1 INVESTMENT BANKING ACQUISITIONS & DIVESTITURES GLOBAL EQUITY CAPITAL MARKETS global energy sector specialists IPAA’s Private Capital Conference / OGIS MLP Meeting 2007 in Review January 16, 2008

2 the insight behind energy success One of the largest independent, global energy advisory firms Unmatched evaluation, advisory and execution capabilities Over 150 employees, 5 locations on 3 continents About Us

3 connected, responsive, insightful LONDON HOUSTON DENVER INVESTMENT BANKING Mergers & Acquisitions Strategic Advisory Equity Underwriting Fairness Opinions ACQUISITIONS & DIVESTITURES Negotiated Sale Mid-Value Negotiated GLOBAL EQUITY CAPITAL MARKETS Institutional Research Institutional Sales Institutional Trading Asset Management A Global Energy Advisory Firm Core Services CALGARY BUENOS AIRES

4 US Producer Research Coverage Tristone provides highly regarded, technically focused, in-depth research coverage on 25 US exploration & production companies Tristone’s US E&P research team is led by Joe Magner and Larry Busnardo Initiating Coverage: US E&P

In Review J.S. Herold & Tristone data Portfolio refocusing efforts put record supply of asset transactions on the market Dominion & Anadarko led the way MLP’s broke into $1bln+ transactions Linn, Breitburn & Atlas all made sizeable acquisitions

6 Quarterly Transaction Volumes vs. Implied $/MCFE J.S. Herold & Tristone data FST/Houston Exp Apache/APC Nippon/APC ENI/Dominion XTO/Dominion McMoran/Newfield Linn/Dominion Plains/Pogo Breitburn/Quicksilver Encana/Leor Oxy/Plains Linn/Lamamco

7 MLP Overview – Current & Prospective J.S. Herold & Tristone data

8 MLP Overview - Transaction Volumes – US Onshore Transactions MLPs acquired ~25% of transactions in 2007 vs. 15% in 2006 J.S. Herold & Tristone data

9 Top Sellers in 2007 by Value J.S. Herold & Tristone data Seller Total Deal Values, $MMDeal Count Implied $/Proved MCFEComments 13, E&P asset divestitures 4, Non-core asset sales, debt reduction 4, Corporate sale to Plains 2,5501N/ACorporate sale to Encana 1, Corporate sale to Forest 1, Sale of Putnam field to Oxy 1, Sale of assets to Atlas & Range 1, Non-core asset sales to Breitburn 1, Portfolio refocusing – largest GOM sales to McMoran Laramie Energy Corporate sale to Plains

10 Top Buyers in 2007 by Value J.S. Herold & Tristone data Buyers Total Deal Values, $MMDeal Count Implied $/Proved MCFEComments 4, Bought Dominion GOM assets 4, Pogo, Laramie 4, Bought various Dominion assets 3, Dominion’s Rockies/San Juan/South Texas, Arrington (Barnett Shale) 2, Dominion’s MidCon, Lamamco, Pogo 2,5501N/ALeor Energy 1, Quicksilver FOREST OIL1, Houston Exploration 1, Plains Permian assets 1, DTE’s Antrim Shale assets

11 Top Buyers in 2007 by Count J.S. Herold & Tristone data Buyer Total Deal Values, $MMDeal Count Implied $/Proved MCFEComments Permian & Mid-Continent acquisitions 1, Various asset acquisitions, largest was Austin Chalk form APC 2, Acquisitions across US, largest from Quicksilver 1, Mid-Continent focused transactions, largest from Dominion Several Barnett Shale, Permian & Rocky acquisitions Acquisitions across Mid-Continent & Gulf Coast 1, Gas-weighted assets in Mid-Continent & Permian basin Appalachia & Mid-Continent acquisitions Various high PDP acquisitions including Montierra & Escambia Various Cherokee basin acquisitions

12 Tombstones & New Entrants

Transaction Values by Region vs J.S. Herold & Tristone data Mid-Continent transactions grew the most in 2007, while GOM transactions were not as large as 2006

14 Top Buyers by Region J.S. Herold & Tristone data

15 Top Buyers by Region J.S. Herold & Tristone data

16 What’s Ahead for 2008 Tristone Capital is a Member of the CIPF, SIPC, IDA and FINRA Consolidation MLPs Equity markets New entries? Prices Gas inventory Crude – Can it sustain $100/bbl Election Year – Same old story “Big Oil”