----

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| Delaware(State or other jurisdiction of incorporation)                             |   | 20-3037840(IRS Employer Identification No.) |
|------------------------------------------------------------------------------------|--------|---------------------------------------------|
|                                                                               |   |                                        |
| 717 Texas Avenue, Suite 2900Houston, Texas(Address of principal executive offices) |   | 77002(Zip Code)                             |
|                                                                               |   |                                        |

| Large accelerated filer o | Accelerated filer o | Non-accelerated filer o                     | Smaller reporting company x |
|---------------------------|---------------------|---------------------------------------------|-----------------------------|
|                      |                | (Do not check if smaller reporting company) |

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|                                                                                                                  |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                  | Page   |
|                                                                                                                  |   |
| Part I:  Financial Information                                                                              |   |
|                                                                                                                  |   |
| Item 1.    Financial Statements                                                                        |   |
| Consolidated Balance Sheets as of June 30, 2010 and December 31, 2009                                            | 3      |
| Consolidated Statements of Operations for the Three Months and Six Months Ended June 30, 2010 and 2009                | 4      |
| Consolidated Statement of Stockholders’ Equity for the Six Months Ended June 30, 2010                 | 5      |
| Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2010 and 2009                            | 6      |
| Notes to the Consolidated Financial Statements                                                                        | 7      |
|                                                                                                                  |   |
| Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations | 13     |
|                                                                                                                  |   |
|             Item 4.    Controls and Procedures  | 24     |
|                                                                                                                  |   |
| Part II: Other Information                                                                                       |   |
|                                                                                                                  |   |
|             Item 1A. Risk Factors                              | 25     |
|                                                                                                                  |   |
|             Item 6.    Exhibits                 | 26     |
|                                                                                                                  |   |
| Signatures                                                                                                            | 28     |

----

| ITEM 1. | FINANCIAL STATEMENTS |
|---------|----------------------|

|                                                                                                                                            |   | June 30,    |         |   | December 31, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------------|--------|--------------|--------|
|                                                                                                                                            |   | 2010        |         |   | 2009         |   |
|                                                                                                                                            |   | (unaudited) |         |   |         |   |
| CURRENT ASSETS                                                                                                                                  |   |        |         |   |         |   |
| Cash and cash equivalents                                                                                                                       |   | $           | —      |   |         | $      | — |   |
| Accounts receivable, net of allowance of $411,324 and $411,324, respectively                                                                    |   |        | 13,389,207   |   |         |   | 14,773,246 |   |
| Prepaid expenses                                                                                                                                |   |        | 7,965        |   |         |   | — |   |
| Derivative instruments                                                                                                                          |   |        | 10,591,197   |   |         |   | 9,937,697 |   |
| Total current assets                                                                                                                            |   |        | 23,988,369   |   |         |   | 24,710,943 |   |
|                                                                                                                                            |   |        |         |   |         |   |   |   |
| PROPERTY AND EQUIPMENT                                                                                                                          |   |        |         |   |         |   |   |   |
| Oil and gas properties (successful efforts method of accounting)                                                                                |   |        | 581,157,914  |   |         |   | 559,565,531 |   |
| Other property and equipment                                                                                                                    |   |        | 3,375,348    |   |         |   | 3,679,515 |   |
| Accumulated depreciation, depletion and amortization                                                                                            |   |        | (190,752,108 | )      |         |   | (170,117,319 | ) |
| Total property and equipment, net                                                                                                               |   |        | 393,781,154  |   |         |   | 393,127,727 |   |
|                                                                                                                                            |   |        |         |   |         |   |   |   |
| NONCURRENT ASSETS                                                                                                                               |   |        |         |   |         |   |   |   |
| Deposits                                                                                                                                        |   |        | 104,697      |   |         |   | 104,697 |   |
| Debt issuance cost                                                                                                                              |   |        | 3,475,818    |   |         |   | 4,347,298 |   |
| Derivative instruments                                                                                                                          |   |        | 2,712,934    |   |         |   | 2,513,369 |   |
| Total noncurrent assets                                                                                                                         |   |        | 6,293,449    |   |         |   | 6,965,364 |   |
|                                                                                                                                            |   |        |         |   |         |   |   |   |
| TOTAL ASSETS                                                                                                                                    |   | $           | 424,062,972  |   |         | $      | 424,804,034 |   |
|                                                                                                                                            |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                            |
| CURRENT LIABILITIES                                                                                                                             |   |        |         |   |         |   |   |   |
| Current portion of long-term debt                                                                                                               |   | $           | 4,898        |   |         | $      | 19,014 |   |
| Accounts payable                                                                                                                                |   |        | 26,802,549   |   |         |   | 20,263,343 |   |
| Income taxes payable                                                                                                                            |   |        | 253,726      |   |         |   | 250,931 |   |
| Accrued liabilities                                                                                                                             |   |        | 10,348,338   |   |         |   | 8,852,310 |   |
| Asset retirement obligations                                                                                                                    |   |        | 717,748      |   |         |   | 330,287 |   |
| Derivative instruments                                                                                                                          |   |        | 1,300,627    |   |         |   | 872,849 |   |
| Deferred tax liability, net                                                                                                                     |   |        | 2,929,811    |   |         |   | 2,897,300 |   |
| Total current liabilities                                                                                                                       |   |        | 42,357,697   |   |         |   | 33,486,034 |   |
|                                                                                                                                            |   |        |         |   |         |   |   |   |
| NONCURRENT LIABILITIES                                                                                                                          |   |        |         |   |         |   |   |   |
| Long-term debt, net of current portion                                                                                                          |   |        | 193,032,149  |   |         |   | 192,749,751 |   |
| Asset retirement obligations                                                                                                                    |   |        | 8,944,780    |   |         |   | 9,372,366 |   |
| Derivative instruments                                                                                                                          |   |        | 185,166      |   |         |   | 1,284,105 |   |
| Deferred tax liability, net                                                                                                                     |   |        | 1,449,274    |   |         |   | 4,471,023 |   |
| Other noncurrent liabilities                                                                                                                    |   |        | 699,189      |   |         |   | 709,867 |   |
| Total noncurrent liabilities                                                                                                                    |   |        | 204,310,558  |   |         |   | 208,587,112 |   |
|                                                                                                                                            |   |        |         |   |         |   |   |   |
| Total liabilities                                                                                                                               |   |        | 246,668,255  |   |         |   | 242,073,146 |   |
|                                                                                                                                            |   |        |         |   |         |   |   |   |
| COMMITMENTS AND CONTINGENCIES                                                                                                                   |   |        |         |   |         |   |   |   |
|                                                                                                                                            |   |        |         |   |         |   |   |   |
| STOCKHOLDERS’ EQUITY                                                                                                                      |   |        |         |   |         |   |   |   |
| Common stock (par value $0.001; 200,000,000 shares authorized; 38,832,478 and 38,516,658 shares issued and outstanding, respectively) |   |        | 38,919       |   |         |   | 38,578 |   |
|     Additional paid-in capital                                                                                                   |   |        | 210,652,026  |   |         |   | 209,738,513 |   |
|     Retained deficit                                                                                                             |   |        | (32,823,926  | )      |         |   | (26,661,891 | ) |
| Treasury stock (at cost, 86,973 and 61,546 shares, respectively)                                                                           |   |        | (472,302     | )      |         |   | (384,312 | ) |
| Total stockholders’ equity                                                                                                                |   |        | 177,394,717  |   |         |   | 182,730,888 |   |
|                                                                                                                                            |   |        |         |   |         |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                |   | $           | 424,062,972  |   |         | $      | 424,804,034 |   |

