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D I V E R S I F I E D G A S & O I L P

L C

INVESTO R PRESENTAT IO N

J A N U A R Y 2 0 1 8

CO NF IDENT IAL

DISCLAIMER

The information contained in this document has been prepared by Diversified Gas & Oil PLC (the “Company”). This document is being made available for information purposes only and does not constitute an offer or invitation for the sale or purchase of securities or any of the assets described in it nor shall they, nor any part of them, form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever or otherwise engage in any investment activity (including within the meaning specified in section 21 of the Financial Services and Markets Act 2000). The information in this document does not purport to be comprehensive. While this information has been prepared in good faith, no representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by the Company or any of its officers, employees, agents or advisers as to, or in relation to, the accuracy or completeness of this document, and any such liability is expressly disclaimed. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the achievement or reasonableness of any future projections, management estimates or prospects contained in this document. Such forward-looking statements, estimates and forecasts reflect various assumptions made by the management of the Company and their current beliefs, which may or may not prove to be correct. A number of factors could cause actual results to differ materially from the potential results discussed in such forward-looking statements, estimates and forecasts including: changes in general economic and market conditions, changes in the regulatory environment, business and operational risks and other risk factors. Past performance is not a guide to future performance. The document is not a prospectus nor has it been approved by the London Stock Exchange plc or by any authority which could be a competent authority for the purposes of the Prospectus Directive (Directive 2003/71/EC). This document has not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000. The information contained in this document is subject to change, completion or amendment without notice. However, the Company gives no undertaking to provide the recipient with access to any additional information, or to update this document or any additional information, or to correct any inaccuracies in it or any omissions from it which may become apparent. Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements. This document does not constitute an offer to sell or an invitation to purchase securities in any jurisdiction. 1 January 2018 Investor Presentation

2

MARKETING PURPOSE Progresses Stated Strategy

Geographic Concentration Drives Efficiency Enhances per share Cash Flow & Dividend Further Positions DGOC as Consolidator

$180M Equity Capital Raise Acquire Two Transformative Packages for $180M* in Cash

Target: Alliance Petroleum Corporation - $95M Target: “Mountaineer”** - $85M

January 2018 Investor Presentation

Footnotes: * Net of expenses ** “Mountaineer” is a code name

INT RO DUCT ION TO DG O C

Our Current Business

3

CORPORATE OVERVIEW: DIVERSIFIED GAS & OIL PLC

4

APPALACHIAN BASIN GAS AND OIL PRODUCER

Corporate Profile Today

Exchange Listing Details AIM DGOC Net Daily Production MBoe per Day 10.3 Net PDP Reserves (a) MMboe 54.6 Ordinary Shares in issue #M 145.1 Share Price (18 Jan 2018) GBp/share 88.50 Market Capitalisation(b) US$M $178 Net debt (a) US$M $58 Enterprise Value(b)(c) US$M $236

Regional Profile – Appalachian Basin

Footnotes: (a) Estimated as of December 31, 2017; (b) As of 18 January 2018 based on a closing price of 88.50 GBp; (c) Assumes a USD:GBP exchange rate of $1.38

January 2018 Investor Presentation

DGOC Focus Area

Established Oldest hydrocarbon producing region in the US Sustainable Long reserve life (~40 to 50+ years per well) with low plugging costs (~$10k/well) Productive Basin produces ~24 Bcf/d Natural Gas with >1 million wells drilled (high success rate) Active Abundant infrastructure that continues to attract new investment with conventional & horizontal development Predictable Geologically prolific, long-life shale rock in Marcellus/Utica and conventional reservoirs Stable Basin located within the continental United States with a stable and industry-friendly political environment Growing Conducive environment; DGO ~80% Production CAGR since 2012; Significant pending acquisitions ($180M)

