ASSETS PEOPLE REPUTATION VISION 0 IPAA OIL & GAS INVESTMENT SYMPOSIUM London – July 7, 2005 STEVE SHAPIRO Executive Vice President Finance & Corporate Development

1 This presentation contains projections and other forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of These projections and statements reflect the companys current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the companys periodic reports filed with the U.S. Securities and Exchange Commission. Forward-Looking Statement

2 GAAP to Non-GAAP Terms For an explanation of reconciliations of GAAP to non-GAAP measures please refer to the Investor Relations section of our Web site. For additional information regarding non-SEC terms used in this presentation please refer to the Cautionary Note on our Web site.

3 Sustaining Our Success Basin Excellence model is succeeding Enviable core asset position Several catalysts offer exciting step-function growth – Bossier exploration success High-quality drilling inventory of 7 TCFE Focus on differential cost structure is paying off Tremendous free cash flow generating potential

4 PDP/PUD Worldwide: 12.0 TCFE Drilling Inventory Worldwide: 7.0 TCFE BRs Worldwide Asset Position: 12/31/04 Reserves Worldwide: 12.0 TCFE MID- CONTINENT SAN JUAN BASIN WESTERN CANADA NORTH AMERICAINTERNATIONAL LATIN AMERICA AFRICA NW EUROPE CHINA

5 Company Inventory Opportunity sources – exploitation – exploration – acquisition (asset & land) Inventory quality – location-specific – risk-adjusted – economic at $5/$30 – land-controlled 7.0 TCFE Total Inventory Net Project Count Net BCFE / Project Net Capital / Project 8,9000.8$0.9MM

6 On Track to Meet Production Goal MMCFED North AmericaInternationalGuidance 3% - 8% growth

7 San Juan Basin Sustained flat production for modest capital investment Gradual ramp-up in activity Maintain cost advantage MMCFED Sustained Production SAN JUAN BASIN

8 Canadian Resource Focus Created resource assessment teams Completed 3 extensive studies in studies under way in 2005 Sustained Production New Drill Activity WESTERN CANADA Deep Basin

9 East Irish Sea Drill Millom and Dalton extensions Additional Rivers development Exploration: Kelly and Asland prospects Rivers plant stabilization Kelly Prospect Millom & Dalton Extensions Asland Rivers Expansion NW EUROPE

10 Andean Mountain Front 5.5MM net exploration acres Significant growth opportunities Ecuador, Peru and Colombia 2005 development: ( wells) 2005 exploration: – Jumandi well: Ecuador Block 7 – Condor well: Ecuador Block 7 – Buena Vista well: Peru Block exploration: – Colombia Orquidea – Peru Blocks 57, 90 and 104 Ecuador Colombia Peru

11 Algeria MLN expansion – double gas injection capacity – 10-well drilling campaign beginning in 2005 MLSE/EMK development – joint development of reserves in Blocks 208 and 405a – 46-well drilling campaign (plus facilities) ALGERIA

12 Bakken Position Unconventional exploration in North America Bakken Acreage position – legacy: ~50,000 – 2004: ~63,000 – 2005: ~67,000 Reserves: MBO/well Initial production/well: BOPD Well cost: ~$2.5MM MID- CONTINENT

13 Cedar Creek Outperformance Continuing to push lateral lengths 160-acre infill program exceeding expectations Bench-testing EOR options MID- CONTINENT Cedar Creek

14 Bossier Activity 5 rigs in 2005 Expect to drill ~20 wells Current capital plans: ~$120MM 5 th Rig 16 pipeline 3 rd Rig Plant 4 th Rig Actual production Projected production

15 Operating Costs/G&A Expense Note: BR Peers include APA, APC, DVN, ECA, EOG, UCL. Super E&Ps include BR Peers, CNQ, KMG, NXY, OXY, PXD, TLM. Large E&Ps include Above plus CHK, COG, FST, NBL, NFX, POG, PPP, PXP, VPI, XTO. $/MCFE4-yr CAGR, %

16 Reserve Replacement Costs Note: RRC numerator = total cash costs incurred for exploration, development and acquisition activities RRC denominator = total reserve adds from extensions/discoveries, revisions, improved recovery and acquisitions. Peer group includes APA, APC, DVN, ECA, EOG, UCL. $/MCFE4-yr CAGR, %

17 Seeing Returns: How Much Money? NYMEX - $5.00/$30.00 Cash Provided by Operating Activities Capital Spending Estimate Estimated Dividends $ Billions $1.4B NYMEX - $6.00/$36.00 NYMEX - $7.00/$42.00 $3.4B $5.0B Expected Cash Flow:

18 Investment Choices Coveted asset list Ready balance sheet Willing to do the right deal Basin Excellence can add value Expect to be patient Effective interim use of cash Provides discipline on decisions Still a value play on BRs reserves Periodic review of ordinary dividend Willing to consider special dividend M&ADividend Programs Goal to achieve growth/share + dividends > 10% per year

19 Dividend Programs: Boring, but Beautiful Consistent with BR business model and shareholder expectations Bias for steady, cost-average approach Periodic review of ordinary and special dividend options % Change, Note: BR Peers include APA, APC, DVN, ECA, EOG, UCL. Other Super E&Ps include CNQ, KMG, NXY, OXY, PXD, TLM Large E&Ps include above plus CHK, COG, FST, NBL, NFX, POG, PPP, PXP, VPI, XTO. Share Count

20 Adding It All Up Business model generates differential free cash flow Maintain bias for North American focus Pursuing selective international opportunities Expect industry consolidation to accelerate Will carefully weigh and time investment choices

ASSETS PEOPLE REPUTATION VISION 21 IPAA OIL & GAS INVESTMENT SYMPOSIUM London – July 7, 2005 STEVE SHAPIRO Executive Vice President Finance & Corporate Development