positioned for growth - · pdf filepositioned for growth (nasdaq:cxpo) ... daily production...

GROWTHpositioned for

IPAA-TIPRO LuncheonMay 9, 2012

positioned for GROWTH (NASDAQ:CXPO)

Company Information

2

Certain statements included in this presentation are "forward-lookingstatements" under the Private Securities Litigation Reform Act of 1995.Crimson Exploration Inc. (“Crimson” or the “Company”) cautions thatstrategic plans, assumptions, expectations, objectives for futureoperations, drilling results, projections, intentions, or beliefs about futureevents may, and often do, vary from actual results and the differences canbe material. Some of the key factors which could cause actual results tovary from those Crimson expects include changes in natural gas and oilprices, the timing of planned capital expenditures, availability ofacquisitions, uncertainties in estimating proved reserves and resourcepotential and forecasting drilling and production results, operational factorsaffecting the commencement or maintenance of producing wells, thecondition of the capital markets generally, as well as the Company’s abilityto access them, and uncertainties regarding environmental regulations orlitigation and other legal or regulatory developments affecting Crimson’sbusiness. Statements regarding future production are subject to all of therisks and uncertainties normally incident to the exploration for anddevelopment and production of oil and gas. Please refer to our filings withthe SEC, including our Form 10-K for the year ended December 31, 2011,and subsequent filings for a further discussion of these risks.

This presentation includes certain estimates of proved, probable andpossible reserves that have not been prepared in accordance with SECpricing guidelines. Other estimates of hydrocarbon quantities includedherein may not comport with specific definitions of reserves under SECrules and cannot be disclosed in SEC filings. These estimates have beenprepared by the Company and are by their nature more speculative thanestimates of proved reserves and accordingly are subject to substantiallygreater risk of being actually realized by the Company. For moreinformation about these estimates and the estimates of potential drillinglocations, see “Hydrocarbon Quantities” and “Drilling Locations” includedin this presentation.

Forward Looking StatementsCompany Contacts

Company Headquarters

Allan D. Keel – Director, President and CEO

E. Joseph Grady – Senior VP and CFO

Investor Relations:Phone: (713) 236-7400Email: [email protected] Site: www.crimsonexploration.com

Crimson Exploration Inc.717 Texas Avenue, Suite 2900Houston, TX 77008


Crimson Overview

3

Key Information

South Texas

Southeast Texas

East TexasTX

Exchange/Ticker:

Share Price(1):

52-week Range(1):

Market Capitalization:

Enterprise Value:

Proved PV-10 Value(2):

Daily Production (Q4:11)

Proved Reserves(2):

Unproved Reserve Potential(3):

Geographic Focus Area

2012 Target Areas

CO

(1) As of 5/7/2012.(2) Based on 12/31/2011 SEC pricing. PV-10 value excludes hedging effects. See “Hydrocarbon Quantities & Drilling Locations.” (3) Company estimates. See “Hydrocarbon Quantities & Drilling Locations.”

NasdaqGM:CXPO

$5.00/share

$2.00 - $5.69

$226 million

$416 million

$266 million

40 mmcfepd

200 Bcfe

965 Bcfe

positioned for GROWTH (NASDAQ:CXPO) 4

Investment Highlights

(1) Based on 12/31/11 SEC pricing.

Attractive asset base 200.4 Bcfe of proved reserves(1); 20% increase over 2010965 Bcfe of unproved reserve potential (~5x proved reserves); over 850 drilling locationsFY 2011 production of 45 mmcfepd (30% oil/liquids); 28% increase over prior year80% of production operated; majority ownership

Value/Growth CatalystsTransitioning towards a liquids weighted production profile; 50/50 by mid 2012 (80% of revenue)Focused on developing the following resources, while staying within cash flow:

– SETX Horizontal Woodbine/Lewisville/Georgetown – 17,500 net acres (65% HBP)– STX Eagle Ford – 8,625 net acres (>90% HBP)– ETX Haynesville/Mid-Bossier/James Lime – 5,700 net acres (69% HBP)– Niobrara Shale – 10,000 net acres (HBP)

Financial flexibilitySufficient liquidity to pursue strategic planRevolver availability; $100MM borrowing base, $79MM available at December 31, 2011Significant hedge position on 2012 production


Track Record of Reserve Growth

Note: 2009 – 2011 reserves at SEC pricing per NSAI. Crude Oil and Natural Gas Liquids converted on a 6:1 basis.

97.5

166.5

200.4

28%

19%

19%

81%81%

72%

5


Proved Reserve & Unproved PotentialSummary PV-10

6

(1) Based on 12/31/2011 SEC pricing. PV-10 value includes hedging effects. See “Hydrocarbon Quantities & Drilling Locations.”(2) Calculated using NYMEX Strip pricing as of 12/31/2011. See “Hydrocarbon Quantities & Drilling Locations.”(3) Oil and NGL conversion of barrels on a 6:1 basis.

(1)

(2,3) (2,3) (2,3) (2,3) (2,3) (2,3)

$1.1 Bn PV-10 of Repeatable

Unconventional Potential


Transitioning to a Balanced Oil / Gas Profile

7

2010 – 2011 production increased by 28% as Crimson ramped its operations following the downturn in 2009

Flat production in 2012 expected as Crimson shifts away from higher rate gas wells and into oil development

Product Revenue

% Liquids

Production

% Liquids production contribution expected to increase to approximately 50% in 2012

Product revenue from liquids expected to increase to 80% of total revenue

Resulting product revenue forecasted to increase 31% to approximately $140mm(1)

(1) Assumes 2012 NYMEX of $100.88/bbl and HH of $3.38/mcf.


LARGE liquids exposure at a SMALL Price

8

High liquids exposure per market cap

Attractive price point for liquids upside

Source: Stifel Nicolaus.Note: Calculated as of February 13, 2012; Data subject to market fluctuations.

2012E liquids exposure by Market Cap


2012 Capital Budget

Goals: Improve oil/gas production mix to 50/50 by mid-2012Monitor Niobrara and James Lime Industry Activity

2012E Capital Expenditures $73.9mm

Area Gross/NetCAPEX

$MMF&D

($/bbl) IRR(2)

Eagle Ford 5 / 2.9 $28.1 $15-$19 30%-75%

Woodbine 9 / 6.5 38.5 $19-24 99%-150%

James Lime - - $10-$14 30%-40%

Lease/Other(1) 1 / 0.6 7.3 - -

Total 15 / 10.1 $73.9(1) Includes Southeast Texas recompletion for $1.2 million and CAPEX carryover from 2011 drilling.(2) Assumes pricing of $95.00/bbl and $3.00/mcf.


