Long-lived oil or gas properties with R/P ratio greater than 3 Low risk, primary/secondary production - No enhanced recovery Onshore only Established production histories (minimum 12 months on PDP) Positive cash flow (including capital expenditures) Non-concentrated property value - no more than $5MM or 15% of aggregate transaction value concentrated in any one well Operating margin resiliency Ability to hedge commodity price risk, including basis differential, to a major index

Partner with high quality established operator Acquire properties with well-established operating histories Ensure that majority of the asset value (70%) carries operational control Have Partnership step into control of operations upon acquisition Contract with general partner to perform operations on behalf of the Partnership