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Jones Energy, Inc. (NYSE:JONE)

Anadarko Basin Acquisition Conference Call

November 26, 2013 8:30 AM ET

Executives

Robert J. Brooks – Executive Vice President and Chief Financial Officer

Jonny Jones – Chairman and Chief Executive Officer

Mike S. McConnell – President

Analysts

Brad Carpenter – Wells Fargo

Jeffrey Robertson – Barclays Capital

Neal Dingmann – SunTrust Robinson Humphrey

Richard Tullis – Capital One Southcoast, Inc.

Michael Scialla – Stifel Nicolaus Co, Inc.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Jones Energy Conference Call. The company’s news release announcing its acquisition of assets in the Anadarko Basin was circulated yesterday and is also available on its website at www.jonesenergy.com. During the presentation, all participants will be in a listen-only mode. (Operator Instructions) Following today's presentation there will be an opportunity to ask questions. As a reminder, this call is being recorded.

A replay of the conference call and the webcast will be available through December 9, of 2013 on the Company’s website.

I would now like to turn the conference over to Robert Brooks, Jones Energy’s Executive Vice President and Chief Financial Officer. Please go ahead, sir.

Robert J. Brooks

Good morning, thank you for joining us to learn more about the exciting acquisition of assets in the Anadarko Basin that we announced yesterday. As a reminder there is slides that accompany our presentation today available on the Investor Relations portion of our website at www.jonesenergy.com. Participating with me this morning are Jonny Jones, Chairman and CEO; Mike McConnell, President; and Eric Niccum, Executive Vice President and Chief Operating Officer. After our formal remarks, we'll open the call for questions.

I would also remind you that certain statements including this morning’s presentation maybe forward-looking and reflect the company’s current expectations, and forecasts to future events based on the information that’s now available, however actual results may differ. During the call, management will refer to certain non-GAAP financial measures. Reconciliations of these measures is provided in the full third quarter 2013 earnings release and quarterly report on Form 10-Q filed on November 8.

I’d now like to turn the call over to Jonny Jones, Chairman and CEO.

Jonny Jones

Good morning, everyone. I’m really excited to be discussing such an attractive acquisition in the heart of our liquids rich Cleveland play, so soon after our IPO. You may recall that one of the key drivers of our decision to go public was our expectation that appealing bolt-on acquisitions would become available in our core operating areas. As you can see on Slide 1 of our presentation this transaction fits that description perfectly. It provides 186 drilling locations right in the core of our existing Cleveland acreage position with very low execution risks.

It is liquids rich with current production over 54% liquids of which 24% is crude oil, this is similar to our existing Cleveland position and importantly we expect these wells to deliver the same high returns as our existing Cleveland inventory due to our low cost drilling and completion capabilities and the high liquids yields of the wells.

In addition, we have maintained financial discipline with the acquisition, the $195 million purchase price result in valuation metrics which were better than similar Mid-Continent acquisitions and the transaction [indiscernible] accretive to cash flow and earnings. We’re funding the deal on our existing credit facility and we will see such significant liquidity and moderate debt levels after closing.

Now let’s turn to Slide 2 and cover some specifics of the deal. As you can see from this map of the Cleveland Play outline it is an excellent fit with and it really overlays our existing Cleveland acreage position.

Almost all of acquired acreage and reserves are in Lipscomb and Hemphill counties in the Texas Panhandle, more than 90% is held by production and more than 90% is operated. At 26,000 net acres the acquisition increases our Cleveland footprint and drilling location count by more than 35%. You’ll notice that most of the acreage also lies in the green shaded liquids rich area of the play, the increased acreage and high level of operator shipped will allow us to optimize the pace and location of activity across our broader portfolio.

In addition there maybe some opportunity to swap non-operated acreage with our partners to increase our ownership and operated sections. As noted in our quarterly call on November 7, we have began to test enhanced completion techniques that involve significantly higher numbers of frac stages up to 23 with three fracs per stage and significant increase in profit per stage, we won’t have the results of these tests until the first quarter of 2014 however if these tests are successful the same frac will be used to complete wells on the acquired assets.

We expect to provide updated guidance on our operating plan and the outcome of enhanced frac testing where we announced 2014 guidance in the first quarter.

