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

2. 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. 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. 4 Plenty of $$$$$ Out There Yorktown Partners $6.0 $7.8 $2.5 $1.5 $1.3 $0.950$0.750$0.850$0.400 = $25+ Bln $1.0 $2.3

5. 5 Recent Private Equity Backed Transactions J.S. Herold & Tristone data BuyersSellersDeal Value, $MM NFR EnergyChalker Energy$410 Ram Energy Resources Inc.Ascent Energy Inc.288 Talon Oil & GasNewfield Exploration56 Swift Energy CompanyEscondido Resources LP245 St. Mary Land & ExplorationRockford Energy Partners153 Laredo Petroleum Inc.Jones Energy Ltd75 EV Energy PartnersPlantation Petroleum Holding160 St. Mary Land & ExplorationBlackbrush Energy30 Plains E&PLaramie Energy LLC945 Dune Energy Inc.Goldking Energy Corp321 Eagle Rock Energy PartnersMontierra Minerals128 Constellation EnergyEnergyQuest Resources LP115 TOTAL2,926 Tristone Capital is a Member of the CIPF, SIPC, IDA and FINRA