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Crimson Exploration Inc.

Crimson Exploration Inc. Company Overview June 30, 2007. Cautionary Statement Regarding Forward-looking Statements.

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Crimson Exploration Inc.

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  1. Crimson Exploration Inc. Company Overview June 30, 2007

  2. Cautionary Statement Regarding Forward-looking Statements Certain statements included in this presentation are "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Crimson Exploration Inc. (“Crimson” or “the Company”) cautions that strategic plans, assumptions, expectations, objectives for future operations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those Crimson expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the Company’s ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Crimson’s business. Statements regarding future production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes and the potential lack of capital resources. The SEC has generally permitted oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The Company and its independent third party reservoir engineers use the terms “probable” and “possible” to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit the Company from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by the Company. All estimates of probable reserves in this presentation have been prepared by independent third party engineers. More information about the risks and uncertainties relating to Crimson’s forward-looking statements are found in the Company’s SEC filings. CONFIDENTIAL

  3. Summary Company Overview • The Company was renamed Crimson in June 2005 following the February 2005 recapitalization of GulfWest Energy • Publicly traded on the NASDAQ bulletin board (TK: CXPO) • Producing assets primarily focused in South Louisiana and South Texas / Texas Gulf Coast • Emerging plays in the DJ Basin, Ft. Worth Barnett Shale and Mississippi CBM • $289.5MM acquisition from EXCO Resources, Inc. in May 2007 • Pro Forma 2006 EBITDAX of $166 million • Financed 100% through an increased revolver ($200MM) and a second lien facility ($150MM) • Equity capitalization of $87 million (common, plus liquidation value of preferreds) • Pro forma proved reserves of 141 Bcfe @ 1/1/07 • 79% proved developed; 84% natural gas; 6.8 year proved reserve life • ~80% operated; ~70% average working interest • Strip pre-tax proved PV-10% of $567 million (based on NYMEX strip on 5/8/07) • 56.7 MMcfe/d current production (January 2007) • 140 bcfe in unrisked probable and possible reserves; over 100 drilling locations • Experienced management and technical staff teamed with high quality financial sponsor • Average experience of over 25 years • Oaktree Capital Management (“Oaktree”) owns ~62% of Company on a fully diluted basis (1) (1) assuming conversion of preferreds, and exercise of vested options) CONFIDENTIAL

  4. History 2000-- Funding from Aquila Energy Capital – bought Colorado, South Texas 2001 and Grand Lake/Lacassine properties 2002- -Aquila Energy Capital withdraws funding due to Aquila liquidity crunch 2004 - Limited capital for development/exploration - December 2004 – desperate financial state 2005 - Oaktree Capital Management acquires stake through preferred equity infusion (February) - CEO Allan Keel and CFO Joseph Grady join Company in connection with Oaktree recapitalization (February) - Reincorporated as a Delaware corporation / becomes Crimson Exploration Inc. (June) 2007 - Announces acquisition of assets from EXCO (May) CONFIDENTIAL

  5. Experienced Management Team CONFIDENTIAL

  6. Experienced Board of Directors CONFIDENTIAL

  7. Gulf Coast Acquisition Overview(acquired 5/2007) • Primarily underexploited assets acquired by Kerr-McGee in April 2004 from the Westport Resources acquisition • Significant low-risk development opportunities due to low historical investment • EXCO divested due to preference for longer-lived reserves, outside core areas • 255 producing wells • >83,000 gross acres in prolific producing trends • Proved reserves of 95 Bcfe • Strip pre-tax PV-10% of $425 million(1) • 75% proved developed; 92% natural gas • 80% operated, 65% average working interest • Unrisked 3P reserves of 235 Bcfe(2) • Over 100 identified drilling opportunities • Current production of 50.7 MMcfe/d(3) • 2006 EBITDAX of $157 million Field Overview • Over the course of the last 5 years, the EXCO assets were owned by multiple companies as a result of industry consolidation (1) Based on Netherland, Sewell & Associates, Inc. report as of December 31, 2006, and NYMEX strip as of May 8, 2007. (2) Proved reserves are third party engineered. 3P reserves include unrisked probable and possible reserves per Crimson management. (3) As of January 2007. CONFIDENTIAL