----

|                                                                     |   | Three Months Ended |        |   | Six Months Ended |   |
|--------------------------------------------------------------------------|--------|--------------------|-------------|--------|------------------|--------|
|                                                                     |   | June 30,           |        |   | June 30,         |   |
|                                                                     |   | 2010               |        |   | 2009             |   |   | 2010 |   |   | 2009 |   |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |
| OPERATING REVENUES                                                       |   |               |        |   |             |   |   |   |   |   |   |   |
| Natural gas sales                                                        |   | $                  | 13,542,484  |   |             | $      | 18,060,669 |   |   | $ | 28,016,215 |   |   | $ | 38,708,891 |   |
| Crude oil sales                                                          |   |               | 4,975,157   |   |             |   | 7,375,787 |   |   |   | 9,691,852 |   |   |   | 14,808,962 |   |
| Natural gas liquids sales                                                |   |               | 2,753,942   |   |             |   | 2,990,577 |   |   |   | 6,048,103 |   |   |   | 5,472,564 |   |
| Operating overhead and other income                                      |   |               | 181,360     |   |             |   | 192,904 |   |   |   | 306,632 |   |   |   | 360,387 |   |
| Total operating revenues                                                 |   |               | 21,452,943  |   |             |   | 28,619,937 |   |   |   | 44,062,802 |   |   |   | 59,350,804 |   |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING EXPENSES                                                       |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Lease operating expenses                                                 |   |               | 3,953,646   |   |             |   | 4,186,290 |   |   |   | 7,836,497 |   |   |   | 9,638,043 |   |
| Production and ad valorem taxes                                          |   |               | 1,477,963   |   |             |   | 2,022,377 |   |   |   | 3,180,827 |   |   |   | 4,497,119 |   |
| Exploration expenses                                                     |   |               | 187,279     |   |             |   | 1,455,664 |   |   |   | 683,116 |   |   |   | 2,185,642 |   |
| Depreciation, depletion and amortization                                 |   |               | 10,514,130  |   |             |   | 14,347,397 |   |   |   | 20,937,682 |   |   |   | 28,199,283 |   |
| General and administrative                                               |   |               | 4,486,375   |   |             |   | 4,326,799 |   |   |   | 9,395,695 |   |   |   | 9,545,088 |   |
| Loss on sale of assets                                                   |   |               | 430,819     |   |             |   | 18,925 |   |   |   | 430,819 |   |   |   | 18,925 |   |
| Total operating expenses                                                 |   |               | 21,050,212  |   |             |   | 26,357,452 |   |   |   | 42,464,636 |   |   |   | 54,084,100 |   |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| INCOME FROM OPERATIONS                                                   |   |               | 402,731     |   |             |   | 2,262,485 |   |   |   | 1,598,166 |   |   |   | 5,266,704 |   |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                                                   |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                         |   |               | (5,245,563  | )      |             |   | (5,336,589 | ) |   |   | (10,602,839 | ) |   |   | (9,715,658 | ) |
| Other financing cost                                                     |   |               | (844,927    | )      |             |   | (426,535 | ) |   |   | (1,573,030 | ) |   |   | (727,646 | ) |
| Unrealized (loss) gain on derivative instruments                         |   |               | (3,917,809  | )      |             |   | (16,874,919 | ) |   |   | 1,524,225 |   |   |   | (7,307,962 | ) |
| Total other income (expense)                                             |   |               | (10,008,299 | )      |             |   | (22,638,043 | ) |   |   | (10,651,644 | ) |   |   | (17,751,266 | ) |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| LOSS BEFORE INCOME TAXES                                                 |   |               | (9,605,568  | )      |             |   | (20,375,558 | ) |   |   | (9,053,478 | ) |   |   | (12,484,562 | ) |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Income tax benefit                                                       |   |               | 3,234,718   |   |             |   | 7,110,484 |   |   |   | 2,891,443 |   |   |   | 4,254,101 |   |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| NET LOSS                                                                 |   |               | (6,370,850  | )      |             |   | (13,265,074 | ) |   |   | (6,162,035 | ) |   |   | (8,230,461 | ) |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Dividends on preferred stock(Paid 2010 — $0; 2009 — $11,970) |   |               | —     |   |             |   | (1,115,258 | ) |   |   | — |   |   |   | (2,196,987 | ) |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| NET LOSS AVAILABLE TO COMMON STOCKHOLDERS                                |   | $                  | (6,370,850  | )      |             | $      | (14,380,332 | ) |   | $ | (6,162,035 | ) |   | $ | (10,427,448 | ) |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| NET LOSS PER SHARE                                                       |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                    |   | $                  | (0.16       | )      |             | $      | (2.24 | ) |   | $ | (0.16 | ) |   | $ | (1.67 | ) |
| Diluted                                                                  |   | $                  | (0.16       | )      |             | $      | (2.24 | ) |   | $ | (0.16 | ) |   | $ | (1.67 | ) |
|                                                                     |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE SHARES OUTSTANDING                                      |   |               |        |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                    |   |               | 38,635,725  |   |             |   | 6,421,225 |   |   |   | 38,571,300 |   |   |   | 6,228,730 |   |
| Diluted                                                                  |   |               | 38,635,725  |   |             |   | 6,421,225 |   |   |   | 38,571,300 |   |   |   | 6,228,730 |   |

