1. No category

IPAA’s OGIS New York
April 2015
Forward-Looking & Other Cautionary Statements
The following presentation includes forward -looking statements. These statements relate to future events, such as anticipated re venues,
earnings, business strategies, competitive position or other aspects of our operations or operating results or the industries or markets in which
w e o per a t e o r pa r t i c i pa t e i n g ener a l , i nc l udi n g g ui da nc e r eg a r di n g t he t i m i ng a nd l o c a t i o n o f a ddi t i o na l r i gs, r esul t s o f t he C o m pa ny ' s dr i l l i ng
program, 2015 capital budget, the projected drilling and completion cost savings and the resultant impact on 2015 capital bud get, projected
i n t e r n a l r a t e s o f r e t u r n , r e s u l t s o f o u r h e d g i n g p r o g r a m , t h e a b i l i t y t o f u n d t h e C o m p a n y ’ s 2 0 1 5 c a p i t a l e xp e n d i t u r e b u d g e t l a r g e l y w i t h f r e e
c a s h , p r o j e c t i o n s r e g a r d i n g t o t a l p r o d u c t i o n , a v e r a g e d a i l y p r o d u c t i o n , p e r c e n t a g e l i q u i d s , o p e r a t i n g e xp e n s e s , p r o d u c t i o n t a xe s a s a p e r c e n t a g e
o f r e v e n u e , G & A e xp e n s e s a n d c a p i t a l e xp e n d i t u r e l e v e l s f o r 2 0 1 5 . Ac t u a l o u t c o m e s a n d r e s u l t s m a y d i f f e r m a t e r i a l l y f r o m w h a t i s e xp r e s s e d o r
forecast in such forward-looking statements. These statements are not guarantees of future performance and involve certain risks , uncertainties
and assumptions that may prove to be incorrect and are difficult to predict such as oil and gas prices; operational hazards a nd drilling risks;
p o t e n t i a l f a i l u r e t o a c h i e v e , a n d p o t e n t i a l d e l a y s i n a c h i e v i n g e xp e c t e d r e s e r v e s o r p r o d u c t i o n l e v e l s f r o m e xi s t i n g a n d f u t u r e o i l a n d g a s
d e v e l o p m e n t p r o j e c t s ; u n s u c c e s s f u l e xp l o r a t o r y a c t i v i t i e s ; u n e xp e c t e d c o s t i n c r e a s e s o r t e c h n i c a l d i f f i c u l t i e s i n c o n s t r u c t i n g , m a i n t a i n i n g o r
m o d i f y i n g c o m p a n y f a c i l i t i e s ; p o t e n t i a l l i a b i l i t y f o r r e m e d i a l a c t i o n s u n d e r e xi s t i n g o r f u t u r e e n v i r o n m e n t a l r e g u l a t i o n s o r f r o m p e n d i n g o r f u t u r e
l i t i g a t i o n; l i m i t e d a c c es s t o c a pi t a l o r s i g ni f i c a nt l y hi g her c o s t o f c a pi t a l r el a t ed t o i l l i q u i d i t y o r unc er t a i nt y i n t he do m es t i c o r i nt er na t i o na l
f i n a n c i a l m a r k e t s ; g e n e r a l d o m e s t i c a n d i n t e r n a t i o n a l e c o n o m i c a n d p o l i t i c a l c o n d i t i o n s , a s w e l l a s c h a n g e s i n t a x, e n v i r o n m e n t a l a n d o t h e r l a w s
applicable to Jones Energy’s business and other economic, business, competitive and/or regulatory factors affecting Jones Ene rgy’s business
g e n e r a l l y a s s e t f o r t h i n J o n e s E n e r g y ’ s f i l i n g s w i t h t h e Se c u r i t i e s a n d E xc h a n g e C o m m i s s i o n ( SE C ) . W e c a u t i o n y o u n o t t o p l a c e u n d u e r e l i a n c e o n
o u r f o r w a r d - l o o k i n g s t a t e m e n t s , w h i c h a r e o n l y a s o f t h e d a t e o f t h i s p r e s e n t a t i o n o r a s o t h e r w i s e i n d i c a t e d , a n d w e e xp r e s s l y d i s c l a i m a n y
responsibility for updating such information.
T h e SE C r e q u i r e s o i l a n d g a s c o m p a n i e s , i n t h e i r f i l i n g s w i t h t h e SE C , t o d i s c l o s e p r o v e d r e s e r v e s , w h i c h a r e t h o s e q u a n t i t i e s o f o i l a n d g a s , w h i c h ,
