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Spyglass Resources Corp. - PrecisionIR

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2013E All-In Payout Ratio (%)Peer Benchmarking – Payout Ratio180%2013E All-In Payout Ratio (1)(2)(3)(4)160%140%Average: 125%120%100%80%60%40%20%0%PGF ZAR ERF BNP LNV RPL TBE SPY WCPDividends Capex Range(1) Capex consensus estimates per Capital IQ(2) Dividend and cash flow estimates per First Call consensus, as available(3) Assumes transaction closes March 31, 2013 with Pace as continuing issuer. 2013 outlook reflects one quarter of Pace projections and three quarters of pro forma <strong>Spyglass</strong> projections.(4) Average excludes <strong>Spyglass</strong><strong>Spyglass</strong> <strong>Resources</strong> <strong>Corp</strong>.12

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