Timing, Technology and Discovery

CSFB Small/Mid Cap Energy Conference

September 14, 2005
 Forward-looking Statement

Certain statements in this presentation are forward-looking and are based upon the
Company's current belief as to the outcome and timing of future events. Important
factors that could cause actual results to differ materially from those in the forward-
looking statements herein include the timing and extent of changes in commodity
prices for natural gas and oil, operating risks and other risk factors as described in
the Company's Annual Report on Form 10-K for the year ended December 31,
2004 and its other filings with the Securities and Exchange Commission. Should
one or more of these risks or uncertainties occur, or should underlying assumptions
prove incorrect, the Company's actual results and plans could differ materially from
those expressed in the forward-looking statements.

The United States SEC permits 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. We use certain terms in this
presentation, such as resource potential, that the SEC’s guidelines strictly prohibit
us from including in filings with the SEC. US Investors are urged to consider
closely the disclosure in our Form 10-K, File No. 001-16009, available from us at
Spinnaker’s corporate office. You can also obtain this form from the SEC by calling
1-800-SEC-0330.

2
 The Prolific Gulf of Mexico
Annual GOM Reserve Additions
™ Seismic Technology
™ Large Areas Beneath Salt
™ New Plays
™ Infrastructure Density

3,000 60,000
Bright Spots Ultra Deepwater
Offshore Seismic
Drilling

Cumulative Reserve Additions (MMBOe)

Annual Reserve Additions (MMBOe)

2,500 50,000
Jackups
3-D Seismic
2,000 Semi submersibles 40,000

Deepwater Drilling
1,500 30,000
Turbidites
1,000 20,000

500 10,000

0
52

58

64

76

82

88

00
46

70

94

06
19

19

19

19

19

19

20
19

19

19

20
Source: Dwight’s PDS & MMS 3
 Pre--stack Processing is the Key to Sub-
Pre Sub-Salt Exploration
Spinnaker is the Industry’s Most Capable Independent

™ Salt adds complexity

™ Vast area / very immature
™ Large recent discoveries

GC 512 Knott y Head

WR 508 Stones

4
Spinnaker Exploration Company
Image Quality is the Key

™ Further Processing – 13,500 Blocks

™ Pre-Stack and Attribute Extraction Main Focus

5
 Spinnaker’s Gulf of Mexico Assets
One of the Gulf’s Largest Players

1,800
1,600
1,400
1,200
1,000 Deep
800 Shelf

600
400
200
0
1997 2001 2005

6
 Deepwater Development Portfolio

¾ Front Runner
— Discovered January 2001
— Nine Wells Drilled
— Spar Placed on Location Summer 2004
— First Production December 2004
— Four Wells Producing
— Deeper Undrilled Potential
™ Quatrain Deep
™ Front Runner Deep
™ Lexington
— No Katrina Damage

¾ Independence Hub/Eastern Gulf

— Discovery Well at Spiderman/Amazon - November 2003
— Discovery at San Jacinto - April 2004
— Independence Hub Agreement Reached November 2004
— 850 MMCFD Hub - Spinnaker has approximately
10% of Capacity
— Discovery at Q – June 2005
— First Production 2007

7
Deepwater Development Portfolio

¾ Thunder Hawk
— Discovery Well June 2004
— Confirmation Well March 2005
™ Increased Pay Thickness
— Multiple AHBs in Thunder Hawk
Basin March Lease Sale
— Development Alternatives for Production
— Expected Online 2008
— Drilling Continues Fourth Quarter 2005

8
 Spinnaker’s Resource Exposure
One of Industry’s Best

Field Dev.
25 MMBOE
Truncated Mean
Net Resource
P3 P1 Discovered Potential
16 MMBOE 62 MMBOE Resource

P2
26 MMBOE

Discovered Resource Total Resource Potential

129 MMBOE 1,600 MMBOE

9
 Spinnaker’s Front Runner Area
Popeye 60 ™ WD: 3330’
MMBOoe
Genesis 160 Allegheny ™ Play Type: Strat. Pinchouts on north
Brutus MMBOe 52 MMBOe and south flanks of salt and salt weld.
200 ™ Age: L. Plio (G. Marg)-U. Mio (Disc A)
MMBOe FrontRunner
186 MMBOe
™ Reservoir: Turbidite Channel Levee to
Troika
200
Sheet-Lobe sands.
K2/Timon
MMBOe 100 MMBOe ™ Discovery: 1/2001
™ Ownership: Murphy 37.%, Dominion
Glider 37.5%, Spinnaker 25%
60 MMBOe
Marco Polo ™ On-Line: Dec. 2004 with 12 month
50 MMBOe
Knotty Head ramp up.
300’ Pay
Drlg@ 30,000’ ™ Facility: 8 well spar rated at 60M
Shenzi BOPD, 100 MMCFD, and 20M BWPD.
Tahiti
400 MMBOe
™ Field Reserves:
P90 94 MMBOe
Mean 186 MMBOe
P10 302 MMBOe

Holstein Spinnaker
200 MMBOe
Atlantis High Bids Sale 190
Mad Dog 575 MMBOe
Other HBP
400 MMBOe
Prestack Depth
Poststack Depth
Prestack Time
Poststack Time

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 Front Runner’s Returns are Impressive

IRR % Additional discoveries will only drive IRR’s up.

