Great Western Announces the 2020 EHS Stewardship Award Winners!

Denver, CO – March, 2021

Great Western’s commitment to environmental stewardship is fundamental to the growth and innovation of the organization. In an effort to drive our environmental, health and safety (EHS) practices, we launched the Seal of Stewardship Program to honor employees for excellence in the fields of innovation, leadership, and safety. Our goal is to encourage our field personnel and reward excellent EHS operations in a way that is fun, competitive, and ultimately leads to long-term habits positioning Great Western as theleader of environmental stewardship in the Denver-Julesburg Basin.

As part of the fabric of our culture and everyday operations, these peer-nominated recognitions additionally galvanize our commitment to our values as a company and as individuals.

Great Western Seal of Stewardship from Great Western on Vimeo.

We are excited to present our 2020 Seal of Stewardship Award winners! Great Western selected these honorees for demonstrating innovation, displaying exceptional leadership behavior, and championing safety in the various technical fields of oil and gas. Read on to learn the proactive thinking and progressive actions that led to recognizing the winners below.

Innovator of the Year: Max Trehus

We are extremely proud of Max Trehus this year for demonstrating innovative problem-solving skills. Trehus has strived tirelessly to minimize bradenhead pressure on our producing wells and, this year, implemented an operation he created and developed from the ground up we refer to as “fluid displacement.” Fluid displacement is now a method we use to keep our thermal expansion-related bradenhead pressures below the actionable threshold. Trehus also implemented “catalytic heaters” in the field to bring our sustained bradenheads into regulatory compliance. By displacing fluid from the bradenhead and installing catalytic heaters, Trehus has made a positive impact on Great Western’s environmental stewardship, regulatory compliance and financial obligation, and also enabled us to reduce venting. By thinking outside the box and working with other internal and external teams, such as the Colorado Oil and Gas Conservation Commission (COGCC), Trehus consistently does his job with our core values in mind, and it’s evident his work truly exemplifies the term “innovation.” The combination makes him an excellent choice for Innovator of the Year.

Honorable Mention – Innovator of the Year: Bob Mese

Bob Mese is a leader when it comes to innovation. He is constantly looking at our facilities and operations with an eye for improvement. About a year ago, he brought up the idea of connecting our compressor blowdowns into the Vapor Recovery Unit (VRU) system and capturing the resulting gas. It took some work and planning, but we finally integrated this idea at our Wilson Facility; we connected the blowdown off of our gas lift compressor to the suction line for our treater VRU compressor, allowing us to capture 100% of the gas into our gas stream and put down the sales line, as opposed to blowing the unit down to atmosphere and releasing the gas. As our pilot site, this experiment led us to connecting more gas lift compressors at other locations, increasing efficiency on a larger scale. In addition, we were able to expand on Mese’s idea by integrating a full facility purge and blowdown system that routes to our Emission Control Device (ECD). This will give us the ability to capture 100% of our equipment blowdowns and system purge during our operations. These changes will decrease our site emissions, and in turn, allow us to add additional production to the site. As you can see, one relatively small idea that was tossed out during a meeting has transformed into a large operational change that will position Great Western ahead of our peers in the way we operate our sites and handle emissions.

Leader of the Year: Norman Rose

When it came to selecting the EHS Leader of the Year – Great Western had a clear winner.  Norman Rose personally takes the care and measures needed to protect the environment at each of the locations at which he operates, ensuring the sites exceed the EHS standards of excellence. His dedication to Great Western’s core values of stewardship and excellence are obvious in his daily walkthroughs of facilities. Rose is constantly vigilant in seeking potential sources of emissions. In fact, in the past year alone, he has found tank leaks that he not only immediately repaired but also investigated for the root cause to ensure they didn’t happen again. When the EHS team rolls out a new field inspection requirement, such as checking the tanks after a known operational pressure event, Rose easily folds the request into his daily work. Rose even has gone so far as to run around with the hydrovac on his day off just to make sure his sites were clean. His dedication to great housekeeping has led to seven of Rose’s facilities to glide through a COGCC field inspection without requiring any corrective actions. This sort of reputation – quickly repairing leaks and diligently ensuring our facilities are clean and efficiently operating – lends credence to Great Western’s social license to operate.  He is truly a role model for stewardship.

