1. 1 INVESTMENT BANKING ACQUISITIONS & DIVESTITURES GLOBAL EQUITY CAPITAL MARKETS global energy sector specialists IPAA’s Private Capital Conference / OGIS MLP Meeting 2007 in Review January 16, 2008

2. 2 the insight behind energy success One of the largest independent, global energy advisory firms Unmatched evaluation, advisory and execution capabilities Over 150 employees, 5 locations on 3 continents About Us

3. 3 connected, responsive, insightful LONDON HOUSTON DENVER INVESTMENT BANKING Mergers & Acquisitions Strategic Advisory Equity Underwriting Fairness Opinions ACQUISITIONS & DIVESTITURES Negotiated Sale Mid-Value Negotiated GLOBAL EQUITY CAPITAL MARKETS Institutional Research Institutional Sales Institutional Trading Asset Management A Global Energy Advisory Firm Core Services CALGARY BUENOS AIRES

4. 4 US Producer Research Coverage Tristone provides highly regarded, technically focused, in-depth research coverage on 25 US exploration & production companies Tristone’s US E&P research team is led by Joe Magner and Larry Busnardo Initiating Coverage: US E&P

5. 5 2007 In Review J.S. Herold & Tristone data Portfolio refocusing efforts put record supply of asset transactions on the market Dominion & Anadarko led the way MLP’s broke into $1bln+ transactions Linn, Breitburn & Atlas all made sizeable acquisitions

6. 6 Quarterly Transaction Volumes vs. Implied $/MCFE J.S. Herold & Tristone data FST/Houston Exp Apache/APC Nippon/APC ENI/Dominion XTO/Dominion McMoran/Newfield Linn/Dominion Plains/Pogo Breitburn/Quicksilver Encana/Leor Oxy/Plains Linn/Lamamco

7. 7 MLP Overview – Current & Prospective J.S. Herold & Tristone data

8. 8 MLP Overview - Transaction Volumes – US Onshore Transactions MLPs acquired ~25% of transactions in 2007 vs. 15% in 2006 J.S. Herold & Tristone data

9. 9 Top Sellers in 2007 by Value J.S. Herold & Tristone data Seller Total Deal Values, $MMDeal Count Implied $/Proved MCFEComments 13,33242.08E&P asset divestitures 4,66282.45 Non-core asset sales, debt reduction 4,35042.55Corporate sale to Plains 2,5501N/ACorporate sale to Encana 1,65612.25Corporate sale to Forest 1,55012.81Sale of Putnam field to Oxy 1,53021.95Sale of assets to Atlas & Range 1,45012.72Non-core asset sales to Breitburn 1,28433.30 Portfolio refocusing – largest GOM sales to McMoran Laramie Energy 94512.23Corporate sale to Plains

10. 10 Top Buyers in 2007 by Value J.S. Herold & Tristone data Buyers Total Deal Values, $MMDeal Count Implied $/Proved MCFEComments 4,75714.47Bought Dominion GOM assets 4,68622.42Pogo, Laramie 4,02511.31Bought various Dominion assets 3,05021.86 Dominion’s Rockies/San Juan/South Texas, Arrington (Barnett Shale) 2,71542.03Dominion’s MidCon, Lamamco, Pogo 2,5501N/ALeor Energy 1,67142.60Quicksilver FOREST OIL1,65612.25Houston Exploration 1,55012.81Plains Permian assets 1,23621.96DTE’s Antrim Shale assets

11. 11 Top Buyers in 2007 by Count J.S. Herold & Tristone data Buyer Total Deal Values, $MMDeal Count Implied $/Proved MCFEComments 15662.30Permian & Mid-Continent acquisitions 1,13752.19 Various asset acquisitions, largest was Austin Chalk form APC 2,71542.03 Acquisitions across US, largest from Quicksilver 1,67142.6 Mid-Continent focused transactions, largest from Dominion 46841.56 Several Barnett Shale, Permian & Rocky acquisitions 12541.27 Acquisitions across Mid-Continent & Gulf Coast 1,01732.16 Gas-weighted assets in Mid-Continent & Permian basin 65132.91Appalachia & Mid-Continent acquisitions 54833.80 Various high PDP acquisitions including Montierra & Escambia 48332.58Various Cherokee basin acquisitions

12. 12 Tombstones & New Entrants

13. 13 2007 Transaction Values by Region vs. 2006 J.S. Herold & Tristone data Mid-Continent transactions grew the most in 2007, while GOM transactions were not as large as 2006

14. 14 Top Buyers by Region J.S. Herold & Tristone data

15. 15 Top Buyers by Region J.S. Herold & Tristone data

16. 16 What’s Ahead for 2008 Tristone Capital is a Member of the CIPF, SIPC, IDA and FINRA Consolidation MLPs Equity markets New entries? Prices Gas inventory Crude – Can it sustain $100/bbl Election Year – Same old story “Big Oil”