by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible —from a given date
f o r w a r d , f r o m k n o w n r e s e r v o i r s , a n d u n d e r e xi s t i n g e c o n o m i c c o n d i t i o n s ( u s i n g u n w e i g h t e d a v e r a g e 1 2 - m o n t h f i r s t d a y o f t h e m o n t h p r i c e s ) ,
o p e r a t i n g m e t h o d s , a n d g o v e r n m e n t r e g u l a t i o n s — p r i o r t o t h e t i m e a t w h i c h c o n t r a c t s p r o v i d i n g t h e r i g h t t o o p e r a t e e xp i r e , u n l e s s e v i d e n c e
i n d i c a t e s t h a t r e n e w a l i s r e a s o n a b l y c e r t a i n , r e g a r d l e s s o f w h e t h e r d e t e r m i n i s t i c o r p r o b a b i l i s t i c m e t h o d s a r e u s e d f o r t h e e s t i m a t i o n . T h e SE C
a l s o p e r m i t s t h e d i s c l o s u r e o f s e p a r a t e e s t i m a t e s o f p r o b a b l e o r p o s s i b l e r e s e r v e s t h a t m e e t SE C d e f i n i t i o n s f o r s u c h r e s e r v e s , h o w e v e r , w e
c u r r e n t l y d o n o t d i s c l o s e p r o b a b l e o r p o s s i b l e r e s e r v e s i n o u r SE C f i l i n g s .
Factors affecting ultimate recovery include our ability to acquire the acreage we are targeting and the scope of our ongoing drilling program,
which will be directly affected by the availability of capital, drilling and production costs, availability of drilling servi ces and equipment, drilling
r e s u l t s , l e a s e e xp i r a t i o n s , t r a n s p o r t a t i o n c o n s t r a i n t s , r e g u l a t o r y a p p r o v a l s a n d o t h e r f a c t o r s ; a n d a c t u a l d r i l l i n g r e s u l t s , i n c l u d i n g g e o l o g i c a l a n d
mechanical factors affecting recovery rates. Estimates of resource potential and drilling locations may change significantly as Jones Energy
pur s ues a c qui s i t i o ns . I n a ddi t i o n, o ur pr o duc t i o n f o r ec a s t s a nd expec t a t i o n s f o r f ut ur e per i o ds a r e depen de n t upo n m a ny a ssum pt i o n s, i nc l udi n g
e s t i m a t e s o f p r o d u c t i o n d e c l i n e r a t e s f r o m e xi s t i n g w e l l s a n d t h e u n d e r t a k i n g a n d o u t c o m e o f f u t u r e d r i l l i n g a c t i v i t y , w h i c h m a y b e a f f e c t e d b y
s i g n i f i c a n t c o m m o d i t y p r i c e d e c l i n e s o r d r i l l i n g c o s t i n c r e a s e s . U . S. i n v e s t o r s a r e u r g e d t o c o n s i d e r c l o s e l y t h e o i l a n d g a s d i s c l o s u r e s i n o u r Fo r m
1 0 - K a n d o t h e r r e p o r t s a n d f i l i n g s w i t h t h e S E C . C o p i e s a r e a v a i l a b l e f r o m t h e SE C a n d f r o m t h e J o n e s E n e r g y w e b s i t e .
1
Who is Jones Energy?
 Experienced Operator
 Midcon focus for over 26 years
 Horizontal experts with >600 wells drilled
 Cost Leader
 “Fit for purpose” operations
 26% AFE reduction since December
 Trusted Partner
 Numerous strategic partnerships
 Expertise creates opportunities
 Steward of Capital
 History of value creation
 Prepared for market opportunities
2
Key Statistics
NYSE Ticker:
JONE
Share Price:
$9.50
Anadarko Basin
Market Cap:
$585 million
Key Formation: Cleveland
Cleveland Production: 17.0 MBoe/d
Arkoma Basin
Key Formation: Woodford
Enterprise
Value:
$1.4 billion
Sponsor
Ownership:
38%
Woodford Production: 4.0 MBoe/d
Austin
Shares
Outstanding:
61.6 million
Production:
23.2 MBoepd
Proved
Reserves:
115.3 MMBoe
Note: Proved reserves as of 12/31/14. Average daily production for FY 2014.
Share price as of April 16, 2015.
Field Office
3
Cleveland is a World Class Resource Play
 Strong results across Jones Cleveland acreage

