Crimson Exploration Inc.

Company Overview June 30, 2007

Cautionary Statement Regarding Forward-looking Statements

Certain statements included in this presentation are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Crimson Exploration Inc. (“Crimson” or “the Company”) cautions that strategic plans, assumptions, expectations, objectives for future operations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those Crimson expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the Company’s ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Crimson’s business. Statements regarding future production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes and the potential lack of capital resources. The SEC has generally permitted oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The Company and its independent third party reservoir engineers use the terms “probable” and “possible” to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit the Company from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by the Company. All estimates of probable reserves in this presentation have been prepared by independent third party engineers. More information about the risks and uncertainties relating to Crimson’s forward-looking statements are found in the Company’s SEC filings.

CONFIDENTIAL 2

Summary Company Overview

    The Company was renamed Crimson in June 2005 following the February 2005 recapitalization of GulfWest Energy    Publicly traded on the NASDAQ bulletin board (TK: CXPO) Producing assets primarily focused in South Louisiana and South Texas / Texas Gulf Coast Emerging plays in the DJ Basin, Ft. Worth Barnett Shale and Mississippi CBM $289.5MM acquisition from EXCO Resources, Inc. in May 2007    Pro Forma 2006 EBITDAX of $166 million Financed 100% through an increased revolver ($200MM) and a second lien facility ($150MM) Equity capitalization of $87 million

(common, plus liquidation value of preferreds)

Pro forma proved reserves of 141 Bcfe @ 1/1/07      79% proved developed; 84% natural gas; 6.8 year proved reserve life ~80% operated; ~70% average working interest Strip pre-tax proved PV-10% of $567 million

(based on NYMEX strip on 5/8/07)

56.7 MMcfe/d current production

(January 2007)

140 bcfe in unrisked probable and possible reserves; over 100 drilling locations Experienced management and technical staff teamed with high quality financial sponsor   Average experience of over 25 years Oaktree Capital Management (“Oaktree”) owns ~62% of Company on a fully diluted basis (1) (1) assuming conversion of preferreds, and exercise of vested options) CONFIDENTIAL 3

History

2000-

- Funding from Aquila Energy Capital – bought Colorado, South Texas

2001

and Grand Lake/Lacassine properties

2002-

- Aquila Energy Capital withdraws funding due to Aquila liquidity crunch

2004

- Limited capital for development/exploration December 2004 – desperate financial state

2005 2007

Oaktree Capital Management acquires stake through preferred equity infusion (February) - CEO Allan Keel and CFO Joseph Grady join Company in connection with Oaktree recapitalization (February) - Reincorporated as a Delaware corporation / becomes Crimson Exploration Inc. (June) - Announces acquisition of assets from EXCO (May) CONFIDENTIAL 4

Experienced Management Team

NAME AND TITLE

Allan D. Keel President, CEO, Director E. Joseph Grady SVP, CFO Jay S. Mengle SVP, Operations & Engineering Tracy Price

SVP, Land & Business Development

Thomas H. Atkins SVP, Exploration

YEARS EXP.

>25 >30 >25 >25 >25

EXPERIENCE

            Joined Crimson in February 2005 Vice President / General Manager of Westport Resources President / COO of Mariner Energy Interim president of Woodside Energy Inc. (USA) Joined Crimson in February 2005 CFO of Texas Petrochemicals Holdings, Inc. CFO of Forcenergy, Inc. CFO of Pelto Oil Company Deloitte & Touche Joined Crimson in April 2005 Shelf Asset Manager – GOM for Kerr-McGee Senior management roles at Norcen Explorer and Westport Resources        Joined Crimson in April 2005 SVP – Land / Business Development at Houston Exploration Manager of Land / Business Development of Newfield Exploration Land Manager for Apache Corporation Joined Crimson in April 2005 General Manager – GOM for Newfield Exploration Exploration Manager for EOG Resources CONFIDENTIAL 5

