April 18, 2005 Chairman’s Welcome and Introduction

Page 2 QUANTUM ENERGY PARTNERS F&D Costs are Moving Vertical CAGR = 10% Source: J. S. Herold, Inc. Note: F&D costs for North American region only. F&D costs based upon the 96 E&P companies in Herold’s North American E&P Universe. Canadian royalty trusts have not been included.

Page 3 QUANTUM ENERGY PARTNERS Discoveries per Well are Dropping Like a Rock Source: J. S. Herold, Inc. Note: Reserve adds per well for North American region only. Discoveries per well based upon the 96 E&P companies in Herold’s North American E&P Universe. Canadian royalty trusts have not been included.

Page 4 QUANTUM ENERGY PARTNERS Capital is Flowing Out of Mature Regions Source: J. S. Herold, Inc. Note: Includes all of the 194 companies in Herold’s coverage universe. This universe includes the following sub-sectors: International Integrated Oils, U.S. Integrated Oils, Overseas Integrated Oils, Super U.S. E&Ps, Large U.S. E&Ps, Mid-sized U.S. E&Ps, Small U.S. E&Ps, Canadian E&Ps, Overseas E&Ps and U.S. Pipelines and Power. 4% (18%) (30%) 13% 63% 20% 62% (40%) (20%) 0% 20% 40% 60% 80% Worldwide United StatesCanada EuropeAfrica & Middle East Asia-Pacific South & Central America 2001 – 2003 Regional Spending Changes

Page 5 QUANTUM ENERGY PARTNERS Morning Agenda ►Session 1: Exploration Capital For Private Companies (9:00 – 10:25) –Leland White – Managing Director, Energy Trust Partners LP –Don Wolf – CEO, Aspect Energy, LLC –Jim Musselman – CEO, Kosmos Energy ►Session 2: Acquisition & Development Capital For Private Companies (10:40 – 12:00) –John Homier – Managing Director, NGP Capital Resources Company –Tim Murray – Executive Vice President, Wells Fargo Energy Capital –Mike Minarovic – Managing Director, Arena Energy ►Lunch: Jeff Currie – Managing Director and Global Head of Commodities Research, Goldman Sachs & Co. (12:00 – 1:30) –“The sustainability of higher commodity prices: The revenge of the old economy.”

Page 6 QUANTUM ENERGY PARTNERS “Kyoto Protest Beaten Back by Inflamed Petrol Traders” “We bit off more than we could chew. They were just Cockney barrow boy spivs. Total thugs," one protester said, rubbing his bruised skull. "I've never seen anyone less amenable to listening to our point of view." "They grabbed us and started kicking and punching. Then when we were on the floor they tried to push huge filing cabinets on top of us to crush us." Times Newspapers Ltd. – February 17, 2005 “I took on a Texas swat team at Esso last year and they were angels compared to this lot.” Times Newspapers Ltd. – February 17, 2005

Page 7 QUANTUM ENERGY PARTNERS Discounted Natural Gas Prices

Page 8 QUANTUM ENERGY PARTNERS But, Transportation Could Be Difficult

Page 9 QUANTUM ENERGY PARTNERS Afternoon Agenda ►Session 3: Structured Debt Financing Options For Private Companies (1:30 – 3:00) –Tim Perry – Managing Director, Credit Suisse First Boston –Simon Collier – VP Commodities, Goldman Sachs & Co. –Bart Schouest – Managing Director, BNP Paribas ►Session 4: Wayne Williamson – Managing Partner, Plexus Capital, LLC (3:00 – 3:30) –“Navigating the maze of available financing options” ►Session 5: Kathleen Eisbrenner – President, Excelerate Energy, L.L.C. (3:45 – 4:30) –“Status of the North American LNG industry and how Excelerate Energy has positioned itself to capture value” ►Session 6: Tom Buchanan – CEO, Provident Energy Trust (4:30 – 5:00) –The emergence of Canadian royalty trusts onto the U.S. A&D scene”

Page 10 QUANTUM ENERGY PARTNERS U.S. Redneck Special Forces (U.S.R.S.F.) 1)The season opened last weekend. 2)There is no limit. 3)The insurgents don’t like beer, pickups, country music, or Jesus. 4)They are directly responsible for the death of Dale Earnhardt. The insurgents affecting supply should be eliminated by Summer. ►Bubba, Hoss, Cooter, and Bo will be dropped behind enemy lines with the following information about the insurgents:

April 18, 2005 Chairman’s Welcome and Introduction