Eagle Natural Resources, LLC

5445 Legacy Drive, Suite 440
Plano, TX 75024

Approval of Amended Venture Activities

The JUBILEE JOINT VENTURE (the “Venture”) was formed for the purpose of acquiring an interest in one well in Laramie County, WY. The Venture is acquiring interest in two additional wells as detailed in Supplement No. 1 (the “Supplement”) to the Confidential Information Memorandum (the “Memorandum”) and offer up to 50 units of Venture interests (the “Units”) at a price of $100,000 per Unit. This ballot is to approve the increase in the number of Prospect Wells from one to three and approve the Venture’s activities as described in the Memorandum and Supplement.

Proposal 1

Re-Approval of Investment in Venture

The Memorandum has been modified by the Supplement in order for the Venture to increase the number of Prospect Wells from one to three and to offer additional Units. This proposal(“Proposal 1”) isto re-affirm the Venturer’s investment in the Venture after review of the Supplement.

Vote Required:

A vote to re-affirm the Venturer’s investment in the Venture will allow the Venturer to undertake the activities described in the Supplement and add the acquisition of interest in the New Prospect Wells described therein to the Venture holdings. In the event a Venturer votes against re-affirming its investment based on the Supplement, the Venturer’s investment in the Venture will be deemed rescinded, the Venture will refund the Venturer’s investment and the Venturer will no longer participate in the Venture.

Approval of Managing Venturer

As described in the Memorandum, Supplement, and the Joint Venture Agreement of the Venture (the “Venture Agreement”), Eagle Natural Resources, LLC (“ENR”) is named as the initial Managing Venturer to carry out the day-to-day business of the Venture. This proposal (“Proposal 2”) isto affirm ENR as the Managing Venturer of the Venture.

Vote Required:

A vote of the Venturers owning a simple majority of the Units shall pass and approve Proposal 2. If a majority in interest of the Venturers vote against Proposal 2, then the Venture will undertake to elect a new Managing Venturer pursuant to Section 5.7 of the Venture Agreement. ENR would continue to serve as Managing Venturer until such election. In the event Proposal 2 passes, any Venturer voting against Proposal 2 would not suffer any adverse impact on its interest in the Venture or face any action from the Venture.

Approval of Operators

As described in the Memorandum, Supplement, and the Venture Agreement, EOG Resources, Inc. and Stephens Williston, LLC (DBA SEC Williston, LLC) are to be named as the Operators of the Prospect Wells for the Venture. This proposal (“Proposal 3”) is to affirm designation of EOG Resources, Inc. and Stephens Williston, LLC (DBA SEC Williston, LLC) as the Operators of the Prospect Wells for the Venture.

Vote Required:

A vote of the Venturers owning a simple majority of the Units shall pass and approve Proposal 3. If a majority in interest of the Venturers vote against Proposal 3, then the Venture will seek to effect a change in Operators for the Prospect Wells. EOG Resources, Inc. and Stephens Williston, LLC (DBA SEC Williston, LLC) would continue to serve as Operators until such change is effected. In the event Proposal 3 passes, any Venturer voting against Proposal 3 would not suffer any adverse impact on its interest in the Venture or face any action from the Venture.

Approval of the Prospect Wells

As described in the Memorandum and Supplement, the Venture intends to acquire up to approximately 25.00% working interest in Prospect Well known as the EOG 578-1720H and approximately 1.8404% working interest in each of the New Prospect Wells, subject to increase or decrease as described in the Memorandum, Supplement, and in the Venture Agreement, and to participate in the drilling thereof. This proposal (“Proposal 4”) is to affirm the Venture’s selection of and acquisition of working interest in the Prospect Wells.

Vote Required:

A vote of the Venturers owning a simple majority of the Units shall pass and approve Proposal 4. If a majority in interest of the Venturers vote against Proposal 4, then the Venture will undertake to identify new wells in which to acquire interests, subject to the approval of the Venturers. Proposal 4 must be approved by a majority in interest of the Venturers in order for Proposal 5 (below) to be approved. If you choose to vote against Proposal 4, you may not vote in favor of Proposal 5, as the actions of the Venture in those Proposals are dependent upon the approval of the selection of the Prospect Wells. In the event Proposal 4 passes, any Venturer voting against Proposal 4 would not suffer any adverse impact on its interest in the Venture or face any action from the Venture.

Approval of Venture Participation

As described in the Memorandum, Supplement, and the Joint Venture Agreement, the Venture intends to participate in the drilling and completion of the Prospect Wells and if successful, the production of hydrocarbons therefrom and the operating of the Prospect Wells. This proposal (“Proposal 5”) is to approve the Venture’s participation in the drilling and, if recommended by the Operators, completion of the Prospect Wells.

Vote Required:

A vote of the Venturers owning a simple majority of the Units shall pass and approve Proposal 5, provided that Proposal 4 has also been approved. If a majority in interest of the Venturers vote against Proposal 5, then the Venture will not begin operations on the Prospect Wells. If the Venture does not begin its operations on the Prospect Wells in a timely fashion, the Venture could lose its interest in the Prospect Wells. In the event Proposal 5 passes, any Venturer voting against Proposal 5 would not suffer any adverse impact on its interest in the Venture or face any action from the Venture

  • Proposal 1

    Re-Approval of Investment in Venture

  • Proposal 2

    Approval of Managing Venturer

  • Proposal 3

    Approval of Operators

  • Proposal 4

    Approval of the Prospect Wells

  • Proposal 5

    Approval of Venture Participation

BALLOT

ACKNOWLEDGEMENT AND VOTE OF PARTICIPATION JUBILEE JOINT VENTURE

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PROPOSAL 1:

That the Venturer re-affirms its investment in the Venture and approves the Memorandum as amended by the Supplement.

THE MANAGING VENTURER RECOMMENDS A VOTE FOR THIS PROPOSAL. (TO BE COMPLETED ONLY BY EXISTING VENTURERS)

PROPOSAL 2:

That Eagle Natural Resources, LLC serve as the Managing Venturer of the Venture, as more fully described in the notice to which this ballot is attached.

THE MANAGING VENTURER RECOMMENDS A VOTE FOR THIS PROPOSAL. (TO BE COMPLETED ONLY BY NEW VENTURERS)

PROPOSAL 3:

That EOG Resources, Inc. and Stephens Williston, LLC (DBA SEC Williston, LLC) be appointed to serve as the Operators of the Prospect Wells for the Venture, as more fully described in the notice to which this ballot is attached.

THE MANAGING VENTURER RECOMMENDS A VOTE FOR THIS PROPOSAL.

PROPOSAL 4:

That the Venture acquire approximately 25.00% working interest in Prospect Well known as the EOG 578-1720H and approximately 1.8404% working interest in each of the New Prospect Wells, as more fully described in the Memorandum, Supplement, and the notice to which this ballot is attached.

THE MANAGING VENTURER RECOMMENDS A VOTE FOR THIS PROPOSAL. Please note that if you vote against Proposal 4, you may not vote for Proposal 5.

PROPOSAL 5:

:That the Venture participate in the drilling and, upon the recommendation of the Operator, completion of the Prospect Wells, as more fully described in the Memorandum, Supplement, and the notice to which this ballot is attached.

THE MANAGING VENTURER RECOMMENDS A VOTE FOR THIS PROPOSAL. Please note that if you voted against Proposal 4, you may not vote for Proposal 5
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I attest that I am either the signatory or possess legal authority via power of attorney, and acknowledge potential legal penalties for misrepresentation.*

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