CRIMSON EXPLORATION INC

Johnson Rice 2008 Emerging Growth Energy ConferenceHouston, TXJanuary 23, 2008

CRIMSON EXPLORATION INC.

CONFIDENTIAL

*CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING STATEMENTSCertain 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 Companys ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Crimsons 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 Crimsons forward-looking statements are found in the Companys SEC filings.

CONFIDENTIAL

*COMPANY PROFILECorporate OverviewNASDAQ bulletin board (TK: CXPO)EV approx $390MM; Fully-diluted equity cap of approx $130 million (com & pref)Oaktree Capital Management as equity sponsorProducing assets focused in South Texas / Texas Gulf Coast & South LAEmerging plays in the DJ Basin, FW Barnett Shale and West Texas Barnett Shale

$289.5MM acquisition from EXCO Resources, Inc. in May 2007Pro Forma 2006 EBITDAX of $166 million95 bcfe of proved reserves; 236 bcfe 3P (unrisked); 100+ drilling locations>83,000 gross acres in prolific producing trends; 255 producing wellsManagement familiarity with assets

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 interestApprox 50 mmcfe/d current production (December 2007)

CONFIDENTIAL

COMPANY HISTORY

Gulf West Energy, predecessor to Crimson, obtains funding from Aquila Energy Capital buys Colorado, South Texas, and Grand Lake/Lacassine properties

Aquila Energy Capital withdraws funding merchant banking meltdownNo capital for development/explorationDecember 2004 in desperate financial state

Oaktree Capital acquires stake though preferred equity infusion (Feb)CEO Allan Keel and CFO Joseph Grady join Company in connection with Oaktree recapitalization (Feb)Expansion of management team

Reincorporated in Delaware renamed Crimson Exploration Inc. (June)

Evaluated/pursued approximately $3B in various acquisition opportunities Announces acquisition of assets from EXCO (May)

3-prong strategy of acquisition, exploitation, and exploration*2000 20012002 20042005

20062007

Future

CONFIDENTIAL

*AREAS OF OPERATION(proforma for EXCO Property Acquisition in 5/2007)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.Proved Reserves (Bcfe):17.1% Gas:47%Production (MMcfe/d)1:9.4Strip PV-10%:$783P Reserves (Bcfe):17.1Proved Reserves (Bcfe):116.1% Gas:87%Production (MMcfe/d)1:46.5Strip PV-10%:$4643P Reserves (Bcfe):256.3Proved Reserves (Bcfe):141.4% Gas:84%Production (MMcfe/d)1:56.7Strip PV-10%:$567Reserve Life (Years):6.8x3P Reserves (Bcfe):281.6TotalProved Reserves (Bcfe):7.9% Gas:75%Production (MMcfe/d)1:0.7Strip PV-10%:$243P Reserves (Bcfe):7.9ColoradoTexasLouisiana($ in millions)SOUTH TEXASWEST TEXASGULF COASTDJ BASINBARNETT SHALE

CONFIDENTIAL

*PROVED RESERVE DISTRIBUTION 1/1/07(proforma for EXCO property acquisition in 5/2007)Pro Forma Reserves by Category Pro Forma PV-10% by Category (1) Pro Forma Reserves by RegionPro 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

