Company Overview

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 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.

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 _at_ 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)

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)
5
Experienced Management Team
6
Experienced Board of Directors
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
• gt83,000 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.
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
• Managements 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

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) 17.1 Gas 47 Production
(MMcfe/d)1 9.4 Strip PV-10 78 3P Reserves
(Bcfe) 17.1
Proved Reserves (Bcfe) 116.1
Gas 87 Production (MMcfe/d)1 46.5 Strip
PV-10 464 3P Reserves (Bcfe) 256.3
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.
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

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.
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
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
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
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
16
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
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
18
Barnett Shale / Mississippi CBM
Ft. Worth Barnett Shale Joint Venture
Mississippi CBM
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

19
West Texas Barnett/Woodford ShaleCulberson
County, TX
20
Exploration Joint Venture
21
2007 Capital Expenditures
Estimated 2007 Capex by Category
Estimated 2007 Capex by Region
Lease Acquisition 5
42.8 million
42.8 million
45
(1)
(1) Excludes estimated seismic data purchases of
approximately 9 million
22
Financial Strategy

• Maintain manageable debt levels
• Senior revolver 200MM borrowing base 77MM
  available post-acquisition L125-200 4 year
  maturity
• Second lien facility - 150MM fully drawn at
  closing L525 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 _at_ 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

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
.
24
Balance Sheet
Actual
25
Capital Stock Structure
26
Hedging Detail(effective 5/8/2007)
27
Attractive Valuation vs. Peers
EV / Proved Reserves (Bcf)
EV / PV-10
PV-10 values and proved reserves as of most
recent SEC proved reserve filing. Source Capital
IQ
28
Attractive Valuation vs. Peers
EV / LTM EBITDA
2.14x
EV / LTM Daily Production (Mmcf)
Production based on companies most recent SEC
filings. Source Capital IQ
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