Feb: Floated on AIM raising $50m – largest UK O&G IPO since April 2014 Apr: Acquired producing wells in Ohio and Pennsylvania for $1.75m June: Acquired producing wells from Titan for $72.8m; Raised add’l $35m through secondary offering on AIM September: Closed on the remaining Titan wells held within public partnership structures (incl. 29 Hz wells) for $11.4m December: Acquired producing wells from NGO for $3.1m

Gross Boe/ day

Acquired producing wells from Eclipse Resources for $4.8m Acquired producing wells and pipeline assets from Seneca Resources for $7.0m

Gross Boe/ day

COMPANY HISTORY MARKED BY GROWTH

5

Acquired assets of Diversified Resources Inc. for $5.2m Assets located in West Virginia

Founded

‘01 4,333 ‘16

Entered Ohio Acquired producing wells from AB Resources for $14.5m Acquired producing wells from Deep Resources, for $5.5m

1,000

Gross Boe/ day

‘10

Acquired producing wells from Operated Equity Investment (Fund 1) for $4.3m

1,167

Gross Boe/ day

‘14

Acquired producing wells from Broadstreet Energy for $2.6m Acquired producing wells and equipment from Texas Keystone for $725k

1,833

Gross Boe/ day

‘15

Successfully listed bond on ISDX Growth Market, which raised £10.6m

18,000 ‘17

January 2018 Investor Presentation

~80% Gross Production CAGR from 2012

to Jun17

A UNIQUE OPPORTUNITY; ACHIEVING SCALE THROUGH ACQUISITIONS

Established, Profitable & Growing

• Founded in 2001 by the CEO with ~80% CAGR of production since 2012
• Over 10,300 net barrels of oil equivalent (“Boe”) production per day(a)
• 54.6 million Boe Proved-Developed-Producing reserves (significant, unrecorded PUD & 2P potential)(b)

Differentiated

• Low political and operational risk; 100% US onshore operations with stable, long-life production
• Low operating costs & maintenance capex; Averaging $7.46/Boe ($1.24/Mcfe) for the past six months(c)
• Cash-flow positive; +40% Adjusted EBITDA margins(c)

Proven Dividend Model

• Target dividend of ~40% of free cash flow (Paid $0.0398/share in 2017)
• Increasing Yield: 5.7% estimated yield on 2018 Dividends (before acquisitions)(d); 4.3% yield on 2017 Dividends(e)
• More than 75% above the average yield of the two other UK Listed independent E&Ps paying a regular dividend(d)

Value Creating

• Deep relationships in the industry support consistent and accretive deal execution
• History of success completing acquisitions; ~$135 million of transactions completed; $180 million expected in 1Q18
• Operational excellence & Strong balance sheet / liquidity position; Low unit OpEx cost; $50 million of liquidity(f)

Footnotes: (a) Net daily production rate is based on Dec17 “exit rate”; (b)Estimated as of 31 December 2017; (c) For the months June - November 2017; (d) Source: Bloomberg as of 18 Jan 2018; Peers include SEPL & SIA; Estimated yield excludes impact

• f acquiring the two target acquisitions discussed within this presentation; (e) Assumes an average share price of $0.70 and $0.0399 total dividends; (f) At 31 December 2017 inclusive of $15 million cash + $35 available on credit facility.

6 January 2018 Investor Presentation

Value

• Disciplined pursuit of cash producing

assets available at low multiples

Balanced

• Finance acquisitions with a proper

balance of debt and equity to maintain a strong balance sheet

Stable

• Maintain a strong balance sheet and

low leverage at reduced commodity prices

Efficient

• Maintain efficient cost structure by

spending only what is necessary

Consistent

• Manage producing wells to maintain

shallow declines and maximize economic recoverable reserves

Returns

• Return meaningful cash to

shareholders through the dividend

7 January 2018 Investor Presentation

OUR BUSINESS MODEL

Footnote: (a) Source: Bloomberg as of 18 Jan 2018; Peers include SEPL & SIA; (b) From IPO on 3 Feb 2017 (£0.65) to 18 Jan 2018 (£0.885)

