Resources - MeetMax

John M. White, (949) [email protected]

Sales (800) 933-6830, Trading (800) 933-6820

INDUSTRY NOTE | EQUITY RESEARCH | February 18, 2020

ResourcesE&P Update-Relative Value Tables

On February 13 Reuters reported oil demand is set to fall this quarter for the first time since thefinancial crisis in 2009 due to the coronavirus outbreak in China, the IEA said on Thursday. "Theconsequences of Covid-19 for global oil demand will be significant," the Paris-based IEA said ina monthly report, using the new scientific name for the virus. Demand in the first quarter of 2020is expected to fall by 435,000 b/d compared with a year earlier, it said, noting it would be "the firstquarterly decrease in more than a decade".

"For 2020 as a whole, we have reduced our global growth forecast by 365,000 b/d to 825,000 b/d, the lowest since 2011," the IEA said, adding that it assumed economic activity from the secondquarter would return progressively to normal. In the second quarter it said it expected oil demandto grow 1.2 million b/d before normalizing in the third quarter with growth of 1.5 million b/d on likelyeconomic stimulus measures in China.

On February 12 Reuters reported OPEC on Wednesday cut its forecast for global growth in oildemand this year due to the corona virus outbreak and said its output fell sharply in Januaryas producers implemented a new supply-limiting pact. In a report, OPEC said 2020 demand forits crude will average 29.3 million b/d, 200,000 b/d less than previously thought. OPEC pumpedbelow that rate in January, suggesting a 2020 supply deficit. The report could bolster the case foreven more supply curbs by OPEC, which is considering whether to curb output further to offsetslower demand. In the report, OPEC said world oil demand will rise by 990,000 b/d this year, down230,000 b/d from the previous forecast.

On February 14 Reuters reported falling demand from China drove Asian spot prices for promptdeliveries of LNG to new lows this week of around $2.70 per MMBtu. China's transport, commercialand industrial sectors have all been affected by the fast-spreading coronavirus outbreak. Theaverage LNG price for March delivery into northeast Asia fell to $2.70 MMBtu this week, down 25cents from the previous week, several industry sources said.

On February 14 Bloomberg reported reported that a sudden oil buying spree by China’sindependent refiners has taken Asian traders by surprise. After weeks of production cuts, cargodeferrals, and cancellations because of the deepening impact of the coronavirus on Chinese crudedemand, teapots have returned to the market in a big way. The spree is probably a sign that theteapots are getting ready for an eventual rebound in demand, taking advantage of the slump incrude prices to buy cheaply, according to traders with knowledge of th situation.

Reason for Report:Industry Update

Roth Covered CompaniesMentioned in this Report:AMPY $5.54 BuyCHAP $0.92 BuyCPE $2.88 BuyEPM $5.05 BuyESTE $4.41 BuyFANG $74.97 BuyGDP $6.02 BuyLONE $1.44 BuyREI $1.97 BuyTALO $18.40 BuyWTI $3.64 BuyStock prices are as of previous day'sclose, if not otherwise specified

Important Disclosures & Regulation AC Certification(s) are located on page 35 to 35 of this report.Roth Capital Partners, LLC | 888 San Clemente Drive | Newport Beach CA 92660 | 949 720 5700 | Member FINRA/SIPC

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Selected ROTH E&P Coverage: Relative Performance versus the XOP

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EXPLORATION & PRODUCTION Industry Note - February 18, 2020

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Selected ROTH E&P Coverage-Relative Valuation

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Selected ROTH E&P Coverage-Relative Valuation

1. June fiscal year end.

Estimated

Enterprise Market EV/ Price/ 2020 % EV/ Price/ Short Short

Value (EV) Capitalization 2019 EBITDA CFPS Dividend Above/Below EBITDA CFPS EV/ Interest Interest

Company Symbol Price ($MM) ($MM) Debt/EBITDA 2019E 2019E Yield 52 Week High 2020E 2020E Flowing BOE per day (M shares) %