  8. Benefits of the Gulf Coast Acquisition • Establishes platform for visible, capital efficient asset growth • Critical mass in core operating regions • Sizable acreage position in prolific producing trends, over 83,000 gross acres • Drilling inventory of ~24 Bcfe of PUDs and 140 Bcfe of probable / possible reserves (unrisked) • Strong cash flow for debt reduction and drilling capital • Over 100 drilling opportunities on probable / possible reserves • Potential exploitation from new prospect generation • Management’s past affiliation with the assets makes Crimson a uniquely qualified buyer • Familiarity allows for better understanding of low-risk upside (95%+ ex-Westport assets) • Ability to rapidly identify existing production / cost enhancement opportunities to increase value CONFIDENTIAL

  9. Areas of Operation(proforma for EXCO Property Acquisition in 5/2007) ($ in millions) Total Mississippi Proved Reserves (Bcfe): 141.4 % Gas: 84% Production (MMcfe/d)1: 56.7 Strip PV-10%: $567 Reserve Life (Years): 6.8x 3P Reserves (Bcfe): 281.6 Proved Reserves (Bcfe): 0.3 % Gas: 0% Production (MMcfe/d)1: 0.1 Strip PV-10%: $1 3P Reserves (Bcfe): 0.3 DJ BASIN BARNETT SHALE Colorado Proved Reserves (Bcfe): 7.9 % Gas: 75% Production (MMcfe/d)1: 0.7 Strip PV-10%: $24 3P Reserves (Bcfe): 7.9 WEST TEXAS GULF COAST SOUTH TEXAS Texas Louisiana Proved Reserves (Bcfe): 116.1 % Gas: 87% Production (MMcfe/d)1: 46.5 Strip PV-10%: $464 3P Reserves (Bcfe): 256.3 Proved Reserves (Bcfe): 17.1 % Gas: 47% Production (MMcfe/d)1: 9.4 Strip PV-10%: $78 3P Reserves (Bcfe): 17.1 Note: Proved reserves as of December 31, 2006 and are third party engineered. 3P reserves only include the EXCO assets’ unrisked probable and possible reserves per Crimson management. Strip PV-10% as of May 8, 2007. (1) Based on average daily production in January 2007. CONFIDENTIAL

  10. Proved Reserves Summary (Proforma) December 31, 2006 proved reserves were prepared by independent reservoir engineering firms • Netherland, Sewell & Associates, Inc. (“NSAI”) for the acquired EXCO properties • Pressler Petroleum Consultants, Inc. (“Pressler”) for the legacy Crimson properties CONFIDENTIAL

  11. Proved Reserve Distribution(proforma for EXCO property acquisition in 5/2007) Pro Forma Reserves by Category Pro Forma PV-10% by Category (1) Pro Forma Reserves by Region Pro Forma PV-10% by Region (1) 141 Bcfe $567 MM PV-10% (1) Pre-tax figure based on proved reserves and NYMEX strip as of May 8, 2007. CONFIDENTIAL

  12. Felicia Field Summary Area of Operations Highlights Field Overview • Legacy Westport Resources property • 21,658 gross / 12,910 net acres • Yegua, Cook Mountain, Wilcox and Vicksburg reservoirs (9,000’ to 15,000’) • Well defined hydrocarbon traps • Five 3-D surveys total over 500 square miles within immediate trend Upside Potential • Probable & Possible Reserves: ~72 Bcfe • 30 amplitude related prospects (3 PUD, 10 Probable, 17 Possible) • Abandonment pressure could add as much as 25 Bcfe (net) 2007 & 2008 Plans • Drill 7 wells total (3 PUD); $2.5MM each (DHC) Field Summary Operator Crimson / Edge Petroleum Working Interest 75% Proved Reserves (Bcfe) 30.0 % Gas 85% % PDP 96% Current Production (MMcfe/d) 32.0 PV-10% ($MM) $198 CONFIDENTIAL

  13. Cage Ranch Field Summary Area of Operations Highlights Field Overview • Legacy Westport Resources property • 18,623 gross acres / 15,168 net acres • Frio and Vicksburg reservoirs (8,500’ to 12,000’) • Highly faulted structural traps • Ten 3-D seismic surveys covering 176 square miles of outlined area Upside Potential • Probable & Possible Reserves: ~14 Bcfe • Identification of additional shallow Frio oil traps • Evaluation of Deeper Vicksburg sands below existing production 2007 & 2008 Plans • Drill 3 PUD wells; $1-2MM each Field Summary Operator Crimson Working Interest 85% Proved Reserves (Bcfe) 28.0 % Gas 94% % PDP 24% Current Production (MMcfe/d) 3.8 PV-10% ($MM) $77 CONFIDENTIAL