Now let’s look at the impact on reserves and operating statistics on Slide 3. Our proved reserves grow by more than 14 million barrels of oil equivalent with this acquisition specifically it increases our Cleveland reserves by over 30%, we continue to have a good liquids mix of 57% post transaction.

As noted the acquisition increases our net Cleveland acreage and drilling inventory by more than 35% to a total of 86,500 net acres and 680 locations respectively, well lot of key driver of the transaction we’re also adding approximately 3400 Boe per day production to bring our total production over 21,000 Boe per day.

Our pro forma asset summary is impacted by the fact that we will not be proceeding with the buyout of the Southridge assets in the Woodford as we disclosed in our 8-K filed yesterday. As we touched on during our last earnings call, we expect to write down that asset by approximately 15 million barrels in the fourth quarter of 2013 accordingly the proved reserves pie chart on this slide reflects this impact thus showing reserves of approximately 84 million barrels of oil equivalent and we should point out that we retain all of our production and PDP reserves associated with the previously drilled wells on the Southridge deal, importantly today’s acquisition adds better located and higher return wells in the Cleveland at a compelling valuation, we expect to provide an update on our reserves across all our portfolio while provide guidance for 2014 early next year.

Now on Slide 4 of the presentation, we show the history of the growth in our Cleveland drilling inventory plus the impact of this acquisition, with this transaction Jones has made three significant acquisitions in the Cleveland investing over $1 billion in the play, we’ve grown the inventory from about 240 locations at the time of our initial partnership with Exxon Mobil to over 680 locations today, this is even though we’ve already drilled 300 Cleveland horizontal wells, this acquisition significantly increases our inventory of drilling locations providing was it increase visibility and sustainability of growth in the play.

In the last two years alone we have more than doubled our Cleveland inventory, in addition the Texas Panhandle is opportunity rich due to stacked–pay zones and this acquisitions also has locations in the Tonkawa and Marmaton plays. We remain confident that we can continue to build our inventory here over time and further strengthen our appealing position in the U.S. Mid-Continent.

Turing out to our balance sheet, the capitalization of the company pre and post transaction is summarized on Slide 5. We plan to fund the acquisition through our existing credit facility and look to term out some of that debt with a high yield offering early next year. Our Pro forma Debt / LTM EBITDAX will be a manageable 2.5 times and we will have a $125 million in liquidity following closing including the expected increase in our borrowing base from the acquisition.

The transaction is expected to close before the year-end and that’s something we’re confident that we were able to achieve. If you remember last year, we have a week longer than we did that to close the Chalker transaction which we started after Thanksgiving.

Now let’s turn to Slide 6, I will summarize the key highlights of the acquisition as you know we do have specific experience in the basin where these assets overlay our existing acreage position with 25 plus years of operations in this area we have already drilled over 300 Cleveland horizontal wells, we’re substantially adding to our drilling inventory with 186 new Cleveland locations and additional locations in the Tonkawa and the Marmaton.

The new locations also have the high average working interest at around 70% as well as the high liquids content of 59% importantly there are outstanding well level economics in these Cleveland out assets with substantial upside from multiple stacked horizontal plays, we are paying a very competitive price and Jones has the ability to harvest these assets without adding significant staff as a result the transaction will be immediately accretive to cash flow per share and earnings per share and leave us with the manageable debt to EBITDAX ratio at closing.

As we have said since our IPO process this summer, our objective is to grow Jones Energy into the premier E&P company in the U.S. Mid-Continent, this compelling pursuits of attractive assets in the Anadarko Basin further advances us towards that goal, we are increasing our wells visibility and sustainability of growth by adding low cost production with additional upside in the Cleveland before we have successfully operated for more than a generation.

So in conclusion, I’ll just say, I’m very excited about this transaction of where Jones is heading, I would also like to thank our entire team for all the hard work getting to this point and for their continued diligence and enthusiasm as we forge ahead and thank you all for joining us this morning on the call.

Operator, you can open the call for questions now.

Question-and-Answer Session

Operator

We will now begin the question-and-answer session. (Operator Instructions) Our next question is from Brad Carpenter from Wells Fargo. Please go ahead sir.

Brad Carpenter – Wells Fargo

Hi, good morning everyone and congratulations on the acquisition, I was hoping just to start off with some color from you guys on the deal itself, just kind of how it came about obviously you were aware of this operator, just given the proximity of your current acreage. But I was just curious if you could offer some details on who approached who whether it was a competitive bidding process and so forth?