Safety Champion of the Year: Dustin Smith

Dustin Smith has proven himself to be a true leader when it comes to safety. He goes above and beyond his daily scope of work to ensure that job sites are safe, even if it is an area unrelated to what his crews are working on, in order to keep his crews safe. Lock Out Tag Out (LOTO) is an area where Smith focuses attention every day. Part of overseeing maintenance activities means he deals with live active sites on a regular basis. Confirming the proper steps to isolate energy sources are taken and checking the equipment is properly blown down is a crucial part of his daily activity. Smith takes the time to meet with all involved personnel prior to the start of a job to certify that proper LOTO is in place and that the site is safe to start the scheduled job. He is very thorough in his walkthroughs and makes sure to explain what will happen during the job to confirm everyone has full awareness and understanding of the task at hand. Smith takes personal responsibility for his crews and guarantees they all understand the importance of LOTO and why it’s being done, which is to protect everyone. He ensures that every person on site has a lock on the lock box and that no one is able to return a site to operation until final sign off is done for the job. In addition to LOTO, Smith walks all job sites, checks and removes any possible safety hazards he may find. This work may not be part of the scheduled task, but site safety and job safety are critically important to him, and to Great Western. His reporting communication with route operators and the rest of the team is top notch.

Congratulations!

The environment, health and safety of our staff and communities will always be the highest priority at Great Western. Congratulations to our bright and innovative honorees. We are proud of their efforts and their commitment to Great Western and our EHS practices, and enjoy seeing their leadership qualities shine out in the field. The proactive contributions of our winning stewards propel our commitment to environmental stewardship into the future – and we look forward to seeing our teams develop even more inventive programs, initiatives, and technologies that enable us to produce the cleanest natural resources in the safest way possible.   

Great Western and its employees are committed to excellence and #CommittedtoColorado.

Great Western Petroleum, LLC Announces Closing of Equity Recapitalization Plan and Senior Secured Second Lien Notes Offering

February 2021 – Denver, CO

Great Western Petroleum, LLC (the “Company”) today announced that it has completed its previously announced comprehensive equity recapitalization transaction (the “Recapitalization Transaction”). The Company has amended and restated its limited liability company agreement to effect the exchange of all outstanding preferred units for new common units. This exchange results in the elimination of annual preferred distributions of approximately $23.7 million. In addition, as part of the Recapitalization Transaction, The Broe Group has made an additional equity investment in the Company.

Concurrently with the Recapitalization Transaction, the Company and its wholly owned subsidiary, Great Western Finance Corp., as co-issuer (“Finance Corp.” and, together with the Company, the “Issuers”), completed their previously announced offering (the “Offering”) of $235 million aggregate principal amount of 12.000% Senior Secured Second Lien Notes due 2025 (the “Notes”). The Notes will mature on September 1, 2025. The completion of the Offering was a condition precedent to the consummation of the Recapitalization Transaction. The net proceeds from the Offering will be used to redeem in full the Issuers’ outstanding 9.000% Senior Notes due 2021 (the “2021 Notes”), which redemption is expected to occur on March 3, 2021. The net proceeds from the Offering were irrevocably deposited with the trustee under the 2021 Notes, along with cash on hand, to satisfy and discharge all of the Issuers’ remaining obligations under the indenture governing the 2021 Notes. Upon such satisfaction and discharge, the indenture governing the 2021 Notes is generally no longer in effect.

Additionally, in connection with the completion of the Offering and the Recapitalization Transaction, the Issuers have exchanged all $75 million aggregate principal of their outstanding 8.500% Senior Notes due 2025 (the “Prior 2025 Notes”) for additional Notes (the “Private Exchange”). The Issuers paid accrued and unpaid interest on the Prior 2025 Notes with cash on hand through, but not including, the date of the Private Exchange. The Notes issued in the Private Exchange constitute “Additional Notes” under the indenture governing the Notes and will comprise one series with the Notes issued in the Offering. As a result of the Private Exchange, there are no Prior 2025 Notes outstanding and the indenture governing the Prior 2025 Notes is no longer in effect.

The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the rules promulgated thereunder and applicable state securities laws. The Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sale of the Notes or any other security of the Issuers, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute a notice of redemption under the optional redemption provisions of the indenture governing the 2021 Notes.

About Great Western Petroleum, LLC

Denver-based Great Western Petroleum, LLC, is an independent oil and natural gas company focused on the exploration,

development, acquisition and exploitation of unconventional reserves of oil, natural gas and NGLs in the core of the Wattenberg Field, which is located within the DJ Basin. The Company’s properties are primarily located in northwestern Adams County and western Weld County in Colorado.

