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INVESTMENT BANKING ACQUISITIONS & DIVESTITURES GLOBAL EQUITY CAPITAL MARKETS

IPAA’s Private Capital Conference / OGIS MLP Meeting. 2007 in Review January 16, 2008. global energy sector specialists. INVESTMENT BANKING ACQUISITIONS & DIVESTITURES GLOBAL EQUITY CAPITAL MARKETS. About Us. the insight behind energy success.

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INVESTMENT BANKING ACQUISITIONS & DIVESTITURES GLOBAL EQUITY CAPITAL MARKETS

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  1. IPAA’s Private Capital Conference / OGIS MLP Meeting 2007 in ReviewJanuary 16, 2008 global energy sector specialists INVESTMENT BANKING ACQUISITIONS & DIVESTITURES GLOBAL EQUITY CAPITAL MARKETS 1

  2. About Us the insight behind energy success • One of the largest independent, global energy advisory firms • Unmatched evaluation, advisory and execution capabilities • Over 150 employees, 5 locations on 3 continents 2

  3. A Global Energy Advisory Firm LONDON Core Services INVESTMENT BANKING Mergers & Acquisitions Strategic Advisory Equity Underwriting Fairness Opinions ACQUISITIONS & DIVESTITURES Negotiated Sale Mid-Value Negotiated GLOBAL EQUITY CAPITAL MARKETS Institutional Research Institutional Sales Institutional Trading Asset Management BUENOS AIRES CALGARY HOUSTON DENVER connected, responsive, insightful 3

  4. US Producer Research Coverage • Tristone provides highly regarded, technically focused, in-depth research coverage on 25 US exploration & production companies • Tristone’s US E&P research team is led by Joe Magner and Larry Busnardo Initiating Coverage: US E&P 4

  5. 2007 In Review • Portfolio refocusing efforts put record supply of asset transactions on the market • Dominion & Anadarko led the way • MLP’s broke into $1bln+ transactions • Linn, Breitburn & Atlas all made sizeable acquisitions J.S. Herold & Tristone data 5

  6. Quarterly Transaction Volumes vs. Implied $/MCFE Linn/Dominion Plains/Pogo Breitburn/Quicksilver ENI/Dominion XTO/Dominion McMoran/Newfield Encana/Leor Oxy/Plains Linn/Lamamco FST/Houston Exp Apache/APC Nippon/APC J.S. Herold & Tristone data 6

  7. MLP Overview – Current & Prospective J.S. Herold & Tristone data 7

  8. MLP Overview - Transaction Volumes – US Onshore Transactions MLPs acquired ~25% of transactions in 2007 vs. 15% in 2006 J.S. Herold & Tristone data 8

  9. Top Sellers in 2007 by Value J.S. Herold & Tristone data 9

  10. Top Buyers in 2007 by Value J.S. Herold & Tristone data 10

  11. Top Buyers in 2007 by Count J.S. Herold & Tristone data 11

  12. Tombstones & New Entrants 12

  13. 2007 Transaction Values by Region vs. 2006 Mid-Continent transactions grew the most in 2007, while GOM transactions were not as large as 2006 J.S. Herold & Tristone data 13

  14. Top Buyers by Region J.S. Herold & Tristone data 14

  15. Top Buyers by Region J.S. Herold & Tristone data 15

  16. What’s Ahead for 2008 • Consolidation • MLPs • Equity markets • New entries? • Prices • Gas inventory • Crude – Can it sustain $100/bbl • Election Year – Same old story “Big Oil” Tristone Capital is a Member of the CIPF, SIPC, IDA and FINRA 16

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