----

| CRIMSON EXPLORATION INC. AND SUBSIDIARIES            |   |
|------------------------------------------------------|--------|
| CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY |   |
| FOR THE SIX MONTHS ENDED JUNE 30, 2010(UNAUDITED)    |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   | NUMBER OF SHARES |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   | COMMON STOCK |   |   | COMMON STOCK |   |   | ADDITIONALPAID-IN CAPITAL |   |   | RETAINED DEFICIT |   |   | TREASURY STOCK |   |   | TOTAL STOCKHOLDERS’ EQUITY |   |
| BALANCE, DECEMBER 31, 2009                 |   |   | 38,516,658 |   |   | $ | 38,578 |   |   | $ | 209,738,513 |   |   | $ | (26,661,891 | ) |   | $ | (384,312 | ) |   | $ | 182,730,888 |   |
| Current period net loss                              |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (6,162,035 | ) |   |   | — |   |   |   | (6,162,035 | ) |
| Share-based compensation                             |   |   | 334,348 |   |   |   | 334 |   |   |   | 896,962 |   |   |   | — |   |   |   | — |   |   |   | 897,296 |   |
| Stock options exercised                              |   |   | 6,899 |   |   |   | 7 |   |   |   | 16,551 |   |   |   | — |   |   |   | — |   |   |   | 16,558 |   |
| Treasury stock                                       |   |   | (25,427 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (87,990 | ) |   |   | (87,990 | ) |
| BALANCE, JUNE 30, 2010                          |   |   | 38,832,478 |   |   | $ | 38,919 |   |   | $ | 210,652,026 |   |   | $ | (32,823,926 | ) |   | $ | (472,302 | ) |   | $ | 177,394,717 |   |

----

|                                                                                      |   | Six Months Ended June 30, |        |
|-------------------------------------------------------------------------------------------|--------|---------------------------|-------------|
|                                                                                      |   | 2010                      |        |   | 2009 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                     |   |                      |        |   |   |   |
| Net loss                                                                                  |   | $                         | (6,162,035  | ) |   | $ | (8,230,461 | ) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |   |                      |        |   |   |   |   |   |
| Depreciation, depletion and amortization                                                  |   |                      | 20,937,682  |   |   |   | 28,199,283 |   |
| Asset retirement obligations                                                              |   |                      | (139,102    | ) |   |   | (309,543 | ) |
| Stock compensation expense                                                                |   |                      | 897,296     |   |   |   | 1,521,989 |   |
| Amortization of debt issuance cost                                                        |   |                      | 1,337,891   |   |   |   | 568,994 |   |
| Discount on notes payable                                                                 |   |                      | 37,097      |   |   |   | — |   |
| Deferred charges                                                                          |   |                      | —     |   |   |   | 842,054 |   |
| Deferred income taxes                                                                     |   |                      | (2,923,125  | ) |   |   | (4,909,845 | ) |
| Dry holes, abandoned property, impaired assets                                            |   |                      | 236,457     |   |   |   | 44,013 |   |
| Loss on sale of assets                                                                    |   |                      | 430,819     |   |   |   | 18,925 |   |
| Unrealized (gain) loss on derivative instruments                                          |   |                      | (1,524,225  | ) |   |   | 7,307,962 |   |
| Changes in operating assets and liabilities:                                              |   |                      |        |   |   |   |   |   |
| Decrease in accounts receivable, net                                                      |   |                      | 1,822,789   |   |   |   | 6,759,886 |   |
| Increase in prepaid expenses                                                              |   |                      | (7,965      | ) |   |   | (28,994 | ) |
|     Increase (decrease) in accounts payable and accrued liabilities        |   |                      | 7,259,238   |   |   |   | (45,103,719 | ) |
| Net cash provided by (used in) operating activities                                       |   |                      | 22,202,817  |   |   |   | (13,319,456 | ) |
|                                                                                      |   |                      |        |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                     |   |                      |        |   |   |   |   |   |
| Capital expenditures                                                                      |   |                      | (21,755,129 | ) |   |   | (11,777,088 | ) |
| Acquisition of oil and gas properties                                                     |   |                      | —     |   |   |   | 482,166 |   |
| Sale of assets                                                                            |   |                      | (141,029    | ) |   |   | — |   |
| Net cash used in investing activities                                                     |   |                      | (21,896,158 | ) |   |   | (11,294,922 | ) |
|                                                                                      |   |                      |        |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                     |   |                      |        |   |   |   |   |   |
| Payments on debt                                                                          |   |                      | (39,602,202 | ) |   |   | (57,324,340 | ) |
| Proceeds from debt                                                                        |   |                      | 39,833,386  |   |   |   | 83,128,718 |   |
| Debt issuance expenditures                                                                |   |                      | (466,411    | ) |   |   | (1,190,000 | ) |
| Proceeds from stock option exercises                                                      |   |                      | 16,558      |   |   |   | — |   |
| Purchase of treasury stock                                                                |   |                      | (87,990     | ) |   |   | — |   |
| Net cash (used in) provided by financing activities                                       |   |                      | (306,659    | ) |   |   | 24,614,378 |   |
|                                                                                      |   |                      |        |   |   |   |   |   |
| INCREASE IN CASH AND CASH EQUIVALENTS                                                     |   |                      | —     |   |   |   | — |   |
|                                                                                      |   |                      |        |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS,                                                                |   |                      |        |   |   |   |   |   |
| Beginning of period                                                                       |   |                      | —     |   |   |   | — |   |
|                                                                                      |   |                      |        |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS,                                                                |   |                      |        |   |   |   |   |   |
| End of period                                                                             |   | $                         | —     |   |   | $ | — |   |
|                                                                                      |   |                      |        |   |   |   |   |   |
| Cash paid for interest                                                                    |   | $                         | 13,655,847  |   |   | $ | 9,161,379 |   |
| Cash paid for income taxes                                                                |   | $                         | 95,000      |   |   | $ | 690,500 |   |

