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CRIMSON EXPLORATION INC.

CRIMSON EXPLORATION INC. Johnson Rice 2008 Emerging Growth Energy Conference Houston, TX January 23, 2008. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS.

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CRIMSON EXPLORATION INC.

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  1. CRIMSON EXPLORATION INC. Johnson Rice 2008 Emerging Growth Energy Conference Houston, TX January 23, 2008

  2. CAUTIONARY STATEMENT REGARDINGFORWARD-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.

  3. COMPANY PROFILE • Corporate Overview • NASDAQ bulletin board (TK: CXPO) • EV – approx $390MM; Fully-diluted equity cap of approx $130 million (com & pref) • Oaktree Capital Management as equity sponsor • Producing assets focused in South Texas / Texas Gulf Coast & South LA • Emerging plays in the DJ Basin, FW Barnett Shale and West Texas Barnett Shale • $289.5MM acquisition from EXCO Resources, Inc. in May 2007 • Pro Forma 2006 EBITDAX of $166 million • 95 bcfe of proved reserves; 236 bcfe 3P (unrisked); 100+ drilling locations • >83,000 gross acres in prolific producing trends; 255 producing wells • Management 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 interest • Approx 50 mmcfe/d current production (December 2007)

  4. COMPANY HISTORY 2000 – 2001 2002 – 2004 2005 2006 2007 Future • 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 meltdown • No capital for development/exploration • December 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

  5. AREAS OF OPERATION(proforma for EXCO Property Acquisition in 5/2007) ($ in millions) Colorado Total Proved Reserves (Bcfe): 7.9 % Gas: 75% Production (MMcfe/d)1: 0.7 Strip PV-10%: $24 3P Reserves (Bcfe): 7.9 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 DJ BASIN BARNETT SHALE 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.

  6. 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 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.

  7. MANAGEMENT TEAM

  8. BOARD OF DIRECTORS

  9. ORGANIZATION SUMMARY

  10. FELICIA FIELD AREA 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 sq miles within immediate trend Upside Potential • Probable & Possible Reserves: ~72 Bcfe • 30 amplitude related prospects (3 PUD, 10 Prob, 17 Poss) • Abandonment pressure could add as much as 25 Bcfe (net) 2007 Actual & 2008 Plans • 2007: Drilled 4 successful wells out of 5 total • 2008: Drill 10 gross wells total (costs: 8/8) • 10 (6.1 Net) exploitation wells: ~$3.5MM to drill, ~$5MM to D&C Field Summary Operators Crimson/Cimarex/Edge Working Interest 10 - 75% Proved Reserves (Bcfe) – 1/1/07 30.0 % Gas 85% % PDP 96% Producing Wells 23 12/07 Production (MMcfe/d) 18.4

  11. CAGE RANCH FIELD AREA 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 • PUD Reserves: ~13 Bcfe • Probable & Possible Reserves: ~14 Bcfe • Identification of additional shallow Frio oil traps • Evaluation of Deeper Vicksburg sands below existing production • 2008 Plans • Drill 4 gross wells total (costs: 8/8) • 2 (1.9 Net) PUDs: ~$2.0MM to drill, ~$2.7MM to D&C • 2 (2 Net) exploitation: ~$2.0MM to drill, ~$2.5MM to D&C Field Summary Operators Crimson/CHK/El Paso/Forest Working Interest 85% Proved Reserves (Bcfe) -1/1/07 28.0 % Gas 94% % PDP 24% Producing Wells 43 12/07 Production (MMcfe/d) 2.9

  12. SW SPEAKS FIELD AREA 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 • PUD Reserves: ~8 Bcfe • Probable & Possible Reserves: ~42 Bcfe • 26 identified drilling locations • Multiple behind pipe opportunities 2007 Actual & 2008 Plans • 2007: Drilled 1 successful well out of 1 total • 2008: Drill 5 gross wells total (costs: 8/8) • 4 (1.3 Net) PUDs: ~$4.0MM to drill, ~$6.0MM to D&C • 1 (0.8 Net) exploitation: ~$4.0MM to drill, ~$6.0MM to D&C Field Summary Operators Crimson/El Paso/XTO Working Interest 35% Proved Reserves (Bcfe) -1/1/07 21.0 % Gas 97% % PDP 58% Producing Wells 24 12/07 Production (MMcfe/d) 2.7