Jonny Jones

Yes, our understanding is, is that they did not run a broad process, this was a select number of folks that were in the area, as you mentioned we do have operations that touch each other. I think we may have some interest in some similar sections and these are assets that we are very familiar with we’ve been working on the deal, I guess since early October and it just came together as recently as last week.

It’s just something that’s we’re very excited about obviously because it does overlay our existing acreage position, where we actually have a majority of our rigs running right now. And probably the biggest part of the story for us is the high working interest in the wells this is something it's very difficult to put together in an area that is primarily HBP. So having 70% type working interest in the wells is very exciting.

And timing of closing is something that it is a concern, one of the big what’s I guess is the seller is to get this closed before the end of the year. So they were very motivated to get into this year’s financials. Just as a reminder last year when we purchased, similar size asset package from Chalker, we actually didn’t get PSA – week after Thanksgiving, I believe we closed that deal on December 18 or so.

So our expectation is there shouldn’t be a problem for closing, especially given our familiarity we’ve owned a lot of the sections that we’re purchasing previously and have a lot of familiarity in the area, so there will see a problem there.

Brad Carpenter – Wells Fargo

Okay, that’s very helpful. Thank you. And then turning to Slide 5 on your deck that was posted this morning, just kind of using back of the envelope it looks like the net effect on your borrowing base would be an increase of $75 million or so with this new acquisition offsetting the Southridge loss plus some adds looks like as of October 1, is that correct and that kind of?

Jonny Jones

It was about $75 million increase in the borrowing base due to the acquisition.

Brad Carpenter – Wells Fargo

Okay, and then that debt to LTM EBITDAX is that without adding any EBITDA that’s coming out from these newly acquired properties?

Jonny Jones

Well in the actual column it did excludes it of course the third column pro forma does include the acquired EBITDA.

Brad Carpenter – Wells Fargo

Okay and are you guys willing to provide a rough estimate of what that is on an LTM basis?

Jonny Jones

It was about $40 million.

Brad Carpenter – Wells Fargo

Okay, all right, that’s very helpful and thanks guys for your time and congrats once again.

Jonny Jones

Thanks.

Mike S. McConnell

Thank you.

Operator

Our next question is from Jeff Robertson from Barclays. Please go ahead.

Jeffrey Robertson – Barclays Capital

Thanks, Jonny can you talk about the decline profile for the production that you’re borrowing?

Jonny Jones

Yes, Jeff thanks for calling in, is there anybody have that data with them I don’t have it in front of me, are you speaking to the 3400 barrels equivalent that we purchased?

Jeffrey Robertson – Barclays Capital

Yes I’m just – excuse me yes I’m curious how much of that is new production and therefore we’d still be in a relatively decline versus…

Jonny Jones

Yeah it’s roughly the same as what we’re doing in our Cleveland because primarily it’s recently drilled Cleveland wells at the operator is selling I think there is 92 total wells in the package 40 somewhat operators. So I would expect that the decline is in essence the same as our underlying production.

Jeffrey Robertson – Barclays Capital

Okay. And secondly Jonny can you have the excuse me have the seller done anything different around completions that you look at that might be additive to your evaluation of more intense fracing that you’re working on now?

Jonny Jones

Not just seller.

Jeffrey Robertson – Barclays Capital

Okay.

Jonny Jones

Actually there has been some nice data as we eventually spoke about I think on earnings [indiscernible] four, five deals not too dissimilar from this one at the market and we’ve gotten exposure to lot of operators completion not this operator not either not being one of them, it has been following what I would call the old message there is probably only other operator that was using a something similar what we’re doing now and there is a pretty limited dataset there.

So that’s the reason we are little hesitant to provide guidance on what we expect those to be. But we are in the middle of doing that style of completion, we’ve got a few done and expect to have a portfolio of results to discuss sometime early in the year. But this particular acquisition no…

Jeffrey Robertson – Barclays Capital

Okay, thank you very much.

Operator

Our next question is from Neal Dingmann from SunTrust. Please go ahead.