Woodbine Formation Overview

Eoc

ene

Cre

tace

ous

Sub C’ville

Austin Chalk

Buda

WoodbineLewisville

DexterEagle Ford

Georgetown

Edwards

Sligo

Travis Peak

Rodessa

Wilcox

Midway

CV/Bossier

Glen Rose

Pay Zones

Madison

Walker

Grimes

Brazos

Leon

Robertson

Houston

TEXAS

Crimson Areas of Operation

Houston

Vertical Woodbine ProducersCrimson acreage


Crimson’s ExposureMadison /Grimes County

11

W. BOYLES86

J. RHODES204

J. ELLISON113

R. BENSON78

R. PERRY44

J. RILEY205

H. NEVILLE

185

H. CATLETT97

G. POWELL192

F. QUOTA200

T. SPLANE53

T. JAMES25

A. THOMPSON252

A. MILLICAN164

U. ALSBURY66

W. ELLIS117

J. PREWITT194

F. CLAMPITT89

M. SCOTT218

M. HUGHES134

M. LANGHAM152

J. BOWMAN80

D. POSEY188

T. BOWMAN72

T. CLARK98

M. LAWRENCE30

J. SEALE214

J. WILLIAMS239

J. WILLIAMS238

J. STEWART212

J. PHELPS198

J. PHELPS197

J.K.251

W. LEWIS153

W. WILSON243

B. STROUD222

A.B.76

A. BABILLE74

A. MCLAUGHLIN157

I. CURD11

S. COOLY100

J. HOLCOMB21

H. CARTNELL87

W. BERRYMAN79

A. LEWIS154

E. SEALE226

EALE225

E. SEALE223

W. MIDDLETON172

T. BELL77

T. HENRY127

T. CLARK99

S. MAYFIELD169

P. DIAZ106

P. DIAZ105

M. SCOTT215

OSTER16

E

J. CATTENHEAD96

J. DAVIS103

J. PREWITT193

J. ESTES114

H. CARTMELL88

H. ADAMS65

H. NEVILLE184

E. WICKSON236

E. SEALE224

A. LANCASTER150

A. LEE32

STATETATE5

W. VESS233

W. KING149

E. CORNER157

B. ARNOLD68

W. GRAY248

W. GRAY247

W. HILL271

W. HILL270

W. BERRYMAN84

D. YEAMENS495

D. MCGARY315

D. MCMAHAN42

C. WATERS485

I. SIMMS53

H.T.& B.R.R.CO.272

C. WATERS484

C. VANDEVENDER469

C. SMITH422

C. FRAZIER203

R. DUNHAM184

P. DICKSON177

N. KELLUM296

N. ANDERSON72

J. MILLHANKS338

A. PECK377

A. DODSON174

W. BERRYMAN81

T. JONES33

T .GILBERT232

T. TOBY462

B. SMITH435

144

134

C.R.R. CO.121

H. PHAL380

H. MORGAN352

H. HYLAND259

H. HAY269

H. HAY267

H FANTHARP212

H. CARHART164

G. MORRISON327

STATETATE

M. MCDOWELL314

M. MCDOWELL313

M. CONELLY160

M. HARRISON265

M. MOSS353

M. MURROUGH362

W. MCDOWELL38

L. BRYAN97

G. JOHNSON289

G. WILSON489

G. WILSON490

L. NEAL363

L. GOODWIN244

L. MORGAN336

T. TOBY461

T. PLASTER375

T PLASTER383

T. MCDONALD37

T. CORNER167

T. VARNER467

B.B.B.& C.R.R.CO.137

B.B.B.&C.R.R.CO.132



Z. ROBINSON505

W. BELL107

W. VINCENT464

G. REYNOLDS401

G. BARR106

K. JONES285

K. JONES279

K. BRENNIN102

J. STODDART415

J. HADLEY266

F. MIKIFF339

F. MCCLUSKY325

W. SANDERS443

W. PETERSON370

S.P.R.R.CO.437

S.P.R.R.CO.436

S. CRYER500

S. WALKER474

S. SANDERS444

S. MARSHALL346

S. LAHMAN311

B.B.B.&C.R.R.CO.122

A. CLEMMENS166

W. MARTIN361

W. JACOBS288

A. THOMAS454

A. ROGERS396

A. SMITH

A. LONG300

E. DURAND178

D. STONE427

D. HADLEY262

D. LEARY307

D. JARVIS287

J. GILBERT231

S. WILSON493

R. ANDERSON80

J. BAIRD118

J. WHITLEY487

C.R.R. CO.130

J. STOKLEY413

W. ALSOBROOK74

A. BRISCOE117

A. BRISCOE116

A. FUDGE217

A. JONES280

J. STURTEVANT432

J. COLLARD163

J. LECOMPTE306

J. GREENWOOD

J. PANKEY47

J. MOORE45

J. DIBRELL185

J. PANKEY376

J. WOOD494

J. FARMER210

J. DAY186

T. CORNER156

I. MIDKIFF340

F. DAVIS504

H. RAGLIN402

H. HYLAND261

H. HAY268

H. BARKER151

G. MCGUFFIN316

F. RUBLE386

E FLOYD

D. AREOLA69

D. TONER449

B. BISHOP150

B.B.B.&C.R.R.CO.135

B.B.B.&C.R.R.CO.129

A. THOMAS458

J. ROAN398

J. SANDERS428

J. FITZGERALD213

J. TUCKER452

J. SCHROEDER430

J. MATTHEWS359

J. SCOTT418

J. CAPPLEMAN162

W. TOWNSEND54

W. PETERSON382

W. MCDONALD335

W. FISHER211

W. SMITH442

W. BERRYMAN82

W. WILKINSON483

384

T. LEGER303

438

S. JOHNSON281

S. CORZINE168

S. BOWMAN

8

R. WILSON492

R. ROGERS503

R. LAMB305

R. CRYER169

N. MIXON351

N. KELLUM294

M. MCDOWELL501

M. PETERSON369

245

L. SAUNDERS416

L. COTTLE159

K. JONES284

J. ARIOLA77

J. TOM447

J PAYNE48

J. TUCKER451

J ROAN

YARBROUGH251

Z. ROBINSON28

W. BALLARD42

W. THOMPSON217

W. MARVIN172

W. KINNARD132

W. HILL113

W. HALL115

A. KEEFER279

A. DRAKE278

A. ROGERS196

A. NUNLEY176

A. RIOS26

D. ARRIOLA3

C. BLYTHE43

C. BULLARD61

C. NASH288

B. GOODMAN107

B. SEARCEY214

B. NASH280

U. CASE70

T. BOATWRIGHT8

S. JONES18

S. WILSON238

R. MILLS167

W. CORLEY76

W. PALMER184

W. JACKSON129

W. RICHARDSON202

U. CASE71

T. TOBY222

A. BONDS48

A. BOATWRIGHT7

A. JONES299

A. GEE16

A. WYNN235

A. PYE186

A. LOTT146

A. MONTGOMERY169

K. JONES128

K. JONES127

J. VAUGHN226

J. HUNTER110

R. SMITH213

P. MILLS168

P. FULLENWIDER15

P. O'ROURK177

N. COPELAND63

M. TONGATE215

M. SANDIFER141

T. MARSTON459

L. JACKSON258

J. P

J. ROARK199

J. HOLMAN116

J. WELCH228

J. WALSH237

J. HARBOUR109

J. BUCHANNAN53

J. BLACK54

J. BROADWAY276

J. TALBERT30

I. SHUTE206

H. HAMPTON

114

H. WIGGENTON240

H. CHANDLER9

J. COLLARD10

J. PAYNE25

J. MCGUIRE160

G. RAMSDALE193

G. RAMSDALE191

E. FENN96

E. ALLEN36

E. ARRIOLA4

D. WYATT242

G. KEIFER131

D. TONER219

J. REED203

J. CHRISTIAN74

J. KNECHLER270

I. SIMMS29

H. WIGGENTON239

F. SHRACK209

E. EDWARDS93

E. COLLARD69

D. HADLEY119

C. MCCOY170

A. CLEMMENS79

A. CROWNOVER13

A. DODSON86

W. TOWNSEND32

W. DURHAM89

W. PALMER185

T. DAVEY90

T. TOBY221

T. FITZGERALD97

W. MOFFITT151

R. FLEMMING99

R. DUNHAM91

RUMBY284

M. WILKINSON234

L. WASHINGTON241

L. COPELAND64

J. VANCE225

82

J. BURTS56

J. CROWNOVER12

F. M

K. JON680

K. JONES301

J. TINNAN45

A. BALLE1066

AMALGAMATDI

1

AMALGAMATDDR B

1

AMALGAMATDDRB

1

ASH LANDJAMES

1

AMALGAMATDSMITH

1

AMALGAMATDDRB

1

AMALGAMATDLLOYD

1

AMALGAMATDODOM

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AMALGAMATDDR

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AMALGAMATDJONES

1

ASHLANDJAMES

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1

AMALGAMATDLENZ

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AMALGAMATDTATUM

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AMALGAMATDPLAGENS

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AMALGAMATDFAU LKNER

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AMALGAMATDHUMPHRIES

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AMALGAMATDGAR RETT

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AMALGAMATDSPAR KS

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AMALGAMATDJOSEY

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AMALGAMATDGUEST

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AMALGAMATDHUMPHRIES

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1

AMALGAMATDKELLER

