of leases in other units that are associated with that sale. That being said, I will email you here shortly both on the follow up to the Phoenix Assignment of ORI and on the Prairie transaction details. If you have any questions, please don't hesitate to reach out. Thanks, Blake Leavitt — CPL I VP -Land I Cell — 970-590-2343 Nickel Road Operating LLC - 3773 Cherry Creek North Drive, Suite 670, Denver, CO 80209 Plnfrc,Lnavitt@Nli k,Qi QQdOp_Qr]ting1com From: Blake Leavitt Sent: Tuesday, March 5, 2024 12:22 PM To: CTB-Oil and Gas Leasing <CTB-OilandGasLeasing@weld.gov> Subject: RE: Elder Division Order Thank you Jess. Let me gather that info and get it over to you! FYI- It is the same information as for our Elder 5X-HNB well as we just drilled the 5 additional wells in the same unit. That said, I know you'll want the re -delivery of it for the files as an update, I just wanted to let you know so you could process faster if need be by looking at the old docs. I'm dealing with some SEC requests today! tomorrow but will get on this ASAP. Thanks, Blake Leavitt — CPL I VP -Land I Cell — 970-590-2343 Nickel Road Operating LLC - 3773 Cherry Creek North Drive, Suite 670, Denver, CO 80209 Blake.Leavitt@NickelRoadOperating.com From: CTB-Oil and Gas Leasing <CTB-OilandGasLeasing@weld.gov> Sent: Tuesday, March 5, 2024 11:27 AM To: Blake Leavitt<blake.leavitt@nickelroadoperating.com> Cc: CTB-Oil and Gas Leasing <CTB-OilandGasLeasing@weld.gov> Subject: Elder Division Order Hi Blake, We received the above mentioned Division Order. Please be advised that the following information must accompany all Division Orders which are submitted to Weld County Board of County Commissioners for approval. 1. The reception number(s) or copy of the lease that shows Weld County's mineral interest. 2. Detailed calculations illustrating how the County's royalty interest was derived. 2 3 Title opinion pages that refer to Weld County's royalty interest Please email me the requested information Thank you Jess Reid Deputy Clerk to the Board Weld County 1150 0 Street Greeley, CO 80631 tel- 970-400-4212 ---- -- -- Confidentiality Notice This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited 3 3/22/24, 11:36 AM Facility Detail COGIS - WELL SCOUT CARD Related InspU MIT 0 GIS a Doc a COA :fir Wellbore Orders R Bradenhead Surface Location API# 05-123-50234 Well Name/No. Operator: Facility Status: FacilitylD: County: Field: Planned Location: Frac Focus ELDER #1X -HNC -09-07-65 (Click Well Name for Production Data) NICKEL ROAD OPERATING LLC - 10669 (Click Operator Name for Company Detail Report) PR 465643 WELD #123 WATTENBERG - #90750 2478FSL 260 FWL Disclosure: Sidetrack #00 Start Date: 8/13/2023 End Date: 9/1/2023 Reported: 10/16/2023 Days to report: 45 '!r)"ti-nrr Data for the original wellbore Wellbore Permit Permit #: Prop Depth/Form: 17411 ft. Surface Mineral Owner Same: No Mineral Owner - Unit: Formation And Spacing: Casing: Cement: Casing: Cement: Casing: Cement: Well Classification: OW Click Here for Transporter Gatherer Info Federal Or State Lease #: Status Date LocationlD: Location: Elevation: Lat/Long: 40.587730 / -104.638380 'R - 9/1/2023 Expiration Date: Status: PR - 9/1/2023 9/1/2023 465636 NWSW 11 7N65W 6 4868 ft. Lat/Long Source: Field Measured Measured TO HORIZONTAL 7/6/2024 FEE Surface Owner: FEE Unit Number: Code: NBRR , Formation: NIOBRARA , Order: 407-2580 , Unit Acreage: 1280, Drill Unit: SEC. 9 & 10: ALL String Type: CONDUCTOR. Hole Size: 24 in., Size: 16 in., Top: 0 ft., Depth: 80 ft., Weight: 42 . Citings Type: PLANNED Sacks: 100, Top: 0 ft., Bottom: 80 ft. String Type: SURF, Hole Size: 8.5 in., Size: 5.5 in., Top: 0 ft., Depth: 17408 ft., Weight: 20 , Citings Type: PLANNED Sacks: 2340, Top: 1000 ft.. Bottom: 17408 ft. String Type: 1ST, Hole Size: 13.5 in., Size: 9.625 in., Top: 0 ft., Depth: 1900 ft., Weight: 36 , Citings Type: PLANNED Sacks: 600, Top: 0 ft., Bottom: 1900 ft. Wellbore Completed Completion Date: Spud Date: Measured TD: True Vertical TD: Top PZ Location: Bottom Hole Location: N/A 4/5/2023 Sec:10 Twp: 7N 65W Sec:9 Twp: 7N 65W Spud Date Is: Measured PB depth: True Vertical PB depth: Footage: 810 FNL 460 FEL Footage: 810 FNL 460 FWL tuii pleteci �i�tortnatl�r� ao iu� ti d. t ur1 NOT COMPLE I cu .)tatu.. PR - 9/1/2023 1st Production Date: 4/1/2023 Choke Size: Formation Name: NOT COMPLETED Commingled: Production Method: Open Hole Completion: Tubing Size: Tubing Packer Depth: Open Hole Top: Tubing Setting Depth: Tubing Multiple Packer: Open Hole Bottom: No Initial Test Data was found for formation N-COM. No Perforation Data was found for formation N-COM. NOTICE Depth Depth Primary Well Designation: None i All Designations Datt Reported Plugged N Out Of Service Repurposed N Out Of Service N Inactive Exception N Noticed Inactive N Defined Inactive N Low Producing N BOE./MCFE/GOR Calculation Production for Previous 12 Months December 2022 - November 2023 Total Oil Produced (Barrels) 10750 Total Gas Produced (MCF) 10043 GOR 934 GOR Determination BOE Average BOE per Day 34.235 Average MCFE per Day 198.573 No httDs://ecmc.state.co.us/cociisdb/Facility/FacilitvDetailExpand?abi=12350234 1/1 3/22/24, 11:36 AM Facility Detail COGIS - WELL SCOUT CARD D-04 Related `-- InspR MIT 0 GIS a Doc a COA '`1f' Wellbore ' Orders r-3/4 Bradenhead Well Classification: OW Status: PR - 9/1/2023 ELDER #2X-HNA-09-07-65 Click Here for Transporter Gatherer Info (Click Well Name for Production Data) Surface Location API# 05-123-50238 Well Name/No: Operator: Facility Status: FacilitylD: County: Field: Planned Location: Frac Focus NICKEL ROAD OPERATING LLC - 10669 (Click Operator Name for Company Detail Report) PR 465647 WELD #123 WATTENBERG - #90750 2477FSL 245 FWL Disclosure: Sidetrack #00 Start Date: 8/13/2023 End Date: 9/1/2023 Reported: 10/16/2023 Days to report: 45 Wellbore Data for the original weilbore Wellbore Permit Permit #: Prop Depth/Form: 17397 ft. Surface Mineral Owner Same: No Mineral Owner: Unit: Formation And Spacing: Casing: Cement: Casing: Cement: Casing: Cement: Federal Or State Lease #: Status Date LocationiD: Location: Elevation: Lat/Long: 40.587730 / -1 04.638440 9/1/2023 465636 NWSW 11 7N65W 6 4869 ft. Lat/Long Source: Field Measured nR - 9/1 /2023 Measured TD: HORIZONTAL Expiration Date: 7/6/2024 FEE Surface Owner: FEE Unit Number: Code: NBRR , Formation: NIOBRARA , Order: 407-2580 , Unit Acreage: 1280, Drill Unit: SEC. 9 & 10: ALL String Type: CONDUCTOR, Hole Size: 24 in., Size: 16 in., Top: 0 ft., Depth: 80 ft., Weight: 42 . Citings Type: PLANNED Sacks: 100, Top: 0 ft., Bottom: 80 ft. String Type: SURF, Hole Size: 13.5 in., Size: 9.625 in., Top: 0 ft., Depth: 1900 ft., Weight: 36 , Citings Type: PLANNED Sacks: 600, Top: 0 