1. Quantum Resources – 2006 COGA / IPAA Capital Conference 1 IPAA Private Capital Conference Quantum Resources an Oil and Gas Acquisition Company Don Wolf - CEO August 10, 2006

2. Quantum Resources – 2006 COGA / IPAA Capital Conference 2 Quantum Resources Structure $2 Billion $1 Billion equity closed through July, 2006 Acquisition plus ability to lever up another $1 billion debt Fund OfficersDon Wolf, CEO; formerly Westport, UMC, General Atlantic Logan Magruder, Pres & COO; formerly Berry, Barrett Resources Bob Howard, CFO; formerly Bill Barrett Corp, Barrett Resources Russell des Cognets, VP Engr & Ops; formerly Burlington Resources Lance Lauck, VP Acq & Bus Dev; formerly Anadarko Petroleum Corp Business Model Acquire and develop legacy assets Corporate officeQuantum Resources Denver Financial Center, Tower 1 1775 Sherman Street, Suite 1525 Denver Colorado 80203 Main Office: 303-861-1170 Aspect Energy Alex Cranberg / Don Wolf General Partnership Quantum Energy Partners Wil VanLoh / Toby Neugebauer

3. Quantum Resources – 2006 COGA / IPAA Capital Conference 3 Employee Of The Month “multi-tasking as usual”

4. Quantum Resources – 2006 COGA / IPAA Capital Conference 4 Quantum Resources Strategy Seek large transactions with long-life properties Hedge production for 4 to 7 years to insure base return assumptions Enhance base return through leverage, exploitation, operational improvements and selective dispositions Distribute dividends to partners Create size and scale for appropriate exit ideally within 5 to 10 years Repeat above

5. Quantum Resources – 2006 COGA / IPAA Capital Conference 5 Quantum Resources Why Now? Confluence of higher commodity prices and technology improvements –Creates new opportunities within mature fields –Yields lower cost structure due to greater execution efficiency and improved reservoir performance High transaction volume creates consolidation opportunities –Dispose non-core areas –Build and flip models –Financing strategy Ability to minimize pricing volatility through hedging –Liquidity of long-term hedges Option on technology improvements –Better base economics generates new technology

6. Quantum Resources – 2006 COGA / IPAA Capital Conference 6 Quantum Resources Motivated Buyer Deal Asset Acquisitions, Corporate Acquisitions, Joint Ventures Structures GeographicalOnshore North America (up to 20% International); opportunity driven Areas Niche Size$250 million to $1 billion Acquisitions Legacy assets in less favorable areas >60% PDP reserves; long-life reserves Moderate upside potential Operated assets StrengthsMotivated buyer Well funded Competitive cost of capital Short valuation and turn-around time Quick closing without financial contingencies

7. Quantum Resources – 2006 COGA / IPAA Capital Conference 7 Capital Access Drivers Taxes People Track Records Strategy Opportunity Timing

8. Quantum Resources – 2006 COGA / IPAA Capital Conference 8 Marginal Income Tax Rate Income Tax Rate (%) 1981Tax Rates: 70-90%36-50% High Risk Tolerance Low Risk

9. Quantum Resources – 2006 COGA / IPAA Capital Conference 9 Tax Effects Pre-1981 –Marginal rates of 70-90% –High risk tolerance –Individual high income investors were common –Year-end “rush” with pre-payments –Tax laws motivated investors to shelter income Post 1981 –Marginal rates of 36-50% –Low risk tolerance –Rigorous economic analysis –Sophisticated institutional and corporate investors –Complex documentation addressing taxes, exits and governance

10. Quantum Resources – 2006 COGA / IPAA Capital Conference 10 Has progress made us better? Terra Marine Energy General Atlantic & Westport Quantum Resources Investment 1 AssetsEmployees Taxable Limited Partner Limited Partner Limited Partner Investment 3 Leverage Non-taxable General Partner Non-leverage Investment 2

11. Quantum Resources – 2006 COGA / IPAA Capital Conference 11 Capital Partners / Lessons Learned People –Your team is critical to you and your investors –Primary investor consideration Don’t forget the accountants –Easy to get behind –Accurate and timely reporting is crucial –Tax expertise is essential Risk tolerance is lower than you think –Positive returns essential to continuity Communication –Often, full disclosure and accurate

12. Quantum Resources – 2006 COGA / IPAA Capital Conference 12 Lessons Learned (continued…) Reputation –Hard to build and easy to destroy –All references checked which generally excluding the ones you list Momentum and urgency –Be sure your lead investors are with you –Close with urgency Stickiness –Success breeds confidence –Partners stay with winners and drop losers Little things matter –Indicators of personal values –Don’t win a battle and lose a war

13. Quantum Resources – 2006 COGA / IPAA Capital Conference 13 Quantum Resources “An exceptionally well capitalized private oil & gas acquisition company comprised of world class partners and a first class management and operating team, focused on longer life oil and gas reservoirs primarily in North America.”