Long-lived oil or gas properties with R/P ratio greater than 3 Low risk, primary/secondary production - No enhanced recovery Onshore preferred 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 carries operational control Have Partnership step into control of operations upon acquisition Contract with general partner to perform operations on behalf of the Partnership