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IPAA PRIVATE CAPITAL CONFERENCE HOUSTON, TEXAS - 2006

IPAA PRIVATE CAPITAL CONFERENCE HOUSTON, TEXAS - 2006. January 19, 2006. C OMPANY O RIGINATION. Plantation Petroleum Corporation 2001 – Acquired as a dormant corporation 2001 – Mid-year restructuring – Two Officers:

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IPAA PRIVATE CAPITAL CONFERENCE HOUSTON, TEXAS - 2006

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  1. IPAA PRIVATE CAPITAL CONFERENCE HOUSTON, TEXAS - 2006 January 19, 2006

  2. COMPANY ORIGINATION Plantation Petroleum Corporation • 2001 – Acquired as a dormant corporation • 2001 – Mid-year restructuring – Two Officers: Thomas C. Meneley, Pres/CEO Bill J. Walls, Exec. VP/CFO • 2002 – C-Corp. dissolved -- New LLC organization in process

  3. PLANTATION I TRANSACTION Plantation Petroleum Holdings, LLC • Management Team Thomas C. Meneley – Chairman, President & CEO Bill J. Walls – Exec. V.P. & CFO Mike Parker – Sr. V.P. & COO Mickey McGhee – V.P. Geology Sean Keenan – Mgr. Bus. Dev & Marketing • 2002 – 2nd Quarter - PPH, LLC formed to Acquire the Stock of Maynard Oil Co. Equity Partners • Plantation Petroleum Ventures, LTD • EnCap Energy Capital (Fund IV & IV-B) • Kellen Holdings, LLC (Liberty Energy Holdings, LLC) • 2003 – December 31- Closed on the Sale of the Stock of Maynard Oil Company to Forest Oil Corp.

  4. PLANTATION II TRANSACTION Plantation Petroleum Holdings II, LLC • Management Team • Thomas Meneley, President • Bill Walls, CEO • Don Dotson, COO • Mickey McGhee, Geologist • Sean Keenan, Business Development • 2003: In November 2003, PPH II, LLC was formed. Equity • Plantation Petroleum Ventures II, LTD • EnCap Energy Capital (Fund IV & IV-B) • Kellen Holdings, LLC (Liberty Energy Holdings, LLC) Debt • Bank of Texas, NA • 2003: November 23rd - Closed on the acquisition of Zia Energy, Inc. and affiliated working interest • 2005: June 15th – Closed on the Sale of the Stock of Zia & PPA

  5. PLANTATION III TRANSACTION Plantation Petroleum Holdings III, LLC • Management Team • Thomas C. Meneley, Chairman & President • Bill J. Walls, CEO & Secr • Don Dotson, COO • Sean Keenan, V.P. Bus. Dev. & Marketing • Tom Wingate, V.P. Geology • 2005: In June 2005, PPH III, LLC was formed. Equity • Plantation Petroleum Ventures II, LTD • EnCap Energy Capital (Fund IV & IV-B and Fund V & V-B) • Kellen Holdings, LLC (Liberty Energy Holdings, LLC) • 2005: Beginning in June, 2005, leasing lands and participating in Permian Basin development projects – Have currently drilled and completed 2 wells and have a substantial inventory of projects to complete. • 2005: December 15, 2005 – Closed on the acquisition of the assets of a significant Midland-based Permian Basin Operator – Funded by the Equity Partner Group + Bank Syndication Group: BNP Paribas and the Bank of Texas, N.A.

  6. PLANTATIONS EXPERIENCE WITH PRIVATE CAPITAL • Prior knowledge of capital providers – Years of contact with many private capital providers • Assembling a compatible management team – Essential for success in receiving Private Capital funding • Review of capital providers in 2002: Search for the right Private Capital Partner • Decision to take Maynard Oil Company Private vs. Remaining Public • Relationship experience with Private Capital Provider after Acquisition: • Early relationship = More oversight by Private Capital Partners • Successful Management Team Decisions = Less Oversight by Private Capital Partners • Teamwork with Private Capital Partners – “Essential” !!

  7. FINANCIAL SUCCESSVIA PRIVATE CAPITAL • Rate-of-Return – PPH I & PPH II – Both have proven to be short investment periods with extraordinary rewards – Quick decision capability with Private Capital Partners • Restart – PPH III (Plantation Operating, LLC) – Less difficult organizational restart with Private Capital Partners and Banks due to Track Record of PPH I & PPH II • Risk vs. Reward – Management Team and Private Capital Providers both experience Less Risk and Greater Rewards as Management Teams gain experience in Core Areas and log successful “Full Cycle” returns to the partnership

  8. SUMMARY • Compatible Management Team – Very Important • Compatible Private Capital Providers, i.e. Board Members • Correct Decision Making Process • Acquisitions – (1) At the right time; (2) At the right price; (3) In a geologic and geographic area familiar to the Management Team • Enhancement Plan - Identify as much upside as possible before closing to expedite the enhancement process • Divestiture Decision – Continual market evaluation throughout the “life” of the partnership – Pull-the-Trigger at the Optimum Time in the cycle – Request Capital Provider Input for a broader view of the Marketplace • Perseverance – Never Give Up

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