JVL Advisors LLC

ITEM 5              FEES AND COMPENSATION

Each General Partner, in accordance with each Client’s governing documents, generally earns an
annual management fee for its advisory services and receives an annual performance allocation.
The maximum management fee charged by JVL is at an annual rate of 2% of each investor’s
Partnership interest. The management fee is usually calculated monthly (at a rate of 1/12th of

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JVL Advisors, LLC                                                             Brochure, March 31, 2021

the annual rate) and paid quarterly in advance of each investor’s Partnership interest as of the
first day of each quarter. To the extent that an investor is permitted to withdraw all or a portion
of their investment prior to the end of a quarter, the investor’s account will be credited back any
remaining prepaid management fee not earned by JVL. In addition to the management fee, each
General Partner generally receives an annual performance allocation (although the period may
be shorter than a year if an investor withdrew all or a portion of their interest in a Partnership or
in the event of the termination of a Partnership) in an amount ranging from 20% to 25% of the
increase in each investor’s Partnership interest due to investment performance, which includes
unrealized gains for marketable securities and subject to any loss carryforward (taking into
account the payment of the quarterly management fee described above).

JVL, in its sole discretion, may enter into agreements (“Side Letters”) with certain large or
strategic investors including investors in the SO Funds where JVL may waive or reduce
management and performance fees and/or otherwise grant more favorable terms which are not
extended to other investors in Partnerships managed by JVL.

All Partnerships incur expenses in connection with custodial or brokerage services as discussed
in Item 12. In addition, subject to limitations in a specific Client’s governing documents, Clients
bear their respective share of certain permissible JVL charges and operating costs and expenses
relating to their organization and operations, which may include, but is not limited to: technology
expenses, research expenses including those incurred in identifying, assessing, acquiring,
negotiating, structuring, and disposing of investment opportunities, including any financing,
legal, accounting, management and consulting fees which will be incurred whether or not a client
actually invests in the specific investment opportunity; administrative and reporting expenses
associated with an annual audit, financial and tax returns and tax reporting to a Client’s investors;
governmental, regulatory, licensing or registration fees and other investment costs; interest and
fees associated with any permitted borrowings; costs of any litigation, D&O insurance and other
types of insurance, indemnification or extraordinary expense or liability; meetings of Client

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JVL Advisors, LLC                                                              Brochure, March 31, 2021

investors; fees and disbursements to attorneys, consultants, accountants, fund administrators,
service providers and any other professionals relating to Client matters.

As more fully described in Item 10, Other Financial Industry Activities and Affiliations, JVL has and
may continue to allocate a portion of client assets to investments in certain private limited oil
and gas partnerships that an affiliate of JVL manages. However, the JVL affiliate waives its
management and performance related fees so that Clients do not bear the additional
management and performance related fees charged by the JVL affiliate. We do not charge our
clients a commission-based fee on trades or sales of securities.

ITEM 7              TYPES OF CLIENTS

Our clients are private investment partnerships that primarily invest in securities tied to the oil
and gas industry. For further detail on our clients, please refer to Item 4.

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JVL Advisors, LLC                                                             Brochure, March 31, 2021

We generally require investors in the Partnerships we advise to invest a minimum initial
subscription of $1,000,000 although investments for a lesser amount may be accepted at our
discretion.