REGIONAL RESEARCH - REFRAC1

HAYNESVILLE REFRAC REPORT

Original 18-Page Supplement Report.

NORTH LOUSIANA & EAST TEXAS

HAYNESVILLE & BOSSIER REFRACS.

~200 ReFrac/Recompletes in Study.

Only 3% of Legacy HZ Wells ReFrac'd.

ReFrac Vols Coming in at 90% of Original IP

Est. 75% of ReFracs Payback in <12 Months

Aethon, CHK & SWN Most Active In ReFracs

Avg. ReFrac is 7.3 Years From 1st Prod.

Our Analysts Note 4-Case Histories

Practices Evolving, Simul Frac is Best

Avg. ReFrac Scores ~90% of Original Rates

Best ReFracs Scoring 98% of Original Rates

COP Says >1,000 ReFracs w/ MRO Eagle Ford

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STUDY 2003MA