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Enercom Conference August 2009. Safe Harbor. This presentation contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the

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Enercom Conference

August 2009


Safe harbor
Safe Harbor

This presentation contains projections and other forward-looking statements within

the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the

Securities Exchange Act of 1934. These projections and statements reflect the

Company’s current view with respect to future events and financial performance.

No assurances can be given, however, that these events will occur or that these

projections will be achieved, and actual results could differ materially from those

projected as a result of certain factors. A discussion of these factors is included in

the Company documents filed with the Securities and Exchange Commission.

This presentation does not constitute an offer to sell, or a solicitation of an offer to

buy, any securities, or the solicitation of a proxy or an attempt to influence any

voting of securities, by any person.

August 2009


Capital structure
Capital Structure

  • NYSE AMEX: DNE

  • 140 MM Primary Shares o/s

  • $17 MM Market Capitalization of common

  • $300 MM Senior LTD

    • 10.5% Interest – Cash

  • $222 MM Convertible preferred stock (6/30/09)

    • 12% Coupon - PIK

  • $35 MM Revolver – Up for Redetermination

    • $17 MM borrowed

  • $12.8 MM Cash (6/30/09)

August 2009


Overview
Overview

  • Critical mass built through the Acquisition of under-exploited and under-explored Gulf Coast legacy fields

  • Focused on Exploration, Exploitation & Development activity in South Louisiana and the Texas Gulf Coast

  • Prolific inventory of Exploration, Development and Workover Opportunities to Add Reserves and Grow Production through applied Drilling and Imaging Technology

August 2009


Field areas
Field Areas

Bayou Choctaw NW

Chocolate Bayou

Abbeville

North Broussard

Hitchcock NE

Comite

Lake Arthur

Columbus

Houston Headquarters

Murphy Lake

Manchester SW

Toro Grande

Bayou Couba

Welder Ranch

Live Oak

High Island 30

Leeville

East Lake Sand

Lake Boeuf SW

Garden Island Bay

South Florence

Alvin Townsite Prospect

Bateman Lake

Pearsall

Exploration Potential

Exploitation Focus

Malo Domingo

August 2009


Field characteristics
Field Characteristics

  • Large acreage tracts with high Working Interests

    • More than 90% of wells operated

    • Re-completion, PUD and Extension Opportunities

    • Significant Deeper Exploration Upside

  • Attractive Margins with sustainable Cashflow

  • Legacy assets of Major oil companies

    • Capital and Technology Starved

    • Sparsely drilled at depth

August 2009


Garden island bay
Garden Island Bay

  • PROJECT FACTS

    • Newly reprocessed seismic data

    • Significant subsalt potential

    • Over 22 MMBOe shallow potential

  • OWNERSHIP

    • 100% W.I.

    • Operator

    • 16,600 acres

  • CURRENT STATUS

    • 30 wells producing 900 BOPD & 1.5 MMCFG/D

  • 2009

    • 9000 Acre Subsalt Joint Venture commenced

      • 2010 Drilling

    • Exploration / Exploitation

      • 3 Well Joint Venture post-Hurricane Season

August 2009


Garden island bay building block prospects

Lead “Theta”

13,000’

1.2 MMBOe Potential

Lead “Y- Y Deep”

9,000’

1.2 MMBOE Potential

Lead “Kappa”

7,500’

416 MBOe Potential

Lead “Epsilon”

7,000’

1.2 MMBOe Potential

Lead “O SE”

7,700’

400 MBOe Potential

Lead “233 Updip”

7,700’

380 MBOe Potential

Lead “Z”

11,000’

1.2 MMBOe Potential

Lead “S”

14,000’

3.2 MMBOe Potential

Lead “E”

8,000’

2.5 MMBOe Potential

Lead “203 Offset”

9,800’

330 MBOe Potential

Lead “Epsilon East”

6,500’

266 MBOe Potential

Lead “Alpha”

6,700’

2.0 MMBOe Potential

Lead “908 B”

11,000’

500 MBOe Potential

Lead “Argos”

9,500’

330 MBOe Potential

SALT

Lead “MU”

4,750’

2.3 MMBOe Potential

Lead “P”

8,600’

2.6 MMBOe Potential

Lead “X”

6,100’

180 MBOe Potential

Lead “NU”

5,000’

830 MBOe Potential

Lead “Gromit”

6,000’

300 MBOe Potential

Lead “Delta”

7,800’

330 MBOe Potential

Potential Reserves of over 21.6 MMBOe

2009 - 10

Proposed 2009 - 10 Drilling

Garden Island Bay“Building Block Prospects”

August 2009


Garden island bay shallow prospect inventory
Garden Island BayShallow Prospect Inventory

August 2009

100% Unrisked


Garden island bay proposed 2009 drilling

“Gromit” Prospect

“Epsilon” Prospect

“Kappa Prospect”

Garden Island BayProposed 2009 Drilling

August 2009


Garden island bay subsalt marketing program

SALT

Garden Island BaySubsalt Marketing Program

Subsalt Exploration Partnership formed to Market & Explore Deep Potential (~ 9,000 acres.).

Retained 15% Working Interest plus Promote yields +/- 20% Interest

Merged Big Hum and NE Subsalt Prospect Maps

+/- 500 BCFe Potential

August 2009


Chocolate bayou field

Wieting #32 – 12,000’ “S” Sand

Dune

Wieting #30

Wieting #33 – IP Farms Sand

Wieting #33 – Andrau Sand

Chocolate Bayou Field

  • Working interest varies from 20% to 100% in 1,281 acres are held under lease.

  • Recently reprocessed Depth-migrated seismic data

  • Successfully drilled and completed the Wieting #30 well.

  • The Wieting #32 well will test the 12,600’ “S” sand and will be drilled on a 2:1 promoted basis

  • The Wieting #33 well will test the Andrau sand and the large exploratory potential (>30 BCF) in the deeper IP Farms section on a 50% WI basis. Drilling is anticipated in late 2009 or 2010.

August 2009


2009 drilling program

Alvin Townsite Prospect

LOPT # 10ST Prospect – Live Oak Field

2009 Drilling Program

10,100’ MD, Estimated DHC of $1.2 MM. 100% Reserve Potential 150 MBO (100% WI, 76% NRI)

10,900’ MD, Estimated DHC of $1.4 MM. 100% Reserve Potential 6.3 BCFe (77.6% WI, 79.6% NRI)

August 2009



Mid year reserves
Mid-Year Reserves

*PV-10 based on June 30, 2009 NYMEX Strip Pricing

**Net Interest after Industry Joint Ventures

August 2009


Looking ahead
Looking Ahead

2009 Operations

  • Manage Program to Available Cash, Cash Flow and Revolver Availability

  • Continue Organic Growth

  • Define and Exploit Deeper Pool Opportunities

  • Add new Projects within Core Areas

  • Joint Venture Exploration Programs

    • Promote Existing Interests

August 2009


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