Disclaimer Forward-Looking Statements This presentation includes “forward-looking statements” under
applicable securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Colgate Energy Partners III, LLC’s (including its subsidiaries, “Colgate” or, the
“Company”) control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments Colgate expects, believes or anticipates will or may occur in the future, such as those
regarding expected results, future commodity prices, future production targets, future earnings, Free Cash Flow, EBITDAX, leverage targets, future capital spending plans, midstream transportation agreements, improved and/or increasing capital
efficiency, continued utilization of existing infrastructure, oil and gas marketability, estimated realized oil, natural gas and natural gas liquids, acreage quality, expected drilling and development plans (including the number, type, lateral
length and location of wells to be drilled, the number and type of drilling rigs and the number of wells per pad), projected well costs and cost savings initiatives, future financial position, future technical improvements, future marketing and
asset monetization opportunities, and the amount and timing of any contingent payments are forward-looking statements. You generally can identify our forward-looking statements by the words “anticipate,” “believe,”
“budgeted,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “goal,” “intend,” “may,” “objective,” “plan,”
“potential,” “predict,” “projection,” “scheduled,” “should,” “would” and other words that convey uncertainty of future events or outcomes. All forward-looking statements speak only as of
the date of this presentation. Although Colgate believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will
be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Colgate expressly disclaims any obligation to and does not intend to publicly
update or revise any forward-looking statements. With respect to any projection or forecast contained herein, including, but not limited to, the past, present, or future value of the anticipated cash flows, reserves, production, drilling program,
costs, expenses, taxes, leverage, hedging activities, Company distributions, average realized prices on the sale of the Company’s production and capital expenditures of the Company, if any, the Company hereby advises that: (i) there are
uncertainties inherent in attempting to make such projections and forecasts; (ii) the accuracy and correctness of any such projections and forecasts may be affected by information which may become available after the date of such projections
and forecasts; (iii) the underlying assumptions for the projections or forecasts could change; (iv) the projections and forecasts may no longer be accurate as a result of any of (i)-(iii) above or any other factor; (v) neither the
Company nor any of its representatives has an obligation to update any such projections or forecasts; and (vi) the projections and forecasts are not necessarily indicative of current value or future performance, which may be significantly more
or less favorable than as reflected herein. Colgate cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and development, production, gathering and sale of oil, natural
gas and NGLs, most of which are difficult to predict and many of which are beyond the Company’s control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production
equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating oil and natural gas reserves and in projecting future rates of production, cash flow and access to capital,
the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream
demand or storage capacity, and the other risks described under the heading “Risk Factors” in the offering memorandums related to the offering of Colgate’s senior notes due 2026 and Colgate’s senior notes due 2029. Reserve
engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price
and cost assumptions made by reservoir engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any
further production and development drilling. Unless otherwise indicated, reserve and PV-10 estimates shown herein are based on a reserves report prepared by Netherland, Sewell & Associates, Inc., the
Company’s independent petroleum engineers (“NSAI”), as of December 31, 2021, and were prepared using commodity prices based on New York Mercantile Exchange Henry Hub and WTI futures prices, referred to herein as “strip”
or “NYMEX” pricing as of December 31, 2021. We believe that the use of strip pricing provides useful information about our reserves, as the forward prices are based on the markets forward-looking expectations of oil and natural gas
prices as of a certain date. Strip prices are not necessarily a projection of future oil and natural gas prices, and should be carefully considered in addition to, and not as a substitute for, SEC prices, when considering our oil, natural gas and
NGL reserves. Industry and Market Data Although all information and opinions expressed in this presentation, including market data and other statistical information (including estimates and projections relating to addressable markets), were obtained
from sources believed to be reliable and are included in good faith, Colgate has not independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on
the good faith estimates of Colgate, which are derived from its review of internal sources as well as the independent sources described above. While the Company is not aware of any misstatements regarding the industry and market data presented in
this presentation, such data involve risks and uncertainties and are subject to change based on various factors, including those factors discussed under “Forward-Looking Statements” above. The Company has no intention and undertakes no
obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. CONFIDENTIAL 10