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Price Advantaged Gas Marcellus Shale

Estimated pretax IRR’s assuming $4-8/MMBtu NYMEX gas pricing

$6

Estimated NYMEX price required for 10% pretax IRR

Marcellus

16%

70%

$5

$4.39

$4.42

$4.59

$5 03 . $4 86 .

Haynesville

12%

73%

$4

$3.50

Barnett Core

6%

50%

$3

Fayetteville

4%

Woodford

3%

Barnett Noncore

1%

0%

10%

Source: Company Data, Deutsche Bank estimates

20%

30%

41%

41%

40%

50%

52%

60%

70%

80%

$2

$1

$0

Marcellus

Haynesville Barnett Core Fayetteville

Source: Company Data, Deutsche Bank estimates

Woodford

Barnet Noncore

Horizontal rig count comparison by shale play

Rig Count

200

160

120

80

40

Haynesville Barnett Fayetteville

Woodford Marcellus

Stone Marcellus Position

  • Over 30,000 net acres

  • 6 vertical wells planned late 2009 (3 net)

  • Ramp up horizontal wells 2010

0

Jan

Feb Mar Apr May Jun Jul

Aug Sep Oct Nov

Dec Jan

Feb Mar Apr May Jun

08

08

08

08

08

08

08

08

08

08

08

08

09

09

09

09

09

09

Source: Smith Bits, Wood Mackenzie. Marcellus Rig Count includes only Bradford, Fayette, Green, Somerset, Washington, Westmoreland counties, Pennsylvania

26

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