October 17, 2016

SENTINEL PEAK RESOURCES NEWS  Sentinel Peak Resources Announces the Acquisition of Freeport-McMoRan’s Onshore California Assets for $742 Million

Sentinel Peak Resources (“SPR” or the “Company”), a private energy company, announced today that is has entered into an agreement with the oil and gas subsidiary of Freeport-McMoRan Inc. (NYSE: FCX), to purchase their onshore California assets for $592 million plus additional consideration of up to $150 million payable in certain circumstances based on a sustained crude oil price environment over $70/barrel Brent. SPR was formed in 2016 by Quantum

Freeport-McMoRan Announces Agreement To Sell Onshore California Oil & Gas Properties For $742 Million, Including Contingent Consideration

Freeport-McMoRan Inc. (NYSE: FCX) announced today a purchase and sale agreement to sell its onshore California oil and gas properties to Sentinel Peak Resources California LLC for total consideration of $742 million, including contingent consideration. Under the terms of the agreement, FCX will receive cash consideration of $592 million at closing and additional consideration of $50 million per annum in each of 2018, 2019 and 2020 if the price of