

Advance Energy PartnersInitial Investment: 2014 Advance Energy Partners is a Houston-based exploration and production company focused on acquisition and low-risk leasing and drilling opportunities in Texas and the Rockies. www.advanceenergypartners.com | Advance Energy Partners
Advance Energy PartnersInitial Investment: 2014 Advance Energy Partners is a Houston-based exploration and production company focused on acquisition and low-risk leasing and drilling opportunities in Texas and the Rockies. www.advanceenergypartners.com A Houston-based exploration and production company focused on acquisition and low-risk leasing and drilling opportunities in Texas and the Rockies. | 2014 |


Ameredev II LLCInitial Investment: 2017 American Resources Development is an Austin-based exploration and production company focused on the acquisition and development of oil and gas properties in the Permian Basin. ameredev.com | Ameredev II LLC
Ameredev II LLCInitial Investment: 2017 American Resources Development is an Austin-based exploration and production company focused on the acquisition and development of oil and gas properties in the Permian Basin. ameredev.com An Austin-based exploration and production company focused on the acquisition and development of oil and gas properties in the Permian Basin. | 2017 |


Black Swan Oil & Gas, LLCInitial Investment: 2017 Black Swan Oil & Gas, LLC is an Oklahoma City-based independent oil and gas company focused on the identification, acquisition and development of horizontal resource plays in the Lower 48. www.blackswanog.com | Black Swan Oil & Gas, LLC
Black Swan Oil & Gas, LLCInitial Investment: 2017 Black Swan Oil & Gas, LLC is an Oklahoma City-based independent oil and gas company focused on the identification, acquisition and development of horizontal resource plays in the Lower 48. www.blackswanog.com An Oklahoma City-based independent oil and gas company focused on the identification, acquisition and development of horizontal resource plays in the Lower 48. | 2017 |


Earthstone EnergyInitial Investment: 2012 Earthstone Energy is a publicly traded (NYSEMKT:ESTE) oil and gas company based in the Woodlands, Texas. The company was formed in 2012 by Frank Lodzinski and his technical team, which over the past 20 years has an established track record of value creation at various public and private companies. Mr. Lodzinski previously managed and founded GeoResources (NASDAQ:GEOI), Cliffwood Oil & Gas and AROC, Inc. www.earthstoneenergy.com | Earthstone Energy
Earthstone EnergyInitial Investment: 2012 Earthstone Energy is a publicly traded (NYSEMKT:ESTE) oil and gas company based in the Woodlands, Texas. The company was formed in 2012 by Frank Lodzinski and his technical team, which over the past 20 years has an established track record of value creation at various public and private companies. Mr. Lodzinski previously managed and founded GeoResources (NASDAQ:GEOI), Cliffwood Oil & Gas and AROC, Inc. www.earthstoneenergy.com A publicly traded (NYSEMKT:ESTE) oil and gas company based in the Woodlands, Texas, formed in 2012 by Frank Lodzinski. | 2012 |


Enduring Resources IVInitial Investment: 2017 A Denver-based independent oil and gas company focused on acquiring and developing oil and natural gas reserves in domestic onshore basins. enduringresources.com | Enduring Resources IV
Enduring Resources IVInitial Investment: 2017 A Denver-based independent oil and gas company focused on acquiring and developing oil and natural gas reserves in domestic onshore basins. enduringresources.com A Denver-based independent oil and gas company focused on acquiring and developing oil and natural gas reserves in domestic onshore basins. | 2017 |


Flat Creek Resources, LLCInitial Investment: 2018 Flat Creek Resources is a Fort Worth-based exploration and production company formed to build an attractive asset through a core acreage consolidation and exploitation strategy in proven, economic basins with an initial focus on the Permian. flatcreekresources.com | Flat Creek Resources, LLC
Flat Creek Resources, LLCInitial Investment: 2018 Flat Creek Resources is a Fort Worth-based exploration and production company formed to build an attractive asset through a core acreage consolidation and exploitation strategy in proven, economic basins with an initial focus on the Permian. flatcreekresources.com A Fort Worth-based exploration and production company formed to build an attractive asset through a core acreage consolidation and exploitation strategy in proven, economic basins with an initial focus on the Permian. | 2018 |


