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Forward-looking statements and cautionary statements
This presentation contains 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. All statements, other than statements of historical facts, included in this presentation that address activities,
events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.
Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations
of management regarding proved reserves, probable reserves, cost savings, allocation of purchase price, drilling success and individual well
recoveries resulting from the acquisition discussed herein and the reprocessing and interpretation of 3-D seismic data in Ozona Northeast. These
statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends,
current conditions, anticipated future developments and other factors believed to be appropriate and believed to be reasonable by
management. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the
Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. In particular,
careful consideration should be given to the cautionary statements and risk factors described in the Company's Annual Report on Form 10-K and
Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on March 28, 2008 and May 8, 2008, respectively. Any
forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or
update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable
law.
The SEC has generally permitted oil and gas companies, in their filings 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 uses the terms "estimated ultimate recovery," "EUR," "probable," "possible" and "non-proven" reserves,
reserve "potential" or "upside" or other descriptions of 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.
Reserve estimates and estimates of reserve potential or upside with respect to the acquisition discussed herein were made by the Company's
internal engineers without review by an independent petroleum engineering firm. Data used to make these estimates were obtained from the
sellers and from publicly available information and may not be as complete as that which is available for the Company's owned properties. The
Company believes its estimates of proved reserves comply with criteria provided under current rules of the SEC.
OZONA NORTHEAST
Strawn/Ellenburger Acquisition
July 2, 2008
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