Forward-Looking Statements

The information in this press release includes “forward-looking statements.” All statements, other than statements of historical facts, included in this press release, concerning, among other things, planned capital expenditures, increases in oil and gas production, future cash flows and borrowings, the Company’s financial position, business strategy and other plans and objectives for future operations, are forward-looking statements. When used in this press release, the words “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “should,” “could,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, which may differ from actual outcomes due to, among other things: the Company’s ability to continue as a going concern, the volatility of oil, natural gas and NGL prices or a prolonged period of low oil, natural gas or NGL prices and the effects of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries, such as Saudi Arabia, and other oil and natural gas producing countries, such as Russia, with respect to production levels or other matters related to the price of oil; the effects of public health threats, pandemics and epidemics, such as the ongoing outbreak of COVID 19, and the adverse impact thereof on the Company’s business, financial condition and results of operations, including, but not limited to, the Company’s growth, operating costs, supply chain, labor availability, logistical capabilities, the Company’s liquidity, the Company’s ability to access capital markets, and the global economy and financial markets generally; decreased demand for the Company’s oil, natural gas and NGLs and industry demand generally as a result of the ongoing outbreak of COVID-19 and possibly longer-term recessionary impacts of COVID-19, elimination of available storage options, which could further reduce demand and cause additional constraints on operations; uncertainties about, or revisions to, the Company’s estimated oil, natural gas and NGL reserves, the presence or recoverability of estimated oil, natural gas and NGL reserves and actual future production rates and associated costs of the Company’s properties; the Company’s ability to discover, estimate, develop and replace oil, natural gas and NGL reserves; incorrect estimates associated with properties we acquire relating to estimated proved reserves; the presence or recoverability of estimated oil, natural gas and NGL reserves and the actual future production rates and associated costs of such acquired properties; weakness in economic conditions and uncertainty in financial markets, including the availability of credit and access to existing lines of credit; changes in domestic and global production, supply and demand for oil, natural gas and NGLs; operating hazards and difficulties inherent in the exploration and production of oil, natural gas and NGLs, including adverse weather and environmental conditions; the Company’s ability to meet the Company’s proposed drilling schedule and to successfully drill wells that produce oil or natural gas in commercially viable quantities; the Company’s ability to satisfy the covenants in the Company’s debt instruments and agreements, capital requirements and uncertainty of obtaining additional funding on terms acceptable to the Company; the Company’s ability to control capital and operating expenditures, the availability and cost of drilling and production equipment, supplies, raw materials and third- party labor; the Company’s ability to secure adequate fresh water and wastewater disposal capacity; title uncertainties or defects in the Company’s properties and inability to retain the Company’s leases; the Company’s ability to hold title to the Company’s leasehold by production, competition in the onshore United States exploration and production industry, geographical concentration of the Company’s operations in the DJ Basin; the Company’s ability to develop a successful marketing plan for the Company’s oil, natural gas and NGL production; constraints in the DJ Basin with respect to gathering, transportation and processing facilities and marketing; the Company’s ability to execute the Company’s financial and operational strategies, including, but not limited to, the Company’s hedging strategies; the Company’s ability to mitigate credit risks posed by the Company’s counterparties, including significant purchasers of the Company’s production and derivative counterparties, the Company’s ability to implement new or improved technologies in the Company’s business; the Company’s ability to implement new or improved technologies in the Company’s business; the Company’s ability to manage growth, successfully identify and consummate strategic acquisitions at purchase prices that are accretive to the Company’s financial results and successfully integrate acquired businesses, assets and properties; changes to federal, state and local regulations, permitting processes and taxes, including the adoption of regulations that prohibit or restrict the Company’s ability to apply hydraulic fracturing to the Company’s oil and natural gas wells and to

access and dispose of water used in these operations; environmental hazards, such as uncontrollable flows of oil, natural gas, brine, produced water, well fluids, toxic gases or other hazardous materials into the environment, including groundwater, air, soil and surface water contamination; the Company’s ability to avoid material legal or environmental liabilities, the impact of seasonal weather conditions on the Company’s operations; security threats, including cybersecurity attacks, computer viruses or malware, and terrorist attacks, against, or otherwise impacting, the Company’s facilities and systems; volatility in global financial markets; and the development and comparative cost of alternative energy sources. While the Company makes these statements and projections in good faith, neither the Company nor the Company’s management can guarantee that anticipated future results will be achieved. The Company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward- looking statements made by the Company, whether as a result of new information, future events, or otherwise.