5.7% 2.7% 3.8%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% DGOC Peer 1 Peer 2

~6% 2018E Dividend Yield(a)

Peer Average Yield: 3.3% 36% Equity Return since IPO (b)

• Largest AIM E&P IPO since 2014
• One of only three UK Listed E&P (of 90) to pay a regular dividend(a)

Successful AIM IPO

• $160m of capital raised in 2017(b); maintaining low leverage profile
• $50m of liquidity at 31 December 2017 ($15 cash + $35 undrawn credit facility)

Financially Strong

• 2017 Exit rate of >10,300 net barrels of oil equivalent production per day
• Significant producer on AIM; Growing rapidly through acquisitions

Significant Production

• >90% of long-life, low-decline wells located within a radius of ~200 kilometers
• Closed three acquisitions since February 2017 IPO, incl. one transformative
• Strong pipeline of compelling opportunities with others emerging

Increasing Scale

• Adjusted EBITDA margin averaging >40% from June to November 2017
• Integration and optimization of Titan acquisition continues

Reducing Costs

• 5.7% estimated 2018 dividend yield before target acquisitions(c)
• 4.3% 2017 yield
• 75% above the average of other UK Listed E&Ps regularly paying a dividend(c)

Dividend Paying

8 January 2018 Investor Presentation

TRACK RECORD OF DELIVERING STATED OBJECTIVES

Footnote: (a) Dividend paying companies include DGOC, SEPL & SIA; (b) Includes $85m of equity capital and $75m of debt capital; (c) Source: Bloomberg as of 18 Jan 2018; Peers are listed in footnote (a).

STRATEGY: ACQUIRE, PRODUCE, DRILL

9

Price acquisitions as a multiple of cash flows from existing production; Pay nothing for undeveloped resource Source: Large energy players looking to reduce operating expenses and re-focus their limited financial & personnel resources on shale Target: Predictable production rates, long-life (50+ years), low declines Focus: On asset attributes & scale vs. location (Geographically agnostic) Deploying rigorous field management programmes Reduce unit operating costs and improve margins Optimize production by managing compression; perform low-cost workovers Focus on conventional formations Strict control of drilling and completion costs Increased drilling in higher price environment

Acquire and manage producing natural gas and oil properties to generate cash flows, providing stability and growth for our stakeholders

• Progressive dividend
• Improving gross margins
• Reduced unit operating costs
• Strong free cash flow generation

January 2018 Investor Presentation

I N O R G A N I C O R G A N I C O N G O I N G

OUR ASSETS: LOW RISK, LOW COST, LONG LIFE

10

DGOC operates a large portfolio of producing wells driving stable cash flows Low risk (political & operational; US Onshore) producing gas and oil assets (Average Production Mix: +95% natural gas) Shallow depth (~3,000’ to ~6,000’), vertical wells into low permeability reservoirs sitting above the shale Mature wells benefitting from:

• Low operating costs (~$1.24 LOE/mcfe(a); Ongoing optimizing)
• Low ongoing/maintenance capex (~$1.0m - $1.5m/year)
• Low water production (~1/3 Bbl per well per day)

Low decline rates averaging 3-5% per annum, enabling a high quality and reliable stream of free cash flow Long well life estimated from 40-50+ years with significant well control Attractive fiscal regime further improved by recent US tax reform as corporate tax rate drops from 35% to 21%

Footnotes: (a) Average for the months June - November 2017

January 2018 Investor Presentation

PENDING T RANSACT IO NS

Further Transforming DGOC

11

✓ Broad base of producing wells provides for consistent, stable production, cash flows and dividends ✓ Tight geographical profile provides significant economies driving down unit operating and

• verhead costs through shared facilities, optimized

labor allocation, enhanced vendor management, etc. ✓ Reserves are 100% PDP with estimated remaining lives of ~50 years, with significant 2P & 3P potential ✓ Large Undeveloped HBP Acreage position provides a significant organic growth platform ✓ Successful execution of large transactions establishes DGOC as the consolidator of choice in the region ✓ Long history as an established operator provides credibility among potential sellers of similar assets