Amplify Energy Corp. AMPY-Buy 5.54 489 218 2.4x 4.0x 2.2x 14.4% -58% 4.2x 2.1x $15,466 1,181 3%

Callon Petroleum CPE-Buy 2.88 2,322 1,142 2.4x 1.8x 1.0x 0.0% -66% 1.6x 0.9x $20,851 87,083 22%

Chaparral Energy, Inc. CHAP-Buy 0.92 422 43 2.7x 2.7x 0.3x 0.0% -89% 2.7x 0.3x $13,522 2,425 5%

Diamondback Energy FANG-Buy 74.97 18,129 12,029 1.3x 4.9x 3.4x 1.1% -34% 4.4x 3.0x $56,155 7,185 4%

Earthstone Energy ESTE-Buy 4.41 389 285 1.0x 2.4x 1.8x 0.0% -44% 2.3x 1.9x $25,187 1,504 2%

Evolution Petroleum (1) EPM-Buy 5.05 146 167 NA 8.0x 10.7x 7.9% -38% NA NA $68,313 930 3%

Goodrich Petroleum GDP-Buy 6.02 148 67 1.3x 1.9x 1.2x 0.0% -60% 1.7x 1.0x $5,733 153 1%

Lonestar Resources LONE-Buy 1.44 532 36 3.8x 3.5x 0.4x 0.0% -73% 3.2x 0.6x $30,088 455 2%

Ring Energy REI-Buy 1.97 493 134 3.4x 4.0x 1.3x 0.0% -70% 3.4x 1.1x $43,773 11,811 17%

Talos Energy TALO-Buy 18.40 1,644 997 NA 2.3x 1.8x 0.0% -41% 2.0x 1.5x $25,340 2,172 4%

W&T Offshore, Inc. WTI-Buy 3.64 1,189 512 2.2x 4.1x 2.3x 0.0% -49% 4.0x 2.4x $21,709 7,683 5%

Mean 2,355 1,421 2.3x 3.6x 2.4x 2.1% -57% 2.9x 1.5x $29,649 11,144 6%

Median 493 218 2.4x 3.5x 1.8x 0.0% -58% 3.0x 1.3x $25,187 2,172 4%

Maximum 18,129 12,029 3.8x 8.0x 10.7x 14.4% -34% 4.4x 3.0x $68,313 87,083 22%

Minimum 146 36 1.0x 1.8x 0.3x 0.0% -89% 1.6x 0.3x $5,733 153 1%

ROTH U.S. Exploration and Production - Relative Value Analysis

2020 2021

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Super E&Ps-Relative Performance versus the XOP

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Super E&P Companies-Relative Valuation

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Super E&P Companies-Relative Valuation

Super E&Ps Estimated




Apache APA-NC 27.36 20,643 10,288 2.3x 5.4x 3.7x 3.7% -28% 5.4x 3.6x $44,262 20,773 6%

Chesapeake Energy CHK-NC 0.45 11,895 879 4.2x 5.3x 0.6x 0.0% -87% 5.5x 0.7x $27,919 298,385 15%

Concho Resources CXO-NC 77.93 20,087 15,666 1.2x 6.0x 4.8x 0.7% -37% 5.6x 4.5x $58,844 6,816 3%

Continental Resources CLR-NC 26.20 15,629 9,731 1.6x 4.4x 2.9x 0.8% -50% 4.2x 2.7x $41,710 5,215 1%

Devon DVN-NC 22.82 11,685 8,765 1.2x 4.7x 3.8x 1.6% -36% 4.4x 3.5x $32,196 12,242 3%

EOG EOG-NC 74.92 47,180 43,586 0.5x 5.4x 5.2x 1.7% -31% 4.8x 4.7x $50,815 9,613 2%