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AMALGAMATDSH EALY

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AMALGAMATDVEAZLEY

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BUTTESRAYMON D

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BU TTESODOM

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AMALGAMATDLESLIE

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AMALGAMATDFOR STHOFF

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AMALGAMATDSIKORSKI

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AMALGAMATDGIBSON

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4

AMALGAMATDSIKOR SKI

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AMALGAMATDSPARKS

1

AMALGAMATDFREN ZEL

1

BU TTESJAMES

4

AMALGAMATDPOTTS

1

AMALGAMATDFR ENZEL

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AMALGAMATDRUFFINO

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POTTS

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AMALGAMATDDANSBY

1

AMALGAMATDDUBOSE

1

AMALGAMATDBAKER

1

AMALGAMATDBAKER

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1

PETROMARKSELF

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AMALGAMATDTATU M

1

AMALGAMATDAND ERT

1

AMALGAMATDHUMPHRIES

1

PETROMARKJ

1

AMALGAMATDHOLLAND

1

AMALGAMATDKIN DT

1

AMALGAMATDW

1

PETROMARKJ

2

AMALGAMATDKOLOGIN CZAK

1

EDWARDSB

5

AMALGAMATDC ONNER

1

ED WARDSR OYAL

1

AMALGAMATDODOM

1

AMALGAMATDSCHRAM

1

EDWARDSBGR S

3

AMALGAMATDODOM

1

AMALGAMATDHALL

1

CODYWOOD BINE

3621

AMALGAMATDWILSON

1

PETROMARKJARVIS

1

COD YKURTEN

3561

AMALGAMATDBRITTEN -BURLEY

1

GULFBENNETT

1

PETROLEUMREISINGER

1

GULFBEARD

1

AMALGAMATDSC HRAM

1

MALGAMATDSMITH

1

AMALGAMATDBON IFAZI

1

BUTTESODOM

5

PETROMARKGARLAN D

1

AMALGAMATDKRISTYNIK

1

GULFLANG

1

GULFMCKINN EY

1

GULFPITTS

1

AMALGAMATDSH EALY

1

GULFWEST

1

EDWARDSCAR GILL

1

GULFSCHRAM

1

PETROMARKCONWAY

1

GULFPATCH

1

GULFWILSON

1

GULFCOTTON

1

EDWARD SB

6

GULFBEARD

1

GULFWILSON

1

GULFMOORE

1

GULFHUMPHRIES

1

GU LFOPER STENY

1

ED WARDSWARREN

1

GU LFSHEALY

1

GULFJONES

5 J

WALTEROPERSTEN Y

1

GULFJONES

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GULFJONES

6

GULFJONES

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CODYKURTEN

1297

CODYKURTEN

1297

GULFJONES

10 I

GU LFGILPIN

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GULFHOLUBEC

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GULFOPERSTENY

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PETROLANG

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PR ODECORISINGER

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GULFOPER STENY

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GULFWARREN

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GULFGARNER

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UTAHSCAMARDO

1

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EDWARDSCAR GILL

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UTAHCARGILL-CAR ROLL

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HAWNKURTEN

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DOWFRENZEL

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1

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1

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1

GU LFVEAZEY

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1

1

CHEVR ONKURTEN

1262I

VESSKURTEN

1262

CHEVR ONKURTEN

1073-I

MERITKURTEN

1073

CODYKURTEN

1073

CODYKUR TEN

1082-I

COD YFEATHER

1082-I

CHEVRONKU RTEN

2291I

CHEVRONKURTEN

1092

GULFKURTEN

1232

C ODYKU RTEN

1232

CHEVRONKUR TEN

1312-I

CODYKUR TEN

1312

COD YKURTEN

1103

C HEVRONKURTEN

1062-I

CH EVRONKU RTEN

1222 I

C ODYKU RTEN

1222

MERITKU RTEN

3732

CHEVRONKURTEN

1112

CHEVRONKUR TEN

1272-I

CHEVRONKUR TEN

3982 I

CHEVRONKUR TEN

3482-I

GULFKURTEN

3743- I

BEXCOFREEMAN

2

MERITKU RTEN

1243

MERITKURTEN

1242

MERITKURTEN

1263

MER ITKURTEN

1093

MERITKU RTEN

1233

MERITKURTEN

1290

MERITKU RTEN

1265

MERITKURTEN

2293

MERITKURTEN -WOOD BINE

1075

MERITKURTEN-WOODBINE

1084

CODYKURTEN

1084

MERITKURTEN

1264

MERITKURTEN -WOODBINE

1083

MERITKUR TEN-WOODBINE

1091-R

MER ITKURTEN

1251-R

MER ITKURTEN

1382

MER ITKURTEN

2295

MERITKURTEN

3953

C ODYKU RTEN

1104

CODYKURTEN

1102

CODYKU RTEN

1105

CODYKURTEN

1266

CODYKUR TEN

1342

COD YKURTEN

1383

CODYKURTEN

1313

CODYKURTEN

3974

C ODYKU RTEN

2296

CODYKURTEN

1462

CODYKUR TEN

4041

CODYKUR TEN

4041

CODYKURTEN

4058

C ODYKU RTEN

4081

CODYKUR TEN

4056CODY

KU RTEN

4059

CODYKUR TEN

4021

CODYKUR TEN

4082

COD YKURTEN

4057C ODY

KU RTEN

4060

COD YKURTEN

4029

BOD OM

6H

BODOM

7H

BODOM

8H

VESSLANG

4

UNITTAUBER

2H

SHELLFLORA

2

CABOTH

1

CASHCOFLORA

4

CAMERONOVERBY

1

KHEATH

3

ROSEWOODUPCHU RCH

2

JOHNSTONBR OWNLEE

1

ALMARJ

1

MITCHELLFERN

1

MCC ORMICKR

1

ROSS- JOHNSONR

1

JOH NSONR

2

LONEFR ANK

1

HOUSTONFRANK

1

ASHLANDWALTER

1

BUTTESGIBBS

1

PETR OMARKJ

1

PAR TENT&H

2

PARTENBEDNGR

1

PARTENLEON

1

PARTENER NEST

7

PARTENFANNIN

2

PARTENFANNIN

2

PARTENFIRST

1

BLENZ

1H

GOLDSMITHBOSWELL

1

C HALLEN GEBRYAN T

1

C OFFMANTHEISS

2

BTHEISS

2H

PARTEND EAN-MORGAN

1

PARTEND EAN-MORGAN

1

GOLD SMITHKEON NING

1

PARTENFANNIN

3

DANIELREIMER

1

GOLD SMITHGOLDSMITH-BENGE

2

SMITHDOR MAN

1

GOLDSMITHGOLDSMITH-BEN GE

3

PARTENT&H

4

PAR TENMOR GAN

2

GIBSONGOLD SMITH

4

HOLTSTILLWAGON

1

GIBSONGOLD SMITH-BENGE

9

MURCHISONWALLER

1

BOWTOOMEY

1

DALTEXOVERPECK

2

DALTEXREIMER

1

DALTEXFLEMING

1

CYPRESSRASCO

2

MITCHELLZULCH

2

MITC HELLBOOZER

3

PARTENCANN ON

A-4-A

BSTROMAN

1H

BHALL

1H

BWATSON

1H

BSHEPHERD

1H

BSHEPHERD

1H

BSHEPHERD

1H

PATTERSONH ERBICH

1H

PATTERSONJ AM

1H

PATTERSONHERBICH

2HCMLKENNED Y

1

CMLJAM

1

UNITMCWHORTER

2H

U NITTAUBER

3H

CMLCK

1

CMLBENGE

1H

VESSWOODBIN E

1562H

CMLWHITE-SPRINGER

1

PMOD AINTY

1H

CMLN EVILL

1

VESSKURTEN

3352

IMPETROBROCKSMITH

1

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1

C ENTEXGUEST

1H

U NITAD AMS

1H

PMOWILSON

1H

C ENTEXNUNLEY-BATH E

1H

C ENTEXGIBSON

1H

U NITJOH NSTON

1H

VESSKU RTEN

1541H

PMOWILSON

2H

VESSKURTEN

1571H

CRIMSONPAYNE

1H

PMOWILSON

1H

CEN-TEXMITCHELL

1H

UNITRIC HARDSON

1H

CMLRA

1

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2

PMOMACHAC

1H

PMOMILLER

1H

PMOSH IFLET

1H

