Market Overview

Taproot Energy Partners LLC Forms Taproot Rockies Midstream to Develop Midstream Infrastructure in the DJ Basin

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Taproot Energy Partners LLC announced today that its affiliate, Taproot
Rockies Midstream LLC ("Taproot"), has initiated the construction and
operation of a multi-product midstream system in the DJ Basin comprised
of natural gas, crude oil and produced water gathering, natural gas
treating and processing and fresh water supply. The project is located
in central Weld County, Colorado, northeast of Denver. The system will
initially serve a substantial acreage dedication from Bison Oil & Gas
II, LLC ("Bison") and strategically position Taproot to provide similar
midstream services to other operators active in this area.

"Due to improvements in completion techniques, increasing drilling
activity and rapid growth of the Niobrara and Codell stacked plays of
the DJ Basin in Weld County, additional midstream infrastructure is
required. The Northeastern Wattenberg, one of the most rural parts of
the DJ Basin, has seen meaningful growth in well productivity and
drilling activity from leading operators including Bison, Noble Energy
and others. Bison's wells (which are 6,750' laterals) have utilized
cutting-edge completion techniques and have generated 30-day peak
production rates of over 900 barrels of oil equivalent per day ("Boepd")
(85% crude oil and liquids), yielding exceptional drilling economics in
numerous benches. Area operators' near-term drilling programs are
resulting in significant volume growth, which provide a very compelling
opportunity for Taproot to expand its midstream infrastructure. Taproot
is excited about the opportunity to design, construct and operate the
midstream infrastructure that supports Bison's development in this
area," said Kevin Sullivan, Taproot CEO.

Construction of the system is currently in progress, with all four
systems targeted for completion in the fourth quarter of 2018. The
natural gas gathering system will provide state-of-the-art processing
technology resulting in the highest-available recovery of natural gas
liquids for the liquids-rich gas that is produced in this part of the DJ
Basin. Crude oil will be gathered and transported to Tallgrass' Pony
Express Pipeline at the Buckingham Terminal, with access to several
Midwest refiners and the market center in Cushing, Oklahoma.
Additionally, Taproot has negotiated multiple downstream arrangements
for natural gas liquids and residue gas volumes. "Our existing
connections to premium downstream markets will allow Taproot to provide
the best possible netbacks for our producer customers in the area," said
Rod Donovan, Taproot COO. "We look forward to supporting area operators'
development plans in all phases of our midstream operations."

About Taproot Energy Partners LLC

Based in Denver, Colorado, Taproot is a midstream company led by an
experienced and successful management team with extensive prior
experience in creating long-term value for its producer customers.
Taproot management brings a full suite of skills to partner with
producers in providing all necessary midstream services. Capabilities
include natural gas gathering, compression, treating and processing,
crude oil gathering and transportation, produced water disposal, fresh
water supply, condensate treating/blending and natural gas liquids
products marketing. Taproot is backed by Energy Spectrum Partners VII
LP, based in Dallas, Texas.

Visit www.taprootep.com
for more information.

About Energy Spectrum Capital

Based in Dallas, Texas, Energy Spectrum Capital is a midstream-focused
private equity firm that has raised over $3.5 billion in capital
commitments focused on investing in North America's energy
infrastructure. Since its inception in 1995, Energy Spectrum has
sponsored over 55 portfolio companies.

Visit www.energyspectrum.com for
more information.

About Bison Oil & Gas II, LLC

Based in Denver, Colorado, Bison Oil & Gas II, LLC is a privately-held
exploration and production company with operations focused in Weld
County, Colorado. Prior to Bison II, the management team successfully
built and monetized assets in Adams and Arapahoe counties, Colorado,
through Bison II's predecessor, Bison Oil & Gas, LLC. Bison is backed by
Carnelian Energy Capital Management, L.P., an energy investment firm
based in Houston, Texas.

Visit www.bisonog.com
for more information.

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