Display

Chart

0.7302050424

0.143889443

0.1259055146

&R&8&F - &D - &T

&L&7Credit Suisse First Boston

PDP 73%

PDNP 14%

PUD 13%

PV-10%

Graph Data

CompanyPV-10%

PDP0.7

PDNP0.1

PUD0.1

Examples

Bar ChartIndustryVolume

Insurance$1,312.0

Entertainment$1,035.0

Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0

Bar-Floating ChartCategoryMinimumMaximum

Category 128

Category 2410

Category 3612

Category 4814

Category 51016

Column ChartRatingA RatedBBB RatedBB RatedB Rated

Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0

Column Line Combination ChartDateRevenueEBIT Margin

1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%

Column Stacked ChartIndustryIPOSECCVT

Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0

International$715.0$615.0$555.0

Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0

Line ChartIndustryGross MarginEBIT Margin

Insurance52%22.0%

Entertainment55%24.0%

Health Care56%25.0%

Energy55%24.0%

Market Share ChartIndustryVolumeIndustryVolumeMarket Share

Insurance$1,312.0Insurance$1,312.012%

Entertainment$1,035.0Entertainment$1,035.015%

Health Care$953.0Health Care$953.011%

Energy$653.0Energy$653.08%

Retail$576.0Retail$576.08%

Technology$432.0Technology$432.08%

Chemicals$325.0Chemicals$325.09%

Pie ChartDivisionAmount

Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8

Ranking ChartInvestment BankVolumeInvestment BankVolumeMarket Share

CSFB$10,768.0CSFB$10,768.017%

Merrill Lynch$6,732.0Merrill Lynch$6,732.011%

Goldman, Sachs$6,381.0Goldman, Sachs$6,381.010%

Bear, Stearns$5,075.0Bear, Stearns$5,075.08%

Morgan Stanley$4,676.0Morgan Stanley$4,676.08%

Valuation ChartValuation MethodologyLowHigh

PublicComparableCompanies$9.5$11.5

ComparablePremiums$10.5$11.8

M&AComparableTransactions$9.8$13.5

DCFBaseCase$10.8$14.5

DCFUpsideCase$12.0$16.0

XY Scatter Line ChartDateGross MarginEBIT Margin

3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%

XY Scatter Plot ChartCompanyP/E MultipleEPS Growth

Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

Scratch

Display

Chart

80.220716

37.683097

30.751706

&R&8&F - &D - &T


PDP 54%

PDNP 25%

PUD 21%

Reserves

Graph Data

CompanyReserves

PDP80.2

PDNP37.7

PUD30.8

Examples


Insurance$1,312.0


Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0


Category 128

Category 2410

Category 3612

Category 4814

Category 51016


Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0


1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%


Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0


Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0


Insurance52%22.0%


Health Care56%25.0%

Energy55%24.0%










Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8


CSFB$10,768.0CSFB$10,768.017%












3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%


Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

Scratch

Display

Chart

17.1

7.9

116.1

&R&8&F - &D - &T


Louisiana 12%

Colorado 6%

Texas 82%

Graph Data

LocationReserves

Louisiana17.10.115296753317,107.2

Colorado7.90.05268405767,817.0

Texas116.10.8320191891123,450.9

Examples


Insurance$1,312.0


Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0


Category 128

Category 2410

Category 3612

Category 4814

Category 51016


Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0


1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%


Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0


Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0


Insurance52%22.0%


Health Care56%25.0%

Energy55%24.0%










Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8


CSFB$10,768.0CSFB$10,768.017%












3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%


Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

Scratch

Display

Chart

78

24

464

&R&8&F - &D - &T


Louisiana 14%

Colorado 4%

Texas 82%

Graph Data

LocationReserves

Louisiana78.013.2%62.6435624269

Colorado24.03.9%18.492

Texas464.083.0%394.8106665731

Examples


Insurance$1,312.0


Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0


Category 128

Category 2410

Category 3612

Category 4814

Category 51016


Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0


1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%


Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0


Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0


Insurance52%22.0%


Health Care56%25.0%

Energy55%24.0%










Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8


CSFB$10,768.0CSFB$10,768.017%












3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%


Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

Scratch

*MANAGEMENT TEAM

CONFIDENTIAL

NAME AND TITLE

Exp.

EXPERIENCE

Allan D. KeelPresident, CEO, Director

>25

VP/GM Westport Resources,

President/COO Mariner Energy & Woodside Energy (USA)

Energen

E. Joseph GradySVP, CFO

>30

CFO - Texas Petrochemicals Holdings, Inc.