CMLMT

1H

PMOWATSON

1H

PMOREYNOLDS

1H

VESSKUR TEN

3702H

CRIMSONROBIN SON

1H

VESSKURTEN

3762H

D EVONTAYLOR

1

D EVONBOOZER

2

PMOGIBBS

1H

C MLFLOYD

1

PMOHIBBETTS

1H

CMLD RAKE-ANDREWS

1

PMOOLTMANN

1H

C MLBEAL

1

PMOADAMS

1H

PMOMCGILL

1H

CMLBRADSHAW

1

PMOHIBBETTS

2H

CMLWATSON -BUCK

1

PMOALLPH IN

1H

CMLCLARY

1

VESSKUR TEN

3901RE

VESSKU RTEN

3642

ENDEAVORMELVIN

1H

PATTERSONNOR WOOD

1

WEBERC HANEY

1

PMOHUTTO

1H

PARTENGARRETT

1

DEVONBOOZER

1

CMLWIESE

1H

WOODBINEC AMP

1H

ENDEAVORBARRETT

1H

PRIDEHOLTH

1H

CMLC LARY

1

CMLWILLIAM

1

DEVONH ARRISON

1H

CMLISBELL

1

CRIMSONROBIN SON

2H

VESSKU RTEN

1692H

VESSKURTEN

1622H

FAIRWAYSBARRETT

2H

FAIRWAYSBARRETT

1H

CHESAPEAKETHEISS

1H

PMODU NMAN-WILSON

1H

CMLC OFFMAN

1H

WOODBIN ESHIFLET

2H

WOODBINEDUNMAN-WILSON

1H

END EAVORLOTT-LEE

1H

WOODBINEMCGILL

2H

C MLWILLIE

1

WOODBINEWILSON

3H

VESSKURTEN

1492H

WOODBINEHU TTO

2H

CRIMSONMOSLEY

1H

WOODBINEWILSON

6H

CMLMYRTLE

1

WOODBINEGIBBS

2H

CMLHARR ISON

1H

WOODBINEDAINTY

2H

WOODBINEWILSON

5H

WOODBINEWILSON

7H

APAC HESTEVENS

1H

CMLRUEN

1

WOODBINEBOENIGK

1H

ANAAMS

1H

ENCANAWILLIAMS

2H

WOODBINEPAVELOCK

1H

MAR LINALTIMORE

1H

CR IMSONH ALL

1H

ANAAMS

3H

C RIMSONMCGUIRE

1H

PRIDEGRANT

2H

PRID EGRANT

3H

PRIDEH OLTH

3H

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2H

ENCAN AHEMUS

1HEN CANAH EMUS

2H

C RIMSONMOSLEY

2H

CRIMSONHALL

1H

CMLKAGG

1

WOODBINENEVILL

1H

Devon Mathis #2HGeorgetown Horizontal763 BO/d + 1,159 MCF/d

Crimson Energy

Pride Holth #1H170 MBOe6 months

Encana

Chesapeake

Apache

ZaZa

Crimson Vick Tr #1HWoodbine Horizontal

Drilling at 14,351’

Crimson Grace Hall #1HWoodbine Horizontal

TD 16,000’ WOC

Crimson Mosley #1HWoodbine Horizontal

1,203 BOe/d

Crimson A Yates #1HWoodbine Horizontal

Spud 4/20/2012

Devon

Brazos Co

Grimes Co

Madison Co

High impact oil re-development opportunity using horizontal and multi-stage frac technology

100 Industry horizontals drilled to dateIP’s 300-1,300 Bo/dMultiple horizons within Woodbine

Crimson’s Exposure17,500 net acres, 65% HBP.100+ Woodbine drilling locations 30-40 MMBOe net unproved potential, 300-500 MBOe per well(1)

Additional potential Austin Chalk, Eagle Ford, Buda, Georgetown, Edwards, and Glen Rose

Crimson’s Georgetown: Dvn significant horizontal well, – Mathis #2H100+ Locations on 160 ac spacing20+ MMBOe net unproved potential

(1) Company estimates. See “Hydrocarbon Quantities & Drilling Locations.”

WAC Allphin #1H236 MBOe11 months

Iola Area

ChalktownArea

Force Area

Crimson acreage

WAC acreage

WAC Pavelock #1H1,808 BOe/dApril 2012


Mosley Horizontal Objective

Yates Horizontal Objective

Well Log CharacteristicsMadison/Grimes County

Vick Trust Horizontal Objective

Force AreaAdjacent to PMO Allphin #1H

(236 Mboe / 11 months)

Iola AreaAdjacent to Pride Holth Unit

(170 Mboe / 6 months)

Chalktown AreaAdjacent to CXPO Vick Trust


Woodbine FormationReported Initial Potential Tests since January 2009

Mosley #1(NGLs not included)

Source: PI Dwight’s. Note: Reported initial potential test rates do not include natural gas shrink and NGL volumes associated with downstream processing.

Takeaways:

Crimson’s Mosley #1H ranks top of its class in initial performance

Implementing longer laterals and perf and plug completion methods have led to higher IP rates

Average Woodbine IP rate since January 2009 is 679 Boepd


Impact of Completion and Lateral Length on PerformanceWoodbine Formation

Perf and Plug Lateral LengthAverage of Wells with > 6000’ LateralAverage of All WellsAverage of Wells with < 6000’ Lateral

Perf and Plug Completions Only

Source: PI Dwight’s.


100

1000

10000

0 12

Dai

ly O

il Pr

oduc

tion,

Bbl

s/da

y

Producing Month

Average > 6000' Lateral < 6000' Lateral Mosley Bopd Mosley Boepd

Sample Type CurvesWoodbine Formation

< 6000’ Average >6000’

30 Day IP, BopdDeDminB Factor

EUROil, MbNGL, MbGas, MmfEq., Boe

IRRF&D, $/BoePV10Payout (yrs)

78586%10%1.0

2701595300

56%$31.5$3.41.5

83083%10%1.0

35521125400

99%$23.9$6.61.1

86078%10%1.0

45025155500

150%$18.9$10.30.9

Assumes $95 oil and $3 Gas Flat; Values calculated for 100% WI /74% NRI; $7mm D&C

Cum +/- 60 Mboe in 60 Days


BRAZOS

GRIMES

MADISON

WALKER

RTSON

LEONHOUSTON

Georgetown/ Glen Rose FormationsMadison/Grimes County

Devon Mathis #2HGeorgetown Horizontal763 BO/d + 1,159 MCF/d

Eoc

ene

Cre

tace

ous

Sub C’ville

Austin Chalk

Buda

WoodbineLewisville

DexterEagle Ford

Georgetown

Edwards

Sligo

Travis Peak

Rodessa

Pay Zones

Wilcox

Midway

CV/Bossier

Glen Rose

Georgetown and Glen Rose wellsCrimson acreage


Georgetown FormationMadison County

Source for Well Information: Drilling Info. & Corporate Press Release

BRAZOS

Georgetown

-8500

Crimson Johnston #2 Devon Mathis #2HGeorgetown Horizontal763 BO/d + 1,159 MCF/d

Crimson Johnston #2

Type Log

Moore Boone #1Georgetown Vertical

Cum 301 MBOe

Crimson Moss-Malone #8Georgetown Vertical

Cum 230 MBOe

Crimson Powledge #1HGeorgetown Horizontal

Cum 707 MBOe

Saxet Coleman #2Georgetown Vertical

Cum 349 MBOe


Eagle Ford Overview

18

DRY GAS

OIL

GAS/CONDENSATE

EP

PXD

MURCOMMON

HK : RedhawkEOG

PXDCOPCHK

APC

SM

HK

TEXAS

Crimson Areas of Operation

Houston

NFX

CHK CHK

ATASCOSA

BEE

DE WITT

DUVAL

GOLIAD

JIM WELLS

KARNES

KLEBERG

LA SALLE

LIVE OAK

MCMULLEN

NUECES

SAN PATRICIO

WEBB

ZAVALA

DIMMIT

WILSON

MAVERICK FRIO

Crimson (53% WI) LPM #1 thru LPM #7Avg IP : 1,060 Boepd

Bee County (20% WI) Windham #1H /Born #1H

IP: 6.4 / 3.1 Mmcfepd

Crimson (50% WI) KM Ranch #1H IP: 418 Boepd

KM Ranch #2H Waiting on Completion

Crimson (50% WI) Beeler #1H

IP: 370 Boepd

High impact oil opportunity in developing Eagle Ford Shale

Zavala/Dimmit Co. (6,550 net acres) Karnes Co. (1,515 net acres) Bee Co. (560 net acres)Approximately 212 drilling locations with 36 mmboe net unproved potential(1)

Drilling Results:Karnes Co, 8 Wells Producing, 1 well waiting on frac Zavala/Dimmit Co: 2 wells producing, 1 well waiting on fracBee Co. – 2 producing wells

Current 2012 plan:Karnes County – Glasscock A producing, Glasscock B WOCBee County – 2 OBO wellsZavala/Dimmit Counties – 1 completion and 1 drill well

– Monitor outside activity

Glasscock A #1 (95.5% WI)IP: 726 Boepd

Glasscock B #1 (93.7% WI)WOC

(1) Company estimates. See “Hydrocarbon Quantities & Drilling Locations.”


