1. 1 What A Difference A Few Months Makes! Presentation to IPAA Capital Markets / HEFG *Disclaimers on page 9 of this document. August 7, 2008 Dan Pickering

2. 222 Natural Gas 12 Month Strip

3. 3 Energy Stocks – Hero And Goat 2008 Stock Performance

4. 4 What Is Happening? Fastest Pullback In A Decade Stock Market Stinks Global Economic Fears Growing Pain Vortex FACT OR FICTION?

5. 5 What Is Happening In Gas? Wellhead Supply Is Growing Gas Storage Datapoints Weak Haynesville Emerges Other Commodities Softer

6. 6 What Are E&P Stocks “Telling Us”? XTO’s Net Asset Value YE’08 Proved Reserves NAV Barnett 2P/3P Bakken 2P/3P Fayetteville 2P/3P Other 2P/3P $78/share

7. 7 Stock Upside At $70/bbl, $7/mcf

8. 8 Sunrise Or Sunset? Sometimes Stocks Convey Information… …And Sometimes Just Sentiment Stocks Are Either: Way CHEAP… …Or Cycle Is TOAST

9. 999 Put in Final Presentation Slide Here Tudor, Pickering, Holt & Co. Securities, Inc. is a leading institutional brokerage firm focusing on energy-sector research for institutional investors. The Company, a NASD broker-dealer, develops investment ideas for our clients by actively covering the E&P and oil service industries, while monitoring energy subsectors such as coal, nuclear, tankers and alternative energy. In addition to research activities, Tudor, Pickering, Holt has executed share repurchases and helped energy companies raise equity capital via co-manager and syndicate positions in numerous energy offerings including BAS, CHK, COG, CPX, CRZO, EPB, EQT, GDP, HERO, KBR, REXX, RRC, SD, XCO, XTO. Our research is provided to institutional clients via published reports, concise emails, and through direct interaction with our highly rated analysts and unique, specialized sales force. Tudor, Pickering, Holt has ~65 employees working from our main Houston office and also in Denver, Colorado. The firm was established in February 2004 as Pickering Energy Partners and combined with Tudor Capital in February 2007. Contact Us Houston: 713-333-2960 Denver: 303-300-1902

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