Employee Profile Series: Meet Kim Sands, Director of Reserves & Planning

February 2021 – Denver, CO

With an inclusive and diverse workplace, it’s of high importance to Great Western that we showcase the women working in the natural gas and oil industry who lead Great Western and embody all qualities of being the operator of choice in Colorado. 

In the newest addition of our employee profile series, Kim Sands, our director of reserves and planning, who is proud to see gender diversity and opportunities for women to advance their careers within Great Western. Currently, more than 40% of mangers are women, showcasing Great Western’s impactful strides in balancing gender diversity and creating a path to leadership for women.  

Find out why Kim is proud to work at Great Western in our latest employee profile video below.

Great Western is #CommittedtoWomen.

Follow our employee profile series to witness Great Western’s dedication to an inclusive culture and core values in action:

Employee Profile Series: Meet Zeb Wells, Production Superintendent and Colorado Native

February 2021 – Denver, CO

Great Western is Colorado born, Colorado built, and #CommittedtoColorado, and this mentality is carried out and valued among our employees, especially Zebediah “Zeb” Wells, our production superintendent. Zeb has roots imbedded in Colorado, just like Great Western, and after more than 14 years in the natural gas and oil industry, his work continues to be an inspiration for him and his family every day.

Zeb has long appreciated the importance Great Western sets on serving Colorado with family values in mind. Like Great Western, Zeb is proud to be an environmental steward for this great state through his work with new technologies and sustainable standards that lead to us producing energy in a safe, responsible way for all Coloradans. He believes in protecting his community and his family the same way we do at Great Western. Quite frankly, there’s nowhere else he’d rather be.

We’re excited to continue our employee profile series in 2021! Watch what working at Great Western means to Zeb in his employee profile video below.

Employee Profile – Zeb Wells from Great Western on Vimeo.

Follow our employee profile series to learn what our employees have to say about Great Western’s dedication to an inclusive culture and core values in action:

Great Western Petroleum, LLC Announces Pricing of Offering of $235 Million of Senior Notes Due 2025

February 8, 2021 – Denver, CO

Great Western Petroleum, LLC (the “Company”) and its wholly owned subsidiary, Great Western Finance Corp., as co-issuer (“Finance Corp.” and, together with the Company, the “Issuers”), today announced the pricing of their previously announced offering (the “Offering”) of $235 million in aggregate principal amount of Senior Notes due 2025 (the “Notes”) at an issue price of 97.500% of face value, plus accrued and unpaid interest, if any, from February 22, 2021. The Notes will bear interest at 12.000% per annum and will mature on September 1, 2025. The Offering is expected to close February 22, 2021, subject to certain closing conditions. The Company intends to use the net proceeds from the Offering, along with cash on hand, to fund the redemption (the “Redemption”) of all $251.5 million of the Issuers’ outstanding 9.000% Senior Notes due 2021 (the “2021 Notes”).

Concurrently with the Offering, the holders of all of the Company’s outstanding common units have entered into an exchange agreement, conditioned on the consummation of the Offering, with the holders of all of the Company’s outstanding preferred units to effect a comprehensive equity recapitalization transaction (the “Recapitalization Transaction”). Pending the satisfaction of the conditions to the completion of the Recapitalization Transaction, the gross proceeds from the Offering will be deposited into escrow for the benefit of the holders of the Notes. The release of the escrowed funds will be subject to the satisfaction of certain conditions, including the satisfaction of the conditions to the consummation of the Recapitalization Transaction (the “Escrow Release Conditions”). If the Recapitalization Transaction is not consummated on or before the date that is five business days after the closing of the Offering, the escrowed funds will be applied to fund a portion of the mandatory redemption price of all of the Notes, which will be 100% of the initial offering price, plus accrued and unpaid interest.

Additionally, in connection with the closing of the Offering and the Recapitalization Transaction, the Issuers have agreed, on the escrow release date, to exchange all of their outstanding $75 million of 8.500% Senior Notes due 2025 (the “2025 Notes”) for additional Notes in equal principal amount, plus accrued and unpaid interest on the 2025 Notes, to, but not including the date of such exchange (the “Private Exchange”). The Notes issued in the Private Exchange will constitute “Additional Notes” under the indenture that will govern the Notes and will comprise one series with the Notes issued in the Offering. The Private Exchange will not result in any reduction of the aggregate principal amount of the Notes issued in the Offering. However, the Private Exchange is subject to certain conditions and there can be no assurances that the Private Exchange will occur on the Company’s expected timeline or at all, and the Offering is not conditioned upon commencing or consummating the Private Exchange.