Forge Energy IIInitial Investment: 2018 Forge Energy II is a San Antonio-based exploration and production company focused on the acquisition and development of horizontal resource plays in the Lower 48. forgenergy.com | Forge Energy II
Forge Energy IIInitial Investment: 2018 Forge Energy II is a San Antonio-based exploration and production company focused on the acquisition and development of horizontal resource plays in the Lower 48. forgenergy.com A San Antonio-based exploration and production company focused on the acquisition and development of horizontal resource plays in the Lower 48. | 2018 |


Fortis MineralsInitial Investment: 2016 A Houston-based mineral acquisition company focused on purchasing mineral interests and overriding royalties in the premier oil and gas plays in the United States. www.fortisminerals.com | Fortis Minerals
Fortis MineralsInitial Investment: 2016 A Houston-based mineral acquisition company focused on purchasing mineral interests and overriding royalties in the premier oil and gas plays in the United States. www.fortisminerals.com A Houston-based mineral acquisition company focused on purchasing mineral interests and overriding royalties in the premier oil and gas plays in the United States. | 2016 |


Grayson Mill Energy, LLCInitial Investment: 2016 Grayson Mill Energy, LLC is a Houston-based exploration and production company focused on the acquisition and development of oil and gas assets within various U.S. unconventional resource plays. graysonmillenergy.com | Grayson Mill Energy, LLC
Grayson Mill Energy, LLCInitial Investment: 2016 Grayson Mill Energy, LLC is a Houston-based exploration and production company focused on the acquisition and development of oil and gas assets within various U.S. unconventional resource plays. graysonmillenergy.com A Houston-based exploration and production company focused on the acquisition and development of oil and gas assets within various U.S. unconventional resource plays. | 2016 |


Grenadier Energy Partners IIInitial Investment: 2012 Grenadier Energy Partners II is managed by the former Stroud Energy and Grenadier Energy Partners management team. Stroud Energy, a successful Fund IV investment, was sold to Range Resources in 2006 and Grenadier Energy Partners, a successful Fund VII investment, was sold in 2012. Grenadier’s management team is pursuing a strategy similar to that which successfully created value in the past. grenadierenergy.com | Grenadier Energy Partners II
Grenadier Energy Partners IIInitial Investment: 2012 Grenadier Energy Partners II is managed by the former Stroud Energy and Grenadier Energy Partners management team. Stroud Energy, a successful Fund IV investment, was sold to Range Resources in 2006 and Grenadier Energy Partners, a successful Fund VII investment, was sold in 2012. Grenadier’s management team is pursuing a strategy similar to that which successfully created value in the past. grenadierenergy.com A Woodlands, Texas-based firm managed by the former Stroud Energy and Grenadier Energy Partners management team pursuing a strategy similar to that which successfully created value in the past. | 2012 |


Modern Resources Inc.Initial Investment: 2013 Modern Resources Inc. is a Calgary, Alberta-based oil and gas company focused on the pursuit of proved reserve acquisitions with resource upside in the Western Canadian Sedimentary Basin. Modern currently is focused on resource validation and development of the Spirit River and Cardium plays of the Deep Basin. modernresources.ca | Modern Resources Inc.
Modern Resources Inc.Initial Investment: 2013 Modern Resources Inc. is a Calgary, Alberta-based oil and gas company focused on the pursuit of proved reserve acquisitions with resource upside in the Western Canadian Sedimentary Basin. Modern currently is focused on resource validation and development of the Spirit River and Cardium plays of the Deep Basin. modernresources.ca A Calgary, Alberta-based oil and gas company on the pursuit of proved reserve acquisitions with resource upside in the Western Canadian Sedimentary Basin. | 2013 |


