Antero Resources1615 Wynkoop Street, Denver, Colorado, United States

Antero Resources was formed in 2002 by Paul M. Rady and Glen Warren following their success with Pennaco Energy.

Outstanding E&P Track Record

Antero Resources Barnett Shale Business (Private Company)

• Built from new venture in 2002 into 2nd largest producer in the play.
• Drilled over 250 Barnett Shale wells including 80 horizontal wells, and generated gross operated production of 150 MMcf per day in 2005.
• Sold Barnett Shale business to XTO Energy in April 2005.

Pennaco Energy (AMEX: PN)

• Built from new venture in 1998 into highly successful Powder River Basin coal bed methane (CBM) producer.
• Drilled over 1,400 CBM wells with gross operated production over 95 MMcf per day.
• Pennaco was the best performing E&P stock in the U.S. during its two years as a public company.
• Sold to Marathon Oil in February 2001.

Operations

Antero currently holds over 484,000 net acres in the southwestern core of the Marcellus Shale and over 145,000 net acres in the core of the Utica Shale. We also estimate approximately 186,000 net acres of our Marcellus Shale leasehold is prospective for the slightly shallower Upper Devonian Shale, and approximately 180,000 net acres of our Marcellus leasehold is prospective for the deeper Utica Shale. Antero achieved average net production of 1,875 MMcfe per day in the third quarter of 2016, including 81,500 Bbls per day of liquids