Investment Highlights

High Quality, Long-Lived Asset Base

• Estimated 88.9 Bcfe of proved reserves at December 31, 2008 (1)
• PV-10 of $155.8 million at December 31, 2008 (based upon $4.51 /Mmbtu and $38.37/Bbl) (1)

Large Inventory of Drilling Locations

• Over 200 future drilling locations in Catalina, with net probable and possible reserves potential of 78.3 Bcfe (2) to DBLE
• Atlantic Rim CBM - Multi-year development program with over 250 net wells to DBLE upon full development;
• Pinedale Anticline – As a result of 5 acre spacing approval, the area contains up to 372 future drill sites (26.0 net).

Low Cost Producer and "First-Mover" Initiatives

• F&D costs estimated at $1-$2/Mcf in Atlantic Rim and Pinedale
• Only company to have;
  
  • approved untreated water discharge allowed in the Atlantic Rim
  • a treated water discharge permit in the Atlantic Rim
  • 3-phase power in the Atlantic Rim

Emerging Midstream Opportunities

• Midstream assets in which we control infrastructure and transportation provides competitive advantage and strategic options including compression and gathering systems;
• Midstream assets provide a fee-based revenue source that is independent of gas prices

Future Strategic Initiatives

• Enhancement of Company-operated wells to improve production
• Working with Atlantic Rim partners on enhancing well production
• Continued well preparation for future drilling
• Marketing efforts to transport third party gas through the Company's pipeline
• Evaluating mergers and acquisitions opportunities, including property acquisitions
• Participating in future Pinedale wells

(1) Prepared by Netherland, Sewell & Associates, Inc. as of December 31, 2008.
(2) Prepared by Netherland, Sewell & Associates, Inc. as of June 30, 2008.