SIGNATURES - Equisolveir.stockpr.com/blackridgeoil/all-sec-filings/content/0001019687-14... · Item 7.01 Regulation FD Disclosure. Black Ridge will be presenting at Independent Petroleum

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 22, 2014

BLACK RIDGE OIL & GAS, INC.(Exact name of registrant as specified in its charter)

Nevada 000-53952 27-2345075

(State or other jurisdictionof incorporation)

(CommissionFile Number)

(I.R.S. EmployerIdentification No.)

10275 Wayzata Boulevard, Suite 100 Minnetonka, MN 55305

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (952) 426-1241

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any ofthe following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

Black Ridge will be presenting at Independent Petroleum Association of America (IPAA) OGIS San Francisco Conference on

Monday, September 22, 2014, in San Francisco, California regarding its operations and business. The PowerPoint slide presentation to beused during Black Ridge’s presentation at IPAA OGIS San Francisco regarding its operations and business is furnished as Exhibit 99.1.

The information in Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act

of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 PowerPoint Slides (furnished)

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its

behalf by the undersigned hereunto duly authorized.

BLACK RIDGE OIL & GAS, INC. By: /s/ James Moe James Moe Chief Financial Officer Date: September 22, 2014

Exhibit 99.1

IP A A O G IS S a n F ra n c is c o O T C Q B : A N F C F o c u s e d G ro w th in th e Willis to n B a s in S e p te mb e r 2 2 , 2 0 1 4

1

F o rw a rd L o o k in g S ta te me n ts w w w .b la c k rid g e o il.c o m 2 S ta te me n ts ma d e b y re p re s e n ta tiv e s o f B la c k R id g e O il & G a s , In c . (“ B la c k R id g e ” o r th e “ C o mp a n y ” ) d u rin g th e c o u rs e o f th is p re s e n ta tio n th a t a re n o t h is to ric a l fa c ts a re “ fo rw a rd -lo o k in g s ta te me n ts ” w ith in th e me a n in g o f fe d e ra l s e c u ritie s la w s . T h e s e s ta te me n ts a re b a s e d o n c e rta in a s s u mp tio n s a n d e x p e c ta tio n s ma d e b y th e C o mp a n y w h ic h re fle c t ma n a g e me n t’s e x p e rie n c e , e s tima te s a n d p e rc e p tio n o f h is to ric a l tre n d s , c u rre n t c o n d itio n s , a n tic ip a te d fu tu re d e v e lo p me n ts a n d o th e r fa c to rs b e lie v e d to b e a p p ro p ria te . N o a s s u ra n c e s c a n b e g iv e n th a t s u c h a s s u mp tio n s a n d e x p e c ta tio n s w ill o c c u r a s a n tic ip a te d a n d a c tu a l re s u lts ma y d iffe r ma te ria lly fro m th o s e imp lie d o r a n tic ip a te d in th e fo rw a rd lo o k in g s ta te me n ts . S u c h s ta te me n ts a re s u b je c t to a n u mb e r o f ris k s a n d u n c e rta in tie s , ma n y o f w h ic h a re b e y o n d th e c o n tro l o f th e C o mp a n y , a n d w h ic h in c lu d e ris k s re la tin g to th e g lo b a l fin a n c ia l c ris is , o u r a b ility to o b ta in a d d itio n a l c a p ita l n e e d e d to imp le me n t o u r b u s in e s s p la n , d e c lin e s in p ric e s a n d d e ma n d fo r g a s , o il a n d n a tu ra l g a s liq u id s , lo s s o f k e y p e rs o n n e l, la c k o fb u s in e s s d iv e rs ific a tio n , re lia n c e o n s tra te g ic th ird -p a rty re la tio n s h ip s , a b ility to o b ta in rig h ts to e x p lo re a n d d e v e lo p o il a n d g a s re s e rv e s , th e ra te o f in - fill d rillin g o n o u r le a s e d a c re a g e , fin a n c ia l p e rfo rma n c e a n d re s u lts , o u r in d e b te d n e s s u n d e r o u r lin e o f c re d it, o u r a b ility to re p la c e re s e rv e s a n d e ffic ie n tly d e v e lo p o u r c u rre n t re s e rv e s , o u r a b ility to ma k e a c q u is itio n s o n e c o n o mic a lly a c c e p ta b le te rms , o u r a b ility to e ffe c tiv e ly u tiliz e h e d g in g , o u r a b ility to b e c o me lis te d o n a n a tio n a l e x c h a n g e , a n d o th e r imp o rta n t fa c to rs . B la c k R id g e u n d e rta k e s n o o b lig a tio n to p u b lic ly u p d a te a n y fo rw a rd -lo o k in g s ta te me n ts , w h e th e r a s a re s u lt o f n e w in fo rma tio n o r fu tu re e v e n ts .