Following the satisfaction of the Escrow Release Conditions, it is expected that the Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior second lien secured basis by each current and future subsidiary of the Company (other than Finance Corp. and certain immaterial subsidiaries) that guarantees either of the Issuers’ or any guarantor’s other indebtedness for borrowed money. Following the satisfaction of the Escrow Release Conditions, it is also expected that the Notes will be secured by second priority perfected liens on substantially all of the Company’s and any guarantor’s assets, subject to certain exceptions.

The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the rules promulgated thereunder and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A

under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sale of the Notes or any other security of the Issuers, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute a notice of redemption under the optional redemption provisions of the indenture governing the 2021 Notes.

About Great Western Petroleum, LLC

Denver-based Great Western Petroleum, LLC, an affiliate of The Broe Group, is an independent oil and natural gas company focused on the exploration, development, acquisition and exploitation of unconventional reserves of oil, natural gas and NGLs in the core of the Wattenberg Field, which is located within the DJ Basin. The Company’s properties are primarily located in northwestern Adams County and western Weld County in Colorado.

About the Broe Group

The Broe Group and its affiliates, based in Denver, Colorado, employ more than 1,000 people and own or manage commercial real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway.

Forward-Looking Statements

The information in this press release includes “forward-looking statements.” All statements, other than statements of historical facts, included in this press release, concerning, among other things, planned capital expenditures, increases in oil and gas production, future cash flows and borrowings, the Company’s financial position, business strategy and other plans and objectives for future operations, are forward- looking statements. When used in this press release, the words “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “should,” “could,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, which may differ from actual outcomes due to, among other things: the Company’s ability to continue as a going concern, the volatility of oil, natural gas and NGL prices or a prolonged period of low oil, natural gas or NGL prices and the effects of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries, such as Saudi Arabia, and other oil and natural gas producing countries, such as Russia, with respect to production levels or other matters related to the price of oil; the effects of public health threats, pandemics and epidemics, such as the ongoing outbreak of COVID 19, and the adverse impact thereof on the Company’s business, financial condition and results of operations, including, but not limited to, the Company’s growth, operating costs, supply chain, labor availability, logistical capabilities, the Company’s liquidity, the Company’s ability to access capital markets, and the global economy and financial markets generally; decreased demand for the Company’s oil, natural gas and NGLs and industry demand generally as a result of the ongoing outbreak of COVID-19 and possibly longer-term recessionary impacts of COVID-19, elimination of available storage options, which could further reduce demand and cause additional constraints on operations; uncertainties about, or revisions to, the Company’s estimated oil, natural gas and NGL reserves, the presence or recoverability of estimated oil, natural gas and NGL reserves and actual future production rates and associated costs of the Company’s properties; the Company’s ability to discover, estimate, develop and replace oil, natural gas and