----

----

| 3. | FAIR VALUE MEASUREMENTS |
|----|-------------------------|

|                          |   | Total          |       |   | Fair Value Measurements Using |   |
|-------------------------------|--------|----------------|------------|--------|-------------------------------|--------|
|                          |   | Carrying Value |       |   | Level 1                       |   |   | Level 2 |   |   | Level 3 |   |
| Derivatives                   |   |           |       |   |                          |   |   |   |   |   |   |   |
| Crude oil swaps and collars   |   | $              | 38,293     |   |                          | $      | — |   |   | $ | 38,293 |   |   | $ | — |   |
| Natural gas swaps and collars |   |           | 15,120,406 |   |                          |   | — |   |   |   | 15,120,406 |   |   |   | — |   |
| Interest rate swaps           |   |           | (3,340,361 | )      |                          |   | — |   |   |   | (3,340,361 | ) |   |   | — |   |
| Total                         |   | $              | 11,818,338 |   |                          | $      | — |   |   | $ | 11,818,338 |   |   | $ | — |   |

----

|                          |   | Total          |       |   | Fair Value Measurements Using |   |
|-------------------------------|--------|----------------|------------|--------|-------------------------------|--------|
|                          |   | Carrying Value |       |   | Level 1                       |   |   | Level 2 |   |   | Level 3 |   |
| Derivatives                   |   |           |       |   |                          |   |   |   |   |   |   |   |
| Crude oil swaps and collars   |   | $              | (1,332,084 | )      |                          | $      | — |   |   | $ | (1,332,084 | ) |   | $ | — |   |
| Natural gas swaps and collars |   |           | 16,236,665 |   |                          |   | — |   |   |   | 16,236,665 |   |   |   | — |   |
| Interest rate swaps           |   |           | (4,610,469 | )      |                          |   | — |   |   |   | (4,610,469 | ) |   |   | — |   |
| Total                         |   | $              | 10,294,112 |   |                          | $      | — |   |   | $ | 10,294,112 |   |   | $ | — |   |

| Contract Type           |   | Location of Gain or (Loss) Recognized in Income |   | Amount of Gain or (Loss) Recognized in Income |   |
|-------------------------|--------|-------------------------------------------------|--------|-----------------------------------------------|--------|
|                    |   |                                            |   | Three months ended June 30,                   |   |   |   | Six months ended June 30, |   |
|                    |   |                                            |   | 2010                                          |   |   |   | 2009 |   |   |   | 2010 |   |   |   | 2009 |   |
|                    |   |                                            |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas contracts   |   | Operating revenues                              | $      | 5,470,364                                     |   |   | $ | 8,457,497 |   |   | $ | 9,051,799 |   |   | $ | 14,494,721 |   |
| Crude oil contracts     |   | Operating revenues                              |   | 454,725                                       |   |   |   | 2,297,838 |   |   |   | 856,278 |   |   |   | 5,945,913 |   |
| Interest rate contracts |   | Interest expense                                |   | 1,143,135                                     |   |   |   | (1,080,565 | ) |   |   | 2,292,777 |   |   |   | (2,083,723 | ) |
|                    |   | Realized gain                                   | $      | 7,068,224                                     |   |   | $ | 9,674,770 |   |   | $ | 12,200,854 |   |   | $ | 18,356,911 |   |
|                    |   |                                            |   |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas contracts   |   | Other income (expense)                          | $      | (6,786,412                                    | )      |   | $ | (8,520,803 | ) |   | $ | (1,116,260 | ) |   | $ | 4,063,292 |   |
| Crude oil contracts     |   | Other income (expense)                          |   | 1,846,587                                     |   |   |   | (9,577,707 | ) |   |   | 1,370,377 |   |   |   | (12,166,716 | ) |
| Interest rate contracts |   | Other income (expense)                          |   | 1,022,016                                     |   |   |   | 1,223,591 |   |   |   | 1,270,108 |   |   |   | 795,462 |   |
|                    |   | Unrealized gain (loss)                          | $      | (3,917,809                                    | )      |   | $ | (16,874,919 | ) |   | $ | 1,524,225 |   |   | $ | (7,307,962 | ) |