12

Highlights

ESTABLISHED, LARGE, INDEPENDENT APPALACHIA PRODUCER

Addition of two strategic and accretive acquisitions achieves significant scale and economies in the Basin Daily Production(a): ~28,000 BOE PDP Reserves: 173 MMBoe (PV10: $571M)

Strong Margins are Highly Accretive to EBITDA

Held by Production Acres: 4.0M

Footnotes: (a) Based on the combined midpoints of 26-30 Mboe/day estimate for the Alliance and Mountaineer acquisitions anticipated to close as detailed on the Expected Timetable slide

Ohio West Virginia Pennsylvania

Legacy Alliance Mountaineer LEGEND:

January 2018 Investor Presentation January 2018 Investor Presentation

PRO FORMA INFORMATION:

13

DGOC Today

CONCENTRATED FOOTPRINT IN THE BASIN

Alliance Mountaineer

DGOC Combined

Ohio West Virginia Pennsylvania

Strategic acquisitions within a tight focus area allow for greater near and long-term synergy potential >90% of DGOC wells in OH, PA & WV are within a 200km radius

January 2018 Investor Presentation

Acquisition Criteria / Valuation Metrics

($95M Purchase Price)

Net Daily production (90%+ Natural Gas) Mmcfe / Boe 53,000 8,800 Reserves - PV10 ($Million) $168 PDP Reserves – Volumes (MMBoe) 49.3 Reserves – Long remaining life >50 years High net revenue interest ~78% Increases HBP undeveloped acreage (Millions) 1.5 Increases operational density; creates economies Increases quality of skilled labor Accretive to EBITDA per share Accretive to cash flow per share Funds progressive dividend Anticipated closing date 07 Mar 2018

14

TRANSACTION RATIONALE: ALLIANCE (STRUCTURE: STOCK PURCHASE)

Geographically Aligned with Existing Assets; Significantly accretive on evaluated metrics:

PDP Reserves +90% Net Daily Production +86% HBP Acres +94%

January 2018 Investor Presentation

Significant Existing Hedge Book(a)

Footnotes: Estimated 70% of Alliance natural gas production is hedged at $2.35

Acquisition Criteria / Valuation Metrics

($85M Purchase price)

Net Daily production (90%+ Natural Gas) Mmcfe / Boe 54,000 9,000 Reserves - PV10 ($Million) $178 PDP Reserves – Volumes (MMBoe) 69.3 Reserves – Long remaining life >50 years High net revenue interest ~73% Increases HBP undeveloped acreage (Million) 0.9 Increases operational density; creates economies Increases quality of skilled labor Accretive to EBITDA per share Accretive to cash flow per share Funds progressive dividend Anticipated closing date 31 Mar 2018

15

TRANSACTION RATIONALE: MOUNTAINEER (STRUCTURE: ASSET PURCHASE)

Geographically Aligned with Existing Assets; Significantly accretive on evaluated metrics:

PDP Reserves +127% Net Daily Production +87% HBP Acres +53%

January 2018 Investor Presentation

538 1,490 627 7,250 218 17,833 2.4x 2.3x 1.6x 3.3x 2.8x 3.9x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x Eclipse Seneca EnerVest Titan NGO Current Targets

• 2,000

4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000

Cash Flow Multiple Paid Net Boe per Day

Daily Production (Net Boe/d) Multiple Paid of Op Cash Flow

16 January 2018 Investor Presentation

INORGANIC GROWTH - CASH FLOW & EBITDA ACCRETIVE

2016 2017 Bolt-on Acquisition Transformative Acquisition

(includes acquired G&A expenses)

2018

17

Footnote: (a) 207 Exit Rate (December 2017); (b) Estimated as of January 2-12, 2018 using the current NYMEX strip