Top wells on acreage from all four major acquisitions

Top 4 wells have IRRs greater than 100%

8 out of 10 wells have IRRs greater than 60%
ExxonMobil
Chalker
Sabine
TOP 10 JONE CLEVELAND WELLS1
Well
Elmer Graves 615-1H
Peyton Ranch 417-1H
Kelln 65-2H
Buccaneers 11-2H
Hager Trust 616-2H
Robert Doyle B 614-3H
Robert Doyle B 614-4H
Peyton Ranch 417-2H
Elmer Graves 615-5H
Hager Trust 616-3H
Average
IP30
(Boe/d)
1,432
1,251
1,116
1,032
933
919
912
894
838
825
1,015
Crusader
Well Location
Acquisitions
JONE Acreage
1
Top 10 Jones Cleveland wells by IP30 with first production since the beginning of 2014 .
4
Midcontinent Activity Resilient
 Midcon activity has composed 20% of total US rig count throughout recent cycles
 40% of Midcon rigs operated by private E&Ps
US Rig Activity by Region as a % of Total
100%
90%
Other
80%
Rockies
70%
60%
Northeast
North TX
50%
40%
West TX and NM
30%
East TX/North LA
20%
0%
2008
Midcon
Consistent Activity Across Multiple Price Cycles
10%
2009
2010
Source: RigData, Tudor, Pickering, Holt & Co.
Data as of April 10, 2015
2011
2012
2013
2014
2015
5
Focused on the Cleveland in 2015
 3 rigs currently running

AFE has dropped 26% since
December 2014

Targeting addition of 2 rigs
in 2Q15
Jones Cleveland Locations
Gross: 704
Net: 477
~2,500 Cleveland locations remain
 >30% oil uplift achieved

Frack optimization
successful

33 stage OH completions
provide uplift plus savings
`
2015 Drilling Targets
JONE Acreage
 High HBP position
600
400
200
4Q14
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
3Q11
2Q11
1Q11
0
4Q10
 2014 leasing added 21,000
net acres
800
3Q10
9 wells to be drilled in
2015 to hold leases
1,000
2Q10

Cleveland Gross Operated Oil Production
1Q10
>80% HBP
MBbls

6
Reduced Cycle Time Improves Efficiency and Returns
 Significant improvement in cycle time since October
 Open hole completions driving further improvements
90
80
70
~50% improvement
since Oct peak
Days
60
50
40
Spud to Sales
Spud to Spud
30
20
10
0
7
Cost Reductions for 33 Stage Open Hole Wells
 $1,000,000 in cost reductions since 4Q 2014
$4.0
$3.8
AFE in millions
$3.0
Achieved Reductions: $1,000,000
$2.0
$1.0
Breakdown of Savings:
Frack Services
$393,000
Rig Rates
$122,000
Downhole Equipment
$74,000
Drilling Fluid
$73,000
Directional Drilling
$66,000
Other Items
$272,000
Total
$1,000,000
$2.8
$2.6
Targeted Reductions: $200,000
Breakdown of Savings:
Frack Services
$100,000
Casing
$15,000
Drilling Fluid
$10,000
Other Items
$75,000
Total
$200,000
$Previous AFE
“All-in” Cleveland AFE
Current AFE
Achieved Cost Reductions
Next Target AFE
Targeted Reductions
8
Impact of Cost Reductions on Returns
 Well level IRRs for 2015 Cleveland drilling program
Unhedged Cleveland Well Level IRRs
90%
$2.7 MM AFE
80%
70%
50%
40%
IRR
60%
30%
20%
10%
$3,400
$3,100
$2,800
$2,500
$2,200
Well Cost ($ thousands)
Strip +20%
Strip +10%
Strip
Strip -10%
Note: Based on JONE Cleveland decline curve. IRRs reflect JONE potential cost reductions. Strip as of April 15, 2015.
9
Cleveland Frack Optimization Successful
60
Number of Frack Stages
43
Open Hole Completion
Perf and Plug Completion
33
Sliding Sleeve Completion
20
20
8-12
12
4-5
2004 - 2006
2007 - 2009
2010
2011
2012
2013
2014
2015
10
33 Frack Stages: Ideal Cleveland Density
 Strong correlation between frack stages and cumulative oil production
 33 stages is appropriate frack density for Cleveland