----

| Crude Oil                                            |   |   |       | Volume/Month                           |   | Price/Unit       |       |   | Fair Value |   |
|------------------------------------------------------|--------|--------|------------|----------------------------------------|--------|------------------|------------|--------|------------|--------|
| Jul 2010-Dec 2010 (2)                                |   | Swap   |       | 4,250 Bbls                             |   | $72.32           |       | $      | (117,384   | )      |
| Jul 2010-Dec 2010 (2)                                |   | Collar |       | 9,000 Bbls                             |   | $65.28-$70.60    |       |   | (402,654   | )      |
| Jul 2010-Dec 2010 (2)                                |   | Collar |       | 7,667 Bbls (1)                         |   | $110.00-$181.25  |       |   | 1,787,647  |   |
| Jan 2011-Dec 2011                                    |   | Swap   |       | 3,300 Bbls                             |   | $70.74           |       |   | (347,422   | )      |
| Jan 2011-Dec 2011                                    |   | Collar |       | 7,000 Bbls                             |   | $64.50-$69.50    |       |   | (971,084   | )      |
| Jan 2011-Mar 2011                                    |   | Swap   |       | 2,000 Bbls                             |   | $86.15           |       |   | 45,402     |   |
| Apr 2011-Jun 2011                                    |   | Swap   |       | 1,500 Bbls                             |   | $86.78           |       |   | 32,866     |   |
| Jul 2011-Sep 2011                                    |   | Swap   |       | 500 Bbls                               |   | $87.32           |       |   | 10,922     |   |
|                                                 |   |   |       |                                   |   |             |       |   |       |   |
| Natural Gas                                          |   |   |       |                                   |   |             |       |   |       |   |
| Jul 2010-Dec 2010 (2)                                |   | Swap   |       | 29,000 Mmbtu                           |   | $7.88            |       |   | 531,727    |   |
| Jul 2010-Dec 2010 (2)                                |   | Collar |       | 351,000 Mmbtu                          |   | $7.57-$9.05      |       |   | 5,776,086  |   |
| Jul 2010-Dec 2010 (2)                                |   | Collar |       | 85,867 Mmbtu (1)                       |   | $9.00-$15.25     |       |   | 2,142,154  |   |
| Jan 2011-Dec 2011                                    |   | Collar |       | 266,000 Mmbtu                          |   | $7.32-$8.70      |       |   | 6,670,439  |   |
|                                                 |   |   |       | Commodity price derivative instruments |   |             | 15,158,699 |   |
|                                                 |   |   |       |                                   |   |             |       |   |       |   |
| Interest rate                                        |   |   |       | Notional Amount                        |   | Fixed LIBOR Rate |       |   |       |   |
| Jul 2010-Dec 2010 (2)                                |   | Swap   |       | $50,000,000                            |   | 1.50%            |       |   | (260,049   | )      |
| Jul 2010- May 2011 (2)                               |   | Swap   |       | $150,000,000                           |   | 2.90%            |       |   | (3,080,312 | )      |
| Interest rate derivative instruments                 |   |   | (3,340,361 | )                                      |
| Total net fair value asset of derivative instruments |   | $      | 11,818,338 |                                   |

|   (1)  Average volume per month for the remaining contract term |
|--------------------------------------------------------------------------------|
|       (2)  Remaining contract period   |

----

| Asset Retirement Obligations Rollforward |   |
|------------------------------------------|--------|
|                                     |   |   |   |
| Beginning January 1, 2010 liability      |   | $ | 9,702,653 |   |
| Additions                                |   |   | — |   |
| Accretion expense                        |   |   | 302,894 |   |
| Revisions                                |   |   | — |   |
| Properties sold                          |   |   | (203,917 | ) |
| Plugging and abandonment activity        |   |   | (139,102 | ) |
| Ending June 30, 2010 liability           |   | $ | 9,662,528 |   |

----

| 7. | STOCKHOLDERS’ EQUITY |
|----|----------------------------|

----

| ·   | estimates of proved reserve quantities and net present values of those reserves; |
|--------------------|----------------------------------------------------------------------------------|

| ·   | reserve potential; |
|--------------------|--------------------|

| ·   | business strategy; |
|--------------------|--------------------|

| ·   | estimates of future commodity prices; |
|--------------------|---------------------------------------|

| ·   | amounts, timing and types of capital expenditures and operating expenses; |
|--------------------|---------------------------------------------------------------------------|

| ·   | expansion and growth of our business and operations; |
|--------------------|------------------------------------------------------|

| ·   | expansion and development trends of the oil and gas industry; |
|--------------------|---------------------------------------------------------------|

| ·   | acquisitions of natural gas and crude oil properties; |
|--------------------|-------------------------------------------------------|

| ·   | production of natural gas and crude oil reserves; |
|--------------------|---------------------------------------------------|

| ·   | exploration prospects; |
|--------------------|------------------------|

| ·   | wells to be drilled and drilling results; |
|--------------------|-------------------------------------------|

| ·   | operating results and working capital; |
|--------------------|----------------------------------------|

| ·   | results of borrowing base redeterminations under our revolving credit facility; and |
|--------------------|-------------------------------------------------------------------------------------|

| ·   | future methods and types of financing. |
|--------------------|----------------------------------------|

|   | 1. | Natural gas, crude oil and natural gas liquids sales that are proceeds from the sale of natural gas, crude oil and natural gas liquids production.  This represents over 99% of our gross revenues. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Operating overhead and other income that consists primarily of administrative fees received for operating natural gas and crude oil properties for other working interest owners and for marketing and transporting natural gas for those owners. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                      |   | Three monthsended June 30,        |   |   |   |   |   |   |   |
|---------------------------|--------|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                      |   | 2010                              |   |   | 2009   |   |   | Change |   |   | Percent Change |   |
| Product revenues:         |   | (in millions, except percentages) |   |
| Natural gas sales         |   | $                                 | 13.5   |   |   | $      | 18.0   |   |   | $ | (4.5 | ) |   |   | -25.0 | % |
| Crude oil sales           |   |                              | 5.0    |   |   |   | 7.4    |   |   |   | (2.4 | ) |   |   | -32.4 | % |
| Natural gas liquids sales |   |                              | 2.8    |   |   |   | 3.0    |   |   |   | (0.2 | ) |   |   | -6.7 | % |
| Product revenues          |   | $                                 | 21.3   |   |   | $      | 28.4   |   |   | $ | (7.1 | ) |   |   | -25.0 | % |

|                           |   | Three monthsended June 30, |      |   |   |   |      |   |   |
|--------------------------------|--------|----------------------------|-----------|--------|--------|--------|-----------|--------|--------|
|                           |   | 2010                       |      |   | 2009   |   |      | Change |   |   | Percent Change |   |
| Sales volumes:                 |   |                       |      |   |   |   |      |   |   |   |   |   |
| Natural gas (Mcf)              |   |                       | 1,961,247 |   |   |   | 2,692,534 |   |   |   | (731,287 | ) |   |   | -27.2 | % |
| Crude oil (Bbl)                |   |                       | 58,766    |   |   |   | 91,489    |   |   |   | (32,723 | ) |   |   | -35.8 | % |
| Natural gas liquids (Bbl)      |   |                       | 70,637    |   |   |   | 109,269   |   |   |   | (38,632 | ) |   |   | -35.4 | % |
| Natural gas equivalents (Mcfe) |   |                       | 2,737,665 |   |   |   | 3,897,082 |   |   |   | (1,159,417 | ) |   |   | -29.8 | % |

