1. 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

4. 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

5. 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

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

8. 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

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

10. 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

12. 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

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

14. 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) $71.30.4(0.5)(1.4)(2.3)(3.3)(4.16) $83.22.31.40.5(0.4)(1.3)(2.23) $95.14.23.32.41.50.6(0.30) $107.16.25.34.43.42.51.62 $119.08.17.26.35.44.53.55 $1210.910.09.18.27.36.45.48 $1312.912.011.010.19.28.37.41 Source: Bernstein Research

16. Exposure to the Haynesville Shale by Net Acres Net Haynesville Acres Market Cap ($B)Haynesville Acres Per $MM/Market Cap Devon483,00045.111 Chesapeake480,00023.720 EnCana370,00055.07 Petrohawk300,0006.248 Exco119,8004.129 Cabot114,7504.227 Plains110,0004.028 Forest105,0004.822 EOG100,00023.74 XTO100,00028.44 Anadarko75,00025.93 Comstock67,9182.626 Penn Va.61,0002.425 Source: Bernstein Research, Capital IQ

17. Exposure to the Haynesville Shale by Acres Per $MM/Market Cap Net Haynesville Acres Market Cap ($B)Haynesville Acres Per $MM/Market Cap Southern Star2,1200.0458 Petrohawk300,0006.248 Exco119,8004.129 Plains110,0004.028 Cabot114,7504.227 Comstock67,9182.626 Penn Va.61,0002.425 Forest105,0004.822 St. Mary50,0002.421 Goodrich39,0001.921 Chesapeake480,00023.720 Meridian2,6000.213 Devon483,00045.111 Source: Bernstein Research, Capital IQ

19. 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

20. 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