Post on 20-Mar-2018
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: investorrelations@crimsonxp.comWeb Site: www.crimsonexploration.com
Crimson Exploration Inc.717 Texas Avenue, Suite 2900Houston, TX 77008
positioned for GROWTH (NASDAQ:CXPO)
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
positioned for GROWTH (NASDAQ:CXPO)
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
positioned for GROWTH (NASDAQ:CXPO)
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
positioned for GROWTH (NASDAQ:CXPO)
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.
positioned for GROWTH (NASDAQ:CXPO)
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
positioned for GROWTH (NASDAQ:CXPO) 9
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.
positioned for GROWTH (NASDAQ:CXPO) 10
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
positioned for GROWTH (NASDAQ:CXPO)
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
B.B.B.& C.R.R.CO.128
B.B.B.& C.R.R.CO.126
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
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AMALGAMATDODOM
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AMALGAMATDDR
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AMALGAMATDJONES
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ASHLANDJAMES
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BU TTESJ AMES
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KIMBLLE
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BU TTESHENRY
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AMALGAMATDEND LER
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AMALGAMATDFRIDEL
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AMALGAMATDGU EST
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ASHLANDLANG-GUERR ERO
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AMALGAMATDVAVRA
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AMALGAMATDTATUM
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AMALGAMATDTATUM
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AMALGAMATDHUMPH RIES
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AMALGAMATDPLAGENS
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AMALGAMATDFR IDEL
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AMALGAMATDFAU LKNER
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AMALGAMATDHUMPHRIES
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AMALGAMATDJOSEY
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AMALGAMATDGUEST
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AMALGAMATDHUMPHRIES
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AMALGAMATDKELLER
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AMALGAMATDSH EALY
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AMALGAMATDVEAZLEY
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AMALGAMATDLESLIE
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AMALGAMATDROSS
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AMALGAMATDFOR STHOFF
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EDWAR DSB
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AMALGAMATDSIKORSKI
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AMALGAMATDGIBSON
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EDWARD SB
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AMALGAMATDSIKOR SKI
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AMALGAMATDSPARKS
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AMALGAMATDFREN ZEL
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AMALGAMATDPOTTS
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AMALGAMATDFR ENZEL
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AMALGAMATDRUFFINO
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AMALGAMATDDANSBY
1
AMALGAMATDDUBOSE
1
AMALGAMATDBAKER
1
AMALGAMATDBAKER
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AMALGAMATDROSS
1
PETROMARKSELF
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AMALGAMATDTATU M
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AMALGAMATDAND ERT
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AMALGAMATDHUMPHRIES
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PETROMARKJ
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AMALGAMATDHOLLAND
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AMALGAMATDKIN DT
1
AMALGAMATDW
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PETROMARKJ
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AMALGAMATDKOLOGIN CZAK
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EDWARDSB
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AMALGAMATDC ONNER
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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
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GULFHOLUBEC
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GULFWARREN
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EDWARDSCAR GILL
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UTAHCARGILL-CAR ROLL
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VESSKURTEN
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CHEVR ONKURTEN
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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
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CODYKUR TEN
1312
COD YKURTEN
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C HEVRONKURTEN
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CH EVRONKU RTEN
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C ODYKU RTEN
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MERITKU RTEN
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CHEVRONKURTEN
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CHEVRONKUR TEN
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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
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4060
COD YKURTEN
4029
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2
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4
CAMERONOVERBY
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2
JOHNSTONBR OWNLEE
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1
MITCHELLFERN
1
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1
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1
JOH NSONR
2
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1
HOUSTONFRANK
1
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BUTTESGIBBS
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PARTENBEDNGR
1
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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
UNITTAUBER
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
FOR CEBOATMAN
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
ENERVESTMELVIN
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
positioned for GROWTH (NASDAQ:CXPO) 12
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
positioned for GROWTH (NASDAQ:CXPO) 13
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
positioned for GROWTH (NASDAQ:CXPO) 14
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.
positioned for GROWTH (NASDAQ:CXPO) 15
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
positioned for GROWTH (NASDAQ:CXPO) 16
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
positioned for GROWTH (NASDAQ:CXPO) 17
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
positioned for GROWTH (NASDAQ:CXPO)
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.”
positioned for GROWTH (NASDAQ:CXPO) 19
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
positioned for GROWTH (NASDAQ:CXPO) 20
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
positioned for GROWTH (NASDAQ:CXPO)
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
CHESAPEAKEWINTERBOTHAM
A 4H
CHESAPEAKETRAYLOR
F 5H
CHESAPEAKEPALOMINO
A 3H
CHESAPEAKEANDERSON-STONE
I 1H
CHESAPEAKEZIENTEK
1H
CHESAPEAKEVESPER
1H
CHESAPEAKEFAUST
D 1H
CHESAPEAKEFAUST
C 1H
CRIMSONBEELER
1H
CHESAPEAKEWINTERBOTHAM
C 3H
CHESAPEAKEWINTERBOTHAM
C 8H
HUGHESHEITZ
1H
CHESAPEAKETRAYLOR
F 1H
CHESAPEAKEPICKENS
C 1H
CHESAPEAKEANDERSON-STONE
B 1H
CHESAPEAKEANDERSON-STONE
C 2H
CHESAPEAKEANDERSON-STONE
D 4H
CHESAPEAKEANDERSON-STONE
M 2H
CHESAPEAKEANDERSON-STONE
M 5H
CHESAPEAKEBOHANNAN
B 1H
CHESAPEAKEANDERSON-STONE
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
positioned for GROWTH (NASDAQ:CXPO)
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
positioned for GROWTH (NASDAQ:CXPO)
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
positioned for GROWTH (NASDAQ:CXPO) 24
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
positioned for GROWTH (NASDAQ:CXPO)
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.
positioned for GROWTH (NASDAQ:CXPO) 26
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
positioned for GROWTH (NASDAQ:CXPO)
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