----

|                                   |   | Three monthsended June 30, |   |   |   |   |   |   |   |
|----------------------------------------|--------|----------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                   |   | 2010                       |   |   | 2009   |   |   | Change |   |   | Percent Change |   |
| Average sales prices (before hedging): |   |                       |   |   |   |   |   |   |   |   |   |   |
| Natural gas (Mcf)                      |   | $                          | 4.12   |   |   | $      | 3.57   |   |   | $ | 0.55 |   |   |   | 15.4 | % |
| Crude oil (Bbl)                        |   |                       | 76.92  |   |   |   | 55.50  |   |   |   | 21.42 |   |   |   | 38.6 | % |
| Natural gas liquids (Bbl)              |   |                       | 38.99  |   |   |   | 27.37  |   |   |   | 11.62 |   |   |   | 42.5 | % |
| Natural gas equivalents (Mcfe)         |   |                       | 5.61   |   |   |   | 4.53   |   |   |   | 1.08 |   |   |   | 23.8 | % |

|                                  |   | Three monthsended June 30, |   |   |   |   |   |   |   |
|---------------------------------------|--------|----------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                  |   | 2010                       |   |   | 2009   |   |   | Change |   |   | Percent Change |   |
| Average sales prices (after hedging): |   |                       |   |   |   |   |   |   |   |   |   |   |
| Natural gas (Mcf)                     |   | $                          | 6.91   |   |   | $      | 6.71   |   |   | $ | 0.20 |   |   |   | 2.9 | % |
| Crude oil (Bbl)                       |   |                       | 84.66  |   |   |   | 80.62  |   |   |   | 4.04 |   |   |   | 5.0 | % |
| Natural gas liquids (Bbl)             |   |                       | 38.99  |   |   |   | 27.37  |   |   |   | 11.62 |   |   |   | 42.5 | % |
| Natural gas equivalents (Mcfe)        |   |                       | 7.77   |   |   |   | 7.29   |   |   |   | 0.48 |   |   |   | 6.5 | % |

|                                       |   | Three months ended June 30,       |   |   |   |   |   |   |   |
|--------------------------------------------|--------|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                       |   | 2010                              |   |   | 2009   |   |   | Change |   |   | Percent Change |   |
| Certain Operating Expenses:                |   | (in millions, except percentages) |   |
| Lease operating expenses                   |   | $                                 | 4.0    |   |   | $      | 4.2    |   |   | $ | (0.2 | ) |   |   | -4.8 | % |
| Production and ad valorem taxes            |   |                              | 1.5    |   |   |   | 2.0    |   |   |   | (0.5 | ) |   |   | -25.0 | % |
| Exploration expenses                       |   |                              | 0.2    |   |   |   | 1.5    |   |   |   | (1.3 | ) |   |   | -86.7 | % |
| General and administrative(1)              |   |                              | 4.1    |   |   |   | 3.7    |   |   |   | 0.4 |   |   |   | 10.8 | % |
| Operating expenses                         |   |                              | 9.8    |   |   |   | 11.4   |   |   |   | (1.6 | ) |   |   | -14.0 | % |
| Depreciation, depletion & amortization |   |                              | 10.5   |   |   |   | 14.3   |   |   |   | (3.8 | ) |   |   | -26.6 | % |
| Share-based compensation                   |   |                              | 0.4    |   |   |   | 0.6    |   |   |   | (0.2 | ) |   |   | -33.3 | % |
| Certain operating expenses                 |   | $                                 | 20.7   |   |   | $      | 26.3   |   |   | $ | (5.6 | ) |   |   | -21.3 | % |

|    (1)   | Total general and administrative costs include share-based compensation on the Consolidated Statements of Operations. |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------|

----

|                                       |   | Three months ended June 30,       |   |   |   |   |   |   |   |
|--------------------------------------------|--------|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                       |   | 2010                              |   |   | 2009   |   |   | Change |   |   | Percent Change |   |
| Selected Costs ($ per Mcfe):               |   | (in millions, except percentages) |   |
| Lease operating expenses                   |   | $                                 | 1.44   |   |   | $      | 1.08   |   |   | $ | 0.36 |   |   |   | 33.3 | % |
| Production and ad valorem taxes            |   |                              | 0.54   |   |   |   | 0.52   |   |   |   | 0.02 |   |   |   | 3.8 | % |
| Exploration expenses                       |   |                              | 0.07   |   |   |   | 0.37   |   |   |   | (0.30 | ) |   |   | -81.1 | % |
| General and administrative(1)              |   |                              | 1.50   |   |   |   | 0.97   |   |   |   | 0.53 |   |   |   | 54.6 | % |
| Operating expenses                         |   |                              | 3.55   |   |   |   | 2.94   |   |   |   | 0.61 |   |   |   | 20.7 | % |
| Depreciation, depletion & amortization |   |                              | 3.84   |   |   |   | 3.68   |   |   |   | 0.16 |   |   |   | 4.3 | % |
| Share-based compensation                   |   |                              | 0.14   |   |   |   | 0.14   |   |   |   | — |   |   |   | — |   |
| Selected costs                             |   | $                                 | 7.53   |   |   | $      | 6.76   |   |   | $ | 0.77 |   |   |   | 11.4 | % |

----

|                      |   | Six monthsended June 30,          |   |   |   |   |   |   |   |
|---------------------------|--------|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                      |   | 2010                              |   |   | 2009   |   |   | Change |   |   | Percent Change |   |
| Product revenues:         |   | (in millions, except percentages) |   |
| Natural gas sales         |   | $                                 | 28.0   |   |   | $      | 38.7   |   |   | $ | (10.7 | ) |   |   | -27.6 | % |
| Crude oil sales           |   |                              | 9.7    |   |   |   | 14.8   |   |   |   | (5.1 | ) |   |   | -34.5 | % |
| Natural gas liquids sales |   |                              | 6.1    |   |   |   | 5.5    |   |   |   | 0.6 |   |   |   | 10.9 | % |
| Product revenues          |   | $                                 | 43.8   |   |   | $      | 59.0   |   |   | $ | (15.2 | ) |   |   | -25.8 | % |