Supported by historical Cleveland production data and frack trial
Cumulative Oil vs. Frack Stages (at 280 days)
50
Avg Cumulative Oil (Mbbl)
45
60
Expected frack trial
production
60
Actual frack trial
production
43
40
33
35
43
30
25
20
20
15
Actual production
33 frack stages:
Right answer for
Cleveland
Estimated production
10
5
0
0
10
20
30
Effective Frack Stages
40
50
60
11
Optimization Drives Oil Uplift
Oil Uplift Comparison
1,000
Oil Rate (bpd)
EUR
Oil (Mbbls)
Gas (MMcf)
NGL (Mbbls)
Total (Mboe)
20 stage
81
541
70
241
33 stage
112
545
71
274
+38% increase
100
10
0
50
100
150
Days
200
250
300
350
2015 20 Stage Type Curve
Production Data from Wells with Over 20 Stages
2015 33 Stage Type Curve
12
Increased Oil with Greater Predictability
 Increased frack density means more oil and more predictable results
 Only 30 Cleveland wells required to achieve type curve

Expected range of outcomes more narrow and higher on average

IP90 highly correlated with EUR
Cleveland Oil IP90
16%
% of wells with given IP90
14%
12%
≤ 20 Stages
10%
> 20 Stages
8%
6%
4%
2%
0%
0
40 80 120 160 200 240 280 320 360 400 440 480 520 560 600 640 680
Oil IP90 (Boe/d)
13
Oil Uplift Has Created Significant Value
 $270,000 investment translates to:

$1,250,000 – $1,750,000 in incremental oil revenue per location

$475,000 – $765,000 in incremental PV-10 value per location
 Value accelerates as oil price increases
~$1,500,000 oil revenue
Cleveland Well Cost Comparison
Incremental Oil Revenue(1)
$3.0
$1,800
$900
$1,600
$800
$1,400
$700
$1,200
$600
$2.0
$1.5
$1.0
20 stage well
33 stage well
Incremental PV-10 Value
$ in thousands
~$270,000
increase
$ in thousands
$2.5
$ in millions
~$600,000 PV-10 value
$1,000
$800
$600
$400
$500
$400
$300
$200
$200
$100
$0
$0
$55
Strip
$75
(1) Incremental oil revenue for a 33 stage open-hole well as compared to a 20 stage open-hole well for full productive life of the well. Assumes
2015 Cleveland type curve. Strip as of April 15, 2015.
$55
Strip
$75
14
2014 LOE and G&A Costs Among the Best
LOE per Boe
$12
$25
$10
$20
$8
$15
$6
$10
$4
$5
$2
$0
$0
1
2
JONE
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
$30
1
2
JONE
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Cash G&A per Boe
Note: LOE and Cash G&A per Boe calculated on full-year 2014 basis. LOE excludes ad valorem and production taxes. Peers include AREX, BBG, BCEI,
CRK, CRZO, CWEI, FANG, GDP, LPI, MHR, MPO, MTDR, PDCE, PQ, REN, REXX, ROSE, SFY, and SGY.
15
Hedges Protect 2015 Revenue
Hedging Impact on 2015 Revenue
Only ~5% change
in total revenue
due to hedges
100%
Projected Revenue
80%
60%
40%
20%
0%
$60 oil / $3.25 gas
$30 oil / $2 gas
Unhedged Revenue
$10 oil / $1 gas
Hedge Gain
16
Ready for Market Opportunities with Strong Balance Sheet
 $562.5 million borrowing base reaffirmed
 ~$500 million in liquidity
 ~90% of debt outstanding matures in >7 years
 2.8x net debt/EBITDAX for trailing twelve months2
Debt Maturities Summary
$600
$ in millions
$500
$400
$300
Undrawn credit
facility1
$200
$100
$0
2015 2016 2017 2018 2019 2020 2021 2022 2023
1
2
Undrawn credit facility as of April 15, 2015
Based on net debt as of year-end 2014 and full-year 2014 EBITDAX
17
Jones Energy – Prepared for Today and Focused on the Future
Mid-Continent Focus
 History of success for over 26 years
 Expertise creates opportunities
Operational Excellence
 “Fit for purpose” operations
 A leader in cost management
Solid Financial Position
 Plenty of liquidity; spending within cash flow
 Substantial hedges at favorable prices
Focused on Value Creation
 Oil uplift drives returns
 On track to ramp activity by mid-year
Substantial Footprint with Running Room
 Lots to do in our own backyard
 Stacked pays provide growth opportunities
18
APPENDIX
2015 Cleveland Type Curve
 Key statistics shown below for 2015 Cleveland type curve (274 Mboe EUR)

