IPAA PRIVATE CAPITAL CONFERENCE HOUSTON, TEXAS January 19, 2006

1 C OMPANY O RIGINATION Plantation Petroleum Corporation 2001 – Acquired as a dormant corporation 2001 – Mid-year restructuring – Two Officers: Thomas C. Meneley, Pres/CEO Bill J. Walls, Exec. VP/CFO 2002 – C-Corp. dissolved -- New LLC organization in process

2 Plantation Petroleum Holdings, LLC Management Team Thomas C. Meneley – Chairman, President & CEO Bill J. Walls – Exec. V.P. & CFO Mike Parker – Sr. V.P. & COO Mickey McGhee – V.P. Geology Sean Keenan – Mgr. Bus. Dev & Marketing 2002 – 2nd Quarter - PPH, LLC formed to Acquire the Stock of Maynard Oil Co. Equity Partners Plantation Petroleum Ventures, LTD EnCap Energy Capital (Fund IV & IV-B) Kellen Holdings, LLC (Liberty Energy Holdings, LLC) 2003 – December 31- Closed on the Sale of the Stock of Maynard Oil Company to Forest Oil Corp. P LANTATION I T RANSACTION

3 Plantation Petroleum Holdings II, LLC Management Team  Thomas Meneley, President  Bill Walls, CEO  Don Dotson, COO  Mickey McGhee, Geologist  Sean Keenan, Business Development 2003: In November 2003, PPH II, LLC was formed. Equity  Plantation Petroleum Ventures II, LTD  EnCap Energy Capital (Fund IV & IV-B)  Kellen Holdings, LLC (Liberty Energy Holdings, LLC) Debt  Bank of Texas, NA 2003: November 23 rd - Closed on the acquisition of Zia Energy, Inc. and affiliated working interest 2005: June 15th – Closed on the Sale of the Stock of Zia & PPA P LANTATION II T RANSACTION

4 Plantation Petroleum Holdings III, LLC Management Team  Thomas C. Meneley, Chairman & President  Bill J. Walls, CEO & Secr  Don Dotson, COO  Sean Keenan, V.P. Bus. Dev. & Marketing  Tom Wingate, V.P. Geology 2005: In June 2005, PPH III, LLC was formed. Equity  Plantation Petroleum Ventures II, LTD  EnCap Energy Capital (Fund IV & IV-B and Fund V & V-B)  Kellen Holdings, LLC (Liberty Energy Holdings, LLC) 2005: Beginning in June, 2005, leasing lands and participating in Permian Basin development projects – Have currently drilled and completed 2 wells and have a substantial inventory of projects to complete. 2005: December 15, 2005 – Closed on the acquisition of the assets of a significant Midland-based Permian Basin Operator – Funded by the Equity Partner Group + Bank Syndication Group: BNP Paribas and the Bank of Texas, N.A. P LANTATION III T RANSACTION

5 Prior knowledge of capital providers – Years of contact with many private capital providers Assembling a compatible management team – Essential for success in receiving Private Capital funding Review of capital providers in 2002: Search for the right Private Capital Partner Decision to take Maynard Oil Company Private vs. Remaining Public Relationship experience with Private Capital Provider after Acquisition:  Early relationship = More oversight by Private Capital Partners  Successful Management Team Decisions = Less Oversight by Private Capital Partners  Teamwork with Private Capital Partners – “Essential” !! P LANTATIONS E XPERIENCE W ITH P RIVATE C APITAL

6 Rate-of-Return – PPH I & PPH II – Both have proven to be short investment periods with extraordinary rewards – Quick decision capability with Private Capital Partners Restart – PPH III (Plantation Operating, LLC) – Less difficult organizational restart with Private Capital Partners and Banks due to Track Record of PPH I & PPH II Risk vs. Reward – Management Team and Private Capital Providers both experience Less Risk and Greater Rewards as Management Teams gain experience in Core Areas and log successful “Full Cycle” returns to the partnership F INANCIAL S UCCESS VIA P RIVATE C APITAL

7 Compatible Management Team – Very Important Compatible Private Capital Providers, i.e. Board Members Correct Decision Making Process  Acquisitions – (1) At the right time; (2) At the right price; (3) In a geologic and geographic area familiar to the Management Team  Enhancement Plan - Identify as much upside as possible before closing to expedite the enhancement process  Divestiture Decision – Continual market evaluation throughout the “life” of the partnership – Pull-the-Trigger at the Optimum Time in the cycle – Request Capital Provider Input for a broader view of the Marketplace Perseverance – Never Give Up S UMMARY