April 2004April 2004

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

NYSE: CRKNYSE: CRK

CompanyCompanyOverviewOverview

Investment ConsiderationsInvestment Considerations

Consistent growth in reserves and productionConsistent growth in reserves and production Successful acquisition program (average cost Successful acquisition program (average cost

of 83¢ per Mcfe)of 83¢ per Mcfe) Successful exploration program fueled Successful exploration program fueled

growth in the last two yearsgrowth in the last two years

High quality, geographically balanced asset baseHigh quality, geographically balanced asset base

Low cost operations and high cash marginsLow cost operations and high cash margins

Improved balance sheetImproved balance sheet

Experienced managementExperienced management

Major PropertiesMajor Properties

Glick Glick

GilmerGilmer BlockerBlocker

Box Box ChurchChurch

LongwooLongwoodd

LoganspoLogansportrtSugar CreekSugar Creek

New Albany Shale New Albany Shale GasGas

Double A Double A WellsWells

North MarkhamNorth Markham

Vermilion/Vermilion/SMISMI

LopenoLopenoJC MartinJC Martin

Ship Ship ShoalShoal

South Pelto/South Pelto/ South Timbalier South Timbalier

Main Main PassPass

WaskomWaskom

BeckvilleBeckville

Gulf of Mexico

LisboLisbonn

East White PointEast White Point

High qualityHigh qualityreserve basereserve base

617 Bcfe617 Bcfe81% natural gas81% natural gas

67% proved developed67% proved developed14 year reserve life14 year reserve life

East Texas / North Louisiana RegionEast Texas / North Louisiana Region

East Texas / North LaEast Texas / North LaReserves: 175 Bcfe - 28%Reserves: 175 Bcfe - 28%

Daily Production: 31 Mmcfe – 25% Daily Production: 31 Mmcfe – 25%

GilmerGilmer BlockerBlockerWaskomWaskom LongwooLongwoo

dd

LisbonLisbon

LoganspLogansportort

BeckvilleBeckville

Texas Louisiana

East Texas / North Louisiana RegionEast Texas / North Louisiana Region

Long-lived natural gas propertiesLong-lived natural gas properties Successful development drilling Successful development drilling

program since 1995program since 1995 Drilled 146 wells with 92% success Drilled 146 wells with 92% success

raterate

Spent $6 million to drill five wells Spent $6 million to drill five wells in 2003 in 2003 4 out of 5 wells successful4 out of 5 wells successful 1.7 Mmcfe per day average IP rate1.7 Mmcfe per day average IP rate

Similar Budget in 2004 of $7 million to Similar Budget in 2004 of $7 million to drill 6 wellsdrill 6 wells

Southeast Texas RegionSoutheast Texas Region

Southeast TexasSoutheast Texas Reserves: 127 Bcfe - 21%Reserves: 127 Bcfe - 21%

Daily Production: 33 Mmcfe – 27%Daily Production: 33 Mmcfe – 27%

Sugar CreekSugar Creek

Double A Double A WellsWells

Texas

Double A Wells FieldDouble A Wells Field

Robin ProspectRobin Prospect

Polk County, TexasPolk County, Texas Successfully redeveloped Successfully redeveloped

field from 1999 to 2001field from 1999 to 2001 Began redevelopment and Began redevelopment and

exploratory program in exploratory program in 1999 based on 3-D seismic 1999 based on 3-D seismic datadata

Spent $50 million to Spent $50 million to acquire additional acreage acquire additional acreage and drill 22 wellsand drill 22 wells

19 of the 22 wells drilled in 19 of the 22 wells drilled in program were successful program were successful (86%)(86%)

Successful wells had an 6.6 Successful wells had an 6.6 Mmcfe per day average IP Mmcfe per day average IP raterate

In 2002 and 2003 we spent In 2002 and 2003 we spent $13 million to extend the $13 million to extend the field to the South with the field to the South with the Hamman discoveryHamman discovery