HESS HES-NC 60.34 25,195 18,386 2.4x 8.6x 7.2x 1.7% -19% 7.7x 6.8x $72,980 10,692 4%

Marathon Oil MRO-NC 10.64 12,791 8,511 1.6x 3.9x 2.8x 1.9% -44% 3.7x 2.7x $30,150 22,977 3%

Noble Energy NBL-NC 19.16 16,954 9,168 2.5x 5.9x 3.9x 2.5% -33% 5.2x 3.4x $41,606 19,819 4%

Occidental Petroleum OXY-NC 41.60 94,623 37,162 3.3x 7.9x 4.1x 7.6% -40% 7.3x 3.7x $69,406 25,311 3%

Pioneer Natural PXD-NC 139.23 24,763 23,063 0.5x 6.1x 5.9x 1.2% -22% 5.5x 5.3x $64,831 3,646 2%

Mean 27,404 16,837 1.9x 5.8x 4.1x 2.1% -39% 5.4x 3.8x $48,611 39,590 4%

Median 20,087 10,288 1.6x 5.4x 3.9x 1.7% -36% 5.4x 3.6x $44,262 12,242 3%

Maximum 94,623 43,586 4.2x 8.6x 7.2x 7.6% -19% 7.7x 6.8x $72,980 298,385 15%

Minimum 11,685 879 0.5x 3.9x 0.6x 0.0% -87% 3.7x 0.7x $27,919 3,646 1%

2020 2021

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Large Cap Oil Weighted-Relative Performance versus the XOP

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Large Cap Oil Weighted-Relative Valuation

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Large Cap Oil Weighted-Relative Valuation

Large Cap-Oil weighted Estimated




California Resources Corp. CRC-NC 6.37 6,178 313 NA 6.1x 0.6x 0.0% -79% 7.7x NA $47,595 16,498 34%


Magnolia Oil & Gas MGY-NC 9.66 3,742 2,503 0.5x 5.2x 3.5x 0.0% -32% 4.9x 3.3x $51,106 14,206 5%

Oasis Petroleum OAS-NC 2.11 3,659 678 3.1x 4.1x 0.9x 0.0% NA 3.9x 0.9x $42,092 65,918 21%

Parsley Energy PE-NC 16.76 9,275 6,312 1.2x 4.2x 3.2x 1.1% -24% 3.8x 2.9x $45,284 12,762 4%

SM Energy SM-NC 8.83 3,732 997 2.7x 3.5x 1.1x 1.1% -56% 3.2x 1.0x $27,350 17,445 15%

Whiting Petroleum WLL-NC 2.92 3,150 267 2.8x 3.1x 0.3x 0.0% -91% 3.0x 0.3x $25,372 35,571 39%

Mean 6,838 3,300 1.9x 4.4x 1.9x 0.5% -53% 4.4x 1.9x $42,136 24,226 18%

Median 3,742 997 2.0x 4.2x 1.1x 0.0% -45% 3.9x 2.0x $45,284 16,498 15%

Maximum 18,129 12,029 3.1x 6.1x 3.5x 1.1% -24% 7.7x 3.3x $56,155 65,918 39%

Minimum 3,150 267 0.5x 3.1x 0.3x 0.0% -91% 3.0x 0.3x $25,372 7,185 4%

2020 2021

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Large Cap Natural Gas Weighted-Relative Performance versus the XOP

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Large Cap Natural Gas Weighted-Relative Valuation

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Large Cap Natural Gas Weighted-Relative Valuation

Large Cap-Natural gas weighted Estimated




Antero Resources AR-NC 1.65 4,234 473 3.2x 3.5x 0.5x 0.0% -84% 3.1x 0.4x $7,249 45,223 15%

Cabot Oil and Gas COG-NC 14.80 7,175 6,037 1.1x 7.4x 6.7x 2.8% -46% 6.0x 5.3x $17,792 28,068 7%