CFO - Forcenergy, Inc. & Pelto Oil Company

Deloitte & Touche

Jay S. MengleSVP, Operations & Engineering

>25

Shelf Asset Manager GOM for Kerr-McGee

Senior management roles at Norcen Explorer and Westport Resources

Tracy PriceSVP, Land & Business Development

>25

SVP Land / Business Development at Houston Exploration

Manager of Land / Business Development of Newfield Exploration

Land Manager for Apache Corporation

Thomas H. AtkinsSVP, Exploration

>25

General Manager GOM for Newfield Exploration

Exploration Manager for EOG Resources

*BOARD OF DIRECTORS

CONFIDENTIAL

NAME AND TITLE

EXPERIENCE

Allan D. KeelPresident, CEO, Director

Above

Lee B. Backsen

Continental Land & Fur Co. and Grant Geophysical

Senior exploration management positions with Burlington Resources, UMC Petroleum, General Atlantic Gulf Coast, Kerr-McGee, Pelto Oil Co., Spectrum Oil and Gas Co. and Shell Oil Co.

Skardon F. BakerSenior Vice President, Oaktree Capital Management

Joined Crimsons board in February 2005

JP Morgan Investment Banking

Vice President in JP Morgans M&A group

B. James FordManaging Director, Oaktree Capital Management

Director of EXCO Resources, Inc. ,Cequel Communications, Trenton Media and Red Technology Alliance

Consultant with McKinsey & Co

Lon McCain

Director of Continental Resources, Inc. and Cheniere Energy Inc.

Previous CFO of Westport Resources Corporation

Principal of Petrie Parkman & Co.

Senior financial management positions with Presidio Oil Co., Petro-Lewis Corporation and Ceres Capital

ORGANIZATION SUMMARY*

CONFIDENTIAL

Sheet1

Pre-EXCORecentOpenFully-Staffed

HeadcountHiresPositionsHeadcount

Administrative86822

Exploration27110

Land45110

Production314118

Total17321160

Sheet2

Sheet3

*FELICIA FIELD AREA Area of OperationsHighlights Field Summary Operators Crimson/Cimarex/EdgeWorking Interest 10 - 75%Proved Reserves (Bcfe) 1/1/0730.0% Gas85%% PDP96%Producing Wells2312/07 Production (MMcfe/d)18.4Field OverviewLegacy Westport Resources property21,658 gross / 12,910 net acresYegua, Cook Mountain, Wilcox and Vicksburg reservoirs (9,000 to 15,000)Well defined hydrocarbon trapsFive 3-D surveys total over 500 sq miles within immediate trendUpside PotentialProbable & Possible Reserves: ~72 Bcfe30 amplitude related prospects (3 PUD, 10 Prob, 17 Poss) Abandonment pressure could add as much as 25 Bcfe (net)2007 Actual & 2008 Plans2007: Drilled 4 successful wells out of 5 total2008: Drill 10 gross wells total (costs: 8/8)10 (6.1 Net) exploitation wells: ~$3.5MM to drill, ~$5MM to D&C

CONFIDENTIAL

*CAGE RANCH FIELD AREAArea of OperationsField Summary Operators Crimson/CHK/El Paso/ForestWorking Interest85%Proved Reserves (Bcfe) -1/1/0728.0% Gas94%% PDP24%Producing Wells4312/07 Production (MMcfe/d)2.9Highlights Field OverviewLegacy Westport Resources property18,623 gross acres / 15,168 net acresFrio and Vicksburg reservoirs (8,500 to 12,000)Highly faulted structural trapsTen 3-D seismic surveys covering 176 square miles of outlined areaUpside PotentialPUD Reserves: ~13 BcfeProbable & Possible Reserves: ~14 BcfeIdentification of additional shallow Frio oil traps Evaluation of Deeper Vicksburg sands below existing production2008 PlansDrill 4 gross wells total (costs: 8/8)2 (1.9 Net) PUDs: ~$2.0MM to drill, ~$2.7MM to D&C2 (2 Net) exploitation: ~$2.0MM to drill, ~$2.5MM to D&C