Experienced Board of Directors

NAME AND TITLE

Allan D. Keel President, CEO, Director Lee B. Backsen

Vice President, Exploration for Andex

Resources, LLC. Skardon F. Baker

Senior Vice President, Oaktree Capital

Management B. James Ford

Managing Director, Oaktree Capital

Management Lon McCain

EXPERIENCE

                 Joined Crimson in February 2005 Vice President / General Manager of Westport Resources President / COO of Mariner Energy Interim president of Woodside Energy Inc. (USA) Joined Crimson’s board in June 2005 Geologist for Continental Land & Fur Co. and Grant Geophysical Senior exploration management positions with Burlington Resources, UMC Petroleum, General Atlantic Gulf Coast, Kerr-McGee, Pelto Oil Co., Spectrum Oil and Gas Co. and Shell Oil Co. Joined Crimson’s board in February 2005 Executive Aide to Co-CEO’s of JP Morgan Investment Banking Vice President in JP Morgan’s M&A group Joined Crimson’s board in February 2005 Director of Cequel Communications, HydroChem Holdings, Trenton Media and Red Technology Alliance Consultant with McKinsey & Co Joined Crimson’s board in June 2005 Vice President, Treasurer and CFO of Westport Resources Corporation Senior Vice President and Principal of Petrie Parkman & Co. Senior financial management positions with Presidio Oil Co., Petro-Lewis Corporation and Ceres Capital CONFIDENTIAL 6

Gulf Coast Acquisition Overview (acquired 5/2007)

 Primarily underexploited assets acquired by Kerr-McGee in April 2004 from the Westport Resources acquisition  Significant low-risk development opportunities due to low historical investment  EXCO divested due to preference for longer lived reserves, outside core areas  255 producing wells  >83,000 gross acres in prolific producing trends  Proved reserves of 95 Bcfe  Strip pre-tax PV-10% of $425 million (1)  75% proved developed; 92% natural gas  80% operated, 65% average working interest  Unrisked 3P reserves of 235 Bcfe (2) 

Field Overview

 Over 100 identified drilling opportunities  Current production of 50.7 MMcfe/d (3)  2006 EBITDAX of $157 million (1) Based on Netherland, Sewell & Associates, Inc. report as of December 31, 2006, and NYMEX strip as of May 8, 2007. (2) Proved reserves are third party engineered. 3P reserves include unrisked probable and possible reserves per Crimson management.

(3) As of January 2007.

CONFIDENTIAL Felicia Area (Liberty County) Over the course of the last 5 years, the EXCO assets were owned by multiple companies as a result of industry consolidation 7

Benefits of the Gulf Coast Acquisition



Establishes platform for visible, capital efficient asset growth

 Critical mass in core operating regions   Sizable acreage position in prolific producing trends, over 83,000 gross acres Drilling inventory of ~24 Bcfe of PUDs and 140 Bcfe of probable / possible reserves (unrisked)    Strong cash flow for debt reduction and drilling capital Over 100 drilling opportunities on probable / possible reserves Potential exploitation from new prospect generation 

Management’s past affiliation with the assets makes Crimson a uniquely qualified buyer

 Familiarity allows for better understanding of low-risk upside (95%+ ex Westport assets)  Ability to rapidly identify existing production / cost enhancement opportunities to increase value CONFIDENTIAL 8

Areas of Operation (proforma for EXCO Property Acquisition in 5/2007)

($ in millions)

Total Proved Reserves (Bcfe): 141.4

% Gas: Production (MMcfe/d) 1 : Strip PV-10%: Reserve Life (Years): 3P Reserves (Bcfe): 84% 56.7

$567 6.8x

281.6

DJ BASIN

Mississippi Proved Reserves (Bcfe): % Gas: Production (MMcfe/d) 1 : Strip PV-10%: 3P Reserves (Bcfe): 0.3

0% 0.1

$1 0.3

BARNETT SHALE

Colorado Proved Reserves (Bcfe): % Gas: Production (MMcfe/d) 1 : Strip PV-10%: 3P Reserves (Bcfe): 7.9

75% 0.7

$24 7.9

WEST TEXAS SOUTH TEXAS GULF COAST

Texas Proved Reserves (Bcfe): % Gas: Production (MMcfe/d) 1 : Strip PV-10%: 3P Reserves (Bcfe): 116.1

87% 46.5

$464 256.3

Louisiana Proved Reserves (Bcfe): % Gas: Production (MMcfe/d) 1 : Strip PV-10%: 3P Reserves (Bcfe): 17.1

47% 9.4

$78 17.1

Note: (1) Proved reserves as of December 31, 2006 and are third party engineered. 3P reserves only include the EXCO assets’ unrisked probable and possible reserves per Crimson management. Strip PV-10% as of May 8, 2007.