Neal Dingmann – SunTrust Robinson Humphrey

Good morning guys. Congrats. Say Jonny I was wondering just I know that S7 there has been talk of other potential deals in this area, I guess number one, what are you seeing on the M&A front, still in this, in the Anadarko basin, and then number two maybe question for you or Bob just wondering just things that, if you saw again the right deal, another deal like this very highly accretive deal like this, would you find the way to go after it or now that you’ve bid off something like this, are you pretty well set for a while?

Jonny Jones

I’ll take the last question first Neal, thanks for calling in. Obviously, I mentioned this and I think, I have been consistent on this, the primary driver for going public was the availability of capital to grow the business, we will be very disciplined around this, we’re not a serial acquirer nor have we’ve never been, this is a typical example of the type deals we do, where it’s not a significant auction process, and this really fits right into us being able to provide a solution to a seller that needed a quick sale before the end of the year.

That sets a parameter, it’s pretty difficult to find obviously, so you’re not going to see us probably doing five or six deals, but there certainly is room to do other deals similar to this obviously, I think this is the fifth deal that we’ve looked at with the real heavy look, I guess I would say a lot of deals in the market since the IPO process and the thing has been most interesting is the valuation for Mid-Con assets have been extremely high from our perspective.

And it’s made the process is very competitive, so there is a lot of interest in Mid-Con assets and I think from my perspective and what we’ve been told by the folks, that we work with is the prices that people have got that’s particularly around some of the deals that we haven’t got and they are going to pull a lot of assets to the market probably beginning in the first quarter of next year.

We’ve gotten triggered a couple of deals, it will be smaller deals that maybe real quick small deals. So if it’s typical what we’ve done in the past, there will be bolt-on opportunities around this particular transaction, we have a lot of interest where we can swap interest with other people, it had just recently acquired things, we are already in discussions around but we can convert non-operated sections to operated sections to take advantage of our low cost.

So I don’t see this as an end game, in terms of the acquisitions but I will say that we are going to be disciplined around valuations and I think the valuation metrics that you see on this one indicate that.

Neal Dingmann – SunTrust Robinson Humphrey

Got it. Got it and then what your thought as far as the disappointment is that kind of that 2.5 that’s kind of the level, you don’t want to go over or what’s that you mean by the discipline there Jonny?

Jonny Jones

We spend a fair amount of time talking about that the IPO, I believe before pre-IPO, we were 3%, Bob – was number we were at right before.

Robert J. Brooks

Between 3% and 3.5%.

Jonny Jones

3% and 3.5%, which is sort of the upper end of where we’ll get, but it really is about how fast we’re going to de-lever, I mean if you look at as we saw being able to provide guidance around this transaction, you’ll see that, because the wells are so high economic returns, we do de-lever very quickly, so that’s one of the big factors that we look at I mean going from 2:1 pro forma to 2:5 pro forma is not something that’s a big concern, you’re not going to see us go up above the levels that we’ve been at before and we could only do that in the case of a situation where the delevering was very rapid and are not going to stay at that levels for very long.

Neal Dingmann – SunTrust Robinson Humphrey

Okay, and then Jonny I didn’t see that I guess the last type curve it’s been a little while since you all put out, again there was an attractive type curve, I’m looking particularly it’s like the Cleveland Type Curve that shows IRRs around 88% or so at the $90 WTI, just wondering now with the new sort of completion technique I mean any thoughts to put out sort of an updated type curve around this or I guess that’s my first question. And secondly, now when will you put out, what do you guys kind of put out a 2014 budget at some point next month or sort of how you’re going to think about curve going into the next year?

Jonny Jones

Yes, I’ll let Bob take the budget question, but I’ll take the frac question first, what we’ve really done obviously we’re going to be spending additional capital, and we have expectations for additional results but right now, we’re modeling our same type curve that we had before the one that, that one that you have seen that you spoke to. These assets fit right into the middle of that same kind of expectation with the 80% or better using the old method.

So as we extend the additional capital for the additional fracs we’re expecting uplift from that. And we really don’t want to provide any guidance there until we see some results.

Neal Dingmann – SunTrust Robinson Humphrey

And well costs still about the same there Jonny around $3 million or so?

Jonny Jones

The well costs with the new frac at least about $4 million. Yes, around $4 million.

Neal Dingmann – SunTrust Robinson Humphrey

Around $4 million, okay.