CONFIDENTIAL

*SW SPEAKS FIELD AREAArea of OperationsField Summary Operators Crimson/El Paso/XTOWorking Interest35%Proved Reserves (Bcfe) -1/1/0721.0% Gas97%% PDP58%Producing Wells2412/07 Production (MMcfe/d)2.7Highlights Field OverviewLegacy Westport Resources property10,987 gross / 5,861 net acresMiocene to Deep Wilcox reservoirs (2,000 to 17,000)Upside PotentialPUD Reserves: ~8 BcfeProbable & Possible Reserves: ~42 Bcfe26 identified drilling locationsMultiple behind pipe opportunities2007 Actual & 2008 Plans2007: Drilled 1 successful well out of 1 total2008: Drill 5 gross wells total (costs: 8/8)4 (1.3 Net) PUDs: ~$4.0MM to drill, ~$6.0MM to D&C1 (0.8 Net) exploitation: ~$4.0MM to drill, ~$6.0MM to D&C

CONFIDENTIAL

*STX LOBO Area of OperationsField Summary Operators Paloma/CHK/El Paso/ForestWorking Interest20-24%Proved Reserves (Bcfe) -1/1/070.0% Gas100% PDPN/A12/07 Production (MMcfe/d)1.6Highlights Field OverviewNon Operated Joint VentureLower Wilcox Lobo2,800 Gross Acres/ 550 Net AcresWell defined Hydrocarbon SystemHigh Probability of SuccessUpside PotentialMulitiple Pays, Complex Geology2007 Actual & 2008 Plans2007: Drilled 6 successful wells out of 9 total2008: Drill 9 gross wells total (costs: 8/8)9 (2.0 net) Exploration wells: ~$1.6MM to drill, ~$2.7MM to D&C

STX Lobo(Zapata & Webb Counties)

CONFIDENTIAL

*DJ BASINArea of OperationsField Summary Operators Crimson/Anadarko/EnCana/ForestWorking Interest 70 - 92%Proved Reserves (Bcfe) 1/1/078.0% Gas75%% PDP52%Producing Wells3212/07 Production (MMcfe/d)0.7Highlights Field Overview14,000 gross / 10,000 net acresAcquired in 2000 with Aquila Energy Capital financing Two development wells drilled in 2006, adding net production of approximately 368 Mcfe/dLong-life reserves; 32 producing wellsUpside PotentialPUD Reserves: ~3 BcfeProbable & Possible Reserves: ~7 Bcfe42 identified drilling locationsFurther potential evaluation in Niobrara, Codell and deeper formations2008 PlansDrill 10 gross wells total (costs: 8/8)5 (3.5 Net) PUDs: ~$0.5MM to drill, ~$0.6MM to D&C5 (3.4 Net) exploitation: ~$0.5MM to drill, ~$0.6MM to D&C

DJ Basin(Colorado)

CONFIDENTIAL

*BARNETT SHALE Ft. Worth Barnett Shale Joint VentureApproximate 10, 500 gross acreage position in Tarrant / Johnson counties (core area)Offset operators include Chesapeake Energy, EOG Resources, etc.12.5% WI (non-operated)2007 Actual & 2008 Plans2007: Drilled 7 of 7 wells2008: NoneAnnounced proposed sale in 1Q:08 approximately $30MM ; 2.5 3x returnFt. Worth Barnett Shale(Johnson and Tarrant Counties)

CONFIDENTIAL

*WEST TX BARNETT/WOODFORD SHALECulberson County, TX

CONFIDENTIAL

*CAPITAL EXPENDITURE PROGRAM(Preliminary, subject to Board approval)Estimated 2008 Capex by Category$62.6 million$45Estimated 2008 Capex by Region$62.6 million(1)(1) Excludes: seismic data (~$7.1MM), land delay rentals (~$0.5MM), & non-O&G capex (~$0.3MM).

CONFIDENTIAL

Chart1

14.3

28.7

14.7

4.8

Graph Data

CapEx

Development14.3

Exploitation28.7

Exploration14.7

Lease4.8

Scratch

Chart1

21.8

15.5

19.6

2.1

3.1

0.3

Graph Data

CompanyCapEx

South Texas21.8

SW Central Texas15.5

East Texas19.6

Louisiana2.1

Colorado3.1

Other0.3

Scratch

Display

Table

South TexasCentral TexasEast TexasLouisianaColoradoOtherTOTAL 2008Unrisked Potential Bcfe (net)

2008E Drilling Capital ($MM)