Based on average daily production in January 2007.

CONFIDENTIAL 9

Proved Reserves Summary (Proforma)

December 31, 2006 proved reserves were prepared by independent reservoir engineering firms

  Netherland, Sewell & Associates, Inc. (“NSAI”) for the acquired EXCO properties Pressler Petroleum Consultants, Inc. (“Pressler”) for the legacy Crimson properties ($ in millions) PDP PDNP PUD Total Proved Reserves

Oil (MMBbls)

1.3

0.9

0.3

2.5

Crimson Gas (Bcf)

10.0

17.2

4.2

31.4

Strip Pre-Tax Proved PV-10% (1) % Gas (Proved) % Proved Developed Source: NSAI and Pressler.

(1) Based on NYMEX strip prices as of May 8, 2007.

Total (Bcfe)

17.9

22.8

5.8

46.4

$141.9

68% 88%

EXCO Asset Acquisition Oil (MMBbls)

1.0

0.1

0.2

1.3

Gas (Bcf)

53.0

11.9

22.3

87.3

Total (Bcfe)

59.1

12.3

23.5

95.0

$425.1

92% 75%

Oil (MMBbls)

2.3

1.0

0.4

3.8

Total Gas (Bcf)

62.9

29.1

26.6

118.6

Total (Bcfe)

77.0

35.1

29.3

141.4

$567.0

84% 79% CONFIDENTIAL 10

Proved Reserve Distribution (proforma for EXCO property acquisition in 5/2007)

Pro Forma Reserves by Category

PUD 21% PDP 54% PDNP 25%

Pro Forma PV-10% by Category (1)

PUD 13% PDNP 14% PDP 73%

Pro Forma Reserves by Region

Louisiana 12% Colorado 6%

Pro Forma PV-10% by Region (1)

Louisiana 14% Colorado 4% Texas 82%

141 Bcfe

Texas 82%

$567 MM PV-10%

(1) Pre-tax figure based on proved reserves and NYMEX strip as of May 8, 2007.

CONFIDENTIAL 11

Felicia Field Summary

Area of Operations

Felicia (Liberty County)

Field Summary

Operator Crimson / Edge Petroleum Working Interest 75% Proved Reserves (Bcfe)

% Gas

30.0

85% % PDP

Current Production (MMcfe/d) PV-10% ($MM)

96%

32.0

$198

Highlights Field Overview

 Legacy Westport Resources property  21,658 gross / 12,910 net acres  Yegua, Cook Mountain, Wilcox and Vicksburg reservoirs (9,000’ to 15,000’)  Well defined hydrocarbon traps  Five 3-D surveys total over 500 square miles within immediate trend

Upside Potential

 Probable & Possible Reserves: ~72 Bcfe  30 amplitude related prospects (3 PUD, 10 Probable, 17 Possible)  Abandonment pressure could add as much as 25 Bcfe (net)

2007 & 2008 Plans

 Drill 7 wells total (3 PUD); $2.5MM each (DHC) CONFIDENTIAL 12

Cage Ranch Field Summary

Area of Operations

Cage Ranch (Brooks County)

Field Summary

Operator Crimson Working Interest 85% Proved Reserves (Bcfe)

% Gas

28.0

94% % PDP

Current Production (MMcfe/d) PV-10% ($MM)

24%

3.8

$77

Highlights Field Overview

 Legacy Westport Resources property  18,623 gross acres / 15,168 net acres  Frio and Vicksburg reservoirs (8,500’ to 12,000’)  Highly faulted structural traps  Ten 3-D seismic surveys covering 176 square miles of outlined area

