REGIONAL RESEARCH - REFRACS

HAYNESVILLE REFRAC REPORT

23 Page Supplement Report.

NORTH LOUISIANA & EAST TEXAS

HAYNESVILLE & BOSSIER REFRACS.

199 out of 6,155 Wells Have Been ReFrac'd

Aethon, CHK, SWN Dominate ReFrac's

~75% ReFrac's Are Good, Payback <12 mos

More Upside with >6,000 Legacy Wells

Successful ReFracs Yield Like New Volumes

ReFracs Now Avg. 24 Stages w/225' Spacing

5,000' ReFrac Estimated at $3.4 Million

Highly Specialized Techniques

Practices Evolving, Simul Frac Is Best

Avg. 6-month Uplift Is Est. at >1.0 Bcf

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

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STUDY 2004MA