NGL reserves; incorrect estimates associated with properties we acquire relating to estimated proved reserves; the presence or recoverability of estimated oil, natural gas and NGL reserves and the actual future production rates and associated costs of such acquired properties; weakness in economic conditions and uncertainty in financial markets, including the availability of credit and access to existing lines of credit; changes in domestic and global production, supply and demand for oil, natural gas and NGLs; operating hazards and difficulties inherent in the exploration and production of oil, natural gas and NGLs, including adverse weather and environmental conditions; the Company’s ability to meet the Company’s proposed drilling schedule and to successfully drill wells that produce oil or natural gas in commercially viable quantities; the Company’s ability to satisfy the covenants in the Company’s debt instruments and agreements, capital requirements and uncertainty of obtaining additional funding on terms acceptable to the Company; the Company’s ability to control capital and operating expenditures, the availability and cost of drilling and production equipment, supplies, raw materials and third-party labor; the Company’s ability to secure adequate fresh water and wastewater disposal capacity; title uncertainties or defects in the Company’s properties and inability to retain the Company’s leases; the Company’s ability to hold title to the Company’s leasehold by production, competition in the onshore United States exploration and production industry, geographical concentration of the Company’s operations in the DJ Basin; the Company’s ability to develop a successful marketing plan for the Company’s oil, natural gas and NGL production; constraints in the DJ Basin with respect to gathering, transportation and processing facilities and marketing; the Company’s ability to execute the Company’s financial and operational strategies, including, but not limited to, the Company’s hedging strategies; the Company’s ability to mitigate credit risks posed by the Company’s counterparties, including significant purchasers of the Company’s production and derivative counterparties, the Company’s ability to implement new or improved technologies in the Company’s business; the Company’s ability to implement new or improved technologies in the Company’s business; the Company’s ability to manage growth, successfully identify and consummate strategic acquisitions at purchase prices that are accretive to the Company’s financial results and successfully integrate acquired businesses, assets and properties; changes to federal, state and local regulations, permitting processes and taxes, including the adoption of regulations that prohibit or restrict the Company’s ability to apply hydraulic fracturing to the Company’s oil and natural gas wells and to access and dispose of water used in these operations; environmental hazards, such as uncontrollable flows of oil, natural gas, brine, produced water, well fluids, toxic gases or other hazardous materials into the environment, including groundwater, air, soil and surface water contamination; the Company’s ability to avoid material legal or environmental liabilities, the impact of seasonal weather conditions on the Company’s operations; security threats, including cybersecurity attacks, computer viruses or malware, and terrorist attacks, against, or otherwise impacting, the Company’s facilities and systems; volatility in global financial markets; and the development and comparative cost of alternative energy sources. While the Company makes these statements and projections in good faith, neither the Company nor the Company’s management can guarantee that anticipated future results will be achieved. The Company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the Company, whether as a result of new information, future events, or otherwise.

Great Western Petroleum, LLC Announces Proposed Offering of $275 Million of Senior Notes Due 2026

Great Western Petroleum, LLC Announces Recapitalization Plan to Convert 100% of its Preferred Equity to Common Equity

January 28, 2021 – Denver, CO

The Broe Group to Inject New Equity into Recapitalized Company

The Broe Group’s energy affiliate, Great Western Petroleum, LLC (the “Company”), today announced that the holders of all of the Company’s outstanding common units have agreed in principle with the holders of all of the Company’s outstanding preferred units to enter into a comprehensive equity recapitalization transaction (the “Recapitalization”). Such holders have agreed to amend and restate the Company’s limited liability company agreement to effect the exchange of all outstanding preferred units for new common units.  In addition, the Broe Group will make a new equity investment in the Company

Upon the consummation of the Recapitalization, the Company would cancel all existing preferred units, leaving only common units outstanding. The transactions would result in the elimination of the annual preferred distributions of approximately $23.7 million based upon the approximately $296 million of face amount of preferred units outstanding at December 31, 2020 at the quarterly cash distribution rate of 2%.

The Recapitalization is contingent upon the refinancing in full of the Company’s existing senior notes due 2021. There can be no assurance that any of the foregoing transactions will be consummated on their expected timeline or at all.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sale of any security of the Company or any of its subsidiaries, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Great Western Petroleum, LLC

Denver-based Great Western Petroleum, LLC is an independent oil and natural gas company focused on the exploration, development, acquisition and exploitation of unconventional reserves of oil, natural gas and NGLs in the core of the Wattenberg Field, which is located within the DJ Basin. The Company’s properties are primarily located in northwestern Adams County and western Weld County in Colorado.

About The Broe Group

Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion-dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe-managed companies employ more than 1,000 people and support employment of thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of North America’s largest private railroad and transportation management companies specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Petroleum LLC, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, visit broe.com.

Link to PDF can be found HERE.

COVID-19 Response: Great Western Remains Committed to Communities Amid COVID-19 Pandemic

January 2021 – Denver, CO

At Great Western, we believe in taking care of the people in the communities in which we operate. While 2020 brought many challenges, our commitment to employees and communities remained steady. We have made it a priority to live out our values, even when times are tough: Stewardship, Teamwork, Excellence, People, Growth and Resilience.

As a global pandemic has upheaved much of our economy and some of our day-to-day operations, we knew that our communities needed support. In addition to the more than 50 Colorado nonprofits that we work with annually, in 2020, we dedicated resources, volunteer time and funding to struggling organizations and nonprofits as part of our COVID-19 relief program. Read more about how the following organizations put donations to use to support families and kids.

Great Western also supported the northern Colorado fire relief to help combat the wildfires in Colorado.