  14. Speaks Field Summary Area of Operations Highlights Field Overview • Legacy Westport Resources property • 10,987 gross / 5,861 net acres • Miocene to Deep Wilcox reservoirs (2,000’ to 17,000’) Upside Potential • Probable & Possible Reserves: ~42 Bcfe • 26 identified drilling locations • Multiple behind pipe opportunities 2007 & 2008 Plans • Drill 9 wells total (5 PUD); $6MM each Field Summary Operator Crimson / Wofford Working Interest 35% Proved Reserves (Bcfe) 21.0 % Gas 98% % PDP 30% Current Production (MMcfe/d) 5.3 PV-10% ($MM) $59 CONFIDENTIAL

  15. Grand Lake / Lacassine Field Summary Area of Operations Highlights Grand Lake Field Overview • 640 acres • 3-D seismic recently acquired Upside Potential • Targeting multiple pay, Miocene formations • Evaluating deeper sands and infill of existing formations 2007 & 2008 Plans • Recomplete 3 wells • Capital expenditures of $2 million Lacassine Field Overview • 940 acres Upside Potential • Over 150 Bcfe original gas in place; only 50% recovered • Acquiring proprietary 3-D seismic 2007 & 2008 Plans • None; further technical review of field Field Summary Operator Crimson Working Interest 100% Proved Reserves (Bcfe) 13.0 % Gas 48% % PDP 52% Current Production (MMcfe/d) 3.0 PV-10% ($MM) $48 CONFIDENTIAL

  16. Madisonville / Rodessa (Madison County) Madisonville / Rodessa Field Summary Area of Operations Highlights Field Overview • Average working interest of over 75% in region • Two recent Rodessa wells Upside Potential • Proprietary 3-D over section of acreage recently acquired • Deep gas potential: offset operators successful in Rodessa • Deep Bossier, Cotton Valley, Smackover formations untested 2007 & 2008 Plans • Potentially drill 1 probable location • Complete and hookup new wells drilled in 2006 • Capital expenditures of $12 million Madisonville / Rodessa (Madison County) Field Summary Operator Crimson Working Interest 75% Proved Reserves (Bcfe) 13.0 % Gas 80% % PDP 23% Current Production (MMcfe/d) 1.0 PV-10% ($MM) $39 CONFIDENTIAL

  17. DJ Basin Summary Area of Operations Highlights Field Overview • 14,000 gross / 10,000 net acres • Acquired in 2000 with Aquila Energy Capital financing • Two development wells drilled in 2006, adding net production of approximately 368 Mcfe/d • Long-life reserves; 35 producing wells Upside Potential • Further potential evaluation in Niobrara, Codell and deeper formations 2007 & 2008 Plans • Drill 8 wells; $300-500K each • Capital expenditures of $3 million DJ Basin (Colorado) Field Summary Operator Crimson Working Interest 92% Proved Reserves (Bcfe) 8.0 % Gas 75% % PDP 52% Current Production (MMcfe/d) 0.7 PV-10% ($MM) $24 CONFIDENTIAL

  18. LAUDERDALE CLARKE JASPER WAYNE JONES Barnett Shale / Mississippi CBM Mississippi CBM Ft. Worth Barnett Shale Joint Venture Ft. Worth Barnett Shale (Johnson and Tarrant Counties) • 2,500 gross undeveloped acres • Acreage positioned in Tarrant / Johnson counties (core area) • Offset operators include Chesapeake Energy, EOG Resources, etc. • 12.5% WI (non-operated) • 2007 plans • 8 gross wells, first in May 2007 • $7 million capital in 2007, net • No proved reserves booked as of 12/31/06 • 125,000 acre CBM option agreement • 85% WI • Three core holes in 1Q07 ($100,000 / core) • 6 – 10 foot coal seams identified • Need to determine economic productivity CONFIDENTIAL