Jonny Jones

And in terms of the timing it’s what we’re going to do is, we’d originally plan on announcing some initial guidance next month. And as a result of this deal and our enhanced completion techniques, what we’re going to do is, actually work through the budget process, see some of those results early in the year.

And then get back out to folks with our expectations for 2014, in the first quarter, it’s probably it’s not going to be January, but some time after that, where we will then have some real data on enough wells to know what the completion techniques are going to do for us, know what our sort of pro forma, rig schedule looks like. So that guidance is becoming early in the year.

Neal Dingmann – SunTrust Robinson Humphrey

And then lastly, if I could just on like the BP done on the JVs as far as, when I look at just activity sort of the start of next year, including obviously two rigs on this deal, is it a refreshment for you guys, is it just what about a quarter of that will be on that type of activity versus the fully operated I forget things that sort of break down?

Jonny Jones

Yeah, where we’ll be in January is 10 total rigs, well I guess a 11 total rigs running and the 11th rig is coming January 1, we’re going to stage them in, but you’ll see two rigs in the Woodford, one on our BP transaction, one on our Vanguard transaction and then as you look at the Cleveland it will be just really a mix, what the operating team will do is they won’t look at this transaction independently of our other opportunities, we will obviously blend it all together.

This transaction will attract a lot of capital because the working interest are so high, so you may see more than two rigs actually on these specific sections, because we won’t segregate it out, as we do the operating plan, and we planned to scale up from there and remembering that we did comment that we will be initiating our Tonkawa play in 2014 also. So it will be taking up some of the additional rig activity, that we have out there, but these areas it’s all in the same area.

So we don’t really look at it from a JV versus a Chalker deal versus this particular deal in terms of where rig activity is, we just go to the place that makes the most sense from a returns perspective, and from a working interest and a value capture perspective.

Neal Dingmann – SunTrust Robinson Humphrey

Great update thanks Jonny, congrats on the deal guys nice job.

Jonny Jones

Yeah you bet. Thank you.

Operator

(Operator Instructions) Your next question comes from Richard Tullis from Capital One. Please go ahead sir.

Richard Tullis – Capital One Southcoast, Inc.

Thanks, good morning everyone, thanks for taking my call, Jonny I know you haven’t given guidance yet for 2014, but looking at the additional rigs to be added and you just laid out the likely schedule there and what sort of growth range would you be looking at I know prior updates, talking of something around 30% or so, for next year I mean what do you think things could shake out at this point?

Jonny Jones

We really don’t have a specific guidance obviously on that right now. We do have a lot of opportunity to grow the business, I mean one of the most exciting things as you look at the frac enhancement, obviously the capital spend around that’s going to be significant. So it really is something, that we’re going to need to have a better handle on, because when you’re spending say $4 million per well versus the $3 million to $3.1 million or over $4 million CapEx is going to go up relatively dramatically per well drill.

So if you think about adding from the three rigs, we started out this time last year to be in 12 rigs next year the cap spend is going be up significantly and obviously that’s going to drive significant growth numbers but we’re really aren’t in a position here without the results to give you anything specific. And the reason for obviously is because the results are going to drive how aggressive that we implement this new frac program obviously not only on this acquisition. But our other assets because the opportunity is there to put this enhanced frac on almost everything we’re doing, so it will have a significant impact on growth, but it’s just too early to provide any meaningful direction on guidance for a full end.

Richard Tullis – Capital One Southcoast, Inc.

Sure, looking at the CapEx, do you see any efficiencies coming out of the acquisition given the location of the property is pretty close to your current core?

Jonny Jones

One of the things on efficiency, that we’ve learned it is a good question, because a lot of people talk about pad drilling and some things like that, and we’ve actually discovered that in the Cleveland pad drilling adds costs and it doesn’t add efficiency, and the reason for that is the drilling methods we use, we don’t use directional tools to a little bit of detail.

But coming out from undersurface but we actually are way up the efficiency curve, in terms of how we drill the wells, the efficiencies will be around having just efficiency around operations, that are close together and being able to increase working interest because this will give us, as I said before I’ll call it trade but we actually have got some non-operated positions that with people, that actually want to swap.

But this is more actually already talking with folks around that. So the efficiency will be around increasing operated working interest, more than likely as opposed to just efficiencies around pad, pad size and things like that.

Richard Tullis –Capital One Southcoast, Inc.

Well good. That’s all from me. Thanks a lot.