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B la c k R id g e O v e rv ie w w w w .b la c k rid g e o il.c o m 3 (1 ) O il & G a s S a le s e x c lu d e th e e ffe c t o f d e riv a tiv e s ; S e e u p d a te d lis t o f h e d g e s in A p p e n d ix (2 ) “ D rillin g ” in c lu d e s w e lls th a t a re p re p a rin g to d rill, d rillin g , a w a itin g c o mp le tio n , a n d c o mp le tin g ; a s o f A u g u s t 3 1 , 2 0 1 4 (3 ) B a s e d o n 1 0 ,0 0 0 n e t a c re s , 1 2 8 0 - a c re d rillin g u n its , a n d 8 w e lls p e r d rillin g u n it . u We ll P o s itio n e d to T a k e A d v a n ta g e o f C u rre n t P h a s e o f D e v e lo p me n t in t h e Willis to n B a s in u P u re P la y B a k k e n / T h re e F o rk s N o n - O p e ra to r u P ro d u c tio n is 9 0 % o il u A p p ro x ima te ly 1 0 ,0 0 0 n e t le a s e h o ld a c re s u N o n - o p e ra to r p la tfo rm – c o n s o lid a tio n p o te n tia l u 2 Q 2 0 1 4 O p e ra tio n a l a n d F in a n c ia l H ig h lig h ts u S r. S e c u re d B o rro w in g B a s e in c re a s e d b y 7 5 % to $ 3 5 MM u R a p id G ro w th u 6 .4 n e t w e lls in p ro d u c tio n , 1 .8 n e t w e lls “ d rillin g ” (2 ) u S to c k y a rd C re e k d riv in g g ro w th , Ma n d a re e n e x t u O v e r 5 0 n e t w e lls o f re ma in in g in v e n to ry (3 ) 2 Q 1 4 1 Q 1 4 2 Q 1 3 A n n u a l C h a n g e S e q u e n tia l C h a n g e A v e ra g e P ro d u c tio n , B O E /d 7 1 5 5 2 5 2 8 3 + 1 5 3 % + 3 6 % O il & G a s S a le s , $ MM (1 ) 5 .6 4 .0 2 .2 + 1 5 8 % + 3 8 % A d ju s te d E B IT D A , $ MM 3 .6 2 .4 1 .2 + 1 9 4 % + 5 2 % B la c k R id g e F o c u s A c re a g e N o rth D a k o ta Mo n ta n a Willis to nB a s in C o rra l C re e k S to c k y a rd C re e k Ma n d a re e

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E v o lu tio n o f T h e Willis to n B a s in w w w .b la c k rid g e o il.c o m 4 u P h a s e 1 : L a n d G ra b , 2 0 0 7 - 2 0 0 9 u L e a s e s in h e a rt o f p la y a c q u ire d fo r < $ 5 0 0 /a c re , 3 - 5 y e a r te rms , 8 1 .2 5 % N R I u P ro lific E s tima te d U ltima te R e c o v e rie s (E U R ’s ) in P a rs h a ll a n d S a n is h fie ld s re s u lte d in h ig h re tu rn s th a t o v e rs h a d o w e d me d io c re p e rfo rma n c e o u ts id e o f c o re a re a s u P h a s e 2 : H B P (H e ld B y P ro d u c tio n ) D rillin g , 2 0 1 0 - 2 0 1 3 u S c ra mb le to g e t firs t w e ll d rille d to a v o id le a s e e x p ira tio n u D rillin g / C o mp le tio n c a p e x a n d le a s e c o s ts in c re a s e u R e s u lt: b a s in - w id e IR R % re d u c tio n u P h a s e 3 : In fill D rillin g , S ta c k e d P a y Z o n e s , P re s e n t D a y u Ma jo rity o f le a s e s a re n o w H e ld B y P ro d u c tio n u O p e ra to rs b e g in to d e v e lo p re ma in in g in v e n to ry a n d te s t s p a c in g b e tw e e n a d ja c e n t w e lls u P a d d rillin g a n d s u p p ly / d e ma n d re d u c in g c a p e x c o s ts u Imp ro v e d c o mp le tio n d e s ig n s a re in c re a s in g E U R ’s u IR R % in c re a s in g a c ro s s th e b a s in u N o n - o p e ra to rs n e e d c a p ita l to p a rtic ip a te in d rillin g