Eagle FordLittlepage-McBride/Glasscock; >550 Mmboe Produced since 4/2011

EOG Joseph Unit#3H 1300 BO/d

EOG Orr Unit#2H 1,584 BOe/d

Hillcorp

EOG Whiteside Unit

EOG Horse Thief Unit

EOG Lyssy Unit

Plains Carmody Unit

EOG Estes Unit

EOG Aoudad Unit

Crimson GlasscockA-#1H IP: 726 BoepdB-#1H TD 15,295’

Type Log Gulf Oil Kellner GU #2

XTO

Schumann GU 2 #2

Eagle Ford Trans

Eagle Ford Organic

Buda

Organic

134’ > 9%

Crimson LM Well IP1H: 996 Boe/d2H: 1,030 Boe/d 3H: 1,045 Boe/d4H: 1,126 Boe/d5H: 1,096 Boe/d6H: 1,109 Boe/d7H: 1,019 Boe/d

Type Log


Eagle Ford Zavala/Dimmit County

DIMMIT

FRIO

LA SALLE

MAVERICK

ZAVALA

Crimson Exploration

Chesapeake Energy

Goodrich Petroleum

Petrohawk Energy

Newfield Exploration

Anadarko Petroleum

LEGEND

El Paso Corporation

Matador Resources

Significant Eagle Ford Well

NFX

Sept 1-Oct 20 2011 Permits

CHK

CHK

CHK

CHK

NFX CHK

COGGDP

NFX

HK

GDP

ANA

Crimson KM Area

Crimson Booth Tortuga


J. POITEVENT645

J. HALL1100

I.&G.N.RR.CO.236

I.&G.N.RR.CO.211

W.T. FATHEREE1464

M.E.P.&P.RR.CO.635

I.&G.N.RR.CO.603

R. NIGGLI1116

R.H. MCDONALD1221

J. SCHROEDER670

J. POITEVENT646

J. POITEVENT649

J. POITEVENT648

J. POITEVENT650

J. HALL1097

J. HALL1098

J. HALL1099

S.C. CASE1070

N. WEST1244

M.E.P.&P.RR.CO.636

I.&G.N.RR.CO.158

I.&G.N.RR.CO.224

I.&G.N.RR.CO.223

I.&G.N.RR.CO.221

I.&G.N.RR.CO.220

I.&G.N.RR.CO.219

I.&G.N.RR.CO.217

I.&G.N.RR.CO.216

I.&G.N.RR.CO.215

I.&G.N.RR.CO.213

W.W. DUNLAP1500

I.&G.N.RR.CO.156

I.&G.N.RR.CO.212

I.&G.N.RR.CO.210

A. EARDLY1519

BEATY&SEALE&FORWOOD30

I.&G.N.RR.CO.233

I.&G.N.RR.CO.232

I.&G.N.RR.CO.231

I.&G.N.RR.CO.155

W.T. FATHEREE1465

I.&G.N.RR.CO.229

I.&G.N.RR.CO.258

I.&G.N.RR.CO.255

MYERS1577

D. BOND25

I.&G.N.RR.CO.206

I.&G.N.RR.CO.205

I.&G.N.RR.CO.203

I.&G.N.RR.CO.202

I.&G.N.RR.CO.200

I.&G.N.RR.CO.199

I.&G.N.RR.CO.197

I.&G.N.RR.CO.196

I.&G.N.RR.CO.195

I.&G.N.RR.CO.194

I.&G.N.RR.CO.193

I.&G.N.RR.CO.191

I.&G.N.RR.CO.187

I.&G.N.RR.CO.185

I.&G.N.RR.CO.184

I.&G.N.RR.CO.182

I.&G.N.RR.CO.181

I.&G.N.RR.CO.180

I.&G.N.RR.CO.178

I.&G.N.RR.CO.253

I.&G.N.RR.CO.252

I.&G.N.RR.CO.248

I.&G.N.RR.CO.177

A. MANCHACA1361

W.C. HEATH1205

I.&G.N.RR.CO.247

I.&G.N.RR.CO.246

I.&G.N.RR.CO.245

I.&G.N.RR.CO.243

I.&G.N.RR.CO.241

I.&G.N.RR.CO.240

I.&G.N.RR.CO.238

I.&G.N.RR.CO.237

I.&G.N.RR.CO.235

I. & G.N.R.R.CO.290

I.&G.N.RR.CO.286

C. MARSH632

C. MARSH631

C. MARSH634

I.&G.N.RR.CO.151

I.&G.N.RR.CO.176

I.&G.N.RR.CO.175

I.&G.N.RR.CO.173

I.&G.N.RR.CO.172

I.&G.N.RR.CO.170

I.&G.N.RR.CO.169

I.&G.N.RR.CO.165

I.&G.N.RR.CO.164

I.&G.N.RR.CO.163

I.&G.N.RR.CO.162

I.&G.N.RR.CO.160

I.&G.N.RR.CO.159

I.&G.N.RR.168

J.T. CAMBELL44

M.J. HERNANDEZ807

C. MARSH633

C. QUANTZ651

J.J. SIEPER669

J.H. HOLZMAN1005

1214

C.&M.RR.CO.945

G.B. JONES609

W.T. FATHERREE1479

G.C.&S.F.RR.CO.953

I.&G.N.RR.CO.1210

I.&G.N.RR.CO.279

I.&G.N.RR.CO.1376

I.&G.N.RR.CO.1010

I.&G.N.RR.CO.1216

I.&G.N.RR.CO.285

I.&G.N.RR.CO.1215

I.&G.N.RR.CO.277

I.&G.N.RR.CO.1212

I.&G.N.RR.CO.282

I.&G.N.RR.CO.281

I.&G.N.RR.CO.276

I.&G.N.RR.1211

I.&G.N.RR.CO.234

I.&G.N.RR.CO.222

J.R. BELL1453

E.L.&R.R.RR.CO.804

I.&G.N.RR.CO.254

I.&G.N.RR.CO.228

I.&G.N.RR.CO.244

I.&G.N.RR.CO.242

I.&G.N.RR.CO.239

I.&G.N.RR.CO.288

I.&G.N.RR.CO.291

I.&G.N.RR.CO.289

W.L. KENDALL1180

J. HALL1101

N. ARGUIRRE1

C. DUNBAR1078

M. ANGLIN1250

I.&G.N.RR.CO.157

I.&G.N.RR.CO.218

I.&G.N.RR.CO.214

I.&G.N.RR.CO.209

I.&G.N.RR.CO.204

I.&G.N.RR.CO.201

I.&G.N.RR.CO.198

I.&G.N.RR.CO.154

I.&G.N.RR.CO.192

I.&G.N.RR.CO.190

I.&G.N.RR.CO.189

I.&G.N.RR.CO.188 A.K. ALLEN

1351

I.&G.N.RR.CO.186

I.&G.N.RR.CO.183

I.&G.N.RR.CO.179

I.&G.N.RR.CO.152

I.&G.N.RR.CO.174

I.&G.N.RR.CO.171

I.&G.N.RR.CO.150

I.&G.N.RR.CO.161

STATETATE

I.&G.N.RR.CO.149

J. HALL1096

I.&G.N.RR.CO.604

M.A. JAMES1605

99999999

I.&G.N.RR.CO.278

I.&G.N.RR.CO.284

I.&G.N.RR.CO.283

I.&G.N.RR.CO.280

I.&G.N.RR.CO.287

I.&G.N.RR.CO.230

RUSK TRANS. CO.660

N. CLARK854

I.&G.N.RR.CO.153

G.C.&S.F.RR.1320

B. VESPER1533

DAY LAND & CATTLE CO.1548

W. WARD701

W. WARD1443

I.&G.N.R.R.CO.449

I.&

LISTER1584

I.&G.N.R.R.CO.356

I.&G.N.R.R.CO.383

I.&G.N.R.R.CO.382

I.&G.N.R.R.CO.380

I.&G.N.R.R.CO.379

I.&G.N.R.R.CO.377

I.&G.N.R.R.CO.376

I.&G.N.R.R.CO.375

I.&G.N.R.R.CO.372

A.B.& MOULTON44

A.J. HARRIS197

I.&G.N.R.R.CO.360

I.&G.N.R.R.CO.359

I.&G.N.R.R.CO.371

I.&G.N.R.R.CO.369

I.&G.N.R.R.CO.368

I.&G.N.R.R.CO.367

I.&G.N.R.R.CO.365