2004 budget of $20 million 2004 budget of $20 million to drill six wells to drill six wells

Hamman #1Hamman #1

New 3-D New 3-D SeismicSeismic

3-D Seismic3-D Seismic

South Texas RegionSouth Texas Region

South TexasSouth Texas Reserves: 47 Bcfe - 8%Reserves: 47 Bcfe - 8%

Daily Production: 10 Mmcfe – 8%Daily Production: 10 Mmcfe – 8%

Successful exploration Successful exploration program in 2003program in 2003 Spent $15 million to Spent $15 million to

drill 13 wells drill 13 wells 9 out of 13 wells 9 out of 13 wells

successfulsuccessful 7.4 Mmcfe per day 7.4 Mmcfe per day

average IP rateaverage IP rateNorth North MarkhamMarkham

LopenoLopeno

JC MartinJC Martin

Texas

DIMMITDIMMIT LA LA SALLESALLE

McMULLENMcMULLEN

WEBBWEBB DUVALDUVAL

LIVE LIVE OAKOAK

BEEBEE

GOLIADGOLIAD

REFUGIOREFUGIO

NUECESNUECES

JIMJIM

WELLSWELLS

SANSAN

PATRICIOPATRICIO

ZAPATAZAPATA JIM JIM HOGGHOGG

BROOKSBROOKS

KLEBERGKLEBERG

KENEDYKENEDY

STARRSTARR

HIDALGOHIDALGO

WILLACYWILLACY

CAMERONCAMERON

ARANSASARANSAS

VICTORIAVICTORIA

JACKSONJACKSON

CALHOUNCALHOUN

MATAGORDAMATAGORDA

ARMSTRONG RANCH (40%)

4 Wells

BALL RANCH (20%)

5 Wells

2004 Budget -2004 Budget - $15 million$15 million 15 wells15 wells

South Texas Exploration ProgramSouth Texas Exploration Program

Gulf of Mexico RegionGulf of Mexico Region

Gulf of MexicoGulf of Mexico Reserves: 216 Bcfe - 35%Reserves: 216 Bcfe - 35%

Daily Production: 41 Mmcfe – 34%Daily Production: 41 Mmcfe – 34%

Spent $60 Spent $60 million to drill million to drill 18 offshore 18 offshore wells in 2003wells in 2003 All wells All wells

successfulsuccessful

Ship Shoal

South Pelto

Main Pass

South Timbalier

Louisiana

VermilionSouth Marsh Island

Gulf of Mexico RegionGulf of Mexico Region

99

107106

56

166

98

109

146

97

110

121

134

96

111

158

120

135

95

112

119

136

113

118

66

69

114

117

67

68

5

116

1

74

21 22

9

102101

96

110

95

70

25

1514

11

516

34

17 18 222019

32 31 30 29 28

50 46

86

South PeltoSouth Pelto

South TimbalierSouth Timbalier

2004 Budget of $67 million2004 Budget of $67 million 24 wells24 wells 5 deep shelf wells5 deep shelf wells

Ship ShoalShip Shoal

1996

123

Area Mmcfe/day

(# of wells) Gross Net April May June July

SP 22 (3)SP 22 (3) 4242 1010

SP 25 (2)SP 25 (2) 2727 55

V 122 (3)V 122 (3) 1616 55

SS 109/110 (2)SS 109/110 (2) 1111 33

V 51 (3)V 51 (3) 1515 44

Total (13)Total (13) 111111 2727 2020 77

Facilities InstallationFacilities Installation ProducingProducing

Gulf Wells Connection TimingGulf Wells Connection Timing

Offshore Prospect InventoryOffshore Prospect Inventory

BlocksBlocks AcreageAcreage

# of # of

ProspectsProspects

ReserveReserve

PotentialPotential(Bcfe)(Bcfe)

