Petrocap LLC

ITEM 5.        FEES AND COMPENSATION

Management Fees

The fee schedule will be provided directly to investors of the Funds, all of which are “qualified
purchasers” as defined in Section 2(a)(51)(A) of the Investment Company Act (“IC Act”), as
amended.

Fees may be deducted directly from the Funds or capital may be called directly from investors
in the Company’s Funds for this purpose. Four Rivers investors are not charged management
fees.

Management fees are paid quarterly in advance. In the event of any termination of
PetroCap’s services mid-quarter, a pro rata portion of the management fees applicable to
such quarter would be refunded to the investors in the Funds. Carried interest, if any, is
distributed quarterly from net cash available for distribution for such purpose.

The Company’s fees are negotiable, and PetroCap may enter into side letters with investors
in its Funds that provide for a reduction in the fees set forth above.

In addition to management fees, the Funds are responsible for paying or directly reimbursing
the management company for certain expenses, as outlined in the governing documents for
each fund.

Organizational Costs

Organizational costs shall mean all out-of-pocket fees, costs and expenses associated with the
formation of the Funds and the General Partners and the offering and sale of limited
partnership interests (the “Interests”) incurred by the General Partners or an affiliate
thereof, including all legal, accounting, printing, mailing and courier fees and expenses, filing
fees, and travel (including, but not limited to, airfare, ground transportation,
accommodations, meals, and other similar expenses) and other start-up costs and expenses;
provided that organization costs shall not include placement fees of any kind. Any
organizational costs in excess of the amount allowed by each fund’s governing documents will
be paid by the Funds but borne by the General Partner through a 100% offset against
management fees.

Operating Costs

Operating costs may include all direct, out-of-pocket costs and expenses reasonably incurred
either by the Funds, General Partners, or the Company on behalf of the Funds relating to
the management, conduct and operation of the Funds’ business including (a) the fees and
expenses associated with the preparation of the Funds’ financial statements, audits and the
reports and other information to investors under the Reports sections and elsewhere in the
applicable Limited Partnership Agreement (“LPA”), tax returns and Forms K-1, printing

expenses, mailing and courier expenses, fees and expenses of establishing bank or custodial
accounts and insurance costs and expenses relating to protection against liability for loss and
damage which may be occasioned by the activities to be engaged in by the Funds or for any
insurance provided for under Article V of the LPAs, (b) the fees, costs and expenses incurred
in connection with discovering, investigating, developing, negotiating, financing, acquiring,
holding, owning, monitoring, hedging, selling, transferring or exchanging of investments
(including, but not limited to, out-of-pocket travel costs and travel-related expenses
(including, but not limited to, airfare, ground transportation, accommodations, meals and
other similar expenses) and fees and expenses of lawyers, accountants, consultants, banks,
petroleum engineers, engineers, geologists, geophysicists, appraisers, land and title experts,
grid experts, real estate and other investment-related brokerage or finder’s fees, third-party
research providers and investment banker’s fees), (c) fees, costs and expenses of the type
described in clause (b) above incurred in connection with potential or proposed but
unconsummated transactions (including, but not limited to, broken-deal fees and expenses),
(d) the costs and other amounts attributable to the Funds’ obligations under the
Indemnification Section of Article V of the LPAs, (e) the costs and expenses attributable to
meetings of the Advisory Committees and of the Limited Partners, (f) any fees, costs, or
expenses related to co-investments (irrespective of whether such co-investments are
ultimately consummated), such as broken deal expenses and reverse break-up or termination
fees, that are not borne by actual or prospective co-investors; (g) regulatory and compliance
costs related to the Funds (including, but not limited to, fees, costs and expenses related to
regulatory filings, Form D, “blue sky” filings, Form PF and expenses related or in connection
with any governmental inquiry, investigation, audit or proceeding involving the Funds
(including the amount of any judgments, settlements or fines paid in connection therewith))
except in the case of disqualifying conduct; (h) other extraordinary, nonrecurring expenses,
including the costs and expenses of prosecuting or defending a litigation claim or regulatory
or enforcement action, any indemnification costs or expenses and any costs to settle claims;
and (i) costs related to liquidating, winding up and dissolving the Funds. Refer to each
applicable Fund’s LPA and other governing documents to determine the expenses allowed for
each specific Fund.

Operating costs may include similar costs incurred by affiliates of the General Partners to
the extent that the Funds are required to reimburse such amounts to such affiliates pursuant
to a contract between the Funds and such affiliate approved in accordance with the terms of
each Fund’s LPA, but not to the extent governed by any management services agreement.
Notwithstanding the foregoing, operating costs shall not include the ordinary administrative
and overhead expenses of the General Partners or any of their affiliates in connection with
the management of the Funds, including salaries, other compensation and costs of providing
benefits, rent, utilities and the cost of office equipment, nor shall operating costs include
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ITEM 7.       TYPES OF CLIENTS

As previously stated, PetroCap’s sole advisory clients are the PetroCap Funds, the Aplomado
Funds, and Four Rivers. They are all Delaware limited partnerships, except for Aplomado
Partners Holding I, LLC which is a Delaware limited liability company. Investors in the
Funds are generally institutional investors, high net worth individuals and related entities
that are “accredited investors,” and “qualified purchasers,” within the meanings of the
Advisers Act and the IC Act, respectively.

The Funds have a minimum investment amount, specified in their governing documents;
however, this amount is subject to the discretion of the Company and as such may permit
investment amounts below the minimum amount on a case-by-case basis.