History

Formed to pursue opportunities in emerging resources plays.

Grew primarily through internally generated prospects in North Texas and Permian Basin.

Created value through rapid identification and evaluation of prospective areas and execution of successful lease-and-drill programs.

Talon gained exposure to the Permian Basin and added team members with successful lease-and-drill track records.

Refocused company on non-operated JV in the Eastern Eagle Ford shale and divested Permian properties.

Formed by legacy Elephant leadership in collaboration with Encap Investments L.P. to pursue acquisitions of operated properties in the U.S.

20,000 net acres in core of Northern Delaware Basin

Talon Oil & Gas II divests Eagle Ford assets to Armor

90,000 net acres in the Eastern Eagle Ford

Formed by Elephant management in collaboration with Trilantic Capital Management to pursue targeted acquisitions of high quality oil and gas properties in emerging resource plays.

Consolidated several small operators in the heart of the Powder River Basin.

Formed by Elephant management in collaboration with RedBird Capital and family office investors to recapitalize the business through the buy-out of Trilantic Capital's interest and create an upstream value acquisition platform.

Powder River assets are currently under active development.

Focused on scaling the business with value opportunities in non-op and operated asset classes as well as in minerals and royalties across all major U.S. basins.