Avalon Exploration, Inc. Partner: –Avalon Oil and Gas was formed in June, 2004 by ETP and three management principals, John Wieczorek, Randy Sullivan, and Bob Davis. Strategy: –Avalon’s strategy centers on a dual platform of lower risk drilling and development in Central and Northwest Oklahoma, and a higher risk/reward exploration effort in south central and southwestern Oklahoma (mountain front area) Investment: –Energy Trust Partners originally committed $10 million for a 77% ownership before Management incentives, and fully funded the capital commitment. –Cash flow from operations (and bank borrowings against existing reserves) has been reinvested in various projects. –As illustrated below, the Company has achieved rapid growth. The Investment ManagementJohn Wieczorek, Randy Sullivan and Bob Davis HeadquartersTulsa, Oklahoma StrategyDrilling and development of WEHLU and exploration in Oklahoma

Avalon Exploration, Inc. ETP’s investment process for Avalon (evaluation, due diligence, and negotiations) exceeded 12 months from initial meeting in April, 2003 to closing. Issues included uncertain production and upside in central Oklahoma, West Edmund Hunton Lime Unit (WEHLU) and a cumbersome joint development agreement (JDA) between Avalon and an industry partner. By December, 2003 Management had successfully restructured and terminated the JDA, and improved central Oklahoma operations (WEHLU) with newly drilled wells and more consistent production. By April, 2004 ETP was able to independently verify proved reserves and upside potential at WEHLU, and agree with Management on its exploration strategy. Chronology of Investment

Avalon Exploration, Inc. In June, 2004 Avalon closed with a $5 million cash investment from ETP and asset contributions from Management; in October, 2005 ETP funded the second $5 million commitment. With improved production and higher confidence in the Unit’s reserve potential, Avalon successfully drilled the first horizontal well at WEHLU in December, WEHLU net production reached the 1,000 bopd mark in May, Sale process initiated in June, WEHLU net production reached the 1,500 bopd mark in October, Avalon completed sale of WEHLU effective February 1, Rapid build up of reserves, production and cash flow at WEHLU led to a sale of Avalon I in April 2007 for ~$85MM in cash. Chronology of Investment

Avalon Exploration, Inc. Simultaneously, certain non-WEHLU assets, primarily in Woods County, were sold to Avalon II for $15MM. Avalon II participated in the drilling of 16 new wells, installed a gas gathering system in the area, and increased net production more than fourfold from 200 BOEPD to 850 BOEPD at the time of an asset sale, closed in June 2008 for ~$100MM. Total cash distributions from Avalon I and II amounted to ~ $200MM, representing an IRR in excess of 97% per annum and a ROI in excess of 7x to both Avalon and ETP. In mid-2008, Energy Trust Partners and Avalon Exploration formed a third company, Avalon III, to continue to develop projects in Oklahoma. Avalon III has been accumulating acreage in Oklahoma since mid-2008; first drilling began in October Chronology of Investment

Avalon Exploration, Inc. ETP’s investment accelerated drilling at WEHLU, resulting in a rapid build up in company assets, production and cash flow. Avalon I Investment Growth

Avalon Exploration, Inc. Oct 2005: ETP invests additional $5 mm Dec 2005: First horizontal well Jun 2006: Sale process begins Jun 2004: ETP closes $5 mm investment Dec 2003: Avalon acquires JV interest from UK partner Feb 2000: WEHLU farm-out from Beta Apr 2003: ETP starts discussions Oct 2001: Production begins at WEHLU for Avalon Mar 2007: Merger Agreement Executed Apr 2007: Sale closed, effective 2/1/07 Oct-07 Feb-08 Jun-08 Oct-08 Aug 2007: Rising Avalon II Production Oct 2008: First drilling In Avalon III