Cleveland 3P EUR of 305 Mboe, but with a higher gas component
Key Statistic:
Oil
Gas
NGL
Total
IP
IP30
IP90
Bbl/d
228
189
Mcf/d
641
612
Bbl/d
83
80
Boe/d
418
371
Cumulative
Production
1 Year
5 Year
EUR
% of Total
Mbbl
36
68
112
41%
MMcf
141
294
545
33%
Mbbl
18
38
71
26%
Mboe
78
155
274
100%
20
The Anadarko Basin – Prolific History with Stacked Pay Potential
 Stacked pay zones provide significant development opportunities
Current Target
Formations
Tonkawa
Sandstone
Lease Acreage: ~122,000
Gross Locations: 324
Cleveland
Sandstone
Lease Acreage: ~163,000
Gross Locations: 704
Marmaton
Sandstone
Lease Acreage: ~97,000
Gross Locations: 566
JONE Acreage
21
Tonkawa – An Untapped Opportunity
 Drilled 6 wells in 2014

Target AFE of $3.5 million

Drilling program halted due to oil drop

Ready to scale when economics dictate
Average formation depth:
Tonkawa: 7,500 feet
Cleveland: 8,500 feet
Marmaton: 9,000 feet
Tonkawa
2.9 million acres
 Industry continues to derisk acreage

Extensive vertical production footprint

Over 500 horizontal wells drilled by
industry
 Underdeveloped compared to Cleveland

Jones has identified 324 gross (190 net)
locations as of year-end 2014

Over 3,000 additional play locations
 Cleveland technical expertise derisks
future Tonkawa development
JONE Acreage
22
Marmaton Shows Promise As Others Drill Ahead
 Marmaton lies just below Cleveland


Majority of Jones Anadarko acreage
lies within the Marmaton fairway
Results by other operators indicate
EURs and production profiles on par
with other targets in the basin
Average formation depth:
Tonkawa: 7,500 feet
Cleveland: 8,500 feet
Marmaton: 9,000 feet
Marmaton Lime
1.0 million acres
Marmaton Sand
 No locations booked in 1P

Jones has identified 566 gross
drilling locations (334 net) as of
year-end 2014

Over 2,500 additional locations in
play fairway
2.1 million acres
 Similar geology to Cleveland

Often referred to as “Lower
Cleveland”