Cimarex Energy Co. XEC-NC 39.35 6,076 4,006 1.3x 3.7x 2.5x 2.0% -49% 3.3x 2.3x $21,576 4,582 5%

Gulfport Energy GPOR-NC 1.23 2,264 196 3.3x 3.6x 0.4x 0.0% -85% 3.5x 0.4x $10,097 30,521 19%

Southw estern Energy SWN-NC 1.56 3,086 844 3.3x 3.9x 1.2x 0.0% -68% 3.6x 1.1x $8,222 141,998 26%

Range Resources RRC-NC 3.09 3,911 777 4.3x 5.3x 1.4x 1.0% -73% 4.9x 1.2x $10,184 81,393 32%

Mean 4,458 2,056 2.7x 4.5x 2.1x 1.0% -68% 4.1x 1.8x $12,520 55,298 17%

Median 4,072 811 3.2x 3.8x 1.3x 0.5% -71% 3.6x 1.1x $10,140 37,872 17%

Maximum 7,175 6,037 4.3x 7.4x 6.7x 2.8% -46% 6.0x 5.3x $21,576 141,998 32%

Minimum 2,264 196 1.1x 3.5x 0.4x 0.0% -85% 3.1x 0.4x $7,249 4,582 5%

2020 2021

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Mid-Cap Oil Weighted-Relative Performance versus the XOP

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Mid-Cap Oil Weighted-Relative Valuation

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Mid-Cap Oil Weighted-Relative Valuation

Mid-Cap-Oil weighted Estimated





Centennial Resource Development CDEV-NC 2.64 1,735 731 2.0x 2.7x 1.3x 0.0% -80% 2.4x 1.3x $22,413 17,050 6%

Laredo Petroleum Inc LPI-NC 1.50 1,485 356 2.1x 2.5x 0.7x 0.0% -61% 2.4x 0.7x $17,868 29,751 13%

Matador Resources MTDR -NC 12.94 3,126 1,509 2.4x 4.4x 2.4x 0.0% -42% 3.5x 1.9x $42,487 26,234 22%

PDC Energy PDCE-NC 22.31 3,533 2,265 1.4x 2.4x 1.6x 0.0% -53% 2.2x 1.4x $17,050 9,980 10%

Mean 2,440 1,201 2.0x 2.8x 1.4x 0.0% -60% 2.4x 1.2x $24,134 34,020 15%

Median 2,322 1,142 2.1x 2.5x 1.3x 0.0% -61% 2.4x 1.3x $20,851 26,234 13%

Maximum 3,533 2,265 2.4x 4.4x 2.4x 0.0% -42% 3.5x 1.9x $42,487 87,083 22%

Minimum 1,485 356 1.4x 1.8x 0.7x 0.0% -80% 1.6x 0.7x $17,050 9,980 6%

2020 2021

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Small Cap Oil Weighted-Relative Performance versus the XOP

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Small Cap Oil Weighted-Relative Valuation

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Small Cap Oil Weighted-Relative Valuation

1. June fiscal year end.

Small Cap-Oil weighted Estimated




Amplify Energy Corp. AMPY-Buy 5.54 489 218 NA 4.0x 2.2x 14.4% -58% 4.2x 2.1x $15,466 1,181 3%

Bonanza Creek Energy Resources BCEI-NC 17.54 434 362 0.5x 1.9x 1.7x 0.0% -34% 1.5x 1.3x $16,065 2,137 10%

Chaparral Energy, Inc. CHAP-Buy 0.92 422 43 2.7x 2.7x 0.3x 0.0% -89% 2.7x 0.3x $13,522 2,425 5%

Denbury Resources DNR-NC 0.97 3,002 493 3.5x 5.1x 1.1x 0.0% -64% 5.9x 1.5x $52,159 85,505 17%


Evolution Petroleum (1) EPM-Buy 5.05 146 167 NA 8.5x 10.7x 0.0% -38% NA NA $68,313 930 3%