Upside Potential

 Probable & Possible Reserves: ~14 Bcfe  Identification of additional shallow Frio oil traps  Evaluation of Deeper Vicksburg sands below existing production

2007 & 2008 Plans

 Drill 3 PUD wells; $1-2MM each CONFIDENTIAL 13

Speaks Field Summary

Area of Operations

Speaks (Lavaca County)

Field Summary

Operator Crimson / Wofford Working Interest 35% Proved Reserves (Bcfe)

% Gas

21.0

98% % PDP

Current Production (MMcfe/d) PV-10% ($MM)

30%

5.3

$59

Highlights Field Overview

 Legacy Westport Resources property  10,987 gross / 5,861 net acres  Miocene to Deep Wilcox reservoirs (2,000’ to 17,000’)

Upside Potential

 Probable & Possible Reserves: ~42 Bcfe  26 identified drilling locations  Multiple behind pipe opportunities

2007 & 2008 Plans

 Drill 9 wells total (5 PUD); $6MM each CONFIDENTIAL 14

Grand Lake / Lacassine Field Summary

Area of Operations

Grand Lake / Lacassine

Field Summary

Operator Crimson Working Interest 100% Proved Reserves (Bcfe)

% Gas

13.0

48% % PDP

Current Production (MMcfe/d) PV-10% ($MM)

52%

3.0

$48

Highlights Grand Lake Field Overview

  640 acres 3-D seismic recently acquired

Upside Potential

 Targeting multiple pay, Miocene formations  Evaluating deeper sands and infill of existing formations

2007 & 2008 Plans

 Recomplete 3 wells  Capital expenditures of $2 million

Lacassine Field Overview

 940 acres

Upside Potential

  Over 150 Bcfe original gas in place; only 50% recovered Acquiring proprietary 3-D seismic

2007 & 2008 Plans

 None; further technical review of field CONFIDENTIAL 15

Madisonville / Rodessa Field Summary

Area of Operations

Madisonville / Rodessa (Madison County)

Field Summary

Operator Crimson Working Interest 75% Proved Reserves (Bcfe)

% Gas

13.0

80% % PDP

Current Production (MMcfe/d) PV-10% ($MM)

23%

1.0

$39

Highlights Field Overview

 Average working interest of over 75% in region  Two recent Rodessa wells

Upside Potential

 Proprietary 3-D over section of acreage recently acquired  Deep gas potential: offset operators successful in Rodessa  Deep Bossier, Cotton Valley, Smackover formations untested

2007 & 2008 Plans

 Potentially drill 1 probable location  Complete and hookup new wells drilled in 2006  Capital expenditures of $12 million CONFIDENTIAL 16

DJ Basin Summary

Area of Operations

DJ Basin (Colorado)

Field Summary

Operator Crimson Working Interest 92% Proved Reserves (Bcfe)

% Gas

8.0

75% % PDP

Current Production (MMcfe/d) PV-10% ($MM)

52%

0.7

$24

Highlights Field Overview

 14,000 gross / 10,000 net acres  Acquired in 2000 with Aquila Energy Capital financing  Two development wells drilled in 2006, adding net production of approximately 368 Mcfe/d  Long-life reserves; 35 producing wells

Upside Potential

 Further potential evaluation in Niobrara, Codell and deeper formations

2007 & 2008 Plans

 Drill 8 wells; $300-500K each  Capital expenditures of $3 million CONFIDENTIAL 17

Barnett Shale / Mississippi CBM

Ft. Worth Barnett Shale Joint Venture Mississippi CBM JASPER LAUDERDALE C L A R K E JONES WAYNE

Ft. Worth Barnett Shale (Johnson and Tarrant Counties)       2,500 gross undeveloped acres Acreage positioned in Tarrant / Johnson counties (core area) Offset operators include Chesapeake Energy, EOG Resources, etc.

