Endurance Resources III LLC

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Endurance Resources Is Rocking the Permian Basin

2016 - Endurance Resources of Addison, Texas, an oil and gas production company focused on the Delaware Basin, announced that it has entered into separate definitive sale agreements to sell the majority of its assets, held in two separate entities, to two separate buyers. Both transactions are expected to close by January 2017.

These agreements allow both Endurance and funds managed by Lime Rock Partners, the investment partner to both Endurance entities, to realize value created in the acquisition and development of Endurance's assets in Lea and Eddy Counties, New Mexico, and Reeves County, Texas.

Endurance drills and completes a string of 1 MMBOE+ wells in both Texas and New Mexico. In New Mexico, the White Falcon 16H IP'd at 2,600 BOE/d with an EUR estimated at 1.7 MMBOE, the Johnny Cash 2H IP'd at 1,200 BOE/d for an estimated 1.6 MMBOE EUR, and the Roy Orbison IP'd at 1,108 BOE/d for an estimated 980 MBOE EUR. Average BOE per lateral foot on the 2016 program through June is 218, over 23,894 lateral feet. Completions are topping 2,600 #/lateral foot using multiple diverter stages. Endurance added 1,176 acres in New Mexico and 2,240 acres in Texas, giving the company a combined total of 30,000 net surface acres and 100,000 net bench acres in the prolific Delaware Basin.

2015 - A 13,000-acre purchase in Reeves County, Texas becomes the impetus for the formation of Endurance II.  Lime Rock Partners commits $100 million to this new enterprise managed by Endurance Resources.

2014 - Endurance I expands its acre position with a purchase at the federal land sale, bringing its total net acres in New Mexico to 15,948.  Lime Rock Partners raises its commitment to $125 million.

Using cutting-edge ceramic completions and cemented liner sleeves, Endurance continues to drill high EUR wells - drilling and completing nine wells during the year with average IP rates of 2,094 BOE/d.

2013 - Endurance opens its Midland office which serves as the company's operations center and begins a continuous horizontal development program in the Bone Spring. Over the calendar year, Endurance drills and completes four wells with average IP rates of 1,262 BOE/d in New Mexico.

2012 - Lime Rock Partners, a global energy private equity firm, agrees to become an investment partner with Endurance Resources.  Lime Rock Partners commits to invest up to $100 million of assets to Endurance for acquisition and development in New Mexico.

2008-2012 - Don Ritter and Garrett Smith form the predecessor companies to Endurance Resources to capitalize on opportunities in Southeast New Mexico.  The predecessor company acquires 16,000 net acres in New Mexico and participates in first Bone Spring wells.