Northern Oil and Gas NOG-NC 1.59 1,783 645 1.9x 3.4x 1.5x 0.0% -46% 3.2x 1.3x $38,319 32,886 8%

Penn Virginia PVAC-NC 17.53 816 265 NA 2.4x 0.9x 0.0% -70% 2.5x 0.9x $27,670 1,267 8%

Ring Energy REI-Buy 1.97 493 134 NA 4.0x 1.3x 0.0% -70% 3.4x 1.1x $43,773 11,811 17%

Rosehill Resources ROSE-NC 0.88 742 39 1.6x 3.1x 0.2x 0.0% -83% 2.9x 0.2x $35,367 454 3%

Mean 836 244 2.1x 3.7x 2.0x 1.3% -61% 3.1x 1.1x $32,945 12,778 7%

Median 493 218 1.9x 3.4x 1.3x 0.0% -64% 3.0x 1.2x $30,088 1,504 5%

Maximum 3,002 645 3.8x 8.5x 10.7x 14.4% -34% 5.9x 2.1x $68,313 85,505 17%

Minimum 146 36 0.5x 1.9x 0.2x 0.0% -89% 1.5x 0.2x $13,522 454 2%

20212020

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Permian Basin Weighted-Relative Performance versus the XOP

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Permian Basin Weighted-Relative Valuation

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Permian Basin Weighted-Relative Valuation

Permian Estimated





Concho Resources CXO-NC 77.93 20,087 15,666 1.2x 6.0x 4.8x 0.7% -37% 5.6x 4.5x $58,844 6,816 3%



Laredo Petroleum Inc LPI-NC 1.50 1,485 356 2.1x 2.5x 0.7x 0.0% -61% 2.4x 0.7x $17,868 29,751 13%

Matador Resources MTDR -NC 12.94 3,126 1,509 2.4x 4.4x 2.4x 0.0% -42% 3.5x 1.9x $42,487 26,234 22%

Parsley Energy PE-NC 16.76 9,275 6,312 1.2x 4.2x 3.2x 1.1% -24% 3.8x 2.9x $45,284 12,762 4%

Pioneer Natural PXD-NC 139.23 24,763 23,063 0.5x 6.1x 5.9x 1.2% -22% 5.5x 5.3x $64,831 3,646 2%

Ring Energy REI-Buy 1.97 493 134 3.4x 4.0x 1.3x 0.0% -70% 3.4x 1.1x $43,773 11,811 17%

Rosehill Resources ROSE-NC 0.88 742 39 1.6x 3.1x 0.2x 0.0% -83% 2.9x 0.2x $35,367 454 3%

Mean 8,072 6,053 1.7x 3.9x 2.5x 0.4% -48% 3.5x 2.2x $40,460 18,725 9%

Median 2,724 1,326 1.4x 4.1x 2.1x 0.0% -43% 3.4x 1.9x $43,130 9,498 4%

Maximum 24,763 23,063 3.4x 6.1x 5.9x 1.2% -22% 5.6x 5.3x $64,831 87,083 22%

Minimum 296 39 0.5x 1.8x 0.2x 0.0% -83% 1.6x 0.2x $17,868 454 2%

2020 2021

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Bakken Weighted-Relative Performance versus the XOP

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Bakken Weighted-Relative Valuation

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Bakken Weighted-Relative Valuation

Bakken Estimated




Continental Resources CLR-NC 26.20 15,629 9,731 1.6x 4.4x 2.9x 0.8% -50% 4.2x 2.7x $41,710 5,215 1%

Northern Oil and Gas NOG-NC 1.59 1,783 645 1.9x 3.4x 1.5x 0.0% -46% 3.2x 1.3x $38,319 32,886 8%

Oasis Petroleum OAS-NC 2.11 3,659 678 3.1x 4.1x 0.9x 0.0% NA 3.9x 0.9x $42,092 65,918 21%