  13. STX – LOBO Area of Operations Highlights Field Overview • Non Operated Joint Venture • Lower Wilcox Lobo • 2,800 Gross Acres/ 550 Net Acres • Well defined Hydrocarbon System • High Probability of Success Upside Potential • Mulitiple Pays, Complex Geology 2007 Actual & 2008 Plans • 2007: Drilled 6 successful wells out of 9 total • 2008: 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) Field Summary Operators Paloma/CHK/El Paso/Forest Working Interest 20-24% Proved Reserves (Bcfe) -1/1/07 0.0 % Gas 100 % PDP N/A 12/07 Production (MMcfe/d) 1.6

  14. DJ BASIN 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; 32 producing wells Upside Potential • PUD Reserves: ~3 Bcfe • Probable & Possible Reserves: ~7 Bcfe • 42 identified drilling locations • Further potential evaluation in Niobrara, Codell and deeper formations 2008 Plans • Drill 10 gross wells total (costs: 8/8) • 5 (3.5 Net) PUDs: ~$0.5MM to drill, ~$0.6MM to D&C • 5 (3.4 Net) exploitation: ~$0.5MM to drill, ~$0.6MM to D&C DJ Basin (Colorado) Field Summary Operators Crimson/Anadarko/EnCana/Forest Working Interest 70 - 92% Proved Reserves (Bcfe) – 1/1/07 8.0 % Gas 75% % PDP 52% Producing Wells 32 12/07 Production (MMcfe/d) 0.7

  15. BARNETT SHALE Ft. Worth Barnett Shale Joint Venture • Approximate 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 Plans • 2007: Drilled 7 of 7 wells • 2008: None • Announced proposed sale in 1Q:08 – approximately $30MM ; 2.5 – 3x return Ft. Worth Barnett Shale (Johnson and Tarrant Counties)

  16. 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 TX BARNETT/WOODFORD SHALECulberson County, TX

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

  18. FINANCIAL STRATEGY • Maintain conservative financial policy: • Borrowing capacity for acquisitions • Fund capex from operating cash flow • Utilize oil and gas derivatives to limit commodity price downside risk - ~75% • Target net debt / EBITDAX ratio under 2.5x • Target net debt / proved reserves under $1.80 / Mcfe • Target adjusted EBITDAX/interest over 3.5x • Maintain manageable debt levels • Senior revolver –$200MM borrowing base; $90MM available • Second lien facility - $150MM fully drawn; L+575; 5/2012 maturity • Excess 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 debt • Exploration consists primarily of delineation/step-out drilling in existing, defined producing trends • Limited “wildcat” exploration • Expand investor base and opportunistically access equity capital for growth • Don’t need new equity to reduce debt levels • Provide “powder” for future acquisitions • Increase liquidity in stock to unlock value

  19. TOTAL COMPANY PRODUCTION BY TYPE (MMcfe/d)

  20. TOTAL COMPANY PRODUCTION BY CATEGORY (MMcfe/d)

  21. REVENUE & EBITDAX 21

  22. BALANCE SHEET Actual 22

  23. ATTRACTIVE VALUATION VS. PEERS CXPO EV @ 9/30/07 ($7.85/share) is pro forma the EXCO acquisition. 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. 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) 23

  24. ATTRACTIVE VALUATION VS. PEERS 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. 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) 24

  25. SUMMARY Experienced management team – proven track record of growth Low-risk growth potential through significant upside from 3P reserves Inventory of lower risk exploitation and exploration opportunities in the Barnett/Woodford Shale, South Texas Lobo and DJ Basin Visible near-term debt reduction through free cash flow Limited commodity risk due to aggressive hedging program Strong financial partner in Oaktree Capital Prospect generation capability for above-average value creation 25

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