50%
45.9%

40% 37.5%

30% 27.6%

20%

10%

0%
$30.00 $42.00 $54.00

Oil Price
Front Runner reserves and Production Profile based on June 30, 2005 Ryder Scott Report. 11
 Independence Hub Project

Louisiana
20
” /2
4”

TG 26
”
San Jacinto
P
Grand
Isle 43

Spiderman
DC 618

DC 621

Callisto
MC 876

24”

MC 920
HUB

Northwest Route “Q”

MC 961
850 MMcfd

Atwater Valley Merganser

AT 36/37 Atlas
Vortex LR 50
AT 261

Jubilee
AT 349 Cheyenne
LR 399
12
 Independence Hub Area
166
146 (28 MMBOe)
180
(24 MMBOe) Niobrara
160 San Jacinto DC 577
21 DC 618
140
NET BCFE

120 28
100 56
166
80 (9 MMBOe)
60
97
40
56
20
0 Urabamba
Ryder Scott Resource Basin Exploration DC 663
(P1+P2+P3)

Prospect “Q”
MC 960, 961,
1004, & 1005
Taylor
Independence
DC 927
HUB

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 Eastern Gulf’s Returns-Even More Impressive

IRR % Low Reserve Case

High Reserve Case

90% 84.7%
80% 75.6%
70% 67.9%
58.7%
60%

50% 47.3%

40% 37.4%

30%

20%
10%

0%
$5.00 $7.00 $9.00
Gas Price
High Case assumes 440 Bcfe for Spiderman, 135 Bcfe for San Jacinto and 150 Bcfe for Q.
Low Case assumes 250 Bcfe for Spiderman, 75 Bcfe for San Jacinto and 95 Bcfe for Q. 14
Cumulative Reserves by Number of
Exploration Wells Completed

Wood-Mackenzie, 2004
15
 Developing Lower Miocene Regional

New Location
Producing ARO 30 MMCFG + 1,000 BLPD

WC 18
Announced
75 BCFG active WC 44 Discovery
WC 47 Announced Discovery WC 39 Mink
12 BCFG active
Confirmation well drilling
Fish Prospect
16 BCFG activeWC 54

WC 100
59 BCFG active
WC 112
WC 132 N/2
9 BCF since 3/2004
WC 130 2 for 1
promote

25 BCFG active
WC 132 S/2
8 bids $21 M
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 Active Development/Exploration Drilling Schedule
Shelf
Net P-mean - P10
Working Potential Resources
Prospect Interest MMBoe Timing or Status
Discoveries:
High Island 47 A-1 ST1 67% 0.8 - 1.4 Producing
High Island 163 #2 70% 0.5 - 0.8 Installing Facilities
Galveston 210 #2 33% 0.8 - 1.4 Installing Facilities
West Cameron 295 #2 31% 1.3 - 3.2 Discovery
High Island 197 A3 50% 1.9 - 3.3 Discovery

Exploration Wells:
West Cameron 98 50% 1.3 - 2.7 Drilling
West Cameron 39 40% 4.9 - 12.0 Drilling
High Island 165 25% 1.5 - 2.6 Oct-05
West Cameron 133 50% 1.9 - 3.7 Oct-05
West Cameron 130 #3 25% 3.6 - 8.0 Oct-05
High Island 206 B3 (or HI 205) 34% 0.3 - 0.5 Jan-06
Vermilion 392 (Carla) 25% 2.8 - 3.9 Jan-06
West Cameron 72 #3 25% 0.8 - 1.2 Feb-06
Vermilion 408 (Ivan) 25% 0.6 - 1.2 Feb-06
High Island 262 (Deep Mo) 25% 3.5 - 7.0 Mar-06
East Cameron 11 50% 3.2 - 5.3 Mar-06

TOTAL: 30 - 58
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 Active Development/Exploration Drilling Schedule
Deepwater
P-mean Exposure to ™ Eight deepwater wells currently scheduled through the first quarter of 2006
Over 180 MMBoe in
the Deepwater GOM ™ Drilling program offers a great deal of near term potential in both new
by the End of the First discoveries and continued appraisal
Quarter 2006

Net P-mean - P10

Working Potential Resources
Prospect Interest MMBoe Timing or Status
MC 961 (Q) 50% 11 - 15 Discovery, June-05
(1)
Development Wells:
DC 621 #2 (Spiderman #3) 18% 1- 2 Sep-05
MC 734 #2 BP2 (Thunderhawk) 25% 5- 9 Oct-05
MC 734 #3 (Thunderhawk) 25% 4- 6 Dec-05
Exploration Wells:
MC 413/457 (Egmont) 70% 38 - 65 Drilling
MC 540 (Krakatoa) 75% 38 - 80 Mar-06
MC 941 (Sequoia) 100% 31 - 62 Feb-06
OPL 256 Nigeria: Prospect 1 12.5% 29 - 48 Oct-05
OPL 256 Nigeria: Prospect 3 12.5% 26 - 38 Mar-06

Total 183 - 325

(1) Included in discovered and development reserve/resource volumes.
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 Spinnaker’s Cultural Model
Culture Ultimately Drives Strategy
International & Cultural
Driver
Deep Water & Balance
BCFE Sheet Focused
160

140

120
™ Technology Driven

Thunder Hawk
100 ™ Exploration Identity

“Q”
Shelf Based & Data Driven

San Jacinto
80 ™ Large Play Focus

Amazon
60 Front Runner

40

20

0
1997 1998 1999 2000 2001 2002 2003 2004 2005

19
 Capital Expenditures
First International Exposure

2004 2005
International
11%
Shelf
49%
Deep Water Shelf Deep Water
Shelf 37% Shelf
International

Deep Water Deep Water

51% 52%

Total Capital ~$275 MM Total Capital $310 MM

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Solid Balance Sheet
At Current NYMEX Strip Cashflow Exceeds CAPEX for
First Time in the Eight Year History of SKE

(In Millions) 06/30/05

Cash & Equivalents $ 8

Total Debt 105

Stockholders’ Equity 844

Total $ 941

Potential Sources of Capital:

ƒ Revolver $ 150 - 200
ƒ Public Debt $ 150 +

Spar Financing
• Closed July 2005 $ 75
30
21
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