Exhibit 99.4
Guidance
($ in millions)
| Estimate Full Year-2016 | Actuals 2015 |
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| Range | Midpoint | |||||||||
| Estimated Production |
||||||||||
| Oil & NGLs (MMBbls) |
8.5 - 9.3 | 8.9 | 9.4 | |||||||
| Natural Gas (Bcf) |
37.9 - 41.9 | 39.9 | 46.2 | |||||||
| Total (Bcfe) |
88.8 - 98.2 | 93.5 | 102.3 | |||||||
| Total (MMBoe) |
14.8 - 16.4 | 15.6 | 17.0 | |||||||
| Mboe per day |
40,437 - 44,809 | 42,623 | 46,709 | |||||||
| Operating Expenses |
||||||||||
| Lease operating expenses |
$166 - $184 | $ | 175.0 | $ | 192.8 | |||||
| Gathering, trans. & prod. taxes |
$22 - $24 | $ | 23.0 | $ | 20.2 | |||||
| General and administrative |
$61 - $68 | $ | 64.5 | $ | 73.1 | |||||
| Income tax rate |
5.4% | 5.4 | % | 16.3 | % | |||||
| Range | ||||||||||
| Capital Structure |
||||||||||
| Pro forma debt outstanding (a) |
$555 - $771 | |||||||||
| Pro forma liquidity (b) |
$360 - $383 | |||||||||
| Annualized cash interest expense (c) |
$34.5 - $68.8 | |||||||||
| (a) | As of March 31, 2016 pro forma for the exchange transaction assuming 70% -100% participation, raising a new $75 million term loan, and repayment of the revolving bank credit facility |
| (b) | As of March 31, 2016 pro forma for the exchange transaction assuming 70% -100% participation, raising a new $75 million term loan, the payment of all transaction related fees and expenses, and the payment of other financial obligations |
| (c) | Range assumes that the revolving bank credit facility is repaid in full and a 10% interest rate on the new $75 million term loan; low-end of range assumes 100% participation in the exchange transaction and PIK-election on new 2nd lien loans; high-end of range assumes 70% participation in the exchange transaction and cash-pay election on new 2nd lien loans |