Stable production base with low (~3% annual) declines and long life (~50+ years remaining life)

NET PRODUCTION & RESERVE GROWTH

10.3 8.8 9.0 28

• 97% Natural Gas
• 5.0

10.0 15.0 20.0 25.0 30.0 DGOC Legacy(a) Alliance Mountaineer DGOC Combined Net Boe per Day

54.6 49.3 69.3 173.2

• 20.0

40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 DGOC Legacy(b) Alliance Mountaineer DGOC Combined Net PDP Million Boe

Reserves are 100% PDP; Offer significant PDP/Organic Development Upside(b)

62 MMcf/d 53 MMcf/d 54MMcf/d 170 MMcf/d

+86% +87% +173% +90% +127% +217%

PV10: $225M PV10: $168M PV10: $178M PV10: $571M

January 2018 Investor Presentation

18

PDP Reserves(a) Net Daily Production (26-30 MBoe/d)(a)

10.3

• 5.0

10.0 15.0 20.0 25.0 30.0 Legacy DGO Pro forma MBoe per Day

54.6 173.2 $225 $572

$- $100 $200 $300 $400 $500 $600 $700

• 20.0

40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 Legacy DGO Pro forma PV10 ($Millions USD) Millions of Boe

+217%

Acres Held by Production(a)

1.6 4.0

• 0.5

1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Legacy DGO Pro forma Millions of Acres

+147%

Accretive to EBITDA per share

$28.0

$10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 Legacy DGO Pro forma $ millions

ACQUISITIONS SUBSTANTIALLY INCREASE SCALE & ECONOMIES

Footnote: (a) Pro forma increases are calculated from the midpoint

+170%

January 2018 Investor Presentation

19

LOE per Boe (~$6.25-$6.75 per BOE)(a) G&A per Boe ($0.85-$1.15)(a)

$1.99

$- $0.50 $1.00 $1.50 $2.00 $2.50 Legacy DGO Pro forma G&A / Boe

$7.46

$5.60 $5.80 $6.00 $6.20 $6.40 $6.60 $6.80 $7.00 $7.20 $7.40 $7.60 Legacy DGO Pro forma LOE $ / Boe

$7.46 $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 DGOC Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 15 Peer 16

Cash Operating Costs / Boe: Peer Comparison(b)

LINE OF SIGHT TO LOWER COSTS

Peer Average: $20.43

Footnote: (a) Legacy DGO values are based on the average for the six month period June – November 2017 and the % declines are based on the midpoints of the ranges shown; (b) Source: Bloomberg and Peers include TLW, PMO, NOG, SEPL, ENQ, GENL, SQZ, CNE, GKP, FPM, OPHR, SIA, ELA, LEK, AMER, SEX

January 2018 Investor Presentation

$1.24 Mcfe $1.08 Mcfe $0.33 Mcfe $0.17 Mcfe

20

Infill Drilling Opportunities Single Gas & Oil Well IRRs

21% 25% 30% 35% 40% 45%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $2.5/mcf $3.0/mcf $3.5/mcf $4.0/mcf $4.5/mcf $5.0/mcf

• Substantial ~4.0 million+ acre leasehold, estimated 80%

undeveloped based on 20 acre full-development spacing

• Low risk, low cost development. 150 wells drilled by DGO prior to

2012 with no dry holes. $250k-$350k/well to drill & hook up

• IP rates ~125 mcfepd per well, much shallower decline rates than

shale wells (~25% in year 1 vs. ~75%+ for unconventional)

• Options to restart drilling activity when single well IRRs exceed the

returns available from inorganic growth opportunities

• Opportunity to increase 2P & 3P reserves with a future engineering

study of our largely undeveloped footprint

Four Million Acres Held by Production

1.6 1.5 0.9 4.0

• 1.0

2.0 3.0 4.0 5.0

DGOC Legacy Alliance Mountaineer DGOC Combined Acres Held by Production (Millions)

