THE TIPRO TARGET TEXAS SECRETARY OF STATE RESIGNS OPEC ANNOUNCES CUTS FOR JANUARY TIPRO Calendar of Events

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THE TIPRO TARGET VOLUME 21, NO. 24 DECEMBER 13, 2018 Texas Independent Poduces and Royalty Ownes Association TEXAS SECRETARY OF STATE RESIGNS Secetay of State Rolando Pablos will step down fom his position as the state s chief elections office effective as of Decembe 15, 2018. Afte seving two yeas, Secetay Pablos is etuning to his pivate law pactice. Spending two yeas in that position is vey common amongst his pedecessos. In Secetay Pablos official statement he goes on to say, with the midtem elections successfully behind us, and the 86th legislative session aound the cone, I believe this would be a good time to begin the pocess of tansitioning out of my position and passing the baton to the next secetay of state. In addition to the election esponsibilities, the Secetay seves as senio adviso and liaison to the Goveno fo Texas Bode and Mexican Affais and seves as Chief Intenational Potocol Office fo Texas. Secetay Pablos has held many leadeship positions fo the State of Texas; including, Public Utility Commissione, Texas Racing Commission Chaiman and Honoay Consul to Spain. He was also the founding CEO fo El Paso-based Bodeplex Alliance and Uiel Ameicas, a enewable enegy company. Ealie this week, Goveno Abbott appointed Joe Espaza to seve as Deputy Secetay of State. This second-anking position within the Secetay of State s Office has been vacant fo moe than a yea. M. Espaza is a Vetean who has woked fo Goveno Abbott in many capacities. He has woked in the Goveno s Appointment Office, seved as a senio-level campaign staffe and epesents the Goveno in a vaiety of veteans affais issues. Goveno Abbott is expected to appoint the 112th Texas Secetay of State shotly afte Rolando Pablos exit date of Decembe 15th. The Texas Secetay of State is one of six officials named in the Texas Constitution foming the Executive Depatment of the state. Upon nomination the candidate will then go on to be confimed by the senate OPEC ANNOUNCES CUTS FOR JANUARY 2019 Rolando Pablos OPEC s announcement of cuts to poduction in Januay 2019 bings US poduces some much needed elief. While the news is good fo US makets, the hope that it could positively change the couse of investment and poduction has yet to be detemined. In ecent months US shale investos have been focused on highe pofits and not inceased poduction leaving oil pices hoveing longe than expected. Ideally the ecent cuts will incease investment back to the enegy secto and halt declining oil pices. Finding a balance that allows makets to esume to $50-$55 pe bael is ideal fo both US poduces and consumes fo the long tem. While makets have shown positive eactions following the announcement, many tades may be hesitant until the Januay cuts ae implemented. The theshold of output that was heavily elevated in Novembe pio to the negotiated cuts and talks of what some playes outside of OPEC may poduce on thei own contibute to whethe o not the cuts will elieve the global ovesupply enough to positively affect US poduces. The OPEC poduction cuts ae a positive sign, says TIPRO Pesident Ed Longanecke, but OPEC poduction had aleady inceased peviously in elation to Ian sanctions, and at the uging of Pesident Tump, the eduction comes fom highe output numbes. Qata also decided to pull out of OPEC and incease poduction by 1.7 million baels pe day. This would futhe pessue supply and exceed announced OPEC poduction cuts. Any OPEC poduction cuts ae positive, and will enable US poduces to gain moe maket shae globally, but the tue impact on global supply is negligible Longanecke adds. JANUARY 9, 2019 HOUSTON IPAA/TIPRO Leades in Industy Luncheon, 11:30 a.m. Houston Petoleum Club. Fo info, call: (202) 857-4733. TIPRO Calenda of Events FEBRUARY 13, 2019 HOUSTON IPAA/TIPRO Leades in Industy Luncheon, 11:30 a.m. Houston Petoleum Club. Fo info, call: (202) 857-4733. FEBRUARY 13-15, 2019 HOUSTON Annual NAPE Summit, Geoge R. Bown Convention Cente. Fo info, call: (817) 847-7700. FEBRUARY 26-28, 2019 AUSTIN TIPRO S 73d Annual Convention, Sheaton Austin Hotel at the Capitol. Fo info, call: (512) 477-4452.

