Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 8 Key Information 8 Company Overview 8 Black Hills Corporation, Valuation and Financial Data 9 Black Hills Corporation, Share Price Performance 9 Share Price Performance, Q4, 2014-Q4, 2015 9 Black Hills Corporation, Key Valuation Metrics 10 Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Black Hills Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12 Black Hills Corporation, Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Black Hills Corporation, Quarterly Production Trends 14 Black Hills Corporation, Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15 Black Hills Corporation, Crude Oil Production 16 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17 Black Hills Corporation, Natural Gas Production 18 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19 Black Hills Corporation, Valuation and Financial Data, 2011-2015 20 Black Hills Corporation, Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Black Hills Corporation, Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 Black Hills Corporation, E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 Black Hills Corporation, Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 Black Hills Corporation, Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 Black Hills Corporation, Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 74 Exploration and Development Wells Drilled, By Country/Region, 2011-2015 76 Recent Developments 77 Black Hills Corporation - Recent Developments 77 Apr 25, 2016: Black Hills Announces Executive Leadership Changes And Officer Appointments 77 Feb 02, 2016: Black Hills Reports 2015 Fourth Quarter And Full Year Results 78 Dec 14, 2015: Black Hills Names Linn Evans President And COO To Advance Growth Strategies 85 Dec 14, 2015: Black Hills Corp. Names Linn Evans President and COO to Advance Growth Strategies 86 Nov 03, 2015: Black Hills Reports Third Quarter 2015 Results And Provides 2016 Earnings Guidance 86 Sep 30, 2015: Black Hills Seeks Cost Of Service Gas Program In Five States 91 Sep 18, 2015: Cheyenne Prairie Generating Station Achieves Safety Record 92 Aug 31, 2015: Stellar Energy to Supply Turbine Inlet Air Conditioning System for Colorado’s Pueblo Airport Generating Station 92 Aug 11, 2015: Black Hills Names Mark A. Schober To Board Of Directors 93 May 15, 2015: Black Hills Corp.'s Neil Simpson Complex Achieves Significant Safety Milestone 93 Appendix 94 Methodology 94 Coverage 94 Secondary Research 94 Primary Research 94 Data Information Sources 95 Company Source 95 SEC/Other Regulatory Filings 95 Other Sources 95 Expert Panel Validation 95 Data Definition 95 Oil and Gas Reserves 95 Units of Measure 96 About GlobalData 96 Disclosure 96 Disclaimer 96

List of Tables Table 1: Black Hills Corporation, Key Facts 8 Table 2: Black Hills Corporation, Share Price Performance, Q4, 2014-Q4, 2015 9 Table 3: Black Hills Corporation, Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Table 4: Black Hills Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Table 5: Black Hills Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12 Table 6: Black Hills Corporation, Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Table 7: Black Hills Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14 Table 8: Black Hills Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Table 9: Black Hills Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Table 10: Black Hills Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Table 11: Black Hills Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Table 12: Black Hills Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Table 13: Black Hills Corporation, Share Price Performance, 2011-2015 20 Table 14: Black Hills Corporation, Key Valuation Metrics, 2011-2015 21 Table 15: Black Hills Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: Black Hills Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: Black Hills Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: Black Hills Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: Black Hills Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: Black Hills Corporation, Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: Black Hills Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: Black Hills Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: Black Hills Corporation, Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: Black Hills Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: Black Hills Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: Black Hills Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: Black Hills Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: Black Hills Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Table 30: Black Hills Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: Black Hills Corporation, Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Table 32: Black Hills Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: Black Hills Corporation, Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: Black Hills Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: Black Hills Corporation, Oil and Gas Performance Metrics, 2011-2015 64 Table 38: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: Black Hills Corporation, Producible Oil and Gas Wells, 2011-2015 69 Table 41: Black Hills Corporation, Producible Oil and Gas Wells, By Country/Region, 2011-2015 73 Table 42: Black Hills Corporation, Exploratory and Developed Wells, 2011-2015 75 Table 43: Black Hills Corporation, Exploratory and Developed Wells, By Country/Region, 2011-2015 76 List of Figures Figure 1: Black Hills Corporation, Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 9 Figure 2: Black Hills Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10 Figure 3: Black Hills Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Figure 4: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13 Figure 5: Black Hills Corporation, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14 Figure 6: Black Hills Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Figure 7: Black Hills Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Figure 8: Black Hills Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Figure 9: Black Hills Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Figure 10: Black Hills Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Figure 11: Black Hills Corporation, Share Price Performance, USD/Share, 2011-2015 20 Figure 12: Black Hills Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: Black Hills Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: Black Hills Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: Black Hills Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: Black Hills Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: Black Hills Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: Black Hills Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: Black Hills Corporation, Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: Black Hills Corporation, Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: Black Hills Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: Black Hills Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: Black Hills Corporation, Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: Black Hills Corporation, Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: Black Hills Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: Black Hills Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 36 Figure 27: Black Hills Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 36 Figure 28: Black Hills Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2011-2015 37 Figure 29: Black Hills Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: Black Hills Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: Black Hills Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: Black Hills Corporation, Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: Black Hills Corporation, Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: Black Hills Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: Black Hills Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: Black Hills Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: Black Hills Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: Black Hills Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: Black Hills Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: Black Hills Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: Black Hills Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: Black Hills Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: Black Hills Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: Black Hills Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: Black Hills Corporation, Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: Black Hills Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: Black Hills Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 48: Black Hills Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: Black Hills Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 55 Figure 50: Black Hills Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 51: Black Hills Corporation, Production Costs, By Country/Region, US$ mil, 2011-2015 56 Figure 52: Black Hills Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 53: Black Hills Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 54: Black Hills Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 55: Black Hills Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: Black Hills Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 57: Black Hills Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: Black Hills Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 59: Black Hills Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: Black Hills Corporation, Oil and Gas Performance Metrics, 2011-2015 64 Figure 61: Black Hills Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 62: Black Hills Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 63: Black Hills Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 64: Black Hills Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 65: Black Hills Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 66: Black Hills Corporation, Producible Oil and Gas Wells, 2011-2015 69 Figure 67: Black Hills Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 68: Black Hills Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 69: Black Hills Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 70: Black Hills Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 71: Black Hills Corporation, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 72: Black Hills Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 73: Black Hills Corporation, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 74: Black Hills Corporation, Exploratory and Developed Wells, 2011-2015 74