1. April 2004 Certain statements in this presentation regarding future expectations, plans for drilling, estimates of oil and gas reserves and production and pricing may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to the underground accumulations of oil and gas. Actual results may vary materially. NYSE: CRK

2. Company Overview

3. Investment Considerations  Consistent growth in reserves and production  Successful acquisition program (average cost of 83¢ per Mcfe)  Successful exploration program fueled growth in the last two years  High quality, geographically balanced asset base  Low cost operations and high cash margins  Improved balance sheet  Experienced management

4. Major Properties Glick Glick Gilmer Blocker Box Church Longwood Logansport Sugar Creek New Albany Shale Gas Double A Wells North Markham Vermilion/SMI Lopeno JC Martin Ship Shoal South Pelto/ South Timbalier Main Pass Waskom Beckville Gulf of Mexico Lisbon East White Point High quality reserve base 617 Bcfe 81% natural gas 67% proved developed 14 year reserve life

5. East Texas / North Louisiana Region East Texas / North La Reserves: 175 Bcfe - 28% Daily Production: 31 Mmcfe – 25% Gilmer Blocker Waskom Longwood Lisbon Logansport Beckville Texas Louisiana

6. East Texas / North Louisiana Region  Long-lived natural gas properties  Successful development drilling program since 1995  Drilled 146 wells with 92% success rate  Spent $6 million to drill five wells in 2003  4 out of 5 wells successful  1.7 Mmcfe per day average IP rate  Similar Budget in 2004 of $7 million to drill 6 wells

7. Southeast Texas Region Southeast Texas Reserves: 127 Bcfe - 21% Reserves: 127 Bcfe - 21% Daily Production: 33 Mmcfe – 27% Sugar Creek Double A Wells Texas

8. Double A Wells Field Robin Prospect Polk County, Texas  Successfully redeveloped field from 1999 to 2001  Began redevelopment and exploratory program in 1999 based on 3-D seismic data  Spent $50 million to acquire additional acreage and drill 22 wells  19 of the 22 wells drilled in program were successful (86%)  Successful wells had an 6.6 Mmcfe per day average IP rate  In 2002 and 2003 we spent $13 million to extend the field to the South with the Hamman discovery  2004 budget of $20 million to drill six wells Hamman #1 New 3-D Seismic 3-D Seismic

9. South Texas Region South Texas Reserves: 47 Bcfe - 8% Reserves: 47 Bcfe - 8% Daily Production: 10 Mmcfe – 8%  Successful exploration program in 2003  Spent $15 million to drill 13 wells  9 out of 13 wells successful  7.4 Mmcfe per day average IP rate North Markham Lopeno JC Martin Texas

10. DIMMIT LA SALLE McMULLEN WEBB DUVAL LIVE OAK BEE GOLIAD REFUGIO NUECES JIMWELLS SAN PATRICIO ZAPATA JIM HOGG BROOKS KLEBERG KENEDY STARR HIDALGO WILLACY CAMERON ARANSAS VICTORIA JACKSON CALHOUN MATAGORDA ARMSTRONG RANCH (40%) 4 Wells BALL RANCH (20%) 5 Wells  2004 Budget -  $15 million  15 wells South Texas Exploration Program

11. Gulf of Mexico Region Gulf of Mexico Reserves: 216 Bcfe - 35% Reserves: 216 Bcfe - 35% Daily Production: 41 Mmcfe – 34%  Spent $60 million to drill 18 offshore wells in 2003  All wells successful Ship Shoal South Pelto Main Pass South Timbalier Louisiana Vermilion South Marsh Island

12. Gulf of Mexico Region 99 107106 56 166 98 109 146 97 110 121 134 96 111 158 120 135 95 112 119 136 113 118 66 69 114 117 67 68 5 116 1 74 2122 9 102 101 96 110 95 70 25 1514 11 5 16 34 17 182220 19 3231 3029 28 5046 86 South Pelto South Timbalier  2004 Budget of $67 million  24 wells  5 deep shelf wells Ship Shoal 19 96 123

13. Area Mmcfe/day (# of wells)Gross NetAprilMayJuneJuly SP 22 (3) 4210 SP 25 (2) 275 V 122 (3) 165 SS 109/110 (2) 113 V 51 (3) 154 Total (13) 11127207 Facilities Installation Producing Gulf Wells Connection Timing

14. Offshore Prospect Inventory BlocksAcreage # of ProspectsReserve Potential (Bcfe) Working Interest South Timbalier 16, 17, 18, 20, 22, 28, 29, 31, 32, 74, 86, 95, 96, 101, 102, 110, 123 61,216 61,21621 699 699 33% to 40% Ship Shoal 56, 95, 96, 106, 111 116, 117, 118, 120, 121, 135, 136, 158 116, 117, 118, 120, 121, 135, 136, 158 57,391 57,39122 330 330 33% to 40% South Pelto 14, 19, 21 12,500 12,500 4 66 66 25% to 40% Eugene Island 17, 166 6,432 6,432 3 109 10940% Other BM 4, EC 123, V 127, WD 56 11,294 11,294 5 58 5840% 148,833 148,83355 1,262 1,262

15. Financial Overview

16. 2003 Results Production (Bcfe) in millions, except production Oil & Gas Sales Cash Flow Net Income

17. Capital Expenditures in millions 2003 2004 $91 $110

18. Sensitivity to Gas Prices

19. NYMEX Break Even Price Average = $3.91 Break Even Price = (Lifting + G&A + Finding + Interest) / Average Realization as a % of NYMEX Based on Actual 2003 Costs and Price Realizations and 3 Year Average Finding Costs

20. Capitalization62% $592 226 $366 220 $146 As of Dec 31, 2002 51% 51% Debt / Total Capitalization Debt / Total Capitalization $596 $596 Total Capitalization Total Capitalization 290 290 Stockholders’ Equity $306 $306 Total Debt Total Debt 220 220 11 1/4% Senior Notes 11 1/4% Senior Notes $86 $86 Bank Credit Facility ($260MM borrowing base @ 12/31/03) Bank Credit Facility ($260MM borrowing base @ 12/31/03) Total Debt: As of Dec 31, 2003 In millions Improved Capitalization Record Setting Profits Debt Reduction of $60MM

21. Pro Forma Debt Structure 68 68¢ $30 $366 220 $86 2003 2003 43 43¢ Interest Expense per Mcfe $19 $19 Interest Expense $327 $327 Total Debt Total Debt 175 175 Senior Notes Senior Notes $152 $152 Bank Credit Facility Bank Credit Facility Total Debt: Pro Forma 2003 In millions except per unit data 36% Savings Coupon Reduced to 6 7/8 % Borrowing Base of $300MM Average life of debt extended from 2.4 to 5.9 years