Evercore Investment Banking Pitch Book

Preliminary Financial Analysis Precedent Transactions - Ultra-Deep Shelf Value Prospect Offshore Davy Jones Blackbeard East Lafitte Blackbeard West Offshore Discoveries Total England Barbosa Morgan Barataria Blackbeard West #3 Drake Davy Jones West Hurricane Hook Captain Blood Bonnet Queen Anne's Revenge Calico Jack Offshore Prospects Total Onshore Highlander Lineham Tortuga Onshore Total Total Ultra-Deep Category WI Ultra-Deep Shelf Valuation Precedent Transactions Gross Unrisked Net Unrisked NRI Resource Potential Resource Potential % Gross Risked Net Risked Resource Potential Resource Potential Discovery 63.4% 50.2% Discovery 72.0% 57.4% Discovery 72.0% 58.3% Discovery 69.4% 53,1% Prospect 36.0% 28.8% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 72.0% 57.6% Prospect 69.4% 55.5% Prospect 72.0% 57.6% Prospect 36.0% 28.8% Prosped 72.0% 57.6% Prosped 72.0% 57.6% Prospect 72.0% 57.6% 72.0% 57.6% Prospect Prospect 72.0% 57.6% Prospec 36.0% 28.8% Near Term Drill 72.0% 57.6% Drilling 36.0% 28.8% Prosped 72.0% 57.6% EVERCORE PARTNERS Befe 3,248 1,040 804 7,434 27,300 2,588 1,000 2,820 498 14,580 1,400 1,575 4,890 18,000 3,150 1,296 7,000 86,097 13,300 10,800 5,590 29,690 123,221 Befe 1,631 597 1,365 427 4,020 7,862 1,491 576 1,624 276 8,398 403 907 2,817 10,368 1,814 746 2,016 39,300 7,661 3,110 3,2230 13,991 57,311 33 Befe 2,321 737 1,601 592 5,252 7,487 721 281 776 288 3,765 391 446 1,257 4,957 788 336 1,931 23,424 3,578 2,976 1,465 8,020 36,696 Befe 1,165 $ 0.50 $ 0.60 423 $ 0.25 $ 0.50 933 $ 0.25 $ 0.50 315 $ 0.25 $ 0.50 2,836 2,156 415 $ $ 162 $ 447 $ Metric Used Low High $/Mcfe $/Mcfe 160 $ 2,169 $ 113 $ 257 $ 724 $ 2,855 $ 454 $ 194 $ 556 $ 10,661 2,061 857 844 3,762 17,260 $ $ $ 0.10 $ 0.15 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 Confidential Implied Valuation Low SMM $583 106 233 79 $1,000 $216 42 16 45 16 217 11 72 286 45 19 56 $1,066 $206 86 84 $376 $2,443 High SMM $699 211 467 157 $1,535 $323 62 24 24 325 17 39 109 428 68 29 83 $1,599 $309 129 127 $564 $3,698 MOMORAN

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