ft., Bottom: 1900 ft. String Type: 1ST, Hole Size: 8.5 in., Size: 5.5 in., Top: 0 ft.. Depth: 17139 ft., Weight: 20 , Citings Type: PLANNED Sacks: 2310, Top: 1000 ft.. Bottom: 17139 ft. Wellbore Completed Completion Date: Spud Date: Measured TD: True Vertical TD: Top PZ Location: Bottom Hole Location: N/A 4/6/2023 Sec:10 Twp: 7N 65W Sec:9 Twp: 7N 65W Spud Date Is: Measured PB depth: True Vertical PB depth: Footage: 1140 FNL 460 FEL Footage: 1140 FNL 460 FWL Lompieteti entormation tor rormatton NOT COMPLt I i=U Status: 'R - 9/1/2023 1st Production Date: 4/1/2023 Choke Size: Formation Name: Production Method: Open Hole Completion: Tubing Size: Tubing Packer Depth: Open Hole Top: NOT COMPLETED Commingled: Tubing Setting Depth: Tubing Multiple Packer: Open Hole Bottom: No Initial Test Data was found for formation N-COM. No Perforation Data was found for formation N-COM. NOTICE Depth Depth Primary Well Designation: None i Alt Designations late Reported Plugged N Out Of Service Repurposed N Out Of Service N Inactive Exception N Noticed Inactive N Defined Inactive N Low Producing N BOE/MCFE/GOR Calculations Production for Previous 12 Months December 2022 - November 2023 Total Oil Produced (Barrels) 8676 Total Gas Produced (MCF) 8401 GOR 968 GOR Determination BOE Average BOE per Day 27.739 Average MCFE per Day 160.894 No https://ecmc.state.co.us/cogisdb/Facility/FacilitvDetailExgand?api=12350238 1/1 3/22/24, 11:37 AM Facility Detail COGIS - WELL SCOUT CARD Related ` InspR MIT 0 GIS IPA Doc a COA it Wellbore - Orders R Bradenhead Surface Location Well Classification: OW Status: PR - 9/1/2023 API# 05-123-50243 Well Name/No. ELDER #2X -HC -09-07-65 Click Here for Transporter Gatherer Info (Click Well Name for Production Data) Operator: NICKEL ROAD OPERATING LLC - 10669 Federal Or State Lease #: (Click Operator Name for Company Detail Report) Facility Status: PR Status Date 9/1/2023 FacilitylD: 465652 LocationlD: 465636 County: WELD #123 Location: NWSW 11 7N65W 6 Field: WATTENBERG - #90750 Elevation: 4869 ft. Planned Location: 2477FSL 230 FWL Lat/Long: 40.587730 / -104.638490 Lat/Long Source Field Measured Frac Focus Disclosure: Sidetrack #00 Start Date: 8/13/2023 End Date: 9/1/2023 Reported: 10/16/2023 Days to report: 45 Wellbore Data for the original wellbore Wellbore Permit Permit #: Prop Depth/Form: 17461 ft. Surface Mineral Owner Same: No Mineral Owner: Unit: Formation And Spacing: Casing: Cement: Casing: Cement: Casing: Cement: PR - 9/1/2023 Measured TD HORIZONTAL Expiration Date: 7/6/2024 FEE Surface Owner: FEE Unit Number: Code: CODL , Formation: CODELL , Order: 407-2580 , Unit Acreage: 1280, Drill Unit: SEC. 9 & 10: ALL String Type: CONDUCTOR, Hole Size: 24 in., Size: 16 in., Top: 0 ft.. Depth. 80 ft., Weight: 42 , Citings Type: PLANNED Sacks: 100. Top: 0 ft., Bottom: 80 ft. String Type: SURF. Hole Size: 13.5 in.. Size: 9.625 in., Top: 0 ft.. Depth: 1900 ft., Weight: 36 . Citings Type: PLANNED Sacks: 600, Top: 0 ft., Bottom: 1900 ft. String Type: 1ST. Hole Size: 8.5 in., Size: 5.5 in., Top: 0 ft.. Depth: 17360 ft., Weight: 20 . Citings Type: PLANNED Sacks: 2330, Top: 1000 ft., Bottom: 17360 ft. Wellbore Completed Completion Date: Spud Date: Measured TD: True Vertical TD: Top PZ Location: Bottom Hole Location: N/A 4/7/2023 Sec:10 Twp: 7N 65W Sec:9 Twp: 7N 65W Spud Date Is, Measured PB depth: True Vertical PB depth: Footage: 1470 FNL 460 FEL Footage: 1470 FNL 460 FWL Completed information for formation NOT COMPLETED Status: PR - 9/1/2023 1st Production Date: 4/1/2023 Choke Size: Formation Name: NOT COMPLETED Commingled: Production Method: Open Hole Completion: Tubing Size: Tubing Setting Depth: Tubing Packer Depth Tubing Multiple Packer Open Hole Top: Open Hole Bottom: No Initial Test Data was found for formation N-COM. No Perforation Data was found for formation N-COM. NOTICE Depth Depth Primary Well Designation: None A All Designations flat" Reported Plugged N Out Of Service Repurposed N Out Of Service N Inactive Exception N Noticed Inactive N Defined Inactive N Low Producing N BOE/MCFE/GOR Calculations Production for Previous 12 Months December 2022 - November 2023 I Total Oil Produced (Barrels) 11476 Total Gas Produced (MCF) 10132 GOR 882 GOR Determination BOE Average BOE per Day 36.233 Average MCFE per Day 210.148 No httbs://ecmc.state.Co.us/cooisdb/Facility/FacilitvDetailExpand?aqi=12350243 1/1 3/22/24, 11:37 AM Facility Detail COGIS - WELL SCOUT CARD 1-01) Related as InspR MIT 0 GIS a Doc a COA it` Wellbore ' Orders ` li% Bradenhead Surface Location API# 05-123-50242 Well Name/No: Operator: Facility Status: FacilitylD: County: Field: Planned Location: Frac Focus ELDER #3X-HNB-09-07-65 (Click Well Name for Production Data) NICKEL ROAD OPERATING LLC - 10669 (Click Operator Name for Company Detail Report) PR 465651 WELD #123 WATTENBERG - #90750 2477FSL 215 FWL Disclosure: Sidetrack #00 Start Date: 8/13/2023 End Date: 9/1/2023 Reported: 10/16/2023 Days to report: 45 wnilhr,r-r' Data for the original welibore Wellbore Permit Permit 4: Prop Depth/Form: 17161 ft. Surface Mineral Owner Same: No Mineral Owner: Unit: Formation And Spacing: Casing: Cement: Casing: Cement: Casing: Cement: Well Classification: OW Status: PR - 9/1/2023 Click Here for Transporter Gatherer Info Federal Or State Lease #: Status Date LocationiD: Location: Elevation: Lat/Long: 40.587730 / -104.638550 PR - 9/1/2023 Expiration Date: 9/1/2023 465636 NWSW 11 7N65W 6 4869 ft. Lat/Long Source: Field Measured Measured Tie HORIZONTAL 7/6/2024 FEE Surface Owner: FEE Unit Number: Code: NBRR , Formation: NIOBRARA , Order: 407-2580 , Unit Acreage: 1280, Drill Unit: SEC. 9 & 10: ALL String Type: CONDUCTOR, Hole Size: 24 in., Size: 16 in., Top: 0 ft., Depth: 80 ft., Weight: 42 . Citings Type: PLANNED Sacks: 100, Top: 0 ft.. Bottom: 80 ft. String Type: SURF. Hole Size: 13.5 in., Size: 9.625 in., Top: 0 ft., Depth: 1900 ft., Weight: 36 . Citings Type. PLANNED Sacks: 600, Top: 0 ft., Bottom: 1900 ft. String Type: 1ST, Hole Size: 8.5 in., Size: 5.5 in., Top: 0 ft., Depth: 17103 ft., Weight: 20 , Citings Type: PLANNED Sacks: 2300, Top: 1000 ft.. Bottom: 17103 ft. Wellbore Completed Completion Date: Spud Date: Measured TD: True Vertical TD: Top PZ Location: Bottom Hole Location: N/A 4/8/2023 Sec:10 Twp: 7N 65W Sec:9 Twp: 7N 65W Spud Date Is: Measured PB depth: True Vertical PB depth: Footage: 1800 FNL 460 FEL Footage: 1800 FNL 460 FWL L.ote Ieteu iiiforratluai tor formation NOT COMPLETELi otacus. PR - 9/1/2023 1st Production Date: 4/1/2023 Choke Size: Formation Name: NOT COMPLETED Commingled: Production Method: Open Hole Completion: Tubing Size: Tubing Setting Depth: Tubing Packer Depth: Tubing Multiple Packer: Open Hole Top: Open Hole Bottom: No Initial Test Data was