Montage ResourcesInitial Investment: 2011 Montage Resources is a publicly traded (NYSE: MR) oil and gas company based in Irving, Texas, focused on acquiring and developing acreage in the Appalachian Basin. Montage Resources was formed in 2019 through a combination of Eclipse Resources and Blue Ridge Mountain Resources. Eclipse Resources was initially capitalized by EnCap in 2011 and subsequently publicly listed on the NYSE under the ticker ECR. | Montage Resources
Montage ResourcesInitial Investment: 2011 Montage Resources is a publicly traded (NYSE: MR) oil and gas company based in Irving, Texas, focused on acquiring and developing acreage in the Appalachian Basin. Montage Resources was formed in 2019 through a combination of Eclipse Resources and Blue Ridge Mountain Resources. Eclipse Resources was initially capitalized by EnCap in 2011 and subsequently publicly listed on the NYSE under the ticker ECR. A publicly traded (NYSE: MR) oil and gas company based in Irving, Texas, focused on acquiring and developing acreage in the Appalachian Basin. Montage Resources was formed in 2019 through a combination of Eclipse Resources and Blue Ridge Mountain Resources. Eclipse Resources was initially capitalized by EnCap in 2011 and subsequently publicly listed on the NYSE under the ticker ECR. | 2011 |


Novo Oil & GasInitial Investment: 2016 Novo Oil & Gas, LLC is an Oklahoma City-based exploration and production company focused on the pursuit of proven, liquids-rich unconventional assets within various onshore U.S basins. Novo is led by two former PayRock Energy managers that played an integral role in the company's assembly, development and ultimate sale of its core STACK position to Marathon Oil Corporation. Novo was formed in August 2016. novoog.com | Novo Oil & Gas
Novo Oil & GasInitial Investment: 2016 Novo Oil & Gas, LLC is an Oklahoma City-based exploration and production company focused on the pursuit of proven, liquids-rich unconventional assets within various onshore U.S basins. Novo is led by two former PayRock Energy managers that played an integral role in the company's assembly, development and ultimate sale of its core STACK position to Marathon Oil Corporation. Novo was formed in August 2016. novoog.com An Oklahoma City-based exploration and production company focused on the pursuit of proven, liquids-rich unconventional assets within various onshore U.S basins. | 2016 |


OGX Holding IIIInitial Investment: 2015 OGX III is a Midland, Texas-based oil and gas company focused on both a minerals and acquire-and-exploit strategy in the Permian Basin of West Texas and Southeast New Mexico. While partnered with EnCap, the OGX team has had numerous successful realizations in the Central Basin Platform, Midland Basin and Delaware Basin. | OGX Holding III
OGX Holding IIIInitial Investment: 2015 OGX III is a Midland, Texas-based oil and gas company focused on both a minerals and acquire-and-exploit strategy in the Permian Basin of West Texas and Southeast New Mexico. While partnered with EnCap, the OGX team has had numerous successful realizations in the Central Basin Platform, Midland Basin and Delaware Basin. A Midland, Texas-based oil and gas company focused on both a minerals and acquire-and-exploit strategy in the Permian Basin of West Texas and Southeast New Mexico. | 2015 |


Paloma Partners IVInitial Investment: 2014 Paloma IV is a privately held, Houston-based oil and gas company focused on the acquisition and development of acreage in the United States. Management’s impressive track record of value creation includes three previous successful EnCap sponsored entities, San Juan Partners, Paloma Barnett and Paloma II. www.palomaresources.com | Paloma Partners IV
Paloma Partners IVInitial Investment: 2014 Paloma IV is a privately held, Houston-based oil and gas company focused on the acquisition and development of acreage in the United States. Management’s impressive track record of value creation includes three previous successful EnCap sponsored entities, San Juan Partners, Paloma Barnett and Paloma II. www.palomaresources.com A privately held, Houston-based oil and gas company focused on the acquisition and development of acreage in the United States. | 2014 |


Pegasus ResourcesInitial Investment: 2017 Based in Fort Worth, Texas, Pegasus Resources is focused on acquiring mineral and royalty interests in proven oil and gas resource plays, specifically the Permian Basin. Pegasus is led by a team of established leaders with the experience and expertise to source, evaluate, negotiate and close acquisitions providing value to mineral owners, investors, partners and stakeholders. pegasusresources.com | Pegasus Resources
Pegasus ResourcesInitial Investment: 2017 Based in Fort Worth, Texas, Pegasus Resources is focused on acquiring mineral and royalty interests in proven oil and gas resource plays, specifically the Permian Basin. Pegasus is led by a team of established leaders with the experience and expertise to source, evaluate, negotiate and close acquisitions providing value to mineral owners, investors, partners and stakeholders. pegasusresources.com A Fort Worth, Texas-based company focused on acquiring mineral and royalty interests in proven oil and gas resource plays, specifically the Permian Basin. | 2017 |


