Bayswater has historically participated in plays and operated properties in a variety of basins and geographical areas. The hallmark of our current strategy is to focus on the top plays and basins within the United States. In general these plays typically:

- have the lowest breakeven costs;

- have the best type well economics; sopd returns in the $35 to $50 WTI price environment;

- are supported by a robust and competitive service sector;

- have sufficient infrastructure to gather, process, and transport production to market; and

- have a history of industry players developing and utipzing over time, new or enhanced methods and techniques in drilpng, and completing productive wells on a more cost-efficient basis.

Bayswater currently executes along five strategic themes:

- Building upon our long and successful track record in the DJ Basin by acquiring leasehold, drilpng horizontal wells, and managing operations in core Wattenberg Field, Weld County, Colorado.

- Acquiring and developing leasehold in the Wolfcamp and Spraberry plays in the Northern Midland Basin, Howard County, Texas.

- Acquiring and developing “Tier Two” acreage positions, outside of the current core development areas in the top plays and basins, but possessing technical attributes that we bepeve could ultimately depver Tier One / Core economic performance.

- Acquiring minerals in top, active, horizontal plays, with a focus on the Delaware Basin, Texas.

- Pursuing “New Opportunities in Old Fields” in older, estabpshed fields and play concepts, either currently producing or having demonstrated productive potential in the past, for which production can be enhanced or re-estabpshed through the apppcation of modern technology and improved operations.

Mission

Bayswater’s mission is to responsibly develop oil and natural gas, thereby creating substantial value for our investors and owners; and enhancing the wealth and well-being of the communities in which we work by linking technology, talented people, capital, and executional excellence.

Vision

Bayswater has a long track record of delivering superior returns to our investors through accretive oil and gas property acquisitions, well-executed development programs, and timely exits. We aim to be viewed as a top-tier energy management team by blue-chip institutional investors and as an E&P partner of choice in the industry. We achieve this by having substantial “skin in the game”; being relationship focused; providing a superior value-add proposition; HSE leadership; having a challenging and rewarding work environment for our employees; and having access to a quality network of prospect generators, service providers, and capital market partners.

Values & Beliefs

- We are always honest, ethical, and open in our dealings with others.

- We are in business for the long-term—maximizing the value of our company through executional excellence and by forging strong mutually advantageous business relationships.

- We value a small company entrepreneurial culture, equity ownership, a flat organization, rewarding success, and multidisciplinary teamwork.

- We value our employees, our network of contractors and partners, and having a safe, relaxed, positive and fun work environment.

- We value debate, diversity of opinion, and broad participation in business decisions.

- We conduct our work without accident, harm to people, or damage to the environment.

- We meet or exceed all regulatory requirements.

- We aim to be leaders in demonstrating that oil and natural gas production and the stewardship of a pristine, sustainable environment are not mutually exclusive. On every project, we operate with the end goal that both can be achieved.

- Affordable energy is vital for our country. We are proud participants in the American energy industry.

- We value the “social license to operate.” We work to gain the trust of the communities in our operating areas and ensure that our daily actions always reinforce this trust.

- We encourage and assist young people to pursue careers in the oil and natural gas industry and operate in a way that builds a competitive and sustainable future for Bayswater and the industry.