found for formation N-COM. No Perforation Data was found for formation N-COM. NOTICE Depth Depth Primary Well Designation: None 1 All Designations Oak Reported Plugged N Out Of Service Repurposed N Out Of Service N Inactive Exception N Noticed Inactive N Defined Inactive N Low Producing N BOE/MCFE/GOR Calculations Production for Previous 12 Months December 2022 - November 2023 Total Oil Produced (Barrels) 9009 Total Gas Produced (MCF) 7493 GOR 831 GOR Determination BOE Average BOE per Day 28.259 Average MCFE per Day 163.903 No httos://ecmc.state.co.us/coaisdb/Facilitv/FacilitvDetailExoand?aoi=12350242 1/1 3/22/24, 11:37 AM Facility Detail COGIS - WELL SCOUT CARD t`.t' Related , InsiA MIT. GIS It Doc a COA lit Wellbore ' Orders (44 Bradenhead Well Classification: OW Status: PR - 9/1/2023 ELDER #4X -HNC -09-07-65 Click Here for Transporter Gatherer Info (Click Well Name for Production Data) Surface Location API# 05-123-50246 Well Name/No Operator: Facility Status: FacilitylD: County: Field: Planned Location: Frac Focus NICKEL ROAD OPERATING LLC - 10669 (Click Operator Name for Company Detail Report) PR 465655 WELD #123 WATTENBERG - #90750 2476FSL 200 FWL Disclosure: Sidetrack #00 Start Date: 8/13/2023 End Date: 9/1/2023 Reported: 10/16/2023 Days to report: 45 Wellbore Data for the original wellbore Wellbore Permit Permit #. Prop Depth/Form: 17200 ft. Surface Mineral Owner Same: No Mineral Owner: Unit: Formation And Spacing: Casing: Cement: Casing: Cement: Casing: Cement: Federal Or State Lease #: Status Date LocationiD: Location: Elevation: Lat/Long: 40.587730 / -104.638600 9/1/2023 465636 NWSW 11 7N65W 6 4869 ft. Lat/Long Source: Field Measured PR - 9/1 /2023 Measured TO Expiration Date: HORIZONTAL 7/6/2024 FEE Surface Owner: FEE Unit Number: Code: NBRR , Formation: NIOBRARA , Order: 407-2580 . Unit Acreage: 1280, Drill Unit: SEC. 9 & 10: ALL String Type: CONDUCTOR, Hole Size: 24 in., Size: 16 in., Top: 0 ft., Depth: 80 ft., Weight: 42 , Citings Type: PLANNED Sacks: 100, Top: 0 ft., Bottom: 80 ft. String Type: SURF, Hole Size: 13.5 in., Size: 9.625 in., Top: 0 ft., Depth: 1900 ft., Weight: 36 , Citings Type: PLANNED Sacks: 600, Top: 0 ft., Bottom: 1900 ft. String Type: 1ST, Hole Size: 8.5 in., Size: 5.5 in., Top: 0 ft., Depth: 17154 ft., Weight: 20 . Citings Type: PLANNED Sacks: 2310, Top: 1000 ft.. Bottom: 17154 ft. Wellbore Completed Completion Date: Spud Date: Measured TD: True Vertical TD: Top PZ Location: Bottom Hole Location: N/A 4/9/2023 Sec:10 Twp: 7N 65W Sec:9 Twp 7N 65W Spud Date Is: Measured PB depth: True Vertical PB depth: Footage: 2130 FNL 460 FEL Footage: 2130 FNL 460 FWL Completed Information tor formation NOT COMPLE t 1=u 1st Production Date: 4/1/2023 Formation Name: NOT COMPLETED Production Method: Open Hole Completion: Tubing Size: Tubing Packer Depth: Open Hole Top: Tubing Setting Depth: Tubing Multiple Packer Open Hole Bottom: No Initial Test Data was found for formation N-COM. Choke Size: Commingled: No Perforation Data was found for formation N-COM. Status: - 9/1/2023 NOTICE Depth Depth Primary Well Designation: None 1 Al? Designations Date Reported Plugged N Out Of Service Repurposed N Out Of Service N Inactive Exception N Noticed Inactive N Defined Inactive N Low Producing N BOE/MCFE/GOR Calculations Production for Previous 12 Months December 2022 - November 2023 Total Oil Produced (Barrels) 9804 Total Gas Produced (MCF) 9428 GOR 961 GOR Determination BOE Average BOE per Day 31.316 Average MCFE per Day 181.642 No httbs://ecmc.state.co.us/coaisdb/Facility/FacilityDetailExpand?api=12350246 1/1 Tyson Gurney & Davis LLC Nickel Road Operating LLC 1600 Stout St , Suite 1850 Denver CO 80202 ' Attn Blake Leavitt , Josh Davis Cosh davis@tghenergylaw com January 10, 2024 RE Updated Drilling & Division Order Title Opinion Elder West PUD Attorney File # 2274 LANDS COVERED BY OPINION Township 7 North, Range 65 West, 6th P M Section 9 ALL Section 10 ALL Weld County, Colorado Containing 1279 77 acres, more or less Excluding the wellbore of the Elder West 5X-HNB-09-07-65 Well CERTIFICATION DATE: October 1, 2023 1801 Broadway, Suite 531 Denver, Colorado 80202 Phone (303) 652-5040 Fax (303) 652-5041 Updated Drilling & Divcion Order Title Opinion ALL of Sections 9 and 13, T7N-R65W, 6th P.M. Weld County, Colorado January 3, 2024 Page 7 Tract 9-13A Description Township 7 North, Range 65 West, 6th P.M. 1.21 acres of lan 1, more or less, located in the S/2SW/4 of Section 9, described by rietes and bounds in a Quit Claim Deed (Reception No. 877360) dated March 20, 1941 Tract 9-13B Description Township 7 North, Range 65 West, 6th P.M. 0.87 acres of lan i, more or less, located in the E/2SE/4 of Section 9 described by mees and bounds in a Quit Claim Deed (Reception Tract Factor 1.21/1279.7700 Tract Factor 0.87/1279.7700 Lease 4491819 Lease 4491818 Updated Dnllmg & Division Order Title Opinion ALL of Sections 9 and 10, T7N-k65W, P M Weld County, Colorado January 3, 2024 Page 8 No 877350) dated March 21, 1941 Updated Drilling & Divsion Order Title Opinion ALL of Sections 9 and U, T7N-R65W, 6th P.M. Weld County, Colorado January 3, 2024 Page 33 OWNERSHIP INTERESTS IN TRACT 9-13A (A metes and bounds parcel located in the S/2SW/4 of Section 9) SURFACE: Weil County, Colorado, a quasi -municipal corporation: 100% MINERAL INTERESTS & ROYALTY: Owner (OIL, GAS & ASSOCIATED HYDROCARBONS ONLY) Lease Req. Weld County, Colorado, a quasi -municipal corporation 4491819 7 OVERRIDING ROYALTY INTERESTS: Owner Lease Phoenix Capital 3roup Holdings LLC 4491819 Req. Lease ORR 7 1.500000% Mineral Interest Royalty Interest 100.000000% 18.500000% Lease Mineral Interest Working Interest Burdened 100.000000% 100.000000% Updated Dnllmg & Division Order Title Opinion ALL of Sections 9 and 10, T7N-R65W, 6'' P M Weld County, Colorado January 3, 2024 Page 34 LEASEHOLDi WORKING INTERESTS. Owner Lease Rhe _ Lease Lease Mineral Lease WI Interest NRI Nickel Road Development, LLC 4491819 7 100 000000% 100 000000% 80 000000% OWNERSHIP INTERESTS IN TRACT 9-13B (A metes and bounds parcel located in the E/2SE/4 of Section 9) SURFACE: Weld County, Colorado, a quasi -municipal corporation 100% MINERAL INTERESTS & ROYALTY: (OIL, GAS & ASSOCIATED HYDROCARBONS ONLY) Mineral Royalty Owner Lease Rep Interest Interest Weld County, Colorad ,, a quasi -municipal corporation 4491818 7 100 000000% 18 500000% OVERRIDING ROYALTY INTERESTS Lease Working Mineral Interest Owner Lease Ro Lease ORR Interest Burdened Phoenix Capital GrouplHoldings LLC 4491818 7 1 500000% 100 000000% 100 000000% LEASEHOLD WORKING INTERESTS Owner Lease Rote _ Lease Lease Mineral Lease WI Interest NRI Nickel Road Development, LLC 4491818 7 100 000000% 100 000000% 80 000000% Updated Drilling & Divi ion Order Title Opinion ALL of Sections 9 and 1' , T7N-R65W, 6th P.M. Weld County, Colorado January 3, 2024 Page 65 REQUIREMENT No. 7: (Subject Lease Provisions) In the Division Order Title Opinion dated January 4, 2021, prepared by the Anini Law Firm PLLC, covering Section 9 (the "Prior Opinion) the examiner set forth the following discussion regardhg provisions in the subject leases, designated in the Prior Opinion as Requirement AO3. The Szject Lease(s) contain provisions which may be unconventional or "nonstandard" in form, es well as numerous standard provisions, and must be reviewed and complied with prior n conducting operations on the Subject Land. No attempt has been undertaken in the preparation of this Opinion to analyze in detail the Lessee 's various obligations thereunder. You slnuld carefully examine and familiarize itself with all terms, covenants, and conditions of the subject Lease(s). The L. ssor of L40 (Reception No. 4491818) and L41 (Reception No. 4491819) is Weld Count', Colorado, a political subdivision of the State of Colorado, acting by and through the Beard of County Commissioners of the County of Weld. As L40 and L41 is on a state Updated Drilling & Division Order Title Opinion ALL of Sections 9 and 10, T7N-R65W, 6'h P M Weld County, Colorado January 3, 2024 Page 66 lease form which is favorable to the State of Colorado, you should study the same in great detail and carefully comply with all of the terms and provisions thereof Provision 10 of L40 and L41 states that any and all reservations or assignments of ORRI shall be subject to approval by Lessor and for purposes of this Opinion, we have assumed that you have obtained the requisite approval necessary for the execution ofA26 The prior examiner then advises the following a) Examine and familiarize yourselves with all the terms and provisions of the Subject Lease(s) and ensure compliance therewith �� _— �� ,� rya i -,.r� �,+�n.,•• ='r"-•--� �= fi]-� 3.��...�, ,.� { _., _ — - e.-. t'...."' P'a's . ,i c) Verify that you have obtained the requisite approval for the execution of A26, as required by L40 and L41, and submit any evidence to the contrary to this office for examination �__ .� Rm-h ..� .. i-ate. M� � �>-•.T., ..K the Materials Examined contain no evidence that Weld County approved the Assignment of L40 (Reception No 4491818) and L41 (Reception No 44 91819) 1819) Requirement As directed by the prior examiner above, you should examine and familiarize yourselves with all the terms and provisions of the Subject Lease(s) and ensure compliance therewith Updated Drilling & Division Order Title Opinion ALL of Sections 9 and 1c T7N-R65W, 6'" P M Weld County, Colorado January 3 2024 Page 71 Tyson Gurney & Davis, LLC By Josh Davis COUNTY ATTORNEY STAFF APPROVAL This is to affirm the attached Division Order and authorization to receive payment for an oil and gas well has been reviewed by the County Attorney's staff as to form and legal description. Well Name(s): Elder 1X -HNC -O9 -O7-65, Elder 2X-HNA-09-07-65, Elder 2X -HC -O9 -O7-65, Elder 3X-HNB-09-07-65, Elder 4X -HNC -O9 -O7-65 File Location(s): LE0494, LE0495 BY: DATE: --j-"l a _ Bruce Barker — County Attorney NOTES: 1.21 mineral acres / 1279.7700 acres spacing unit * .185 = 0.0001749142 MATCH .8700 mineral acres / 1279.7700 acres spacing unit * .185 = 0.0001257648 MATCH Hello