Together, we have helped build homes for our neighbors, uplifted students with tutoring resources and renovations, aided fire relief efforts, supported suicide prevention awareness – and that’s only a snapshot of how our team has supported our communities this year. We look forward to the future where our employees can get back in the community and continue supporting nonprofits and organizations in-person.

Our People: Great Western’s Susan Fakharzadeh Wins 2020 GRIT Award

January 2021 – Denver, CO

Great Western supports, empowers, and truly values our employees because they are the foundation of our business – and we have been lucky to employ the best of the best. It’s through our core values that we uplift our amazing talent behind the desk and in the field. We are proud to recognize our vice president of corporate communications and government affairs, Susan Fakharzadeh, who received a 2020 GRIT Award in the executive category!

The GRIT Award winners were chosen from hundreds of applicants, encompassing oil and gas, utilities, alternative energy, academia, and non-government organizations from around the world. Each winner showcases a commitment to GRIT – growth, resilience, innovation and transition – within the industry.

“Susan’s innovative work and masterful demeanor doesn’t go unnoticed at Great Western,” said Rich Frommer, CEO of Great Western. “We are proud to recognize her hard-earned efforts as she continually highlights and lives by our core values. Through her initiatives and goals, Susan pushes our organization forward every day, further solidifying Great Western as a leader in the oil and natural gas industry. For that, we are extremely grateful.”

As an influential leader in the business community, a mentor in the oil and gas industry, and a fierce proponent of women pursuing leadership opportunities inside and outside of the workplace, it’s no wonder Susan was selected among hundreds of candidates for her extraordinary leadership skills.

Susan has spent the last 11 years of her career dedicated to political engagement, policy work, outreach, and education in the oil and gas industry across North America. As the first female to be promoted into a vice present role at Great Western, Susan’s leadership has moved the organization into new directions while setting examples at every level.

Susan is a champion of Great Western’s core values; she continuously showcases exceptional stewardship by leading community partner initiatives. Susan passionately cares about Great Western’s contributions to the environment and the surrounding communities, as well as her own dedication to serving the nonprofit sector.

Under Susan’s direction, Great Western’s influence has grown exponentially at a local, state and federal level through established relationships with elected and appointed officials and increased community partnerships. In 2019, Susan’s leadership and forward-thinking action propelled the community investment program, which led to the support more than 53 Colorado nonprofits. In 2020, despite the economic downturn as a result of COVID-19 and the oil market crash, Susan has worked to not only maintain, but increase, Great Western’s community investment by 50% over 2019. Additionally, she leads the way in supporting major fundraising and community initiatives in local education, family services, food banks, health care and military organizations. Susan organized and led Great Western employees in preparing 5,000 meal boxes for Adams County schools, serving 45,000 meals to Food Bank of the Rockies and Weld County Foodbank, and building a new home for a single mother of four children with Greeley-Weld Habitat for Humanity.

Along with having “GRIT,” this award is well-deserved as Susan excels in a male-dominated field and assumes leadership in an industry that is constantly scrutinized. Susan’s constant creativity, advocacy, and positivity empowers her team and the natural gas and oil industry, ultimately setting her apart not only in Colorado’s energy industry, but its business circles at large.

With a seasoned career in natural gas and oil, Susan is highly respected in the industry and fights on behalf of energy operations in the face of any challenge. Susan stands for compassion, safety, and community, which is the face of oil and gas that the industry needs. Susan is a huge asset to our team and we’re ecstatic to see her efforts recognized!

The GRIT Awards were created by Katie Mehnert, CEO and founder of ALLY by Pink Petro, with this year’s awards sponsored by Gibson Dunn, Marathon Global and NES Global Talent. See the full list of GRIT Award winners at this link.

Paving the Way for Environmental, Social and Governance Frameworks in the Energy Industry

January 2021—DENVER, CO

Over the past several years, Great Western has been committed to leading the way in developing a new corporate social responsibility framework in accordance with standards defined as environmental, social and governance (ESG). In today’s energy industry, strong ESG policies make lives better for external stakeholders, as well as set the conditions for financial success, employee happiness, and a cohesive sense of purpose for the entire organization. 

​At Great Western, our mission is to produce energy in a safe and responsible manner so we can improve people’s lives. A strong and evolving ESG framework has helped us live up to our goal.