I.&G.N.R.R.CO.364

I.&G.N.R.R.CO.361

I. & G.N.384

I.&G.N.R.R334

I.&G.N.R.R.CO.331

I.&G.N.R.R.CO.330

I.&G.N.R.R.CO.329

I.&G.N.R.R.CO.357

I.&G.N.R.R.CO.381

I.&G.N.R.R.CO.378

I.&G.N.R.R.CO.374

I.&G.N.R.R.CO.370

I.&G.N.R.R.CO.366

I.&G.N.R.R.CO.362

I.&G.N.R.R.CO.335

I.&G.N.R.R.CO.328

J.C.B. HARKNESS1873

A.J. HARRIS196

NEWMAN1720

F. LEMSKI564

I. & G.N.R.R. CO.357

I. & G.N.R.R. CO.312

I. & G.N.R.R. CO.846

I. & G.N.R.R. CO.374

H. & W.200

W. SPURGEN591

W. SIMS590

W. WINSTON620

T. MAYES1208

RUSK TRANS. CO.571

J. BARNES1161

T. HOLDSWORTH796

W. WISE1091

N. AGUIERRE3

1047

P. HENSON1053

P. HENSON1054

E. WOLF1199

M. JONES1058

M. JONES1057

M. JONES1056

M. JAMES1089

T. SAMUEL585

T.C.R.R. CO.893

T.C.R.R. CO.777

T.C.R.R. CO.781

T.C.R.R. CO.780

T.C.R.R. CO.782

C. CALICUT1203

M. CASILLAS87

M. ROBLE556

C. BUSTILLO737

A. B. & M.48

I. & G.N.R.R. CO.332

I. & G.N.R.R. CO.331

I. & G.N.R.R. CO.330

I. & G.N.R.R. CO.311

I. & G.N.R.R. CO.327

I. & G.N.R.R. CO.325

I. & G.N.R.R. CO.324

I. & G.N.R.R. CO.323

I. & G.N.R.R. CO.321

I. & G.N.R.R. CO.320

677

J. GREEN138

I. & G.N.R.R. CO.669

I. & G.N.R.R. CO.668

I. & G.N.R.R. CO.317

I. & G.N.R.R. CO.316

G. JONES505

G.W.T. & P.R.R. CO.183

A. B. & M.21

A. B. & M.42

A. B. & M.37

A. B. & M.19

A. B. & M.45

A. B. & M.40

A. B. & M.24

A. B. & M.35

A. NEVILL890

A. B. & M.18

A. B. & M.36

A. B. & M.54

A. B. & M.27

A. B. & M.23

A. B. & M.52

A. B. & M.30

A. B. & M.26

A. B. & M.39

A. B. & M.59

I. & G.N.R.R. CO.319

I. & G.N.R.R. CO.310

15318

J. PEREZ553

E. HOLDSWORTH1404

E. SCOTT1033

J. HOLDSWORTH1400

I. & G.N.R.R. CO.305

I. & G.N.R.R. CO.304

I. & G.N.R.R. CO.848

I. & G.N.R.R. CO.302

I. & G.N.R.R. CO.1138

I. & G.N.R.R. CO.851

T. HOLDSWORTH1225

R. TITSWORTH1314

A. B. & M.50

W. OTTENHOUSE1234

W. BROWN1164

R. DOOM878

I. & G.N.R.R. CO.307

I. & G.N.R.R. CO.306

I. & G.N.R.R. CO.844

I. & G.N.R.R. CO.845

I. & G.N.R.R. CO.300

I. & G.N.R.R. CO.852

B. MOORE1354

J. COLEMAN1223

I.& G.N.R.R.CO.387

I. & G.N.R.R.CO.385

I. & G.N.R.R.CO.384

I. & G.N.R.R.CO.1001

I. & G.N.R.R. CO.1135

I. & G.N.R.R. CO.370

I. & G.N.R.R. CO.368

I. & G.N.R.R. CO.397

J. CERVANTES94

T. HOLDSWORTH1189

S. BUTLER1276

S. BUTLER1221

R. RAY1249

R. RAY1250

R. HOLDSWORTH1175R. HOLDSWORTH

1173

R. CRAIG1169

1224

N. MANGUM1233

J. ROSS1198

J. BARNES1162

J. BARNES1163

N. GATES1401

I. & G.N.R.R. CO.382

I. & G.N.R.R. CO.381

I. & G.N.R.R. CO.380

I. & G.N.R.R. CO.379

I. & G.N.R.R. CO.378

I. & G.N.R.R. CO.376

I. & G.N.R.R. CO.375

I. & G.N.R.R. CO.373

I. & G.N.R.R. CO.372

I. & G.N.R.R. CO.371

I. & G.N.R.R. CO.395 I. & G.N.R.R.

388

A. MANCHACA522

A. DIAZ106

I. & G.N.R.R. CO.353

I. & G.N.R.R. CO.351

I. & G.N.R.R. CO.350

I. & G.N.R.R. CO.349

I. & G.N.R.R. CO.348

I. & G.N.R.R. CO.347

I. & G.N.R.R. CO.345

I. & G.N.R.R. CO.344

I. & G.N.R.R. CO.342

I. & G.N.R.R. CO.341

I. & G.N.R.R. CO.338

I. & G.N.R.R. CO.337

I. & G.N.R.R. CO.336

I. & G.N.R.R. CO.335

CATTLE CO.1095

T. HOLDSWORTH1190

C.T. & M.C.R.R. CO.877 E. WOLF

1201

I. & G.N.R.R. CO.333

1340

G. SCHMITT869

E. WOLF1183

E. WOLF1200

D. CLARKSON688

C. NEATHERLIN1195

C. JOHNSON1229

C. JOHNSON1230

A. B. & M.29

A. B. & M.33

A. B. & M.17

T. HOLSWORTH1179

J. SPEER1160

J. RUTLEDGE1238

H. HOLDSWORTH1171

H. HOLDSWORTH1172

H. & W.202

H. & W.201

H. & W.199

H. & W.909

H. & W.198

A. ROBERTSON1237

I. & G.N.R.R. CO.315

I. & G.N.R.R. CO.367

I. & G.N.R.R. CO.366

I. & G.N.R.R. CO.365

I. & G.N.R.R. CO.364

I. & G.N.R.R. CO.363

I. & G.N.R.R. CO.362

I. & G.N.R.R. CO.360

I. & G.N.R.R. CO.359

I. & G.N.R.R. CO.314

I. & G.N.R.R. CO.358

I. & G.N.R.R. CO.356

I. & G.N.R.R. CO.354

E. SCOTT1034

1358

J. MCAFEE854

J. HINTON1000

BARNES1341

C.T.& M.C.876

C. BOWMAN68

I. & G.N.R.R. CO.629

B. RAIN1081

R. URRUGAS607

T.HOLDSWORTH1226

T. HOLDSWORTH1278

C. CALICUT1204

E. WOLF1202

S. RUTLEDGE1261

H. HOLDSWORTH1157

T. HOLDSWORTH1227

L. ADAMS1300

A. B. & M.49

S. NEAL1158

R. RAY1248

L. SPALDING863

W. FATHERREE1207

1279

R. HOLDSWORTH1174

RUSK TRANS. CO.569

P. HENSON1049

P.1098

I. BUTLER1303

D. CLARKSON687

C. JOHNSON1228

A. PRICE891

A. B. & M.32

A. B. & M.28

A. B. & M.55

A. B. & M.38

A. B. & M.60

A. B. & M.34

G. JONES1122

M. BARRON872

M. MAYERS1368

L. EVERETT661

1133 I. & G.N.R.R. CO.850

I. & G.N.R.R. CO.849

I. & G.N.R.R. CO.303

I. & G.N.R.R. CO.301

I. & G.N.R.R. CO.318

I. & G.N.R.R. CO.361

I. & G.N.R.R. CO.355