Whiting Petroleum WLL-NC 2.92 3,150 267 2.8x 3.1x 0.3x 0.0% -91% 3.0x 0.3x $25,372 35,571 39%

Mean 6,055 2,830 2.3x 3.8x 1.4x 0.2% -62% 3.5x 1.3x $36,873 34,898 17%

Median 3,405 662 2.3x 3.7x 1.2x 0.0% -50% 3.5x 1.1x $40,015 34,229 14%

Maximum 15,629 9,731 3.1x 4.4x 2.9x 0.8% -46% 4.2x 2.7x $42,092 65,918 39%

Minimum 1,783 267 1.6x 3.1x 0.3x 0.0% -91% 3.0x 0.3x $25,372 5,215 1%

2020 2021

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Eagle Ford Weighted-Relative Performance versus the XOP

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Eagle Ford Weighted-Relative Valuation

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Eagle Ford Weighted-Relative Valuation

Eagle Ford Estimated





Magnolia Oil & Gas MGY-NC 9.66 3,742 2,503 0.5x 5.2x 3.5x 0.0% -32% 4.9x 3.3x $51,106 14,206 5%

Penn Virginia PVAC-NC 17.53 816 265 NA 2.4x 0.9x 0.0% -70% 2.5x 0.9x $27,670 1,267 8%

SilverBow Resources SBOW-NC 3.78 517 45 NA 2.6x 0.3x 0.0% -85% 2.6x 0.3x $13,283 286 2%

Mean 1,402 712 2.2x 3.4x 1.3x 0.0% -65% 3.3x 1.3x $30,537 4,054 5%

Median 674 155 2.2x 3.1x 0.6x 0.0% -72% 2.9x 0.7x $28,879 861 4%

Maximum 3,742 2,503 3.8x 5.2x 3.5x 0.0% -32% 4.9x 3.3x $51,106 14,206 8%

Minimum 517 36 0.5x 2.4x 0.3x 0.0% -85% 2.5x 0.3x $13,283 286 2%

20212020

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Marcellus/Utica Weighted-Relative Performance versus the XOP

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Marcellus/Utica Weighted-Relative Valuation

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Marcellus/Utica Weighted-Relative Valuation

Marcellus / Utica Estimated




Antero Resources AR-NC 1.65 4,234 473 3.2x 3.5x 0.5x 0.0% -84% 3.1x 0.4x $7,249 45,223 15%

Cabot Oil and Gas COG-NC 14.80 7,175 6,037 1.1x 7.4x 6.7x 2.8% -46% 6.0x 5.3x $17,792 28,068 7%

Gulfport Energy GPOR-NC 1.23 2,264 196 3.3x 3.6x 0.4x 0.0% -85% 3.5x 0.4x $10,097 30,521 19%

Range Resources RRC-NC 3.09 3,911 777 4.3x 5.3x 1.4x 1.0% -73% 4.9x 1.2x $10,184 81,393 32%

Southw estern Energy SWN-NC 1.56 3,086 844 3.3x 3.9x 1.2x 0.0% -68% 3.6x 1.1x $8,222 141,998 26%

Mean 4,134 1,666 3.0x 4.7x 2.0x 0.8% -71% 4.2x 1.7x $10,709 65,441 20%

Median 3,911 777 3.3x 3.9x 1.2x 0.0% -73% 3.6x 1.1x $10,097 45,223 19%

Maximum 7,175 6,037 4.3x 7.4x 6.7x 2.8% -46% 6.0x 5.3x $17,792 141,998 32%

Minimum 2,264 196 1.1x 3.5x 0.4x 0.0% -85% 3.1x 0.4x $7,249 28,068 7%

2020 2021

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Offshore Weighted-Relative Performance versus the XOP

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Offshore Weighted-Relative Valuation

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Offshore Weighted-Relative Valuation

