

➢ Emphasize Health, Safety and Environmental best practices and compliance
➢ Acquire and develop oil and gas producing assets in the Ventura Basin of California
➢ Build value from acquired assets
➢ Emphasize Health, Safety and Environmental best practices and compliance
➢ Acquire and develop oil and gas producing assets in the Ventura Basin of California
➢ Build value from acquired assets
➢ Emphasize Health, Safety and Environmental best practices and compliance
➢ Acquire and develop oil and gas producing assets in the Ventura Basin of California
➢ Build value from acquired assets
Carbon California operates and develops oil and natural gas producing properties in the Ventura Basin of California.
Carbon California operates and develops oil and natural gas producing properties in the Ventura Basin of California.
Carbon California operates and develops oil and natural gas producing properties in the Ventura Basin of California.
Carbon California Company
Carbon California Company
Carbon California Company
• Lease operating expense reductions
• Gathering infrastructure optimization
• Production enhancement projects
• Field development projects
• Operational synergies
• Lease operating expense reductions
• Gathering infrastructure optimization
• Production enhancement projects
• Field development projects
• Operational synergies
• Lease operating expense reductions
• Gathering infrastructure optimization
• Production enhancement projects
• Field development projects
• Operational synergies
➢ Low capital, low risk, field development projects, 15 year- inventory of identified and engineered projects
➢ 100% Held by Production and Fee Mineral acreage
➢ Low capital, low risk, field development projects, 15 year- inventory of identified and engineered projects
➢ 100% Held by Production and Fee Mineral acreage
➢ Low capital, low risk, field development projects, 15 year- inventory of identified and engineered projects
➢ 100% Held by Production and Fee Mineral acreage
➢ Low water cut, 5% base production decline
➢ Shallow depth (2,000' to 8,000')
➢ Permitted water management systems
➢ Favorable land and regulatory environment

California Oil Basins

California Oil Basins

Ventura County Basins

Ventura Basin Fields

as of
December 31, 2022
as of
December 31, 2022
as of
December 31, 2022

Reserves
(mmboe)
Reserves
(mmboe)
Reserves
(mmboe)
PV10%
($ million)
PV10%
($ million)
PV10%
($ million)
$ 272.7
$ 272.7
$ 272.7
$ 41.7
$ 41.7
$ 41.7
$ 314.3
$ 314.3
$ 314.3
Oil and Gas Reserves
Oil and Gas Reserves
Oil and Gas Reserves
(SEC Compliant)
(SEC Compliant)
(SEC Compliant)
PROVED RESERVES *
PROVED RESERVES *
PROVED RESERVES *
* 82% Oil and NGL
* 82% Oil and NGL
* 82% Oil and NGL
PROVED DEVELOPED RESERVES
PROVED DEVELOPED RESERVES
PROVED DEVELOPED RESERVES
16.5
16.5
16.5
18.2
18.2
18.2
17.0
17.0
17.0
PROVED UNDEVELOPED RESERVES
PROVED UNDEVELOPED RESERVES
PROVED UNDEVELOPED RESERVES