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Wh y T h e N o n - O p e ra to r B u s in e s s Mo d e l? w w w .b la c k rid g e o il.c o m 5 u A b ility to s e le c tiv e ly in v e s t in th e h ig h e s t re tu rn p ro je c ts , w ith o u t th e n e e d to c o n tro l a d rillin g u n it u K n o w le d g e a n d d a ta fro m o v e r 3 0 0 g ro s s w e lls to ma k e c a p ita l a llo c a tio n d e c is io n s u L o w c o s t s tru c tu re u F ra g me n te d n a tu re o f n o n - o p e ra to r le a s e h o ld s w ill c o n tin u e to p ro v id e g ro w th o p p o rtu n ity a s th e p la y ma tu re s u In c re a s e d c a p e x v is ib ility d u e to d o w n s p a c in g /p a d d rillin g

5

B la c k R id g e O il & G a s S tra te g y w w w .b la c k rid g e o il.c o m 6 D e a l F lo w w ith N e a r - T e rm D e v e lo p me n t D is c ip lin e d In v e s tme n t D e c is io n s a n d A s s e t Ma n a g e me n t C a p ita l A v a ila b ility R e p o rtin g , C o n tro ls , R e g u la to ry C o mp lia n c e C a s h F lo w : IR R > 3 0 %

6

L iq u id ity w w w .b la c k rid g e o il.c o m 7 S e n io r S e c u re d R e v o lv in g C re d it F a c ility u $ 3 5 MM C u rre n t B o rro w in g B a s e u $ 1 4 MM D ra w n a s o f Ju n e 3 0 , 2 0 1 4 u L IB O R + 3 0 0 b p s to L IB O R + 3 5 0 b p s d e p e n d in g u p o n fa c ility u s a g e S u b o rd in a te d T e rm L o a n u $ 3 0 MM D ra w n a s o f Ju n e 3 0 , 2 0 1 4 u L IB O R + 9 0 0 b p s c a s h , 4 0 0 b p s P IK u P o te n tia l a d d itio n a l a v a ila b ility fo r la rg e a c q u is itio n s K e y H ig h lig h ts : u $ 6 5 MM to ta l c u rre n t a v a ila b ility , $ 4 4 MM d ra w n a s o f Ju n e 3 0 , 2 0 1 4 u C a d e n c e b o rro w in g b a s e : $ 3 5 MM b a s e d o n Ju n e 3 0 , 2 0 1 4 re d e te rmin a tio n (p re v io u s b o rro w in g b a s e w a s $ 2 0 MM) u C a s h n e e d s o v e r n e x t 1 2 mo n th s e x p e c te d to b e fu n d e d b y c a s h flo w a n d C a d e n c e a v a ila b ility

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0 1 2 3 4 5 6 7 8 9 1 0 P ro d u c in g "D rillin g " P e rmitte d 1 4 2 9 1 1 8 8 6 8 8 1 9 2 3 0 4 2 2 2 2 4 2 2 8 3 3 0 8 3 5 8 5 2 5 7 1 5 - 1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 8 0 0 w w w .b la c k rid g e o il.c o m 8 E x e c u tin g O u r G ro w th S tra te g y 6 .4 B la c k R id g e O il & G a s ’ N e t P ro d u c tio n B O E /d 1 .8 B la c k R id g e O il & G a s ’ N e t We lls (a s o f 8 /3 1 /1 4 ) u R a tio o f n e t w e lls d rillin g to n e t w e lls p ro d u c in g u L e a d in g in d ic a to r fo r p ro d u c tio n g ro w th u 6 .4 n e t w e lls p ro d u c in g u 1 .8 n e t w e lls “ d rillin g ” u Y T D p ro d u c tio n in c re a s e o f 1 3 6 % y e a r o v e r y e a r

8

P ro d u c tio n G ro w th D riv in g C a s h F lo w G ro w th w w w .b la c k rid g e o il.c o m 9 1 .0 1 .2 1 .7 2 .0 2 .4 3 .6 0 .0 0 .5 1 .0 1 .5 2 .0 2 .5 3 .0 3 .5 4 .0 $ MM B la c k R id g e O il & G a s ’ A d ju s te d E B IT D A (1 ) (1 ) A d ju s te d E B IT D A is a n o n - G A A P fin a n c ia l me a s u re . P le a s e s e e th e a p p e n d ix fo r a re c o n c ilia tio n o f a d ju s te d E B IT D A .