Significant Infill Development Opportunity

85 64 139 92

• 40

80 120 160 DGOC Legacy Alliance Mountaineer DGOC Combined

Existing Acres per Well

SIGNIFICANT ORGANIC OPPORTUNITY SET

Full Development : ~20 Acre Spacing ~80% Undeveloped

January 2018 Investor Presentation

21

0.8x .x

0.x 0.5x 1.x 1.5x 2.x 2.5x 3.x 3.5x 4.x

DGOC Pro Forma DGOC Pro Forma 2020

Debt / EBITDA

ACQUISITION STRUCTURE & FINANCING OVERVIEW

Low Net Leverage; Organically De-Leveraging Capital Structure for each Target Purchase

Covenant Limit = 3.5x

Highlights

✓ Continued commitment to balanced use of debt and equity capital to maintain low leverage and a strong balance sheet ✓ Credit facility remains at $110M with $35M available ✓ Leverage remains significantly below covenant levels after funding acquisitions ✓ Strong cash flow profile of the business generates cash to repay debt, reducing leverage over time

$95 $85 $- $20 $40 $60 $80 $100 Alliance Mountaineer $ Million USD Equity

January 2018 Investor Presentation

0.0x

COMMITMENT TO A STRONG BALANCE SHEET

Pro Forma Capitalization ($M)(a)

Cash & Cash Equivalents $ 15 Borrowings 73 Total Shareholders’ Equity(b) 276 Total Capitalization $364 Liquidity Cash & Cash Equivalents $ 15 Undrawn portion of Credit Facility 35 Total Liquidity 50

22

$- $- $73 $35

$- $20 $40 $60 $80 $100 $120 2018 2019 2020

Outstanding Acquisitions Undrawn

32% Undrawn No Current Maturities(c)

Pro Forma Debt Maturities ($M)(c)

January 2018 Investor Presentation

$35 $15

$- $10 $20 $30 $40 $50 $60 $ Millions USD

Credit Availability Cash

$50 Million

Pro Forma Liquidity ($M)

Footnote: (a) Cash and cash equivalents reflects cash of $15M at 31Dec17 with no incremental cash build related to the $189M equity issuance net of closing fees (b) Shareholders Equity calculated as $87m at 30 June 2017 (last reported mid-year results) plus $189M equity offering to fund the acquisitions;(c) Credit facility matures in 2020 with terms that include a principal cash sweep paydown provision whereby after dividends, taxes and all other operating cash flows, 90% of remaining cash is used to paydown the facility. Under the terms of the facility, which is not a revolver, principal paydowns are not available for future draws.

23

EXPECTED TIMETABLE

31 Jan Roadshow Complete 31 Jan ABB Announcement 31 Jan Book Closed 1 Feb Placing Announcement & Circular Posted 2017 Final Dividend declared 19 Feb Shareholder Meeting 20 Feb Settlement & Admission of Placing Shares Early Mar Alliance Acquisition Completed

2018

January 2018 Investor Presentation

Early Apr Mountaineer Acquisition Completed

APPENDIX

25

HEDGE PORTFOLIO PROTECTS CASH FLOW & THE DIVIDEND(a)

Natural Gas Hedges(b) Natural Bas Basis Hedges (b) Oil Hedges

$0.00 $10.00 $20.00 $30.00 $40.00 $50.00

• 20,000

40,000 60,000 80,000 100,000

1H18 2H18 1H19 2H19 1H20 2H20 1H21

Hedged Volume (Bbl) Swap/Long Put Price ($/Bbl) ($0.70) ($0.60) ($0.50) ($0.40) ($0.30) ($0.20) ($0.10) $0.00

• 1,000,000

2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000

1H18 2H18 1H19 2H19 1H20 2H20 1H21

Volumes (MMBtu) Weighted Average Basis Price $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00

