Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Gavilan Resources, LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.

Moody's Investors Service ("Moody's") downgraded Sanchez Energy Corporation's (Sanchez Energy) Probability of Default Rating (PDR) to D-PD from Caa1-PD, its Corporate Family Rating (CFR) to Ca from Caa1, senior unsecured notes to C from Caa2 and its senior secured first lien notes to Caa1 from B2.