12.5% WI (non-operated) 2007 plans  8 gross wells, first in May 2007  $7 million capital in 2007, net No proved reserves booked as of 12/31/06 CONFIDENTIAL  125,000 acre CBM option agreement  85% WI  Three core holes in 1Q07 ($100,000 / core)  6 – 10 foot coal seams identified  Need to determine economic productivity 18

West Texas Barnett/Woodford Shale Culberson County, TX

ENCANA TD 11,000’ ENCANA TD 13,500’ SOUTHWESTERN LOCATION HALLWOOD LOCATION HALLWOOD LOCATION CXP EOG TD 9,100’ 2 LOCATIONS SOUTHWESTE RN ACREAGE ACREAGE SOUTHWESTERN TESTING MATADOR LEASES PETRO HUNT DRILLING ENCANA TD 11,000’ ENCANA TD 11,000’ CONCHO TD 11,900’ CONCHO DRILLING RANGE LOCATIO N BULLD OG TD 14,775’ PETRO-HUNT DRILLING HALLWOOD DRILLING BURLINGTON TD 13,450’ PETRO-HUNT TD 13,500’ HALLWOOD LOCATION QUICKSILVER LOCATION QUICKSILVER ACREAGE THOMPSON DRILLING JEFF DAVIS QUICKSILVER TD 10,368’ DALLAS 2 LOCATIONS 5 MILES CRIMSON 24,000 ACRES WI: 100% NRI: 77% EXPIRY: 2010 DRILLED WELL LOCATION

CONFIDENTIAL 19

Exploration Joint Venture

CONFIDENTIAL 20

2007 Capital Expenditures

Estimated 2007 Capex by Region

Madisonville-Rodessa 23.8% Fort Worth Barnett Shale 14.7% Mississippi 1%

Estimated 2007 Capex by Category

Lease Acquisition 5% Exploration 42.5% Development 52.5% Louisiana 12.6% South Texas 47.9%

$42.8 million

($ in millions)

LOUISIANA MISSISSIPPI FT. WORTH BARNETT SHALE 2007E Drilling Capital

(1) Lease Acquisition Development Exploration Total $0.2

5.2

$5.4

– 0.4

$0.4

2007E Drilling Schedule (# Wells)

Development Exploration 1 – – 3 Total (1) 1 3 Excludes estimated seismic data purchases of approximately $9 million 6.3

$6.3

– – 7 7

MADISONVILLE RODESSA SOUTH TEXAS

$10.2

$10.2

– 2 – 2 $2.1

12.1

6.3

$20.5

14 9 23

TOTAL

$2.1

$22.5

$18.2

$42.8

17 19 36 CONFIDENTIAL 21

Financial Strategy

    

Maintain manageable debt levels

 Senior revolver –$200MM borrowing base; $77MM available post-acquisition; L+125-200; 4 year maturity   Second lien facility - $150MM fully drawn at closing; L+525; 5 year maturity Excess cash flow, after capital expenditures, for revolver repayment, preserving flexibility

Maintain conservative financial policy:

 Fund capex from operating cash flow      Preserve financial flexibility through undrawn revolver capacity Utilize oil and gas derivatives to limit commodity price downside risk Target net debt / EBITDAX ratio under 2.5x; projected 2007 under 2.0x

(based on NYMEX strip on 5/8/07)

Target net debt / proved reserves under $1.80 / Mcfe

($2.0/mcfe @ close)

Target adjusted EBITDAX/interest over 3.5x (projected for 2007 at 4.4x)

(based on NYMEX strip on 5/8/07)

Balanced, conservative capital program

  Low-risk drilling inventory to increase cash flow and asset value, and reduce debt Exploration consists of further delineation / step-out drilling of existing fields in well-defined producing trends  Limited “wildcat” exploration

Increase equity investor base and opportunistically access equity capital for growth

   Proceeds used to reduce revolver indebtedness Don’t need equity new to reduce debt levels Increase liquidity in stock to unlock value Intensify efforts to increase efficiency:  Lower cash operating costs (LOE and G&A) per Mcfe produced CONFIDENTIAL 22

Historical Financial Summary

($ in millions)

Year Ended December 31 2004 Production

Oil (MMBbls) Natural Gas (Bcf) Production (Bcfe) Daily Production (Mmcfe/d)

Reserves (Bcfe)