Jonny Jones

Thanks, Richard.

Operator

Your next question is from Mike Scialla from Stifel. Please go ahead.

Michael Scialla – Stifel Nicolaus Co, Inc.

Yes, good morning guys and congrats. It looks like a lot of the acreage that you added here is near the Chalker assets, can you say how many of those 186 Cleveland locations that you added are in that area?

Jonny Jones

Yes, I don’t have my number in front of me, if you look at the map on two, you can probably each one of those square boxes is a section if you can kind of get a sense of what a section looks like the concentration is in essence overlaying the Chalker position and on the west side of it, the sort of the yellow that you see down in the South part of the green, is a new area where we’ve actually owned assets before we called that our racetrack area, very high returns there similar to the returns in the Chalker area and the little bit of acreage that you see in yellow it’s a little bit outside the green and by the word it’s Hempfield [ph] that’s actually the Granite Wash acreage that’s in there – there is some Granite Wash opportunity that’s in this also.

Michael Scialla – Stifel Nicolaus Co, Inc.

Okay. And in terms of that 186 number can you say how many of those are already booked as proved and developed given our ballpark number?

Jonny Jones

Yes, we’re looking around the – scratching our heads to see if we have that, hang on a second, we’ve got that bullet across from across the table. Yes, 61 of the Cleveland locations are currently PUDs.

Michael Scialla – Stifel Nicolaus Co, Inc.

61 PUDs okay and then of the additional I guess 40 somewhat locations that you said most of those are going to be Granite Wash?

Jonny Jones

There are now there is more than, there is 186 Cleveland locations.

Michael Scialla – Stifel Nicolaus Co, Inc.

Right and you mentioned 225, I believe total locations I'm assuming the difference there primarily Granite Wash?

Jonny Jones

Tonkawa and Marmaton.

Michael Scialla – Stifel Nicolaus Co, Inc.

Tonkowa and Marmaton, okay.

Jonny Jones

So it’s Cleveland is the number we gave, Tonkawa, Marmaton and Granite Wash.

Michael Scialla – Stifel Nicolaus Co, Inc.

Got it. And just to be clear to those are all gross locations, is that correct?

Jonny Jones

Yes, yes, you can just think in terms of we gave you an average working interest of 70% on the Cleveland. So that will get you to the net.

Michael Scialla – Stifel Nicolaus Co, Inc.

Got it, okay and then on the pro forma $84 million Boe after these two transactions do you have a split there on the mix of oil and NGL and gas?

Robert J. Brooks

Not on the slide, on that’s kind of a pro forma to keep in mind what we did there is just took our year-end 2012, subtracted our Southridge which is probably a little bit gassier than some of our other areas added back this acquisition and none of the activity during the year on our base properties is included there.

So in that number which is kind of pro forma won’t necessarily represents where we are at the end of year, it might be a little bit oilier what I would suggest is waiting a little bit to the end of the year when we actually have all the actual adds to our base production included there.

Jonny Jones

Yes, that’s true Bob this doesn’t include the activity we’ve had for 2012 that’s a good point, just a net subtraction of Southridge and then add of this deal which we will make it way earlier seeing the exact percentage but obviously with the Southridge deal being a gassier deal this will make it 1% go up.

Michael Scialla – Stifel Nicolaus Co, Inc.

Yeah, it was my real question as it relates to the…

Jonny Jones

We don’t have that until we get our full year-end reserve work done which will be early hopefully early 2014.

Michael Scialla – Stifel Nicolaus Co, Inc.

But is it safe to assume what the Southridge out there you’re going to be moving toward a little oilier mix down the whole?

Jonny Jones

That’s a safe assumption you bet.

Michael Scialla – Stifel Nicolaus Co, Inc.

Okay, thank you I appreciate it.

Jonny Jones

Yes, thanks, Mike.

Operator

Ladies and gentlemen this will conclude our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

Jonny Jones

Thank you, operator. I am very excited about this acquisition and the progress we’ve made in executing our plan to increase rig count and drill and complete wells at low costs, we do look forward to updating the market on our continued progress, operator you may now bring the call to a close. Thank you.

Operator

As a reminder a replay of the conference call and webcast will be available through December 9, of 2013, on the company’s website at www.jonesenergy.com. Thank you for attending today’s presentation. You may now disconnect your lines.

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