WYOMING PIPELINE AUTHORITY

AUGUST 26, 2003

Market Resources

Wholesale energy marketing, trading, storage and risk-management services

Natural gas gathering and processing services

Manages and develops cost-of-service properties for Questar Gas

E&P activities in the Anadarko Basin (Midcontinent) and Texas Panhandle regions

E&P activities in the Midcontinent, East Texas/ Upper Gulf Coast and Arkoma Basin regions

E&P activities in the Rocky Mountain and San Juan Basin regions

E&P activities in Uinta Basin, Utah

Questar MarketResources

WexproCompany

QuestarE & P

Questar GasManagement

Questar EnergyTrading

Oklahoma CityDivision

TulsaDivision

Rocky MountainDivision

UintaDivision

Salt Lake City

Vernal

CO

WY

ID

UT

Powder River Basin

Wind River Basin

Great Divide Basin

Washakie Basin

Sand Wash Basin

Green River Basin

Rock Springs

Uplift

Uinta Basin

Piceance Basin

UT CO

Denver

Cheyenne

D-J Basin

Ove

rth

rust

Bel

t

Uinta Mtns

Wind River M

tns

Jackson

MARKET RESOURCES GROUPCORE AREAS IN WYOMING

VERMILLION BASINHiawatha, Canyon Creek, Kinney

MOXA ARCHChurch Buttes, Henry, Bruff

WASHAKIE BASINDripping Rock-Wedge,Wamsutter

ROCK SPRINGS UPLIFTBrady, S. Baxter

PINEDALE Mesa, Stewart Point

• 633,000 Gross and 394,000 Net Leasehold Acres in Wyoming

• 1200+ Working Interest Wells in Wyoming (46% operated)

• Operated Gross Daily Production in Wyoming: 260,000 MCF and 2000 BO

• Net Daily Production in Wyoming: 172,000 MCF and 2050 BO

• Wyoming Net Reserves 710 BCFE (46% of Questar Total)

(all numbers approximate as of March 31, 2003 for QEP and Wexpro)

Salt Lake City

Vernal

CO

WY

ID

UT

Powder River Basin

Wind River Basin

Great Divide Basin

Washakie Basin

Sand Wash Basin

Green River Basin

Rock Springs

Uplift

Uinta Basin

Piceance Basin

UT CO

Denver

Cheyenne

D-J Basin

Ove

rth

rust

Bel

t

Uinta Mtns

Wind River M

tns

Jackson

Pinedale Anticline

PINEDALE DEVELOPMENT PROJECT

GREEN RIVER BASINPinedale Anticline Mesa and Stewart Point Lance and Mesaverde Fms.

• 2003 - $115,000,000 gross CAPEX (26 wells)

• Anticipate 30-40 wells/yr in 2004 and beyond

• Up to 300 producing wells on 40-acre spacing

• Approximately 8 Bcfe gross reserves per well

• Projected 2003 gross operated production of 41 BCF and 363 MBO

SEASONAL OPERATIONS WINDOW

WINTERPOTENTIAL UNRESTRICTED

J A J S J

WILDLIFE

M MF J A O N D

SG STRUTTING

SG NESTING

PLOVER

Pinedale

Pinedale Field

Gobblers Knob Compressor Station 7,500 Bhp

Jonah FieldRGS 20” and 12” Pipe

FCS 7,500 Bhp - RGS

RGS 20” and 16” Pipe

MGR 12” Pipe

RGS 20” and 16” Pipe

MGR 16” Pipe

QGM 10” Pipe

Granger Cryo Plant 170,000 Mcf/Day, Refrigeration Plant 100,000 Mcf/Day

Bird Canyon CDP

Blacks Fork Cryo Plant 80,000 Mcf/Day

Northwest - 350,000 Mcf/Day QPC - 200,000 Mcf/Day Kern River - 200 to 300,000 Mcf/Day CIG - 150,000 Mcf/Day Overthrust - 100,000 Mcf/DayClear Creek

Storage

Southwest Wyoming Hub

Projected Peak Supply 800,000 Mcf/Day

Current Processing 350,000 Mcf/Day

Takeaway Capacity 1.0 to 1.1 Bcf/Day

Muddy Creek CDP

RGS 16” or 20” ?

HubTakeaway Capacity 1.0 to 1.1 Bcf / Day

Kern River

Northwest

Overthrust

Questar

CIG

Hub Services:

Processing / Blending

Flexible Access to Pipe Outlets

Single Point for Trading Activity

Access to Storage

Price Transparency

Supply Source – 800,000 Mcf/D

Total Hoback Basin Supply Source Potential is greater than 2.0 Bcf/Day

Southwest Wyoming Hub

Hub Projected Dedicated Throughput

0

50,000

100,000

150,000

200,000

250,000

300,000

Annual Throughput

MMcf

A Significant Contributor to Wyoming

• Ranked 8th in Operated Gas Production in 2002 (70 BCF)

• Operated Production in 2003 Will Generate approximately $42MM in Severance, Ad Valorem and Conservation Tax Payments and $20MM for the State’s Share of Federal Royalties per Year at $3.50/mcf and $22/bo

• Capital and Expense $ Generate Sales Tax Revenue - QMR alone will spend over $135MM in Wyoming in 2003