Prov ed Dev eloped Prov ed Undev eloped Total Prov ed Reserv es

Operating Results

Oil and Natural Gas Sales Operating Ov erhead and Other Income Total Rev enues LOE + Production Taxes G&A (1) Interest Expense

EBITDAX (3) Unit Cash Costs ($/Mcfe)

LOE + Production Taxes G&A (1) Unlev ered Unit Cash Costs Interest Expense Total Unit Cash Costs 0.2

1 .0

2.1

5.7

36.0

1 0.0

46.0

1 1 .1

0.1

1 1 .2

(4.9) (2.0) (4.2) 4.3

2.35

0.97

3.32

2.00

5.32

EBITDAX/Mcfe ($/Mcfe) (1) Excludes non-cash stock-based compensation expense (2) Unaudited, proforma for Exco acquisition as of January 1, 2006 (3) Excludes MTM gains/losses on commodity hedges .

2.08

CONFIDENTIAL

2005

0.2

1 .5

2.5

7 .0

34.0

7 .0

41 .0

1 7 .6

0.1

1 7 .7

(5.6) (3.8) (1 .3) 8.3

2.1 9 1 .48

3.67

0.51

4.1 8 3.27

Actual

0.2

1 .5

2.7

7 .3

41 .0

6.0

47 .0

21 .5

0.2

21 .7

(7 .5) (5.1 ) (0.1 ) 9.0

2.84

1 .93

4.7 7 0.04

4.81

3.39

Pro Forma (2)

1 .0

1 9.2

24.9

68.4

1 1 2.0

29.0

1 41 .0

206.8

0.2

207 .0

(36.4) (5.1 ) (21 .9) 1 65.3

1 .46

0.20

1 .66

0.88

2.54

6.64

23

Balance Sheet

(000’s) Cash /Current Assets Property, Plant & Equipment, net Other Assets Derivative Instruments (Curr & LT) Total Assets Notes Payable/Current Debt Other Current Liabilities Long-term Debt Asset Retirement Obligations (Curr & LT) Derivative Instruments (Curr & LT) Equity Total Liabilities & Stockholders’ Equity 12/31/05 12/31/06 6/30//07 $ 5,825 54,223 3,067 - $ 63,115 $ 121 4,626 1,103 1,311 3,149 52,805 $ 3,532 $ 24,266 76,547 345,725 1,690 4,589 2,934 3,855 $ 84,703 $ 378,435 $ 91 $ 97 10,656 21,819 8,415 276,854 4,215 - 61,326 7,558 1,798 70,309 $ 63,115 $ 84,703 $ 378,435

CONFIDENTIAL 24

Capital Stock Structure

Common O/S @

6/30/2007

($ MM)

$35.5

$/share

7.25

Preferred Stock (non-redeemable until 2010) Series G Series H Series D 47.8

1.1

4.0

52.9

(1) (1) (2)

9.00

3.50

9.40

Total Com Equiv (assuming conversion)

1994/2004 Employee Options/Warrants $88.4

0.8

(3)

5.50

2005 Employee Options

FD (assuming conversion & exercise)

31.3

(3)

13.80

(1) Aggregate Liquidation Preference, plus accrued dividends, if any (2) Converted to common late July 2007 (3) Anticipated proceeds from assumed exercise of options o/s, currently in the money or not (4) Oaktree Capital controls approximately 68%

(MM)

4.9

5.3

0.3

5.6

10.5

(4)

0.2

2.3

13.0

CONFIDENTIAL 25

Hedging Detail (effective 5/8/2007)

Type 2H2007 Oil Hedges

Collars Swaps Total 2007 Hedges

2008 Oil Hedges

Collars Swaps Total 2008 Hedges

2009 Oil Hedges

Collars Swaps Total 2009 Hedges

2010 Oil Hedges

Collars Swaps Total 2010 Hedges

2011 Oil Hedges

Collars Swaps Total 2011 Hedges

Oil Volumes (MBbls) Average Floor Price

49 177 226 $60.51

66.00

$64.82

Average Ceiling Price

$75.13

66.00

$67.97

226 78 304 154 62 216 108 51 159 84 40 124 $67.11

76.40

$69.50

$66.55

74.20

$68.76

$65.28

72.32

$67.54

$64.50

70.74

$66.50

$70.50

76.40

$72.02

$71.40

74.20

$72.21

$70.60

72.32

$71.15

$69.50

70.74

$69.90

Gas Type 2H2007 Natural Gas Hedges

Collars Swaps Total 2007 Hedges

Volumes (MMcf)

