1. Quintana Capital Group, L.P. IPAA Presentation January 16 th, 2008

2. 2 Quintana Capital Group, L.P.  Primarily focused on control investments across the oil and gas (upstream and services), coal and power industries –Outside of PE fund, Quintana has found and produced 1.5 billion BOE over 70 year history –Largest private owner of coal reserves in the U.S.  Technical and Operating Experience –75+ year history as operating company –Technical staff with average 25+ years of industry experience –18 investment professionals  Target return: +25% gross IRR; 2-4x multiple of invested capital*  Attractively priced, diversified portfolio of investments –Target investments across the Oil & Gas - upstream, midstream and downstream-sector –Coal and Coal services (Natural Resources) –Power  12-20 equity investments ranging from $10 million to $75 million –Presently fifteen investments in Fund I in several sectors  Fund II target for July 2008 ___________________________ * Target IRR is based on the Fund’s assumption that investing conditions will not deteriorate. Actual returns may differ.

3. 3 Quintana’s Competitive Advantage - History Quintana Petroleum Corporation (“QPC”) founded by Hugh Roy Cullen, Corbin J. Robertson, Jr.’s grandfather Corbin J. Robertson, Jr. joins QPC and commences successful career in energy industry Corbin J. Robertson, Jr. acquires Quintana Minerals Corporation from the Cullen family launching what has become known as “Quintana” Secretary Evans becomes CEO of Tom Brown, Inc. Robertson family commences its acquisition of coal reserves resulting in the family being the largest private owner of coal reserves in the U.S. Secretary Evans appointed 34 th U.S. Secretary of Commerce Launch of Quintana Energy Partners Secretary Evans begins his career as a “roughneck” at Tom Brown, Inc. Warren Hawkins joins QPC 19721930’s1969197519801985198620012006 Quintana has an extraordinary history spanning four generations and is one of the most respected privately owned enterprises in the energy industry

4. 4 Quintana’s Competitive Advantage – Historical Global Presence Headquarters Evaluated Investment Opportunity Coal Investment Transportation Investment Offshore Oil and Gas InvestmentOnshore Oil and Gas Investment Q

5. 5 Organization Chart

6. 6 Targeted Investment Focus  Underexploited conventional oil and gas producing properties  Unconventional oil and natural gas opportunities  Proven exploration and production management teams looking to start and/or grow new companies  Niche natural gas storage and other midstream opportunities  Niche downstream petroleum refining and marketing, including refinery expansion opportunities  Proven service oriented management teams looking to start and/or grow new companies  Coal mining operations, equipment or infrastructure  Clean coal technology opportunities  Renewable and alternative energy opportunities  Power generation or transmission

7. 7 Investments  Market Opportunity –Upstream: Exploration and production –Midstream: Processing, transportation, logistics and services –Downstream: Refining and marketing  Investment Strategy –Value investing Identify attractive opportunities through Quintana’s historical relationships –Partnering with strong management teams Utilize Quintana’s reputation for operational excellence and integrity – Leveraging technical expertise to mitigate risk The Team’s energy-related operational and technical depth is unsurpassed in the private equity market  Competitive Advantage –Deep operational and technical expertise –Strong historical investment performance in oil and natural gas 21 investments Realized and partially realized investments: IRR: 44.2%; Multiple of invested capital: 2.3x* Oil and Gas Oil & Gas Transactions: 21 Historical: Santa Cruz I UTE Peru Exploration Quintana Minerals Canada Quintana Minerals Resources Greystone Pine Mountain Caledonia Columbia Natural Resources Gulf Atlantic RM Fund Investments (Unrealized): Stone Mountain Resources Quintana Well Pro XL Prospect and Cypress E&P Beryl Oil & Gas Gulfstream Terminals and Marketing Consolidated Oil Well Services MWD The Directional Drilling Company Deep Gulf Energy I & II Prize Petroleum

8. 8 Investment Opportunity  Market Opportunity –Globally, coal is the most abundant and economical fossil fuel –Over 4 billion tons of coal are consumed annually Half of all U.S. electrical power generation came from coal in 2005 –Global economic growth will continue to drive coal prices upward  Investment Strategy –Invest in segments of the coal industry with favorable risk-adjusted return characteristics Mining operations Equipment and service industries  Competitive Advantage –The Robertson family is the largest private owner of coal in the U.S. –The majority of U.S. coal mine operators currently mine coal from reserves owned by the Robertson family –Strong historical investment performance in coal resources Four investments Realized and partially realized investments: IRR: 35.7%; Multiple of invested capital: 18.4x* Coal and Natural Resources Coal Transactions: 8 Historical: Western Pocahontas Properties Great Northern Properties FRC - WPP Investment Robertson Coal Ventures Natural Resource Partners (NRP) Fund Investments (Unrealized) Taggart Global AmerCable Kopper Glo

9. 9 Investment Opportunity  Market Opportunity –Over 1.6 billion people still lack access to electrical grids Supplying their bulk electricity demands will drive more than $1 trillion in revenues –Most electricity generation, transmission and distribution assets in the U.S. are owned and operated by vertically-integrated utilities –Inadequate and aging transmission infrastructures can not service the continued growth in demand for energy  Investment Strategy –Pursue both greenfield power projects and the acquisition of existing plants –Take advantage of historical under-investment in transmission infrastructures –Invest in “unbundled” utility businesses and transform them into functional business units  Competitive Advantage –As fuel costs are a power plant’s single largest expense, Quintana’s coal reserve position and competing fuel supply knowledge will provide the Fund with a significant competitive advantage when developing new or acquiring existing power plants –Quintana’s in-house power expertise, which includes nine consultants, will provide the Fund with functional expertise in the following key areas: (i) regulatory; (ii) permitting; (iii) environmental; (iv) market; and (v) technical Power Power Transactions 1 Quintana is in the early stages of developing electrical generation projects in North Dakota and Montana Fund Investments (Unrealized) Energy Future Holdings

10. 10 Investment Process 12 – 20 Highly selective investments Quintana leverages its technical expertise and employs a highly selective process Extensive network of industry relationships developed over four generations of successful investing in and operation of energy and natural resource assets Senior investment professionals with deep operational and technical expertise filter opportunities Quintana Capital Group Fund I Portfolio Rigorous due diligence and consistent process Strong and Direct Deal Flow in the Energy and Natural Resource Industries

11. 11 Summary Fund Size:$650 million Number of Investments:12 - 20 Equity per Investment:$10 - $75 million Co-investors:Large mix of LP’s and strategic investors Initial Term:10 years Commitment Period:5 years from final closing Target IRR:25% gross IRR* QCG LP Fund IIJuly 2008 ___________________________ * Target IRR is based on the Fund’s assumption that investing conditions will not deteriorate. Actual returns may differ.