[1]	The annual review of the PUDs resulted in a positive revision of approximately 4,299 MBOE. This revision was the result of 4,423 MBOE of positive adjustments attributable to changes in the future drill schedule and recovery projections, offset by 114 MBOE of downward adjustments attributable to changes in natural gas shrink and NGL yield and 10 MBOE of downward adjustments caused by lower oil, natural gas and NGL prices when comparing the Partnership’s reserves at December 31, 2024 to December 31, 2023.
[2]	The annual review of the PUDs resulted in a negative revision of approximately 5,361 MBOE. This revision was the result of 5,522 MBOE of downward adjustments attributable to changes in the future drill schedule and recovery projections, offset by 161 MBOE of upward adjustments attributable to changes in natural gas shrink and NGL yield when comparing the Partnership’s reserves at December 31, 2023 to December 31, 2022.
[3]	The Partnership completed 15 new wells during 2024; therefore, the Partnership converted these 15 wells to proved developed reserves during 2024, which resulted in a downward adjustment to PUDs of 1,534 MBOE.
[4]	The Partnership completed 6 new wells during 2023; therefore, the Partnership converted these 6 wells to proved developed reserves during 2023, which resulted in a downward adjustment to PUDs of 447 MBOE.

Energy 11, L.P. 10-K