----

|                           |   | Six monthsended June 30, |      |   |   |   |      |   |   |
|--------------------------------|--------|--------------------------|-----------|--------|--------|--------|-----------|--------|--------|
|                           |   | 2010                     |      |   | 2009   |   |      | Change |   |   | Percent Change |   |
| Sales volumes:                 |   |                     |      |   |   |   |      |   |   |   |   |   |
| Natural gas (Mcf)              |   |                     | 4,041,415 |   |   |   | 5,768,648 |   |   |   | (1,727,233 | ) |   |   | -29.9 | % |
| Crude oil (Bbl)                |   |                     | 115,070   |   |   |   | 187,794   |   |   |   | (72,724 | ) |   |   | -38.7 | % |
| Natural gas liquids (Bbl)      |   |                     | 141,867   |   |   |   | 219,511   |   |   |   | (77,644 | ) |   |   | -35.4 | % |
| Natural gas equivalents (Mcfe) |   |                     | 5,583,037 |   |   |   | 8,212,478 |   |   |   | (2,629,441 | ) |   |   | -32.0 | % |

|                                   |   | Six monthsended June 30, |   |   |   |   |   |   |   |
|----------------------------------------|--------|--------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                   |   | 2010                     |   |   | 2009   |   |   | Change |   |   | Percent Change |   |
| Average sales prices (before hedging): |   |                     |   |   |   |   |   |   |   |   |   |   |
| Natural gas (Mcf)                      |   | $                        | 4.69   |   |   | $      | 4.20   |   |   | $ | 0.49 |   |   |   | 11.7 | % |
| Crude oil (Bbl)                        |   |                     | 76.78  |   |   |   | 47.20  |   |   |   | 29.58 |   |   |   | 62.7 | % |
| Natural gas liquids (Bbl)              |   |                     | 42.63  |   |   |   | 24.93  |   |   |   | 17.70 |   |   |   | 71.0 | % |
| Natural gas equivalents (Mcfe)         |   |                     | 6.06   |   |   |   | 4.69   |   |   |   | 1.37 |   |   |   | 29.2 | % |

|                                  |   | Six monthsended June 30, |   |   |   |   |   |   |   |
|---------------------------------------|--------|--------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                  |   | 2010                     |   |   | 2009   |   |   | Change |   |   | Percent Change |   |
| Average sales prices (after hedging): |   |                     |   |   |   |   |   |   |   |   |   |   |
| Natural gas (Mcf)                     |   | $                        | 6.93   |   |   | $      | 6.71   |   |   | $ | 0.22 |   |   |   | 3.3 | % |
| Crude oil (Bbl)                       |   |                     | 84.23  |   |   |   | 78.86  |   |   |   | 5.37 |   |   |   | 6.8 | % |
| Natural gas liquids (Bbl)             |   |                     | 42.63  |   |   |   | 24.93  |   |   |   | 17.70 |   |   |   | 71.0 | % |
| Natural gas equivalents (Mcfe)        |   |                     | 7.84   |   |   |   | 7.18   |   |   |   | 0.65 |   |   |   | 9.1 | % |

----

|                                       |   | Six months ended June 30,         |   |   |   |   |   |   |   |
|--------------------------------------------|--------|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                       |   | 2010                              |   |   | 2009   |   |   | Change |   |   | Percent Change |   |
| Certain Operating Expenses:                |   | (in millions, except percentages) |   |
| Lease operating expenses                   |   | $                                 | 7.8    |   |   | $      | 9.6    |   |   | $ | (1.8 | ) |   |   | -18.8 | % |
| Production and ad valorem taxes            |   |                              | 3.2    |   |   |   | 4.5    |   |   |   | (1.3 | ) |   |   | -28.9 | % |
| Exploration expenses                       |   |                              | 0.7    |   |   |   | 2.2    |   |   |   | (1.5 | ) |   |   | -68.2 | % |
| General and administrative(1)              |   |                              | 8.5    |   |   |   | 8.0    |   |   |   | 0.5 |   |   |   | 6.3 | % |
| Operating expenses                         |   |                              | 20.2   |   |   |   | 24.3   |   |   |   | (4.1 | ) |   |   | -16.9 | % |
| Depreciation, depletion & amortization |   |                              | 20.9   |   |   |   | 28.2   |   |   |   | (7.3 | ) |   |   | -25.9 | % |
| Share-based compensation                   |   |                              | 0.9    |   |   |   | 1.5    |   |   |   | (0.6 | ) |   |   | -40.0 | % |
| Certain operating expenses                 |   | $                                 | 42.0   |   |   | $      | 54.0   |   |   | $ | (12.0 | ) |   |   | -22.2 | % |

| (1)   | Total general and administrative costs include share-based compensation on the Consolidated Statements of Operations |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

|                                       |   | Six months ended June 30,         |   |   |   |   |   |   |   |
|--------------------------------------------|--------|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                       |   | 2010                              |   |   | 2009   |   |   | Change |   |   | Percent Change |   |
| Selected Costs ($ per Mcfe):               |   | (in millions, except percentages) |   |
| Lease operating expenses                   |   | $                                 | 1.40   |   |   | $      | 1.17   |   |   | $ | 0.23 |   |   |   | 19.7 | % |
| Production and ad valorem taxes            |   |                              | 0.57   |   |   |   | 0.55   |   |   |   | 0.02 |   |   |   | 3.6 | % |
| Exploration expenses                       |   |                              | 0.12   |   |   |   | 0.27   |   |   |   | (0.15 | ) |   |   | -55.6 | % |
| General and administrative(1)              |   |                              | 1.52   |   |   |   | 0.98   |   |   |   | 0.54 |   |   |   | 55.1 | % |
| Operating expenses                         |   |                              | 3.61   |   |   |   | 2.97   |   |   |   | 0.64 |   |   |   | 21.5 | % |
| Depreciation, depletion & amortization |   |                              | 3.75   |   |   |   | 3.43   |   |   |   | 0.32 |   |   |   | 9.3 | % |
| Share-based compensation                   |   |                              | 0.16   |   |   |   | 0.19   |   |   |   | (0.03 | ) |   |   | -15.8 | % |
| Selected costs                             |   | $                                 | 7.52   |   |   | $      | 6.59   |   |   | $ | 0.93 |   |   |   | 14.1 | % |

