Equus subsidiary Morgan E&P completes two Bakken wells; proved reserves PV10 up 135%

EQUUS TOTAL RETURN, INC.

Morgan E&P completed two horizontal wells (Baranko 1-28H and Obrigewitch 1-33H) producing >1,000 bbl/d combined.
Sold 37% working interest in the two wells to Bakken Partners I, LLC for $5.6M; proceeds reduce Morgan's capex.
Proved reserves PV10 value increased 135% to $31.99M, driven by conversion of possible to proved developed producing.
Acreage in Bakken/Three Forks increased 25.9% to 5,976.84 net acres; net drilling locations up from 15 to 18.
Management expects initial IP 30 rate by end of Q1 2024; Cawley Gillespie estimates EUR of ~814,000 boe per well.

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