Completed geological study across 5
counties
JONE Acreage
23
Able to Ramp Activity as Margins Dictate
 Operational flexibility allows us to ramp activity up and down
Drilling History by Formation
140
120
Brown Dolomite
Tonkawa
Granite Wash
Wells Drilled
Cleveland
100
Dropped all rigs in 4Q08, but
ramped activity in 2010 after
prices recovered
Reduced 2015
activity with
focus on the
Cleveland
80
Morrow
60
Woodford
40
20
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
24
2015 Full Year Guidance and 1Q Production Guidance
Total Production (MMBoe)
Average Daily Production (MBoe/d)
Oil (MBbls/d)
Natural Gas (MMcf/d)
NGLs (MBbls/d)
2015E
1Q15E
7.9 – 8.7
2.15 – 2.25
21.7 – 23.7
24.0 – 25.0
6.6 – 7.1
7.4 – 7.6
54.8 – 60.3
60.0 – 65.0
6.0 – 6.6
6.6 – 6.8
Lease Operating Expense ($/Boe)
$4.75 – $5.25
Production/Ad Valorem Taxes (% of Revenue)
6.5% – 7.5%
Cash G&A Expense ($mm)
$25.0 – $28.0
Total Capital Expenditures
$210.0
25
Hedge Positions
2015
Crude Swaps (Mbbl)
Hedge Price / Bbl
Natural Gas Swaps (MMcf)
Hedge Price / Mcf
NGLs (MBbl)
Ethane
Propane
Iso Butane
Butane
N. Gasoline
Total NGL
Hedge Price ($/gal)
Ethane
Propane
Iso Butane
Butane
N. Gasoline
2016
1Q
572
$85.48
2Q
613
$82.93
3Q
595
$84.60
4Q
572
$84.05
1Q
492
$83.53
2Q
465
$83.67
3Q
457
$83.64
4Q
411
$83.35
5,232
$4.49
5,095
$4.41
4,740
$4.47
4,636
$4.45
4,340
$4.65
4,130
$4.45
3,960
$4.45
3,800
$4.37
119
172
18
50
63
422
110
226
15
45
60
456
101
192
15
42
57
407
92
168
12
41
53
366
15
160
6
12
24
217
14
146
6
11
22
199
12
135
4
9
21
181
12
126
6
16
160
$0.27
$0.98
$1.29
$1.21
$1.94
$0.27
$0.85
$1.23
$1.21
$1.94
$0.27
$0.89
$1.23
$1.21
$1.95
$0.27
$0.93
$1.25
$1.20
$1.95
$0.21
$0.55
$1.30
$1.26
$1.99
$0.21
$0.55
$1.30
$1.28
$1.88
$0.21
$0.55
$1.39
$1.32
$1.89
$0.21
$0.56
N/A
$1.26
$1.82
26
NGL Hedge Position Detail
2015
1Q
Mt. Belvieu NGLs (MBbl)
Ethane
Propane
Iso Butane
Butane
N. Gasoline
Sub-Total Mt. Belvieu
Hedge Price ($/gal)
Ethane
Propane
Iso Butane
Butane
N. Gasoline
Conway NGLs (MBbl)
Ethane
Propane
Iso Butane
Butane
N. Gasoline
Sub-Total Conway
Hedge Price ($/gal)
Ethane
Propane
Iso Butane
Butane
N. Gasoline
2Q
2016
3Q
4Q
1Q
2Q
3Q
4Q
59
42
6
17
27
151
55
42
3
15
24
139
50
39
3
15
24
131
46
39
3
16
23
127
3
6
18
27
3
6
18
27
3
6
18
27
3
13
16
$0.34
$1.01
$1.55
$1.37
$2.04
$0.34
$1.01
$1.55
$1.36
$2.06
$0.34
$1.01
$1.55
$1.36
$2.06
$0.34
$1.01
$1.55
$1.31
$2.05
N/A
N/A
$1.48
$1.42
$2.09
N/A
N/A
$1.48
$1.42
$1.93
N/A
N/A
$1.48
$1.42
$1.93
N/A
N/A
N/A
$1.42
$1.85
60
130
12
33
36
271
55
184
12
30
36
317
51
153
12
27
33
276
46
129
9
25
30
239
15
160
3
6
6
190
14
146
3
5
4
172
12
135
1
3
3
154
12
126
3
3
144
$0.20
$0.98
$1.16
$1.13
$1.87
$0.20
$0.81
$1.16
$1.13
$1.87
$0.20
$0.86
$1.16
$1.13
$1.86
$0.20
$0.90
$1.15
$1.13
$1.87
$0.21
$0.55
$1.13
$1.11
$1.70
$0.21
$0.55
$1.13
$1.11
$1.70
$0.21
$0.55
$1.13
$1.11
$1.70
$0.21
$0.56
N/A
$1.11
$1.70
27
NGL Barrel Component Detail
Cleveland
Conway
Cleveland
Natural Gasoline – 12%
Iso Butane – 5%
Butane – 12%
(80% of forecasted 2015 NGL production)
Ethane
Propane
Butane
Iso Butane
Natural Gasoline
Woodford
Basket
37%
34%
12%
5%
12%
Mont Belvieu
(20% of forecasted 2015 NGL production)
Ethane*
Propane
Butane
Iso Butane
Natural Gasoline
Basket
13%
45%
19%
5%
18%
Propane – 34%
Ethane – 37%
Woodford
Natural Gasoline – 18%
Iso Butane – 5%
Butane – 19%
Propane – 45%
Ethane – 13%
*Assumes ethane rejection in the Woodford
28
Corporate Structure
 Updated for recent capital markets transactions

Stock trading liquidity has improved significantly post-recent transactions
Metalmark,
Management
& Other
Investors
59% of total
economic interest
of JEH LLC
Class B Common
Stock
59% of voting power
in Jones Energy, Inc.
Class A Common
Stock
41% of voting power
in Jones Energy, Inc.
Jones Energy, Inc.
(NYSE: JONE)
41% of total
economic interest of
JEH LLC
Public
Shareholders
JONE company ownership summary
Metalmark
38%
Jones Family and Management
22%
JVL Advisors
7%
GSO Capital Partners
4%
Magnetar Capital
4%
Remaining Shareholders
25%
Total
100%
Jones Energy
Holdings, LLC
(JEH LLC)
29