• 2,000,000

4,000,000 6,000,000 8,000,000 10,000,000

1H18 2H18 1H19 2H19 1H20 2H20 1H21

Volumes (MMBtu) Weighted Avg Floor Price ($/MMBtu)

Natural Gas (MMBtu, $/MMBtu) 1H18 2H18 1H19 2H19 1H20 2H20 1H21 Hedges & Physical Sales 8,267,375 8,114,807 5,641,176 5,661,085 5,647,812 5,388,085 2,970,000 Weighted Average Floor Price $2.57 $2.57 $2.60 $2.57 $2.56 $2.61 $2.91 % of Forecasted Production Hedged 84% 86% 62% 65% 68% 67% 38% Natural Gas Basis (MMBtu, $/MMBtu) 1H18 2H18 1H19 2H19 1H20 2H20 1H21 Hedges & Physical Sales 5,753,419 4,589,200 5,803,853 5,842,923 4,873,543 4,829,123 2,977,500 Weighted Average Basis Price ($0.51) ($0.61) ($0.56) ($0.56) ($0.56) ($0.57) ($0.49) Crude Oil (bbl, $/Bbl) 1H18 2H18 1H19 2H19 1H20 2H20 1H21 Costless Collars 75,200 73,600 78,000 73,600 33,000

• Ceiling

$51.52 $51.45 $52.66 $52.40 $57.40 Floor $41.41 $41.50 $43.25 $43.50 $42.50 Swaps

• 33,000

Swap Price $50.78 Total Hedge Volume 75,200 73,600 78,000 73,600 33,000 33,000 Weighted Average Floor Price $41.41 $41.50 $43.25 $43.50 $42.50 $50.78 % of Forecasted Production Hedged 71% 72% 80% 78% 38% 39%

Footnote:(a)Existing hedge positions relate to legacy production and exclude all volumes to be acquired with the target acquisitions; (b) Natural gas hedges reflected are a blend of financial and physical hedge contracts

January 2018 Investor Presentation

$15.1

$- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 Legacy DGO Pro forma Deferred Tax Liability ($Million)

26

RECENT TAX REFORM WILL ENHANCE CASH FLOW

Reduced Cash Taxes from Lower Corporate Rate

Gain to Recognize Lower Deferred Tax Liability

Estimated Gain

• n Revaluation

34% 21%

0% 5% 10% 15% 20% 25% 30% 35% 40% Pre-Reform Post-Reform Corporate Tax Rate

➢ US Corporate tax rate significantly reduced

from 35% to 21%

➢ Reduction in corporate tax rate will reduce

cash taxes beginning in 2018 following the utilization of DGOC’s existing deferred tax liability

➢ Lower tax rate will reduce DGOC’s

deferred tax liability

➢ 100% Bonus depreciation is now eligible

for used assets (as long as they are ‘first use’ for the acquirer)

➢

Value allocated to discretely identified personal property assets acquired as part of larger asset deals become fully deducted in the year of acquisition

January 2018 Investor Presentation

27 January 2018 Investor Presentation

ROBUST, EXPANDING DISTRIBUTION NETWORK

Map Source: Energy company filings (shapefile), Energy Information Administration; Credit: Leanne Abraham, Alyson Hurt and Katie Park/NPR

Recent Pipeline Approvals: Atlantic Sunrise: ~200 miles of pipe; 1.7 Bcf/day Rover: ~500 miles of pipe; 3.25 Bcf/day Conventional Production Benefits Low pressure gathering and transmission systems that do not take Marcellus and Utica production Separation Units At Site: Oil trucked directly to market, gas delivered through flow-lines to processing facilities before using surrounding third party pipelines

INDUSTRY AND CAPITAL MARKETS EXPERIENCE

28 January 2018 Investor Presentation

MANAGEMENT TEAM

Name Position Profile Years of Experience

Robert “Rusty” Hutson, Jr. CEO

▪ Founded DGO in 2001 ▪ 4th generation oil and gas ▪ 13 years in finance and accounting in the banking industry, CPA ▪ Field operations, investor relations, capital raise, acquisitions