I. & G.N.R.R. CO.352

I. & G.N.R.R. CO.313 I. & G.N.R.R. CO.

346

I. & G.N.R.R. CO.343

I. & G.N.R.R. CO.340

I. & G.N.R.R. CO.339

I. & G.N.R.R. CO.334

I. & G.N.R.R. CO.329

I. & G.N.R.R. CO.328

I. & G.N.R.R. CO.326

I. & G.N.R.R. CO.322

I. & G.N.R.R. CO.843

I. & G.N.R.R. CO.309

I. & G.N.R.R. CO.308

I.& G.N.R.R.CO.386

I. & G.N.R.R.CO.383

I. & G.N.R.R. CO.369

I. & G.N.R.R. CO.1137

I. & G.N.R.R. CO.396

I. & G.N.R.R. CO.377

I. & G.N.R.R. CO.1136

I. & G.N.R.R. CO.

1122

I. & G.N.R.R. CO.

1124

I.& G.N.

1121

W.J. MARLEY

1284

CRAWFORD

1448

W.L. CRAWFORD

1446

I.& G.N.RR.CO.

427

I.& G.N.RR.CO.

431

I.& G.N.RR.CO.

416

H.T. LAWS

1302

S.J. TATOM

1263

J.C.B. HARKNESS

1004

SEALE&MORRIS&SEALE

626

STATE

TATE1

ADAMS&BEATY&MOULTON

37

ADAMS&BEATY&MOULTON

36

F.E. LISTER

1017

J.C.B. HARKNESS

1003

R.M. HARKNES

886

B.B.B.&C.RR.CO.

86

A. BY

1317

I.G. WOODWARD

1074

DAY LAND&CATTLE CO.

1277

DAY LAND&CATTLE CO.

1250

F. DOERING

1501

G.C.&S.F.RR.CO.

1171

O. CRAWFORD

1320

L.J. GLASSCOCK

1523

J.M. KELLNER

1008

R.M.

O. CRAWFORD

1318

O. CRAWFORD

1319

I.& G.N.RR.CO.

428

I.& G.N.RR.CO.

429

I.& G.N.RR.CO.

430

I.& G.N.RR.CO.

432

I.& G.N.RR.CO.

415

J.M. TEJERINA

635

O. CRAWFORD

1321

A

ADAMS&BEATY&MOULTON

40

F.E. LISTER

1016

F.E. LISTER

1015

RUSK TRANS.CO.

589

I. & G.N.R.R. CO.

1123

I. & G.N.R.R. CO.

1125

I. & G.N.R.R. CO.

1126

I. & G.N.R.R. CO.

1127

ADAMS&BEATY&MOULTON

32

ALEXANDER&CRAIN&HARRIS&BROOKS

47

J.C.B. HARKNESS

954

ADAMS&BEATY&MOULTON

38

AD

K. LISTER

1018W. DODD

1251

WALTON&HILL&WALTON

1265

W.H. SHADBORNE

620

W.L. MCMAHAN

1401

CRAWFORD

1447

W.L. CRAWFORD

1449

W.L. CRAWFORD

1450

J. HERRERA

358

R. URRUGAS

645

P. RECTOR

1217

BEATY&SEALE&FORWOOD

119

W. WARD

1406

BEATY&SEALE&FORWOOD

117 R.K. HARLAN

1503

L. WEBSTER

669

F.E. LISTER

1014

379

M.L. CARRANZA

163

BEATY&SEALE&FORWOOD

114

BEATY&SEALE&FORWOOD

113

BEATY&SEALE&FORWOOD

116

BEATY&SEALE&FORWOOD

118

G.W. WEBB

1234

SEALE&MORRIS&SEALE

627

B. BROWN

1437

BEATY&SEALE&FORWOOD

115

B.B.B.&C.RR.CO.

85

R.C. DOOM

1081

F. DOERING

1502

1493

DAY LAND&CATTLE CO.

1276

DAY LAND&CATTLE CO.

1248

C.T. HARDY

1200

F.P. CARPENTER

1345

G.C.&S.F.

1172

380

LTHOMPSON

1023HR

CHESAPEAKELAZY

1H

LTHOMPSON

1012H

CHESAPEAKEHATCH

1H

CHESAPEAKEJBGS

1H

CHESAPEAKEJBGS

1H

CHESAPEAKEWILSON

1H

KERR-MCGEEBOYD

1H

CHESAPEAKESTRAIT

1H

TEXASJONES

102H

CHESAPEAKEVOLTZ

1H

RILEYBAGGETT

7H

TEXASHAUG-KIESCHNICK

102H

TEXASWATTS

102H

CHESAPEAKEVERHEUL

1H

CRIMSONK

1H

RILEYBYRD

1H

CHESAPEAKEVERHEUL

1H

CHESAPEAKEVOLTZ

1H

CHESAPEAKEVOLTZ

2H

CHESAPEAKELUFFEL

2H

CHESAPEAKE

CHESAPEAKELAZY

CHESAPEAKEALLEE

1H

CHESAPEAKEALLEE

1H

CHESAPEAKEGALM

1

CHESAPEAKEALLEE

1H

CHESAPEAKEGALM

1H

CHESAPEAKEZIENTEK

1H

CHESAPEAKEALLEE

1H

CHESAPEAKEWILSON

2H

HESSCENIZO

A 1HHESSCENIZO

A 2H

CHESAPEAKEZIENTEK

1H

CHESAPEAKESUGARLAND

A 1H

CHESAPEAKEOLD

D 1H

CHESAPEAKEALLEE

1H

CHESAPEAKEVERHEUL

1H

CHESAPEAKEBLACKMON

1H

BUFFCOHOWETT

1H

CHESAPEAKEWESTWIND

1H

CHESAPEAKEPICKENS

A 1H

TEXASHAUG-KRUEGER

104H

CHESAPEAKEGEARY

A 1H

CHESAPEAKEGEARY

B 1H

CHESAPEAKEMEDFORD

E 3H

HESSCENIZO

B 3H

CHESAPEAKEOLD

C 1H

HESSCENIZO

B 4HCHESAPEAKE

OLDA 1H

CHESAPEAKEJOHNSTON

E 3H

CHESAPEAKEHATCH

A 1H

CHESAPEAKEJOHNSTON

C 4H

CHESAPEAKEYARBROUGH

B 3H

CHESAPEAKEYARBROUGH

C 2H

CHESAPEAKEBOHANNAN

C 1H

CHESAPEAKEBOHANNAN

C 4H

CHESAPEAKEBOHANNAN

B 1H

CHESAPEAKEHOLDSWORTH

1H

CHESAPEAKERICHTER

1H

CHESAPEAKEROGERS

D 2H

CHESAPEAKEWINTERBOTHAM

A 1H


A 4H

CHESAPEAKETRAYLOR

F 5H

CHESAPEAKEPALOMINO

A 3H

CHESAPEAKEANDERSON-STONE

I 1H

CHESAPEAKEZIENTEK

1H

CHESAPEAKEVESPER

1H

CHESAPEAKEFAUST

D 1H

CHESAPEAKEFAUST

C 1H

CRIMSONBEELER

1H


C 3H


C 8H

HUGHESHEITZ

1H

CHESAPEAKETRAYLOR

F 1H

CHESAPEAKEPICKENS

C 1H


B 1H


C 2H


D 4H


M 2H


M 5H

CHESAPEAKEBOHANNAN

B 1H


F 2H

HESSTALBUTT

B 3

CHESAPEAKETRAYLOR

B 4H

CHESAPEAKETRAYLOR

A 4H

CRIMSONKM

2H

CHESAPEAKETRAYLOR

H 1H

CHESAPEAKETRAYLOR

I 1HCHESAPEAKE

TRAYLORC 5H

HESTALBU

CHESAPEAKETRAYLOR

A 3H

CHESAPEAKETRAYLOR

J 1H

Crimson Beeler #1HIP 370 Boepd

Crimson KM #1HIP 418 Boepd

Crimson KM #2HWOC

Chesapeake47 Wells

Drilling, Completing, Permitted No Data Released

Chesapeake

Chesapeake

Chesapeake

Chesapeake

Dan HughesBuda

LaSalle

Frio

Zavala

Dimmit

Chesapeake

Hess

Eagle Ford Zavala/Dimmit County (cont.)