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S tro n g A s s e t B a s e D riv in g G ro w th w w w .b la c k rid g e o il.c o m 1 0 R e s e rv e C a te g o ry O il (MB b ls ) G a s ( Mmc f ) T o ta l (MB O E ) S E C P V - 1 0 ($ MM) P D P 8 9 5 6 1 5 9 9 8 $ 3 2 .3 8 P D N P 3 2 3 8 3 8 $ 1 .6 1 P U D 3 ,1 4 7 2 ,1 2 6 3 ,5 0 2 $ 4 0 .3 9 T o ta l P ro v e d R e s e rv e s 4 ,0 7 4 2 ,7 7 9 4 ,5 3 8 $ 7 4 .3 8 Y e a r E n d 2 0 1 3 R e s e rv e S u mma ry MB O E P V - 1 0 $ MM 7 .6 2 7 .9 7 4 .4 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 0 5 0 0 1 ,0 0 0 1 ,5 0 0 2 ,0 0 0 2 ,5 0 0 3 ,0 0 0 3 ,5 0 0 4 ,0 0 0 4 ,5 0 0 5 ,0 0 0 P ro v e d D e v e lo p e d R e s e rv e s P ro v e d U n d e v e lo p e d R e s e rv e s P V 1 0 o f P ro v e d R e s e rv e s 2 0 1 1 2 0 1 2 2 0 1 3 4 ,5 3 8 2 ,3 8 4 4 8 0

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C o mp e llin g V a lu a tio n v s . P e e r G ro u p (1 ) w w w .b la c k rid g e o il.c o m 1 1 1 4 % 3 0 % 4 3 % 6 1 % 6 5 % 8 6 % 1 3 6 % 1 5 6 % 0 % 2 0 % 4 0 % 6 0 % 8 0 % 1 0 0 % 1 2 0 % 1 4 0 % 1 6 0 % 1 8 0 % A N F C 1 H ‘1 4 P ro d u c tio n G ro w th o v e r 1 H ‘1 3 (3 ) (1 ) P e e r G ro u p in c lu d e s B C E I, E O X , K O G , N O G , O A S , S Y R G , U S E G . (2 ) S o u rc e : E n e rc o m , In c ., a n d B lo o mb e rg fro m p u b lic filin g s . E n te rp ris e v a lu e c a lc u la te d a s ma rk e t c a p ita liz a tio n (a s o f 8 /1 5 /1 4 ) p lu s n e t d e b t a n d p re fe rre d s to c k . E B IT D A c a lc u la te d a s o f th e mo s t re c e n t q u a rte r, a n n u a liz e d (3 ) S o u rc e : P u b lic filin g s 5 .2 x 5 .4 x 6 .9 x 6 .9 x 8 .2 x 8 .2 x 9 .8 x 1 3 .5 x 0 .0 x 2 .0 x 4 .0 x 6 .0 x 8 .0 x 1 0 .0 x 1 2 .0 x 1 4 .0 x 1 6 .0 x A N F C E n te rp ris e V a lu e / E B IT D A (2 )