28 Bradley Gray FD; COO

▪ Joined DGO in 2016 ▪ 25 years in finance, accounting and operations management, CPA ▪ Commodities experience ▪ Capital management and operations oversight

28 Eric Williams CFO IR

▪ Joined DGO in 2017 ▪ 17 years in finance, accounting and audit, CPA ▪ 8 years in oil and gas ▪ Capital markets, investor relations, financial reporting, controllership, audit

17 Bob Cayton SVP Ops

▪ Joined DGO in 2017 through its acquisition of Titan Energy ▪ 35 years in oil and gas production operations ▪ Experienced in multiple facets of producing well management including well tending, disposal well management, drilling operations, etc.

35 Jack Crook SVP EHS

▪ Joined DGO in 2017 through its acquisition of Titan Energy ▪ 36 years in oil and gas operations and environmental compliance ▪ Safety policies, procedures, and training ▪ Exec Board Member & Secretary of the Board of PA Independent O&G Association

36 Bryan Berry VP Finance

▪ Joined DGO in 2017 ▪ 21 years in audit and corporate finance for publicly traded US companies, CPA ▪ Investment banking experience with an emphasis in consumer services ▪ Deep experience in financial modeling, analysis and budgeting

24 Bill Kurtz VP Energy Marketing

▪ Joined DGO in 2017 through its acquisition of Titan Energy ▪ 35 years in oil and gas ▪ Experienced in energy marketing, field ops, land mgmt, acquisitions and reservoir engineering ▪ Active member of AAPL, OOGA (producers committee member), PIOGA and SPE.

35 Cumulative Management Team Experience 203

INDUSTRY AND CAPITAL MARKETS EXPERIENCE

29 January 2018 Investor Presentation

THE BOARD: ALIGNED WITH SHAREHOLDERS (SIGNIFICANT INSIDE OWNERSHIP >30%)

Name Position Profile Shares Held

Robert Post

Non-Executive Chairman ▪ Joined DGO in 2005 as 50% owner with Rusty Huston ▪ Successful business entrepreneur and industrial operations experience ▪ B.S. degree in Accounting from Jacksonville State University, Alabama

20.0 M

(13.8%)

Robert “Rusty” Hutson, Jr.

Chief Executive Officer ▪ Founded DGO in 2001 ▪ 4th generation oil and gas ▪ 13 years in finance, accounting and the banking industry, CPA ▪ Field operations, investor relations, capital raise, acquisitions

20.0 M

(13.8%)

Bradley Gray

Finance Director and Chief Operating Officer ▪ Joined DGO in 2016 ▪ 28 years in finance, accounting and operations management, CPA ▪ Commodities experience ▪ Capital management and operations oversight

2.2 M

(1.5%)

David Johnson

Non-Executive Director ▪ Long and successful career in the investment sector ▪ Worked at a number of leading city investment houses, as both an investment analyst, and more recently, in equity sales and investment management ▪ Roles with Panmure, Investec, Henderson Crosthwaite, Sun Life Assurance and Chelverton Asset Management

0.1 M

(0.1%)

Martin Thomas

Non-Executive Director ▪ Partner in the corporate team at Watson Farley & Williams in London ▪ 30 year legal career, including 7 years as the European Managing Partner of a global law firm headquartered in the United States

2.0 M

(1.4%) 44.4 18.2 14.9 13.2 7.0 6.1 5.4 4.8 4.5

31% 13% 10% 9% 5% 4% 4% 3% 3%

0% 5% 10% 15% 20% 25% 30% 35%

• 10.0

20.0 30.0 40.0 50.0

Directors Sand Grove GLG Miton Janus Henderson Hadron Premier Hargreave Hale River and Mercantile

% of Shares Outstanding Shares in Millions

Investors Holding >3%

Shares % O/S

As of 31 December 2017

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