Page 2 Decembe 13, 2018 THE TIPRO TARGET PRESIDENT S MESSAGE TIPRO Membes- As we nea the end of 2018 and pepae fo a new yea of oppotunities and challenges facing the Texas oil and natual gas industy, I would like thank you fo you membeship and encouage you diect involvement with ou association in the coming months. As the lagest statewide association epesenting independent oil and gas poduces and oyalty ownes, TIPRO s membeship is compised of the state s leading independents and hundeds of small to mid-sized opeatos. With you suppot, ove the past yea we have continued to make meaningful stides epesenting the inteests of ou membes and industy at all levels of govenment. As an example, this yea TIPRO successfully engaged at the local level to oppose a poposed dilling odinance in the City of Alington mandating that new Special Use Pemit (SUP) applicants fo gas well dilling be equied to own the suface popety within a 300 adius of the poposed dill zone. As you know, oneous dilling odinances at the local level have a tendency to spead, hence the eason ou association monitos them closely. Unfotunately, simila issues will continue to be a challenge in the coming yea. TIPRO has also been one of the most visible and vocal U.S. oil and gas tade associations on many othe issues this yea, including the impact of steel and aluminum taiffs, impot quotas, NAFTA enegotiations, escalating tade disputes with China, and fedeal ai quality egulations. As we pepae fo the 86th Texas Legislative Session, TIPRO has also woked extensively on numeous inteim chages in ecent months that will become legislative pioities next yea, including chages elated to tanspotation and infastuctue investment, wate use, seismicity monitoing, and eactivating inactive wells, to name a few. Collectively, TIPRO will monito o lobby moe than 300 pieces of legislation next session that impact independent oil and gas poduces and oyalty ownes. Beyond ou meaningful advocacy wok, TIPRO offes the most active schedule of pogammatic activity in Texas fo ou membes to netwok, lean and engage in issues that impact ou industy. This yea we held ove twenty foums, in addition to ou egula legislative, legal and egulatoy committee meetings, that attacted moe than 2,500 attendees. In addition, TIPRO egulaly communicated with the media and thousands of independent poduces and oyalty ownes via ou compehensive communication pogam. We look fowad to anothe active yea epesenting ou membes and industy on you pioities. Please conside attending ou Feshman Legislato Reception in Austin on Januay 15th, ou Oil and Gas Education Biefing in the Texas State Capitol on Januay 16th, and please be sue to egiste to attend TIPRO s 73d Annual Convention. The two-day meeting will be held Febuay 26-28 in Austin, and will featue a stong line-up of espected industy leades and expets. Sticking with tadition, ou association also will be hosting TIPRO s capitol call-up meetings in conjunction with the convention, allowing membes the oppotunity to meet diectly with Texas legislatos and thei staff on issues that matte most to you and you business. On behalf of TIPRO, I hope you have a blessed holiday and pospeous new yea. Thank you again fo you continued suppot and involvement. Sinceely, Ed Longanecke Mey Chistmas & Happy New Yea

