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June 2012 Company Overview
| Glen C. Warren Jr. | Page 16 of 11 |
March 11, 2014
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15 ? Antero has over 2 years of production history to support its 1.50 Bcf/1,000’ of lateral recovery assumption as demonstrated by the graph and table below - DeGolyer & MacNaughton (D&M), Antero’s third party reserve auditor, supports this type curve ? Antero’s average 24-hour peak rate is 13.4 MMcfe/d in the Marcellus 24-hour peak 30-day avg. rate 90-day avg. rate 180-day avg. rate 365-day avg. rate 730-day avg. rate MMcfd 13.4 7.4 5.8 4.8 3.6 2.4 # of wells 81 79 66 56 36 8 Antero Marcellus Type Curve Support (1) ___________________________ Note: Type curve reflects pre-processed wellhead production. 1. Wells normalized to time-zero. Average EUR: 9.8 Bcf Average Lateral: 6,521’ Bcf/1,000’: 1.50