Transaction Timeline

July 2010 – ECS was retained by Buffco Production, Inc. (“Buffco” or the “Company”), an East Texas based independent operator, on a limited basis to act as a financial advisor in order to supplement the Company’s internal marketing efforts in either finding a:

• capable JV partner to develop the Company’s leasehold; or
• strategic buyer to purchase all or most of the Company’s 35,000 net acres, which span several prospects located in the Eagle Ford shale of South Texas.

July – August 2010 – ECS contacted key business development professionals and senior executives at E&P and financial sponsor portfolio companies with an interest in developing highly prospective acreage in the Eagle Ford Shale.

August – September 2010 – Buffco received five highly competitive bids from significant operators at attractive valuations and entered into negotiations with one potential JV partner. Negotiations ended during the documentation process due to tax considerations.

January – April 2011 – ECS continues to introduce potential strategic buyers and financial sponsors to Buffco’s 35,000 net Eagle Ford Shale acres.

Summary

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Proposed Transaction Structure – acreage acquisition or JV partner/drilling carry.

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Transaction Highlight

Responsive Marketing Tactics – ECS has generated continued interested in the Company’s acreage position and advised Buffco on various strategies throughout the marketing process.