5,574 – 5,574

2008 Natural Gas Hedges

Collars Swaps Total 2008 Hedges 7,908 564 8,472

Average Floor Price

$7.68

– $7.68

$8.19

8.97

$8.24

2009 Natural Gas Hedges

Collars Swaps Total 2009 Hedges

2010 Natural Gas Hedges

Collars Swaps Total 2010 Hedges

2011 Natural Gas Hedges

Collars Swaps Total 2011 Hedges 5,700 432 6,132 4,212 348 4,560 3,192 – 3,192 $7.90

8.32

$7.93

$7.57

7.88

$7.59

$7.32

– $7.32

Average Ceiling Price

$8.93

– $8.93

$9.65

8.97

$9.60

$9.45

8.32

$9.37

$9.05

7.88

$8.96

$8.70

– $8.70

CONFIDENTIAL 26

Attractive Valuation vs. Peers Pro Forma 12/31/06

CXPO EV is pro forma the EXCO acquisition

EV / Proved Reserves (Bcf)

$8.00

$7.00

$7.19

$6.47

$6.37

$6.00

$5.00

$5.43

$5.31

$4.64

$4.00

$3.00

$3.90

$3.41

$3.05

$2.53

$2.52

$2.09

$2.00

$1.00

$ PQ CRZO EPEX GPOR GDP PLLL TMR ROSE CWEI EAC CXPO BEXP

PV-10 values and proved reserves as of 12/31/2006 SEC filings. EV based on companies’ 6/30/2007 SEC filings.

Source: Company filings

EV/ PV-10

6.0x

5.0x

5.1x

4.0x

3.5x

3.0x

2.0x

1.0x

2.4x

2.2x

1.9x

1.9x

1.9x

1.6x

1.2x

1.1x

0.9x

0.6x

GDP CRZO EPEX PLLL ROSE GPOR PQ EAC CWEI TMR BEXP CXPO CONFIDENTIAL 27

Attractive Valuation vs. Peers Pro Forma 12/31/06

CXPO EV & EBITDA is pro forma the EXCO acquisition

30.0x

25.0x

26.3x

21.1x

19.3x

20.0x

16.5x

15.0x

EV/ LTM EBITDA

10.0x

7.5x

7.1x

7.1x

6.9x

6.7x

5.0x

3.7x

2.6x

2.2x

CRZO GDP GPOR PLLL CWEI ROSE EAC PQ

LTM daily production and LTM EBITDA based on companies’ 12/31/2006 SEC filings. EV based on companies’ 6/30/2007 SEC filings.

Source: Company filings

EPEX BEXP TMR CXPO

EV/ LTM Prod (Mcfe/d)

$50,000 $46,696 $45,000 $42,383 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $29,283 $25,250 $16,825 $15,206 $13,764 $13,730 $10,259 $8,317 $5,805 $5,203 $ GPOR CRZO PLLL GDP EAC ROSE EPEX PQ CWEI BEXP TMR CXPO CONFIDENTIAL 28

Corporate Summary

  Experienced management team with proven track record of growth through exploration, production and acquisition Attractive portfolio of properties with low risk growth potential through significant upside from PUDs, probable and possible reserves  Visible near-term debt reduction through free cash flow     Limited commodity risk due to aggressive hedging program and low relative basis differentials Strong financial partner in Oaktree who has vested interest in assisting the company achieve its growth plans and increasing shareholder value Developing exploration/exploration capability far above average value creation Inventory of lower risk exploitation and exploration opportunities in the Barnett and Woodford Shale, South Texas Lobo and Mississippi coal bed methane plays CONFIDENTIAL 29