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C o rra l C re e k – D u n n C o u n ty , N D w w w .b la c k rid g e o il.c o m 1 2 ~ 3 0 ,8 8 4 G ro s s A c re s 0 .7 7 % Wo rk in g In te re s t (WI) 3 R ig D rillin g P ro g ra m, 7 3 We ll In v e n to ry (1 ) D e v e lo p me n t S ta tu s : • 6 7 We lls P ro d u c in g (0 .5 2 N e t We lls ) • 2 3 We lls “ D rillin g ” (0 .1 8 N e t We lls ) • 1 3 We lls P e rmitte d (0 .1 0 N e t We lls ) ~ 2 7 4 8 G ro s s A c re s 6 .4 3 % WI 1 We ll P ro d u c in g L in c o ln U S A 1 6 - 1 H : 2 9 5 k b b ls in 4 9 1 d a y s R e ma in in g In v e n to ry (1 ) : 9 + We lls ~ 1 2 8 0 G ro s s A c re s 1 9 .3 4 % WI 2 We lls P ro d u c in g G o rh ma n 2 4 - 3 1 MB H G o rh ma n 1 4 - 3 1 T F H R e ma in in g In v e n to ry (1 ) : 5 + We lls ~ 1 2 8 0 G ro s s A c re s 3 .1 0 % WI 4 We lls P ro d u c in g R e ma in in g In v e n to ry (1 ) : 3 + We lls ~ 1 2 8 0 G ro s s A c re s 3 .1 0 % WI 3 We lls P ro d u c in g R e ma in in g In v e n to ry (1 ) : 4 + We lls C o rra l C re e k U n it H a n s e n H a llid a y L in c o ln G o rh ma n Mo n ta n a N o rth D a k o ta T 1 4 7 N R 9 3 W T 1 4 7 N R 9 5 W T 1 4 7 N R 9 4 W (1 ) R e ma in in g In v e n to ry is b a s e d u p o n p u b lic ly a v a ila b le N D IC d a ta a n d in te rn a l e s tima te s .

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S to c k y a rd C re e k - Willia ms C o u n ty , N D u E ig h t G ro s s (0 .6 7 N e t) We lls P ro d u c in g u S a il & A n c h o r 4 - 1 3 - 1 4 H B K u C o o p e rs 2 - 1 5 - 1 4 H B K u T o o h e y s 4 - 1 5 - 1 4 H B K u L ittle C re a tu re 1 - 1 5 - 1 4 H B K u B la c k d o g 3 - 1 3 - 1 4 H u E R e n n e rfe ld t 1 - 1 3 H u E R e n n e rfe ld t 2 - 1 3 H u Ma tild a B a y 2 - 1 5 H u E ig h t G ro s s (0 .7 7 N e t) We lls “ D rillin g ” (2 ) u Ma tild a B a y 1 - 1 5 H u B o o tle g 4 - 1 4 - 1 5 T F H u B o o tle g 5 - 1 4 - 1 5 T F H u B o o tle g 6 - 1 4 - 1 5 T F H u B o o tle g 7 - 1 4 - 1 5 T F H u B o o tle g 8 - 1 4 - 1 5 T F 2 H u Iro n b a n k 4 - 1 4 - 1 3 T F H u Iro n b a n k 5 - 1 4 - 1 3 T F H u O p e ra te d b y S la w s o n u S h u t - In s d u rin g A u g u s t / S e p te mb e r w h ile o ffs e t w e lls a re b e in g c o mp le te d w ill te mp o ra rily re d u c e 3 Q ‘1 4 p ro d u c tio n u A d d itio n a l d rillin g in v e n to ry in lo w e r T F b e n c h e s w w w .b la c k rid g e o il.c o m 1 3 B a k k e n T h re e F o rk s 1 s t B e n c h Mo n ta n a N o rth D a k o ta (1 ) B la c k R id g e in te re s t e x c lu d e s th re e w e llb o re s d rille d b y p re v io u s o p e ra to r. (2 ) “ D rillin g ” in c lu d e s w e lls th a t a re p re p a rin g to d rill, d rillin g , a w a itin g c o mp le tio n , a n d c o mp le tin g ; n u mb e rs a s o f A u g u s t 3 1 , 2 0 1 4 1 4 T 1 5 4 N - R 9 9 W 1 5 1 3 P ro d u c in g B a k k e n We lls (1 ) B a k k e n We lls T o D rill T h re e F o rk s We lls T o D rill T h re e F o rk s 2 n d B e n c h T o D rill