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Page 4 Decembe 13, 2018 THE TIPRO TARGET TCEQ NAMES NEW GENERAL COUNSEL, AMONGST MANY OTHER RECENT LEADERSHIP MOVES May Smith has been chosen by TCEQ Commissiones to seve as Geneal Counsel, effective Januay 1, 2019. Ms. Smith joins the agency afte seving 15 yeas at the Office of Attoney Geneal. She woked in the Envionmental Potection Division as Manage fo the Envionmental Enfocement and Natual Resouces Sections. In this capacity, she woked on egulatoy issues petaining to TCEQ, RRC, Texas Paks & Wildlife Depatment, Geneal Land Office and othes. Pio to woking in state govenment, Ms. Smith spent time woking in Washington D.C. fo the U.S. Senate Enegy and Natual Resouces Committee. Ms. Smith holds a bachelo s degee fom the Univesity of Kansas, and a JD fom The Univesity of Texas at Austin. The Geneal Counsel position became open afte Tucke Royall esigned to become the Diecto of the Texas Senate Committee on Natual Resouces and Economic Development. In the past few months, TCEQ has seen seveal leadeship changes. Commissione John Niemann was named Chaiman, Goveno Abbott appointed Commissione Emily Lindley and Toby Bake was named Executive Diecto. The Goveno is still woking on appointing the thid and final commissione. SPEAKER NOMINEE DENNIS BONNEN ANNOUNCES POLICY TEAM State Repesentative Dennis Bonnen (R-Angleton), the Texas House of Repesentatives Republican Caucus nominee fo Speake of the House and hei-appaent fo the position, announced a slate of policy advisos that will seve in his administation afte the election is held on opening day of the 86th Legislative Session. The list of staff includes many well espected and ecognized names fom offices on all ends of the political spectum and both chambes of the legislatue. Of the new team, Repesentative Bonnen said, with thei wide ange of policy expetise and divese backgounds woking in all aeas of state govenment, I m confident in this team s ability to advance legislative items that eflect the will of the House and the pioities of each Membe. Repesentative Bonnen enteed the ace fo Speake afte a coalition of legislatos began advocating fo his candidacy in late Octobe. Despite numeous othe candidates having aleady announced, Bonnen was able to quickly coalesce suppot aound his candidacy. The Republican Caucus met ecently to discuss thei nomination fo Speake, and Bonnen eceived unanimous suppot in the endeavo- theoetically poviding him with the equisite amount of votes to win the ace. Bonnen has also peviously touted suppot not only fom the Republicans but fom a numbe of Democats as well. The full list of ecently announced policy additions is as follows: Gadne Pate; Diecto of Policy & Geneal Counsel Lana Abduldaem ; Policy Office Coodinato Kyle Anold; Policy Adviso to the House fo Health and Human Sevices Osca Gaza; Policy Adviso to the House fo Tanspotation and Geneal Govenment Amanda Lopez; Assistant Geneal Counsel & Policy Adviso to the House fo Tax and Financial Institutions Will McAdams; Policy Adviso to the House fo Business and Regulated Industies Shakia Pumphey; Policy Adviso to the House fo Ciminal Justice, Law Enfocement, and Veteans Affais Jennife Saenz; Assistant Geneal Counsel & Policy Adviso to the House fo Natual Resouces, Wate, and Agicultue Andea Sheidan; Policy Adviso to the House fo Education Jesse Sifuentez; Assistant Geneal Counsel & Policy Adviso to the House fo Insuance and Civil Law CAROL ALVARADO WINS SPECIAL ELECTION IN SD6 On Tuesday, Decembe 11, State Repesentative Caol Alvaado (D-Houston) won the special election fo State Senate Distict 6 with 50.4% of the vote, avoiding a unoff by a magin of 59 votes. Democatic State Repesentative Ana Henandez came in second in the special election, with 24.3% of the vote, followed by Republican candidate Matha Fieo with 23.2% of the vote and finally Democatic candidate Mia Mundy with 2.1%. This special election was called to eplace Congesswoman-elect Sylvia Gacia, who won the election to Texas 29th Congessional Distict duing the geneal election in Novembe. Gacia was in the middle of he most ecent tem as a State Senato, theefoe did not have to esign fom the seat to un fo Congess. Alvaado s magin of victoy is still well within the ealm of a ecount, howeve, although no announcement has been made as of yet whethe any of the candidates will equest an official ecount.