21

Dan HughesBuda

Permitted well

Producing well - Oil

Crimson acreage


Eagle FordBee County – Pawnee NW

22

BEE

Live Oak

Pioneer Boswell #2H

Permit

PetrohawkWindham #1H

Cum 262 MBOe14 Months

PetrohawkBorn #1H

Cum 77 MBOe14 Months

Burlington Kennedy A #1

Drilling

Burlington Arnold A #1Cum 59 MBOe

4 Months

Pioneer Gill #1HPermit

Pioneer Postel #1H

Permit

Pioneer Stewart #1H

Permit

Pioneer Franke #1H

Permit

Pioneer Wernli #1H

Permit

Pioneer Schmidt #1H

Permit

PetrohawkMcCarn A #1HSpud 4/2012


James Lime LiquidsSan Augustine/Sabine County

23

Bengal

Devon Skillern

Rebecca

FWF

Crimson Blue #1 San Augustine Co, Texas

James Lime

ML Show C1 thru C3

Eagle Halbert #1 San Augustine Co, Texas

James Lime

ML Show C1 thru C3

Angie FieldAvg EUR: 2.3 BCF (Dry Gas)

James Oil PlayEst EUR/well: 1.547 BCF103 MBNGL185 MBO546 MBOe(53% Liquids)

DVN Sublett #2H2,100 MCF/d + 300 BO/d

28 MBO + 239 MMCF 7 Months

DVN Kardell #2H4,256 MCF/d + 360 BO/d

DVN Halbert #2HFlowback

Bruin

CXPO Blue #1H


ADAMS

ARAPAHOE

DENVER6 2S 64W

6 3S 66W

6 2S 62W6 2S 65W

6 3S 61W

6 1S 61W

6 3S 63W

6 1S 63W

6 3S 64W

6 2S 61W

6 1S 66W

6 3S 62W

6 1S 62W6 1S 65W

6 2S 63W

6 3S 65W

6 2S 66W

6 1S 64W

6 4S 64W

6 5S 65W

6 4S 65W 6 4S 62W

6 5S 61W

7W 6 4S 66W

6 5S 66W 6 5S 64W

6 4S 63W 6 4S 61W

6 5S 62W6 5S 63W

6 2S 64W

6 2S 65W

6 3S 66W

7W

6 2S 66W

6 3S 65W

6 1N 61W6 1N 64W6 1N 65W 6 1N 62W6 1N 63W6 1N 66W

Great Western Turecek State #16‐1H

Kerr McGeeRowe #27HZ450 BO/d

Noble Green USX #8D

EncanaSam #13‐25

CrimsonAmoco State #44‐16H

Anadarko State #5‐24Z

Conoco Lowry Bombing Range

$6,500/acre

Significant Leasing by Large Brokerage

Cos

Niobrara PlayColorado Activity

Crimson acreage

Rocky Mtn Prod Co

Amoco State #42-16Sec 16 1S 65W (Offset to CXPO Amo St.)

D Sand

Greenhorn

Ft Hayes

Niobrara

J Sand

Horiz Objective Permit


NAV Estimate

2525

Category Base Case Upside Case Comments

Proved Developed Reserves(1) $4.85 $4.85 – PV-10 at NYMEX Strip pricing

Proved Undeveloped Reserves(1) 1.94 1.94 – Risked 85% of PV-10 at NYMEX Strip pricing

Less: Net Debt(2) (4.21) (4.21) – Total net debt of $190 MM

Total Proved $2.57 $2.57

Woodbine(1,3) 4.62 8.16– Base: PV-10 at 320 acre spacing– Upside: PV-10 at 160 acre spacing

Eagle Ford Shale(1) 5.14 8.77– Base: PV-10 at 160 acre spacing– Upside: PV-10 at 80 acre spacing

Haynesville / Mid-Bossier / James Lime(1) 1.25 3.21– Base: PV-10 at 160 acre spacing– Upside: PV-10 at 80 acre spacing

Niobrara(1) 0.56 0.56 – Assumes PV-10 at 160 acre spacing

Other Conventional Assets(1) 0.46 0.46 – Assumes 50% of risking on 140 Bcfe valued at $0.30 per Mcfe

Preliminary Per Share Valuation $14.61 $23.74

Stock Price @ 5/7/12 $5.00 $5.00

Premium to Current Stock Price 192% 375%

(1) Company estimates. Based on NYMEX Strip pricing as of 12/31/2011. See “Hydrocarbon Quantities & Drilling Locations.” (2) Per SEC filings.(3) Does not include value attributed to numerous other formations in Madison or Grimes County.


Investment Highlights

(1) Based on 12/31/11 SEC pricing

Attractive asset base 200.4 Bcfe of proved reserves(1)

~5x unproved reserve potentialOperational control > 80%

Near term catalystsHorizontal Woodbine/Lewisville/GeorgetownEagle Ford ShaleHaynesville/Mid-Bossier/James LimeNiobrara Shale

Financial flexibilityNo near-term debt maturitiesSufficient liquidity to pursue strategic planRevolver availability; $79MM available at December 31, 2011Aggressive commodity price hedging strategy


Hydrocarbon Quantities & Drilling Locations

This presentation includes certain estimates of proved reserves that have not been prepared in accordance with SEC pricing guidelines. Other estimates of hydrocarbon quantities included herein may not comport with specific definitions of reserves under SEC rules and cannot be disclosed in SEC filings. The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves, which are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions (using unweighted average 12-month first day of the month prices), operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation.

SEC rules require pricing of reserves using a 12-month first day of the month index price average as of December 31, 2011, which were $92.71 per barrel of oil and condensate and $4.12 per Mmbtu of natural gas, adjusted for regional price differentials and transportation costs. Using SEC pricing, our proved reserves and related PV-10 as of December 31, 2011 were 200.4 Bcfe and $266.5 million, respectively. The SEC PV-10 value of $266.5 million does not include any value for financial hedge agreements.

In this presentation we have used the following terms to refer to unproved hydrocarbon quantities that the SEC rules would prohibit from inclusion in SEC filings:

“Unproved reserve or resource potential” refers to Crimson's internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. Unproved reserve or resource potential may not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or proposed SEC rules and does not include any proved reserves. Area wide unproved reserve or resource potential has been risked using a risk factor selected by Crimson's management. Actual quantities that may be ultimately recovered from Crimson's interests will differ substantially. Factors affecting ultimate recovery include the scope of our ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors; and actual drilling results, including geological and mechanical factors affecting recovery rates. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

“EUR”, or Estimated Ultimate Recovery, refers to Crimson's internal estimates of per well hydrocarbon quantities that may be potentially recovered from a hypothetical future well completed as a producer in the area. These quantities do not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or proposed SEC rules.

Oil and condensate resource potential for South Texas (Eagle Ford Shale) included in this presentation is shown in Mcf equivalents based on a 6:1 Mcf/barrel conversion ratio. Liquid resource potential for other areas is converted to Mcf equivalent on 6:1 basis.

In this presentation, "potential drilling locations" represent the number of locations that we currently estimate could potentially be drilled in a particular area determined by (a) dividing the number of net acres in which we have an interest by the Company estimated well spacing requirements applicable to that area, and (b) reducing the resulting number by a risk factor based on our management's internal estimates of the risks and probabilities associated with drilling in that area. Our actual drilling activities will depend on oil and natural gas prices, the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, gathering system and transportation constraints, regulatory approvals and other factors. We may not be able to drill wells on many of these locations.

27

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