Working Working InterestInterest

South TimbalierSouth Timbalier 16, 17, 18, 20, 22, 16, 17, 18, 20, 22, 28, 29, 31, 32, 74,28, 29, 31, 32, 74,

86, 95, 96, 101, 86, 95, 96, 101,

102, 110, 123102, 110, 123

61,216 61,216

2121 699699 33% to 33% to 40%40%

Ship ShoalShip Shoal 56, 95, 96, 106, 11156, 95, 96, 106, 111

116, 117, 118, 120, 116, 117, 118, 120, 121, 135, 136, 158121, 135, 136, 158

57,39157,391 2222 330330 33% to 33% to 40%40%

South PeltoSouth Pelto 14, 19, 2114, 19, 21 12,50012,500 44 6666 25% to 25% to 40%40%

Eugene IslandEugene Island 17, 16617, 166 6,4326,432 33 109109 40%40%

OtherOther BM 4, EC 123,BM 4, EC 123,

V 127, WD 56V 127, WD 56 11,29411,294 55 5858 40%40%

148,833148,833 5555 1,2621,262

FinancialFinancialOverviewOverview

2003 Results2003 Results

Production (Bcfe)

in millions, except production

Oil & Gas Sales

Cash Flow Net Income

Capital ExpendituresCapital Expenditures

in millions

Acquisitions

Development

Development Related

Exploration

2003 2004

$91

$110

Sensitivity to Gas PricesSensitivity to Gas Prices

NYMEX Gas Price $3.50 $4.00 $4.50 $5.00 $5.50

2004E Cash Flow From Operations $120 $139 $157 $175 $193

Less: 2004E Capex (110) (110) (110) (110) (110)

2004E Free Cash Flow $10 $29 $47 $65 $83

$4.32

$4.62$4.86

$5.84

$3.27$3.10

$2.91$3.12

$3.43

$3.61 $3.70 $3.76 $3.93$3.71

$3.16

$4.30

CO

MS

TOC

K P

F X W

CO

MS

TOC

K C P F H P P D V R S M N

NYMEX Break Even PriceNYMEX Break Even Price

Average = $3.91 Average = $3.91 Average = $3.91 Average = $3.91

Break Even Price = (Lifting + G&A + Finding + Interest) / Average Realization as a % of NYMEX

Based on Actual 2003 Costs and Price Realizations and 3 Year Average Finding Costs

CapitalizationCapitalization

62%62%

$592$592

226226

$366$366

220220

$146$146

As of As of

Dec 31, Dec 31, 20022002

51%51% Debt / Total CapitalizationDebt / Total Capitalization

$596$596 Total CapitalizationTotal Capitalization

290290Stockholders’ EquityStockholders’ Equity

$306$306 Total DebtTotal Debt

220220 11 1/4% Senior Notes11 1/4% Senior Notes

$86$86 Bank Credit Facility Bank Credit Facility ($260MM borrowing base @ 12/31/03)($260MM borrowing base @ 12/31/03)

Total Debt:Total Debt:

As of As of

Dec 31, Dec 31, 20032003

In millions

Improved CapitalizationImproved Capitalization

Record Setting ProfitsRecord Setting Profits

Debt Reduction of $60MMDebt Reduction of $60MM

Pro Forma Debt StructurePro Forma Debt Structure

6868¢

$30 $30

$366$366

220220

$86$86

20032003

4343¢Interest Expense per McfeInterest Expense per Mcfe

$19$19Interest ExpenseInterest Expense

$327$327 Total DebtTotal Debt

175175 Senior NotesSenior Notes

$152$152 Bank Credit FacilityBank Credit Facility

Total Debt:Total Debt:

Pro FormaPro Forma

20032003In millions except

per unit data

36% Savings36% Savings

Coupon Reduced to 6 7/8 %Coupon Reduced to 6 7/8 %

Borrowing Base of $300MMBorrowing Base of $300MM

Average life of debt extended from 2.4 to 5.9 years