Fervo Energy Co

We present in this prospectus certain estimates of capacity potential (represented as megawatts or gigawatts).

These estimates are based on the underlying geothermal resource potential of our sites, as represented by a measure

of thermal energy we refer to as heat initially in place (“HIIP”), the estimated electrical power capacity into which

such HIIP may be converted, and the thermal recovery factor of this thermal energy. HIIP is the total thermal energy

estimated to be contained in place within the rock and pore fluid in a defined subsurface volume as of a given date,

before accounting for any recovery of heat to the wellhead or conversion to electricity. To produce estimates of

capacity potential, a thermal recovery factor is applied to the HIIP estimates.

For Cape Station, an independent engineering consulting firm, DeGolyer and MacNaughton (“D&M”), prepared

HIIP estimates using geologic, thermal, and geomechanical models and probabilistic methods, as described further

in its report dated June 30, 2024 thereon included as an exhibit to the registration statement of which this prospectus

forms a part. To produce our estimate of capacity potential, we further adjust the HIIP estimates by applying a

thermal recovery factor. We assume a thermal recovery factor of 30.5%, which is estimated using a variety of

methods, including computational reservoir simulation, decline curve analysis, case studies from reservoir analogs,

and literature review. The applied thermal recovery factor reflects the portion of HIIP we believe can be practically

extracted to the wellhead and converted to electricity over the assumed project life. In determining this factor, we

consider reservoir temperature and thickness, fracture surface area and connectivity achieved through stimulation,

expected sustainable flow rates and pressure management, thermal drawdown over time, operating constraints

(including induced seismicity, water balance, and reinjection), and surface conversion efficiency (including ORC

performance and parasitic loads). We believe the resulting recovery factor is reasonable because it is grounded in

engineering judgment informed by our empirical data (including results from Project Red), field-calibrated geologic,

thermal, and geomechanical models at Cape Station, and sensitivity analyses across well spacing, flow, and

temperature assumptions. This approach is consistent with practices used in analogous resource assessments in other

industries and incorporates conservative assumptions intended to reflect long-term sustainable operations rather than

peak or short-duration output.

For the nine GeoClusters reviewed subsequent to Cape Station, which include Corsac, Blanford, Marble, Kit,

Star, Fennec, Cross, Swift and Aspen, D&M has utilized their own thermal recovery factors which are factored into

their estimates of capacity potential.

The estimates referred to above are subject to important limitations and uncertainties. All or any part of such

estimates may change as further heat production history and additional information become available. Application of

any risk factor or discount rate to HIIP should not be considered as a means of comparing such estimates to

measures of proved reserves, and you should not assume that all or any portion of the HIIP estimates will be

recovered or converted to electricity on an economic basis or at all. The quantities of heat that might actually be

recovered, and the quantities of associated produced electricity should such geothermal resources be developed, may

differ significantly from the HIIP estimates produced by D&M. For additional information regarding risks inherent

in our estimates of our geothermal resource, see “Risk Factors—Risks Related to Our Business—Our estimates of

geothermal resources and associated power capacity potential are inherently uncertain, do not consider

technological, commercial or economic viability, and should not be viewed as a measure of reserves prepared under

SEC guidelines or as a measure of estimated future production or generation capacity.”