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Ma n d a re e – Mc K e n z ie C o u n ty , N D u O p e ra to r: E O G R e s o u rc e s – A n te lo p e P ro s p e c t u F iv e G ro s s (0 .6 2 n e t) We lls “ D rillin g ” , E x p e c te d P ro d u c tio n Q 4 ‘1 4 u Ma n d a re e 1 7 - 0 5 H u Ma n d a re e 1 3 5 - 0 5 H u Ma n d a re e 1 1 0 - 0 5 H u Ma n d a re e 1 3 4 - 0 5 H u Ma n d a re e 2 8 - 0 5 H u P o te n tia l F u ll D e v e lo p me n t (1 ) : u 2 8 G ro s s (3 .2 5 n e t) We lls o n 6 4 0 - a c re (s h o rt la te ra l) s p a c in g u 1 2 M id d le B a k k e n We lls , 1 6 T h re e F o rk s We lls w w w .b la c k rid g e o il.c o m 1 4 (1 ) B a s e d o n p u b lic ly a v a ila b le d a ta , N D IC C a s e F ile # 2 2 5 2 0 1 s t B e n c h 2 n d B e n c h 3 rd B e n c h M id d le B a k k e n T h re e F o rk s 0 5 0 ,0 0 0 1 0 0 ,0 0 0 1 5 0 ,0 0 0 2 0 0 ,0 0 0 2 5 0 ,0 0 0 1 3 5 7 9 1 1 1 3 1 5 6 0 0 MB o e E U R C u rv e Mo n th s o f P ro d u c tio n C u mu la tiv e B O E R e c e n t E O G A n te lo p e S h o rt L a te ra l R e s u lts (2 ) (2 ) B e a r D e n w e lls , N D IC We ll # 2 3 2 6 7 - 2 3 2 7 0 M id d le B a k k e n L a te ra l T h re e F o rk s L a te ra l Mo n ta n a N o rth D a k o ta B la c k R id g e in te re s t e x c lu d e s tw o p re v io u s ly d rille d w e lls (s h o w n in g ra y ). T 1 4 9 N - R 9 4 W - 5

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Wh y In v e s t? w w w .b la c k rid g e o il.c o m 1 5 u C o mp a n y is e x e c u tin g u 1 H ‘1 4 P ro d u c tio n g ro w th o f 1 3 6 % o v e r 1 H ’1 3 u S tro n g c a s h flo w g e n e ra tio n : $ 6 .0 mm A d ju s te d E B IT D A in 1 H ‘1 4 u P u re p la y B a k k e n / T h re e F o rk s n o n - o p e ra to r w ith 9 0 % o il - w e ig h te d p ro d u c tio n u L iq u id ity to fu n d e x is tin g d e v e lo p me n t a n d a c q u is itio n p la n s u S tro n g in v e n to ry o f h ig h re tu rn p ro je c ts w ith a c tiv e n e a r te rm d e v e lo p me n t u C o mp e llin g v a lu a tio n

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F o r Mo re In fo rma tio n w w w .b la c k rid g e o il.c o m 1 6 K e n D e C u b e llis C h ie f E x e c u tiv e O ffic e r k e n .d e c u b e llis @b la c k rid g e o il.c o m 9 5 2 - 4 2 6 - 1 2 4 1 S ta y U p to D a te o n B la c k R id g e O il & G a s w w w .b la c k rid g e o il.c o m

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w w w .b la c k rid g e o il.c o m 1 7 A p p e n d ix

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R e c o n c ilia tio n o f N e t In c o me to A d ju s te d E B IT D A w w w .b la c k rid g e o il.c o m 1 8 B la c k R id g e O il & G a s , In c . A d ju s te d E B IT D A b y Q u a rte r Ma rc h 3 1 , Ju n e 3 0 , S e p te mb e r 3 0 , D e c e mb e r 3 1 , Ma rc h 3 1 , Ju n e 3 0 , 2 0 1 3 2 0 1 3 2 0 1 3 2 0 1 3 2 0 1 4 2 0 1 4 N e t in c o me (lo s s ) 3 1 3 ,8 1 3 $ (2 9 7 ,3 0 0 )$ (2 2 3 ,6 6 4 )$ (1 9 5 ,5 0 8 )$ (3 8 1 ,5 6 0 )$ (5 4 3 ,3 6 0 )$ A d d B a c k : In te re s t e x p e n s e , n e t, e x c lu d in g a mo rtiz a tio n o f w a rra n t b a s e d fin a n c in g c o s ts 2 2 2 ,7 7 2 5 2 0 ,2 8 4 6 2 2 ,8 4 2 7 0 6 ,2 3 1 9 2 9 ,3 7 8 1 ,1 3 6 ,6 0 3 In c o me ta x p ro v is io n (4 3 3 ,7 8 8 ) (9 2 ,9 1 3 ) (8 8 ,7 0 8 ) (8 3 ,4 4 2 ) (2 8 4 ,0 2 3 ) (3 0 5 ,7 1 5 ) D e p re c ia tio n , d e p le tio n a n d a mo rtiz a tio n 7 0 5 ,5 3 6 8 7 4 ,4 7 4 1 ,0 7 0 ,7 5 3 1 ,0 7 8 ,3 9 4 1 ,5 9 4 ,8 5 7 2 ,1 3 9 ,7 3 3 A c c re tio n o f a b a n d o n me n t lia b ility 1 ,1 5 2 1 ,8 1 1 1 ,8 1 1 4 ,2 4 5 4 ,5 0 5 5 ,1 4 8 S h a re b a s e d c o mp e n s a tio n 1 7 2 ,4 5 3 2 2 3 ,1 4 5 2 6 3 ,3 7 9 2 9 2 ,6 6 2 2 9 7 ,7 6 2 3 0 1 ,2 4 1 U n re a liz e d lo s s (g a in ) o n d e riv a tiv e s - - 4 6 ,2 2 5 1 6 7 ,4 5 1 2 1 4 ,0 3 5 8 8 1 ,1 2 4 A d ju s te d E B IT D A 9 8 1 ,9 3 8 $ 1 ,2 2 9 ,5 0 1 $ 1 ,6 9 2 ,6 3 8 $ 1 ,9 7 0 ,0 3 3 $ 2 ,3 7 4 ,9 5 4 $ 3 ,6 1 4 ,7 7 4 $ T h re e Mo n th s E n d e d

