WYOMING PIPELINE AUTHORITY

1. Market Resources WYOMINGPIPELINEAUTHORITY AUGUST 26, 2003

2. Questar Market Resources Wexpro Company Questar E & P Questar Gas Management Questar Energy Trading Manages and develops cost-of-service properties for Questar Gas Natural gas gathering and processing services Wholesale energy marketing, trading, storage and risk-management services Oklahoma City Division Tulsa Division Rocky Mountain Division Uinta Division E&P activities in the Anadarko Basin (Midcontinent) and Texas Panhandle regions E&P activities in the Midcontinent, East Texas/ Upper Gulf Coast and Arkoma Basin regions E&P activities in the Rocky Mountain and San Juan Basin regions E&P activities in Uinta Basin, Utah

3. MARKET RESOURCES GROUP CORE AREAS IN WYOMING PINEDALE Jackson Mesa, Stewart Point Powder River Basin WASHAKIE BASIN Dripping Rock-Wedge,Wamsutter Wind River Basin Wind River Mtns ID Green River Basin ROCK SPRINGS UPLIFT Brady, S. Baxter Overthrust Belt UT Great Divide Basin Rock Springs Uplift Washakie Basin Cheyenne WY Salt Lake City MOXA ARCH Church Buttes, Henry, Bruff CO Sand Wash Basin Uinta Mtns Vernal D-J Basin Uinta Basin VERMILLION BASIN Hiawatha, Canyon Creek, Kinney Denver Piceance Basin UT CO

4. 633,000 Gross and 394,000 Net Leasehold Acres in Wyoming • 1200+ Working Interest Wells in Wyoming (46% operated) • Operated Gross Daily Production in Wyoming: 260,000 MCF and 2000 BO • Net Daily Production in Wyoming: 172,000 MCF and 2050 BO • Wyoming Net Reserves 710 BCFE (46% of Questar Total) (all numbers approximate as of March 31, 2003 for QEP and Wexpro)

5. PINEDALE DEVELOPMENT PROJECT • GREEN RIVER BASIN • Pinedale Anticline • Mesa and Stewart Point • Lance and Mesaverde Fms. • 2003 - $115,000,000 gross CAPEX (26 wells) • Anticipate 30-40 wells/yr in 2004 and beyond • Up to 300 producing wells on 40-acre spacing • Approximately 8 Bcfe gross reserves per well • Projected 2003 gross operated production of 41 BCF and 363 MBO Jackson Pinedale Anticline Powder River Basin Wind River Basin Wind River Mtns ID Green River Basin Overthrust Belt UT Great Divide Basin Rock Springs Uplift Cheyenne Washakie Basin WY Salt Lake City CO Sand Wash Basin Uinta Mtns Vernal D-J Basin Uinta Basin Denver Piceance Basin UT CO

6. Pinedale SEASONAL OPERATIONS WINDOW UNRESTRICTED POTENTIAL WINTER WILDLIFE SG STRUTTING SG NESTING PLOVER J F M J A O N D J A M J S

7. Pinedale Field Southwest Wyoming Hub Gobblers Knob Compressor Station 7,500 Bhp Projected Peak Supply 800,000 Mcf/Day RGS 20” and 12” Pipe Jonah Field Bird Canyon CDP Current Processing 350,000 Mcf/Day RGS 20” and 16” Pipe MGR 12” Pipe QGM 10” Pipe Takeaway Capacity 1.0 to 1.1 Bcf/Day FCS 7,500 Bhp - RGS RGS 20” and 16” Pipe MGR 16” Pipe Muddy Creek CDP RGS 16” or 20” ? Granger Cryo Plant 170,000 Mcf/Day, Refrigeration Plant 100,000 Mcf/Day Blacks Fork Cryo Plant 80,000 Mcf/Day Northwest - 350,000 Mcf/Day QPC - 200,000 Mcf/Day Kern River - 200 to 300,000 Mcf/Day CIG - 150,000 Mcf/Day Overthrust - 100,000 Mcf/Day Clear Creek Storage

8. Southwest Wyoming Hub Total Hoback Basin Supply Source Potential is greater than 2.0 Bcf/Day Kern River Supply Source – 800,000 Mcf/D Northwest Takeaway Capacity 1.0 to 1.1 Bcf / Day Hub Overthrust Questar Hub Services: Processing / Blending Flexible Access to Pipe Outlets Single Point for Trading Activity Access to Storage Price Transparency CIG

9. Hub Projected Dedicated Throughput MMcf

10. A Significant Contributor to Wyoming • Ranked 8th in Operated Gas Production in 2002 (70 BCF) • Operated Production in 2003 Will Generate approximately $42MM in Severance, Ad Valorem and Conservation Tax Payments and $20MM for the State’s Share of Federal Royalties per Year at $3.50/mcf and $22/bo • Capital and Expense $ Generate Sales Tax Revenue - QMR alone will spend over $135MM in Wyoming in 2003