Page 5 Decembe 13, 2018 THE TIPRO TARGET 86TH LEGISLATIVE PRIORITIES FOR TIPRO MEMBERS The 86th Texas Legislatue officially convenes on Januay 8, 2019, fo anothe egula session. The Texas legislatue, which meets evey two yeas fo 140 days, is equied to pass a state budget and conside legislative poposals. Thousands of bills will be filed to addess many issues facing the collective constituency in Texas. This includes hundeds of bills that petain to the Texas oil and gas industy, a conestone of the state economy. Some of the many legislative pioities facing Texas poduces and mineal ownes next session will include: Tanspotation Tanspotation infastuctue investment, oad epai and maintenance have been key pioities fo the Texas oil and natual gas industy fo many yeas. Quality infastuctue benefits local communities and ensues that poduct can get to maket in the most efficient way, pomoting a healthy and vibant economy. This issue is of citical impotance to suppot continued oil and natual gas opeations, as well as to potect the millions of individuals utilizing ou oadways on a daily basis. TIPRO, along with the entie oil and gas industy, emains committed to woking with all stakeholdes on identifying solutions to impove the quality of state and county oads. Wokfoce Development As the state's oil and gas industy continues to gow at a apid pace, ensuing that a qualified wokfoce is available to suppot that sustained gowth is cucial. Cuently the Texas oil and natual gas industy is facing a shotage of available talent as poduction and employment needs keep gowing. With the ight state policies in place, Texas can pepae the wokfoce of the futue to allow the continued success of the oil and gas industy and othe key sectos. Envionmental Issues Wate consevation and ai quality standads ae two issues state lawmakes will focus on duing the 2019 Legislative Session. TIPRO diligently advocates fo fai egulatoy policies that will enhance envionmental stewadship, without pomoting administative baies that hinde economic gowth though slowe pemitting o educed exploation and poduction activities. The oganization also pomotes wate consevation though ecycling and euse, and positive enegy emission tends esulting fom ongoing innovation, industy best pactices and ove $200 billion in investment in geenhouse gas emitting technologies ove the past two decades. Ad Valoem Taxes If you ask any popety owne in Texas what thei policy pioities might be, getting elief fom the gowing buden of ising popety taxes is likely at the top of thei list. Texas does not have an income tax, so popety taxes ae a vehicle fo funding vaious aspects of local and state govenment, such as local infastuctue and public schools. Recent epots have indicated, howeve, that since 1997 popety tax collections in Texas have inceased 195 pecent. The state s oil and gas poduces ae cetainly not immune to these tax inceases, and TIPRO is focused on achieving beneficial and pemanent solutions to this eve-ising poblem. Renewed Poduction Duing times of economic downtun, opeatos face the same tough decisions as any othe business owne; occasionally that means halting poduction fom cetain wells. The Raiload Commission has epoted an annual aveage of ove 100,000 inactive wells fo the past few decades, many of which ae still economically viable. Texans know that evey bael counts, so TIPRO will continue to wok with policymakes to find commonsense solutions to binging inactive and ophaned wells back to poduction, and povide the tools necessay to sustain that poduction egadless of the economic and egulatoy climate. Citical Infastuctue As poduction inceases in key basins, having adequate pipeline infastuctue to tanspot oil and gas is essential. To addess takeaway capacity constaints in West Texas, pipelines ae being expanded, built, planned o poposed. Howeve, the bottleneck may not be fully esolved until late 2019, assuming infastuctue pojects and poduction stay on tack. This maket challenge illustates the impotance of having sufficient infastuctue in place to suppot futhe oil and gas poduction and its tanspotation, industy employment, and to sustain an impotant tax evenue base that suppots all aspects of the state economy. TIPRO will continue to advocate fo a balanced appoach to citical infastuctue needs that ecognizes the dominance of the mineal estate, existing laws and egulations, and pivate popety ights. The oil and gas industy is the backbone of the Texas economy, suppoting ove 1 million diect and indiect jobs and an annual payoll exceeding $40 billion. Texas leads the nation in cude oil and natual gas poduction, contibuting ove 40 pecent of U.S. cude oil poduction and appoximately 30 pecent of U.S. natual gas. Additionally, Texas poduces paid state taxes and state oyalty payments in excess of $11 billion last yea, which suppot all aeas of the state, including tanspotation and infastuctue investment, wate consevation pojects, schools and education and fist espondes, to name but a few. Finally, the Texas Economic Stabilization Fund, which is funded almost entiely by oil and gas seveance taxes, will have a pojected balance of $12 billion ove the next biennium. The oil and natual gas industy will continue to be essential in meeting ou state s financial obligations, pioities and suppoting the oveall Texas economy. TIPRO looks fowad to woking with legislatos on these impotant issues and othe enegy policies that suppot the esponsible development of oil and natual gas and the enomous benefits it povides to ou state.