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H e d g in g S u mma ry (Q 4 2 0 1 4 a n d th e re a fte r) S w a p s C o n tra c t S e ttle me n t P e rio d D a te O il (B B L S ) F ix e d P ric e 1 0 /0 1 /2 0 1 4 - 1 2 /3 1 /2 0 1 4 8 /9 /2 0 1 3 1 1 ,0 0 1 9 4 .4 5 $ 1 0 /0 1 /2 0 1 4 - 1 2 /3 1 /2 0 1 4 1 2 /1 3 /2 0 1 3 9 ,9 9 9 9 3 .4 0 $ 1 0 /0 1 /2 0 1 4 - 1 2 /3 1 /2 0 1 4 3 /1 9 /2 0 1 4 9 ,0 0 0 9 4 .9 0 $ 1 0 /0 1 /2 0 1 4 - 1 2 /3 1 /2 0 1 4 5 /2 1 /2 0 1 4 6 ,0 0 0 1 0 0 .1 2 $ 1 0 /0 1 /2 0 1 4 - 1 2 /3 1 /2 0 1 4 9 /1 6 /2 0 1 4 9 ,0 0 0 9 2 .1 4 $ 0 1 /0 1 /2 0 1 5 - 1 2 /3 1 /2 0 1 5 8 /9 /2 0 1 3 2 4 ,0 0 0 8 8 .2 8 $ 0 1 /0 1 /2 0 1 5 - 1 2 /3 1 /2 0 1 5 4 /8 /2 0 1 4 2 1 ,0 0 0 8 9 .7 0 $ 0 1 /0 1 /2 0 1 5 - 1 2 /3 1 /2 0 1 5 5 /2 1 /2 0 1 4 1 2 ,0 0 0 9 2 .3 8 $ 0 1 /0 1 /2 0 1 5 - 1 2 /3 1 /2 0 1 5 9 /1 6 /2 0 1 4 3 0 ,0 0 0 9 0 .7 6 $ 0 1 /0 1 /2 0 1 6 - 1 2 /3 1 /2 0 1 6 6 /2 5 /2 0 1 4 6 0 ,0 0 0 9 0 .3 6 $ 0 1 /0 1 /2 0 1 6 - 1 2 /3 1 /2 0 1 6 9 /1 5 /2 0 1 4 2 4 ,0 0 0 8 8 .1 5 $ 0 1 /0 1 /2 0 1 7 - 1 2 /3 1 /2 0 1 7 9 /1 5 /2 0 1 4 7 8 ,0 0 0 8 7 .1 8 $ C o s tle s s C o lla rs S e ttle me n t P e rio d O il (B B L S ) F ix e d P ric e 0 1 /0 1 /2 0 1 5 - 1 2 /3 1 /2 0 1 5 1 2 /1 3 /2 0 1 3 3 6 ,0 0 0 $ 7 5 .0 0 /9 5 .6 0 0 1 /0 1 /2 0 1 6 - 0 6 /3 0 /2 0 1 6 8 /9 /2 0 1 3 1 0 ,0 0 2 $ 8 0 .0 0 /8 9 .5 0 1 9 w w w .b la c k rid g e o il.c o m

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