Billy Johnston #2 — Warsaw / Salem–Warsaw Frac Opportunity (Christian County, KY)

Endeavor Resources, LLC: Billy Johnston No. 2 (Christian County, Kentucky). Project describes a frac/recompletion opportunity on Billy Johnston No.2 with oil potential in Warsaw/Salem/St. Louis formations and referenced techniques used successfully by nearby operators. The Executive Summary states the deal structure as a 60% Net Revenue lease, cost plus 15% management fee, and a $60,000 geological prospect fee for 189 acres leasehold. AFE shows TOTAL COMPLETED WELL COSTS of $400,000. Dated June 23, 2024.