Development (Proved)5.35.50.11.31.80.314.30.0

Exploitation (Prob/Poss)3.75.118.40.01.50.028.722.9

Exploration8.84.11.10.80.00.014.726.6

Lease Acquisitions4.00.80.00.00.00.04.80.0

Total21.815.519.62.13.40.362.649.5

2008E Drilling Schedule (# Wells)

Development671160.021

Exploitation23100.050.020

Exploration145210.00.022

Total2215132110.063

*FINANCIAL STRATEGYMaintain conservative financial policy:Borrowing capacity for acquisitionsFund capex from operating cash flowUtilize oil and gas derivatives to limit commodity price downside risk - ~75%Target net debt / EBITDAX ratio under 2.5xTarget net debt / proved reserves under $1.80 / Mcfe Target adjusted EBITDAX/interest over 3.5x

Maintain manageable debt levelsSenior revolver $200MM borrowing base; $90MM availableSecond lien facility - $150MM fully drawn; L+575; 5/2012 maturityExcess cash flow, after capital expenditures, for revolver repayment, preserving flexibility

Balanced, conservative capital program Low-risk drilling inventory to increase cash flow and asset value, and reduce debtExploration consists primarily of delineation/step-out drilling in existing, defined producing trendsLimited wildcat exploration

Expand investor base and opportunistically access equity capital for growthDont need new equity to reduce debt levelsProvide powder for future acquisitionsIncrease liquidity in stock to unlock value

CONFIDENTIAL

*TOTAL COMPANY PRODUCTION BY TYPE(MMcfe/d)

CONFIDENTIAL

*TOTAL COMPANY PRODUCTION BY CATEGORY(MMcfe/d)

CONFIDENTIAL

REVENUE & EBITDAX *

CONFIDENTIAL

*BALANCE SHEETActual

CONFIDENTIAL

(000s)

12/31/05

12/31/06

9/30//07

Cash /Current Assets

$ 5,825

$3,532

$ 40,029

Property, Plant & Equipment, net

54,223

76,547

347,223

Other Assets

3,067

1,690

4,315

Derivative Instruments (Curr & LT)

-

2,934

4,258

Total Assets

$ 63,115

$84,703

$ 395,825

Notes Payable/Current Debt

$ 121

$91

$ 95

Other Current Liabilities

4,626

10,656

38,255

Long-term Debt

1,103

8,415

270,568

Asset Retirement Obligations (Curr & LT)

1,311

4,215

7,690

Derivative Instruments (Curr & LT)

3,149

-

1,582

Equity

52,805

61,326

77,635

Total Liabilities & Stockholders Equity

$ 63,115

$84,703

$ 395,825

*PV-10 values and proved reserves as of 12/31/2006 SEC filings. EV based on companies 9/30/2007 SEC filings.Source: Fortis Merchant Banking Weekly Market Update (1/7/08)CXPO EV @ 9/30/07 ($7.85/share) is pro forma the EXCO acquisition.ATTRACTIVE VALUATION VS. PEERS

CXPO* EV @1/16/08 ($12.45/share) is pro forma the EXCO acquisition; assumes all Preferred shares are converted, thus increasing O/S by 5.8MM.

CONFIDENTIAL

*ATTRACTIVE VALUATION VS. PEERS

Daily production based on most recent quarter. EBITDA estimates are Thomson FirstCall consensus.EV based on companies 9/30/2007 SEC filings.Source: Fortis Merchant Banking Weekly Market Update (1/7/08)CXPO EV @ 9/30/07 ($7.85/share) & EBITDA is pro forma the EXCO acquisition.CXPO* EV @1/16/08 ($12.45/share) & EBITDA is pro forma the EXCO acquisition.

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*SUMMARYExperienced management team proven track record of growth

Low-risk growth potential through significant upside from 3P reservesInventory of lower risk exploitation and exploration opportunities in the Barnett/Woodford Shale, South Texas Lobo and DJ BasinVisible near-term debt reduction through free cash flowLimited commodity risk due to aggressive hedging program Strong financial partner in Oaktree Capital

Prospect generation capability for above-average value creation

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CRIMSON EXPLORATION INC