looks like an entire revisit of the Flat Castle plan in NC Tioga co. Pa. the long lateral plan is too much for a new conservative management team and a company that has lost so many key employees that showed cutting edge technical skills under Ben Hulberts leadership. we all owe the old Eclipse a nod for bringing the whole e&p industry an incremental step forward. Montage is already setting up to be just another follower. sad day for technical risk taking and very cool engineering challenges.

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Page 23 Montage Presentation  EUR's per 1,000 

 Marcellus N  = 1.6 per 1,000 

 Marcellus south  = 1.4 

 Utica Condensate = .9 

 Utica rich =2.4 

 Utica dry N =2.2 

 Utica dry S  = 1.6

 Flat Lake = 2.0                                  

pg. 23 is interesting in that it highlights how the profit story isn't just EUR's. cost factors of producing are reflected in IRR's. Utica Rich for example @ 2.4 the high is quite affected by Ethane issues which reduce the IRR compared to some lower EUR areas. watch the turn around here once Shell takes Ethane in quantity. the real financial story is all factors combined. like the Seneca [WDA] example. no royaltys or rental, no water trucking, short sand haul. lower production with high margins. Eclipse did get top 15 of 25 in ODNR's highest producing wells report last year. i'm not interested in the stock, but i believe landowners can feel pretty good with Montage going forward.

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