TIPRO s 73d Annual Convention Febuay 26-28, 2019 Austin, Texas Sponsoship Oppotunities: 2018 TOP SPONSORS: SPONSOR LEVELS ~ All packages eceive acknowledgement on all pomotional mateials and confeence signage. Gold Sponso $10,000 Fou (4) all-access badges to TIPRO s Annual Convention, including spouse egistation fo Reseved table fo eight (8) at the Chaiman s Dinne Full-page advetisement included in the Convention pogam Half-page advetisement included in The TIPRO Taget newslette Silve Sponso $7,500 Thee (3) all-access badges to TIPRO s Annual Convention,including spouse egistation fo Reseved seating at Chaiman s Dinne Full-page advetisement included in the Convention pogam Half-page advetisement included in The TIPRO Taget newslette Bonze Sponso pdf fo efeence puposes only pdf fo efeence puposes only $5,000 Two (2) all-access badges to TIPRO s Annual Convention, including spouse egistation fo Half-page advetisement included in the Convention pogam Half-page advetisement included in The TIPRO Taget newslette Blue Ribbon Sponso $3,500 Two (2) all-access badges to TIPRO s Annual Convention, including spouse egistation fo Half-page advetisement included in the Convention pogam Quate-page advetisement included in The TIPRO Taget newslette Red Ribbon Sponso $2,500 One (1) all-access badge to TIPRO s Annual Convention, including spouse egistation fo Quate-page advetisement in the Convention pogam Quate-page advetisement in The TIPRO Taget newslette White Ribbon Sponso $1,500 One (1) all-access badge to TIPRO s Annual Convention Suppoting Sponso $500 Acknowledgement on all pomotional mateials and confeence signage Please contact Joanne Reynolds at (512) 477-4452 o joanne@tipo.og to confim availability o lean moe about sponsoship packages fo TIPRO s 73d Annual Convention. visit www.tipo.og fo moe infomation.

TIPRO S 73 RD ANNUAL CONVENTION SPONSORSHIP FORM SPONSORSHIP LEVELS PLEASE CHECK DESIRED SPONSORSHIP CHOICE GOLD $10,000 SILVER $7,500 BRONZE $5,000 BLUE RIBBON $3,500 RED RIBBON $2,500 WHITE RIBBON $1,500 SUPPORTING SPONSOR $500 REGISTRATION & SPECIALTY SPONSORSHIPS LEGISLATIVE RECEPTION SPONSOR $5,000 NOTEBOOK SPONSOR $3,000 HOSPITALITY SUITE SPONSOR $3,500 AMENITY SPONSOR $3,000 TOTEBAG SPONSOR $3,000 LANYARD SPONSOR $2,500 TUMBLER SPONSOR $3,000 HOTEL KEY SPONSOR $2,500 ATTENDEE INFORMATION BADGE 1: Name of Attendee: Addess: City/State/Zip Code: Phone: BADGE 2: Name of Attendee: Phone: BADGE 3: Name of Attendee: Phone: BADGE 4: Name of Attendee: Phone: Email: E-mail: E-mail: E-mail: PAYMENT INFORMATION Sponsoship Level: Sponsoship Total: Payment Method: VISA MASTERCARD AMEX CHECK NO: Pint Name: Billing Addess: Cedit Cad No.: Exp. Date: Signatue: Mail fom to TIPRO at: 919 Congess Avenue, Suite 1000, Austin, Texas 78701 o fax to (512) 476-8070. Foms must be accompanied by payment. CID:

THE TIPRO TARGET THE TIPRO TARGET Texas Independent Poduces & Royalty Ownes Association With nealy 3,000 membes, TIPRO is the nation s lagest statewide association epesenting both independent poduces and oyalty ownes. Ou membes include small family-owned companies, the lagest publicly taded independents and lage and small mineal estates and tusts. 919 Congess Avenue, Suite 1000 Austin, Texas 78701 Phone: (512) 477-4452 Fax: (512) 476-8070 www.tipo.og