While all three pillars of an ESG strategy are important, in our industry, environmental matters often take center stage. We have maintained a laser focus on how we impact the environment that we operate in and are continually looking for ways to be better stewards of our irreplaceable resource.

Environment

Technological innovation is an important way that members of the energy industry can make a significant environmental impact. For example, water management has been one focus of our ESG policy. Recently, we began deploying technologies to reduce the amount of fresh water used in operations and reuse water as often as we safely can. We also have worked to reduce greenhouse gas emissions through technological innovations and operational efficiencies, allowing us to produce the cleanest barrel of oil. Since 2015, we have reduced greenhouse gas emissions by more than 48% while our operations grew by 700%. With the total environmental, health and safety inspections in 2019 across 122 sites, each site averaged 425 EHS inspections that year. Through these aggressive environmental initiatives, Great Western continues to be a leader in the natural gas and oil industry in Colorado and beyond.  

Away from the work site, our company supports sustainability and environmental restoration in our surrounding areas. One way we do this is though our partnership with the Butterfly Pavilion in Broomfield, Colorado, to study and determine the pollinators on this land to plant long-term landscaping on our facility berms that benefit the species and pollinators as part of the reclamation process. This project, to our knowledge, is the first of its kind in the nation and is something of which we are incredibly proud.

Social

By focusing on the betterment of employees, supplier relationships, stakeholders, and how interactions are handled with local communities where energy is developed, we have created positive relationships with our communities and our stakeholders at the base of our social policies.

Those policies include our commitment to creating a positive culture where most workplace injuries can be prevented. Some ways we do this is through the use of continuous monitoring devices at field locations, strict compliance and conducting thousands of hours of training each year to create awareness of safety risks and to prevent accidents. Cumulatively, Great Western employees receive over 1,000 hours of safety training annually including industry-specific best practices, OSHA requirements, and hazard identification and control. This has led to Great Western employees working over 500,000 hours without an OSHA recordable injury or lost time incident. In addition, Great Western implements a robust safety incentive program for its employees that encourages and rewards the practice of freely sharing ideas for safety improvements.

Another element of our social focus is our commitment to the communities in which we operate. In 2019, our employees spent more than 500 hours volunteering in their communities, and we supported 53 non-profits and civic organizations. Our employees also served more than 45,000 meals at foodbanks through the Great Western Holiday Giving Campaign. We upped our stewardship budget by 50% for the year 2020, and these resources have been directed to projects in the diverse communities in which we operate. In one instance, Great Western’s dedication to inclusivity helped shape brilliant young minds in a partnership with the Colorado Association of Black Professional Engineers and Scientists (CABPES), a nonprofit organization dedicated to encouraging African Americans and other underrepresented youth to pursue science, technology, engineering, and mathematics (STEM) careers. In the face of the unanticipated COVID crisis, our social investment team identified areas of critical support through food banks, energy assistance programs, and family services groups to answer the unprecedented needs our communities have faced.

Governance

Our ESG framework is further strengthened with an improved corporate governance structure that includes a renewed focus on avoiding conflicts of interest, strict oversight responsibility assigned to senior leaders, and the maintenance of positive relationships with regulators and lawmakers.

Within that corporate governance structure, we have a diverse and experienced leadership team; in fact, over 40% of managers in our organization are women. Not only does promoting women increase diverse perspectives at the top of the decision-making chain, but several studies, including the Credit Suisse 3000, demonstrate that the higher the percentage of women in top management, the greater the returns are for shareholders. Our diverse experience at senior levels allows us to see issues from different perspectives and arrive at solutions that are good for the company, investors and a multitude of external stakeholders. One example being the expansion of Great Western’s community investment program led by our vice president of corporate communications and government affairs, Susan Fakharzadeh.

To further solidify the governance piece of our ESG framework, we create memoranda of understanding with local governments that ensure our work is compatible with the future use of the places where we operate. We are also members of state trade associations, including the Colorado Oil and Gas Association, which help guide our internal governance policies and allows us to influence other market participants and stakeholders. We hold leadership positions within organizations that foster economic development and influence within the broader business community, both to represent and establish a critical voice for the energy industry within the communities where we operate.

ESG forms the basis for operations at Great Western, and each year, we continue to drill deeper into each pillar. Our board and management team share a commitment to ESG, and that dedication has resulted in a strong company with a healthy work environment, thriving communities, and a high level of stakeholder engagement. For more details on our ESG efforts, visit our environment, social and governance pages.