PennEnergy ResourcesInitial Investment: 2011 PennEnergy Resources LLC, headquartered in Pittsburgh, is an independent oil and gas exploration and production company focused on the Marcellus Shale. Formerly serving as the executive management team of Atlas Energy, Inc., the company’s leadership has extensive experience in all facets of the oil and gas industry and has pioneered the development and expansion of the Marcellus Shale. pennenergyresources.com | PennEnergy Resources
PennEnergy ResourcesInitial Investment: 2011 PennEnergy Resources LLC, headquartered in Pittsburgh, is an independent oil and gas exploration and production company focused on the Marcellus Shale. Formerly serving as the executive management team of Atlas Energy, Inc., the company’s leadership has extensive experience in all facets of the oil and gas industry and has pioneered the development and expansion of the Marcellus Shale. pennenergyresources.com A Pittsburgh-based independent oil and gas exploration and production company focused on the Marcellus Shale. | 2011 |


PetroLegacy Energy IIInitial Investment: 2016 An Austin-based independent oil and gas company pursuing acquisition opportunities with an initial focus on the Permian Basin. plellc.com | PetroLegacy Energy II
PetroLegacy Energy IIInitial Investment: 2016 An Austin-based independent oil and gas company pursuing acquisition opportunities with an initial focus on the Permian Basin. plellc.com An Austin-based independent oil and gas company pursuing acquisition opportunities with an initial focus on the Permian Basin. | 2016 |


Piedra Resources IIIInitial Investment: 2014 Piedra is a privately held, Midland, Texas-based oil and gas company focused in the Permian Basin. Consistent with management's expertise and historical track record, Piedra will pursue the exploration and development of lower-risk resource plays with scalability and upside. The team has a track record of value creation including two successful EnCap-sponsored entities. www.piedrallc.com | Piedra Resources III
Piedra Resources IIIInitial Investment: 2014 Piedra is a privately held, Midland, Texas-based oil and gas company focused in the Permian Basin. Consistent with management's expertise and historical track record, Piedra will pursue the exploration and development of lower-risk resource plays with scalability and upside. The team has a track record of value creation including two successful EnCap-sponsored entities. www.piedrallc.com A privately held, Midland, Texas-based oil and gas company focused in the Permian Basin pursuing the exploration and development of lower-risk resource plays with scalability and upside. | 2014 |


Plains All American Pipeline, L.PInitial Investment: 2016 Plains All American Pipeline, L.P. is a publicly traded master limited partnership headquartered in Houston that owns and operates midstream energy infrastructure in the United States and Canada and provides logistics services for crude oil, natural gas liquids, natural gas and refined products. plainsallamerican.com | Plains All American Pipeline, L.P
Plains All American Pipeline, L.PInitial Investment: 2016 Plains All American Pipeline, L.P. is a publicly traded master limited partnership headquartered in Houston that owns and operates midstream energy infrastructure in the United States and Canada and provides logistics services for crude oil, natural gas liquids, natural gas and refined products. plainsallamerican.com A publicly traded master limited partnership headquartered in Houston that owns and operates midstream energy infrastructure in the United States and Canada. | 2016 |


Raisa II Holdings, LLC and Raisa III Holdings, LLCInitial Investment: 2016, 2019 A Denver-based independent oil and gas company focused on non-operated working interest and minerals development opportunities in various onshore U.S. basins. www.raisaenergy.com | Raisa II Holdings, LLC and Raisa III Holdings, LLC
Raisa II Holdings, LLC and Raisa III Holdings, LLCInitial Investment: 2016, 2019 A Denver-based independent oil and gas company focused on non-operated working interest and minerals development opportunities in various onshore U.S. basins. www.raisaenergy.com A Denver-based independent oil and gas company focused on non-operated working interest and minerals development opportunities in various onshore U.S. basins. | 2016, 2019 |