  19. SOUTHWESTERN LOCATION HALLWOOD LOCATION CRIMSON 24,000 ACRES WI: 100% NRI: 77% EXPIRY: 2010 ENCANA TD 13,500’ HALLWOOD LOCATION ENCANA TD 11,000’ PETRO-HUNT DRILLING EOG TD 9,100’ 2 LOCATIONS HALLWOOD DRILLING BULLDOG TD 14,775’ SOUTHWESTERN TESTING ENCANA TD 11,000’ BURLINGTON TD 13,450’ ENCANA TD 11,000’ SOUTHWESTERN ACREAGE PETRO-HUNT DRILLING PETRO-HUNT TD 13,500’ CXP ACREAGE CONCHO TD 11,900’ RANGE LOCATION HALLWOOD LOCATION MATADOR LEASES HUDSPETH CONCHO DRILLING DRILLED WELL LOCATION THOMPSON DRILLING QUICKSILVER LOCATION DALLAS 2 LOCATIONS QUICKSILVER ACREAGE QUICKSILVER TD 10,368’ CULBERSON REEVES JEFF DAVIS 5 MILES West Texas Barnett/Woodford ShaleCulberson County, TX CONFIDENTIAL

  20. Exploration Joint Venture CONFIDENTIAL

  21. 2007 Capital Expenditures Estimated 2007 Capex by Region Estimated 2007 Capex by Category Lease Acquisition 5% $42.8 million $42.8 million $45 (1) (1)Excludes estimated seismic data purchases of approximately $9 million CONFIDENTIAL

  22. Financial Strategy • Maintain manageable debt levels • Senior revolver –$200MM borrowing base; $77MM available post-acquisition; L+125-200; 4 year maturity • Second lien facility - $150MM fully drawn at closing; L+525; 5 year maturity • Excess cash flow, after capital expenditures, for revolver repayment, preserving flexibility • Maintain conservative financial policy: • Fund capex from operating cash flow • Preserve financial flexibility through undrawn revolver capacity • Utilize oil and gas derivatives to limit commodity price downside risk • Target net debt / EBITDAX ratio under 2.5x; projected 2007 under 2.0x (based on NYMEX strip on 5/8/07) • Target net debt / proved reserves under $1.80 / Mcfe ($2.0/mcfe @ close) • Target adjusted EBITDAX/interest over 3.5x (projected for 2007 at 4.4x) (based on NYMEX strip on 5/8/07) • Balanced, conservative capital program • Low-risk drilling inventory to increase cash flow and asset value, and reduce debt • Exploration consists of further delineation / step-out drilling of existing fields in well-defined producing trends • Limited “wildcat” exploration • Increase equity investor base and opportunistically access equity capital for growth • Proceeds used to reduce revolver indebtedness • Don’t need equity new to reduce debt levels • Increase liquidity in stock to unlock value • Intensify efforts to increase efficiency: • Lower cash operating costs (LOE and G&A) per Mcfe produced CONFIDENTIAL

  23. Historical Financial Summary (1) Excludes non-cash stock-based compensation expense (2) Unaudited, proforma for Exco acquisition as of January 1, 2006 (3) Excludes MTM gains/losses on commodity hedges . CONFIDENTIAL

  24. Balance Sheet Actual CONFIDENTIAL

  25. Capital Stock Structure CONFIDENTIAL

  26. Hedging Detail(effective 5/8/2007) CONFIDENTIAL

  27. Attractive Valuation vs. PeersPro Forma 12/31/06 CXPO EV is pro forma the EXCO acquisition PV-10 values and proved reserves as of 12/31/2006 SEC filings. EV based on companies’ 6/30/2007 SEC filings. Source: Company filings CONFIDENTIAL

  28. Attractive Valuation vs. PeersPro Forma 12/31/06 CXPO EV & EBITDA is pro forma the EXCO acquisition LTM daily production and LTM EBITDA based on companies’ 12/31/2006 SEC filings. EV based on companies’ 6/30/2007 SEC filings. Source: Company filings CONFIDENTIAL

  29. Corporate Summary • Experienced management team with proven track record of growth through exploration, production and acquisition • Attractive portfolio of properties with low risk growth potential through significant upside from PUDs, probable and possible reserves • Visible near-term debt reduction through free cash flow • Limited commodity risk due to aggressive hedging program and low relative basis differentials • Strong financial partner in Oaktree who has vested interest in assisting the company achieve its growth plans and increasing shareholder value • Developing exploration/exploration capability far above average value creation • Inventory of lower risk exploitation and exploration opportunities in the Barnett and Woodford Shale, South Texas Lobo and Mississippi coal bed methane plays CONFIDENTIAL

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