U.S. Shale-Gas Players: Who’s Got What—and Where Oct. 7, 2008 Nissa Darbonne, Executive Editor A presentation to the Gas Processors Association, Houston Chapter, Annual Meeting Kingwood, Texas

Capital Markets Affecting Shale Plays Antero Resources/Dominion/Marcellus Plains E&P/Occidental/Piceance/Haynesville Chesapeake/Plains/Haynesville Chesapeake/BP/Woodford Chesapeake/BP/Fayetteville Goodrich, Petrohawk, GMX, Chesapeake, Newfield Capex Cutbacks

Positive Notes Riverstone Holdings investment in Titan Operating/Barnett shale Carrizo Oil & Gas able to self-finance its Barnett drilling Current natural gas markets are based on gas coming online from shale plays that won’t come online at current gas prices

Woodford Shale Players Chesapeake, BP, Newfield, PetroQuest, Unit Petroleum, St. Mary, Carrizo, Bankers Petroleum

Barnett Shale Players Devon, EnCana, EOG, Chesapeake, Talisman, Carrizo, Pioneer, Williams, XTO, Range, Quicksilver, Denbury, Penn Virginia, Nortex Resources, Titan Operating, Spindletop O&G, Miller Energy, ReoStar, Exterra Energy

Fayetteville Shale Players Southwestern, XTO, Chesapeake, BP, Petrohawk, Shell, Storm Cat, Energen, Maverick O&G

Marcellus Shale Players Range, Equitable, Chesapeake, Talisman, Antero, Dominion, Anadarko, Southwestern, CNX, EOG, Cabot, Penn Virginia, Marathon, Exco, Unit Petroleum, Atlas Resources, Rex Energy, NFG/Seneca, J-W Operating, Trans Energy

Haynesville Shale Players Chesapeake, Devon, Petrohawk, Goodrich, Shell, GMX, Shell, EnCana, Cabot, Southwestern, Plains, Exco, Cubic Energy, Rising Star, Camterra, Southern Star, St. Mary, Carrizo, Mainland Resources, Noble Energy, Continental Resources

Louisiana Haynesville Activity Source: Bernstein Research, Petrohawk Energy Corp.

NPV of Base-Case Haynesville Well: Drilling Capex vs. Gas Price Gas Price Drilling Capex $4MM$5MM$6MM$7MM$8MM$9MM$10MM $6(0.6)(1.5)(2.5)(3.4)(4.3)(5.2)(6.09) $ (0.5)(1.4)(2.3)(3.3)(4.16) $ (0.4)(1.3)(2.23) $ (0.30) $ $ $ $ Source: Bernstein Research

Exposure to the Haynesville Shale by Net Acres Net Haynesville Acres Market Cap ($B)Haynesville Acres Per $MM/Market Cap Devon483, Chesapeake480, EnCana370, Petrohawk300, Exco119, Cabot114, Plains110, Forest105, EOG100, XTO100, Anadarko75, Comstock67, Penn Va.61, Source: Bernstein Research, Capital IQ

Exposure to the Haynesville Shale by Acres Per $MM/Market Cap Net Haynesville Acres Market Cap ($B)Haynesville Acres Per $MM/Market Cap Southern Star2, Petrohawk300, Exco119, Plains110, Cabot114, Comstock67, Penn Va.61, Forest105, St. Mary50, Goodrich39, Chesapeake480, Meridian2, Devon483, Source: Bernstein Research, Capital IQ

Other North American Shale-Gas Plays Rockies: Mancos, Baxter, Gothic, Hilliard E. Canada: Utica (Quebec), Eastern Canada W. Canada: Muska/Montney West Texas: Barnett/Woodford South Texas: Pearsall SE U.S.: Floyd/Conasauga North-Central: Michigan/Illinois

U.S. Shale-Gas Players: Who’s Got What—and Where Oct. 7, 2008 Nissa Darbonne, Executive Editor A presentation to the Gas Processors Association, Houston Chapter, Annual Meeting Kingwood, Texas