Sabalo EnergyInitial Investment: 2014 Sabalo Energy is a privately held Corpus Christi, Texas-based independent oil and gas company focused on the exploration and exploitation of oil and gas properties in various onshore U.S. basins. www.sabaloenergy.com | Sabalo Energy
Sabalo EnergyInitial Investment: 2014 Sabalo Energy is a privately held Corpus Christi, Texas-based independent oil and gas company focused on the exploration and exploitation of oil and gas properties in various onshore U.S. basins. www.sabaloenergy.com A privately held Corpus Christi, Texas-based independent oil and gas company focused on the exploration and exploitation of oil and gas properties in various onshore U.S. basins. | 2014 |


Silverado Oil & GasInitial Investment: 2019 A privately held Woodlands, Texas-based independent oil and gas company focused on the exploration and exploitation of oil and gas properties in various onshore U.S. basins. | Silverado Oil & Gas
Silverado Oil & GasInitial Investment: 2019 A privately held Woodlands, Texas-based independent oil and gas company focused on the exploration and exploitation of oil and gas properties in various onshore U.S. basins. A privately held Woodlands, Texas-based independent oil and gas company focused on the exploration and exploitation of oil and gas properties in various onshore U.S. basins. | 2019 |


Silverback Exploration IIInitial Investment: 2017 Silverback Exploration is a private, independent oil and gas exploration and production company based in San Antonio. The company is currently seeking compelling leasing and drilling opportunities in both conventional and unconventional resources plays across the nation. www.silverbackexp.com | Silverback Exploration II
Silverback Exploration IIInitial Investment: 2017 Silverback Exploration is a private, independent oil and gas exploration and production company based in San Antonio. The company is currently seeking compelling leasing and drilling opportunities in both conventional and unconventional resources plays across the nation. www.silverbackexp.com A San Antonio-based private, independent oil and gas exploration and production company seeking compelling leasing and drilling opportunities in both conventional and unconventional resources plays across the nation. | 2017 |


Tracker Resource Development IIIInitial Investment: 2011 Tracker Resource Development III is a Denver-based independent oil and gas company focused on the acquisition and development of oil and gas assets in established tight gas and unconventional resource plays with its primary focus in the Permian Basin. Tracker’s management team boasts extensive oil and gas experience and a track record of value creation in small, private entities. www.tracker-resources.com | Tracker Resource Development III
Tracker Resource Development IIIInitial Investment: 2011 Tracker Resource Development III is a Denver-based independent oil and gas company focused on the acquisition and development of oil and gas assets in established tight gas and unconventional resource plays with its primary focus in the Permian Basin. Tracker’s management team boasts extensive oil and gas experience and a track record of value creation in small, private entities. www.tracker-resources.com A Denver-based independent oil and gas company focused on the acquisition and development of oil and gas assets in established tight gas and unconventional resource plays. | 2011 |


Verdun Oil Company LLCInitial Investment: 2015 Verdun Oil Company is a privately held, Houston-based oil and gas company that will pursue the identification, acquisition and development of oil and gas assets in the United States. verdunoilco.com | Verdun Oil Company LLC
Verdun Oil Company LLCInitial Investment: 2015 Verdun Oil Company is a privately held, Houston-based oil and gas company that will pursue the identification, acquisition and development of oil and gas assets in the United States. verdunoilco.com A privately held, Houston-based oil and gas company that will pursue the identification, acquisition and development of oil and gas assets in the United States. | 2015 |


XCL ResourcesInitial Investment: 2018 XCL Resources is a Houston-based independent oil and gas company focused on the identification, acquisition and development of horizontal resource plays in the Lower 48. xclresources.com | XCL Resources
XCL ResourcesInitial Investment: 2018 XCL Resources is a Houston-based independent oil and gas company focused on the identification, acquisition and development of horizontal resource plays in the Lower 48. xclresources.com A Houston-based independent oil and gas company focused on the identification, acquisition and development of horizontal resource plays in the Lower 48. | 2018 |