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Samson

Samson. PUBLIC or PRIVATE. WHO. HOW. PRIVATE. By: Jack Schanck . YOU DECIDE. Who is Samson. Privately held company headquartered in Tulsa, OK One of the top 20 independent producers of oil and gas in the U.S.

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Samson

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  1. Samson PUBLIC or PRIVATE WHO HOW PRIVATE By: Jack Schanck YOU DECIDE

  2. Who is Samson • Privately held company headquartered in Tulsa, OK • One of the top 20 independent producers of oil and gas in the U.S. • Production in U.S., Canada, Venezuela and Russia and Exploration acreage in Brazil • Offices in Houston, Denver, Calgary, Maracaibo and Moscow

  3. Who is Samson • Reserves are 85% gas • Operates 70% of our production • Operates more than 2,400 producing wells • Interest in over 10,000 producing wells • 68% of our gas is in U.S. • 25% of our gas is in Canada

  4. Vision/Mission Samson will be a premier E & P companywithin our peer group of Independents. We will double our stipulated value every six years through the successful efforts of our highly motivated workforce and our skilled utilization of technology and knowledge. We will achievethis profitable growth through acquisitions, exploration and development drilling, andother energy related opportunities; whilemaintaining cost effective and efficient operations.

  5. Samson Executive Committee • Stacy Schusterman Chairman/Co-CEO • Jack Schanck President/Co-CEO • Hank Winfield Executive Vice President/ CFO • Sam Parker Executive Vice President • David Adams Executive Vice President • Brian Ayers Vice President E & P (Houston) • Bill Dirks Vice President New Ventures (Houston) • Steve Benedetti Vice President International (Houston)

  6. Samson’s Peer Group • Apache • Louis Dreyfus • Barrett • Mitchell • Murphy Oil • Cabot • Chesapeake • Newfield • Ocean • Comstock • Cross Timbers • Pioneer • Denbury • Santa Fe • Sonat • Dominion • El Paso • Tom Brown • Vintage • Forest • HS Resources • Williams • Kerr-McGee

  7. Samson’s Reserves by Area

  8. Samson’s Stipulated Value Growth 4.5 Years 4 Years 1 Year 2 Years Corporate Value

  9. - How - Value Generated Through • Acquisition • Drilling • Exploration/Operations

  10. Value Generation through Capital Spending (Budget) Note: 2002 Acquisition represents 1st Qtr Actuals

  11. Adding Value Through AcquisitionAcquisition Activity CY 1999 – 2001 Canada $280 MM 35% United States $522 MM 65%

  12. Adding Value Through the Drill Bit2002 Exploration Portfolio Management Probability of Geological Success Very high risk = <15% High risk = 15% - 25% Moderate risk = 25% - 40% Low risk = 40% - 60% Very low risk = 60% - 90%

  13. North America Core Areas NEBC NW Alberta W Central Alberta Central Alberta Green River Basin Anadarko Basin Arkoma Basin Midland Basin Black Warrior Basin East Texas Basin North Louisiana Basin Producing Areas Gulf Coast Current Drilling Areas

  14. Samson Partners PETROQUEST PHILLIPS PURE RANGE RESOURCES SAMEDAN STONE ANDEX CARRIZO CHALLENGER CL&F DEVON DOMINION E&P EEX GRYPHON HELMERICH & PAYNE KERR McGEE OCEAN

  15. Ken Hersh, Natural Gas PartnersRandall & Dewey A & D Summit4/26/01 • Be a sound decision-maker --if private, act private --if public, act private

  16. For Samson Being Private Means You Do Do Not Hedge/Active in Futures Market Deal with FASB 133 Value Cash Borrow to Drill Exploration Increase Stipulated Value Respond to Wall Street Measures Focus on Growing Value Focus on Growing Production Manage Long Term Manage with a Quarterly Focus Use Cash for Acquisitions Use Stock Explain the Company Reveal the Company

  17. Act Private CUM NP V 8.5% NP V 8.5% Doyle 2001 Doyle 1994 Company Project List Samson Believes Good Things Happen Over Time

  18. Acting PrivateSamson not subject to same trends

  19. A “PRIVATE” View of E&P Companies SAMSON RESOURCES COMPANY MITCHELL ENERGY UNION PACIFIC GULF CANADA J.M. HUBER CORPORATION VASTAR RESOURCES LOUISIANA LAND LOUIS DRYEFUS GENERAL AMERICAN OIL HUNT PETROLEUM CORPORATION NOBLE AFFILIATES CODY FLYING J OIL & GAS, INC. SUPERIOR OIL

  20. Profitable Growth Philosophy Financially Solid Change to Management Team Approach Strong Challenging Group of Professionals Outstanding Growth History Samson

  21. Summary • Our focus is on increasing the value of our assets • Success is measured in long term profitability • Create new core areas • Expansion of our producing areas • Adding new exploration opportunities Quick, Fair, Long Term & Committed

  22. Samson

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