Offshore E&P Estimated




Kosmos Energy Ltd. KOS-NC 5.39 4,067 2,164 2.1x 4.4x 3.5x 3.5% -29% 4.6x 3.3x $55,867 15,241 4%

Premier Oil plc PMOIF-NC 1.50 4,144 1,138 2.2x 4.0x 2.6x 0.0% -6% 3.8x 2.0x $54,602 NA NA

Tullow Oil plc TUWOY-NC 0.29 5,262 831 2.8x 4.7x 0.4x 4.7% -82% 5.0x 0.4x $64,687 NA NA

Talos Energy TALO-Buy 18.40 1,644 997 NA 2.3x 1.8x 0.0% -41% 2.0x 1.5x $25,340 2,172 4%

W&T Offshore, Inc. WTI-Buy 3.64 1,189 512 2.2x 4.1x 2.3x 0.0% -49% 4.0x 2.4x $21,709 7,683 5%

Mean 3,261 1,129 2.3x 3.9x 2.1x 1.6% -42% 3.9x 1.9x $44,441 8,365 4%

Median 4,067 997 2.2x 4.1x 2.3x 0.0% -41% 4.0x 2.0x $54,602 7,683 4%

Maximum 5,262 2,164 2.8x 4.7x 3.5x 4.7% -6% 5.0x 3.3x $64,687 15,241 5%

Minimum 1,189 512 2.1x 2.3x 0.4x 0.0% -82% 2.0x 0.4x $21,709 2,172 4%

2020 2021

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Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifiesthe following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views aboutthe subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be,directly or indirectly, related to the specific recommendations or views expressed in this report.

For important disclosure information regarding the companies in this summary report, please contact: The Director ofResearch at (800) 678-9147 or write to: ROTH Capital Partners, LLC, Attention: Director of Research, 888 San ClementeDrive, Newport Beach, CA 92660

Disclosures:ROTH makes a market in shares of Amplify Energy Corp., Chaparral Energy, Inc., Callon Petroleum Company, EvolutionPetroleum Corporation, Earthstone Energy, Inc., Diamondback Energy, Inc., Goodrich Petroleum Corp., Lonestar ResourcesUS Inc., Ring Energy, Inc., Talos Energy, Inc. and W&T Offshore, Inc. and as such, buys and sells from customers on aprincipal basis.

Shares of Chaparral Energy, Inc., Callon Petroleum Company, Lonestar Resources US Inc., Ring Energy, Inc. and W&TOffshore, Inc. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth salespractice requirements for certain low-priced securities.

A Research Analyst and/or a member of the Analyst's household own(s) debt or equity securities of Goodrich PetroleumCorp. stock.

Each box on the Rating and Price Target History chart above represents a date on which an analyst made a change to arating or price target, except for the first box, which may only represent the first note written during the past three years.Distribution Ratings/IB Services shows the number of companies in each rating category from which Roth or an affiliatereceived compensation for investment banking services in the past 12 month.

Distribution of IB Services FirmwideIB Serv./Past 12 Mos.

as of 02/18/20Rating Count Percent Count PercentBuy [B] 270 78.26 152 56.30Neutral [N] 41 11.88 18 43.90Sell [S] 5 1.45 2 40.00Under Review [UR] 26 7.54 15 57.69

Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at anygiven point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target.

Ratings System Definitions - ROTH employs a rating system based on the following:

Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least10% over the next 12 months.

Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return betweennegative 10% and 10% over the next 12 months.

Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciateby more than 10% over the next 12 months.

Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of theprior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be reliedupon for UR-rated securities.

Not Covered [NC]: ROTH does not publish research or have an opinion about this security.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other businessrelationships with the covered companies mentioned in this report in the next three months. The material, information andfacts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are fromsources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be usedas a complete analysis of the company, industry or security discussed in the report. Additional information is available uponrequest. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report aresubject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actualresults to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a highdegree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without theexpress written permission of ROTH. Copyright 2020. Member: FINRA/SIPC.

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