----

----

|                                     |   | June 30, 2010 |        |   | December 31, 2009 |   |       | Change |   |
|------------------------------------------|--------|---------------|-------------|--------|------------------------|--------|------------|--------|--------|
| Current assets                           |   |          |        |   |                   |   |       |   |   |
| Accounts receivable, net                 |   | $             | 13,389,207  |   |                   | $      | 14,773,246 |   |   | $ | (1,384,039 | ) |
| Prepaid expenses                         |   |          | 7,965       |   |                   |   | —    |   |   |   | 7,965 |   |
| Derivative instruments                   |   |          | 10,591,197  |   |                   |   | 9,937,697  |   |   |   | 653,500 |   |
| Total current assets                     |   |          | 23,988,369  |   |                   |   | 24,710,943 |   |   |   | (722,574 | ) |
|                                     |   |          |        |   |                   |   |       |   |   |   |   |   |
| Current liabilities                      |   |          |        |   |                   |   |       |   |   |   |   |   |
| Current portion of long-term debt        |   |          | 4,898       |   |                   |   | 19,014     |   |   |   | (14,116 | ) |
| Accounts payable and accrued liabilities |   |          | 37,150,887  |   |                   |   | 29,115,653 |   |   |   | 8,035,234 |   |
| Income tax payable                       |   |          | 253,726     |   |                   |   | 250,931    |   |   |   | 2,795 |   |
| Asset retirement obligations             |   |          | 717,748     |   |                   |   | 330,287    |   |   |   | 387,461 |   |
| Derivative instruments                   |   |          | 1,300,627   |   |                   |   | 872,849    |   |   |   | 427,778 |   |
| Deferred tax liability, net              |   |          | 2,929,811   |   |                   |   | 2,897,300  |   |   |   | 32,511 |   |
| Total current liabilities                |   |          | 42,357,697  |   |                   |   | 33,486,034 |   |   |   | 8,871,663 |   |
|                                     |   |          |        |   |                   |   |       |   |   |   |   |   |
| Working capital (deficit)                |   | $             | (18,369,328 | )      |                   | $      | (8,775,091 | )      |   | $ | (9,594,237 | ) |

|                                                |   | Six months ended June 30, |   |
|-----------------------------------------------------|--------|---------------------------|--------|
|                                                |   | 2010                      |   |   | 2009 |   |
| Financial Measures                                  |   | (in millions)        |   |
| Net cash provided by (used in) operating activities | $      | 22.2                      |   | $ | (13.3 | ) |
| Net cash used in investing activities               |   | (21.9                     | )      |   | (11.3 | ) |
| Net cash (used in) provided by financing activities |   | (0.3                      | )      |   | 24.6 |   |
| Cash and cash equivalents                           |   | —                   |   |   | — |   |

----

----

----

----

----

|   |   |                                                                                                                                                                                                                                                                                                                         |   |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Number |   | Description                                                                                                                                                                                                                                                                                                                  |   |
|   |   |                                                                                                                                                                                                                                                                                                                         |
| 3.1    |   | Certificate of Incorporation of Crimson Exploration Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K  filed July 5, 2005)                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                         |
| 3.2    |   | By-laws of Crimson Exploration Inc. (incorporated by reference to Exhibit 3.7 to the Company’s Current Report on Form 8-K  filed July 5, 2005)                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                         |
| 4.1    |   | Form of Common Stock Certificate (incorporated by reference to Exhibit 3.7 to the Company’s Current Report on Form 8-K  filed July 5, 2005)                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                         |
| 4.2    |   | Letter Agreement by and among GulfWest Energy Inc., a Texas corporation, GulfWest Oil & Gas Company and the investors listed on the signature page thereof, dated April 22, 2004 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K  filed on May 10, 2004) |
|   |   |                                                                                                                                                                                                                                                                                                                         |
| 4.3    |   | Shareholders Rights Agreement between GulfWest Energy Inc. and OCM GW Holdings, LLC dated February 28, 2005 (incorporated by reference to Exhibit 99(e) of the Schedule 13D, Reg. No. 005-54301,  filed on March 10, 2005)                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                         |
| 4.4    |   | Omnibus and Release Agreement among GulfWest Energy Inc., OCM GW Holdings, LLC and those signatories set forth on the signature page thereto, dated as of February 28, 2005 (incorporated by reference to Exhibit 99(f) of the Schedule 13D, Reg. No. 005-54301,  filed on March 10, 2005)               |

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| Number |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 4.5    |   | Waiver, Consent and First Amendment to the Shareholders Rights Agreement, dated as of December 7, 2009, between Crimson Exploration Inc. and OCM GW Holdings, LLC (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K  filed December 10, 2009)                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 4.6    |   | Termination Agreement, dated as of December 7, 2009, between Crimson Exploration Inc. and OCM GW Holdings, LLC (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K  filed December 10, 2009)                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 10.1   |   | Fifth Amendment dated as of June 9, 2010, to the Amended and Restated Credit Agreement, dated as of May 31, 2007, by and among Crimson Exploration Inc., as borrower, the Guarantors party thereto, the Lenders from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent for the Lenders (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed June 14, 2010). |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *#10.2 |   | Employment Agreement between Carl Isaac and Crimson Exploration Inc., dated May 10, 2010.                                                                                                                                                                                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *31.1  |   | Certification of Chief Executive Officer pursuant to Exchange Rule13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| *31.2  |   | Certification of Chief Financial Officer pursuant to Exchange Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **32.1 |   | Certification of Chief Executive Officer pursuant to 18.U.S.C Section 1350 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| **32.2 |   | Certification of Chief Financial Officer pursuant to 18.U.S.C Section 1350 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   | * Filed herewith.                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |   | ** Furnished herewith                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   | # Management contract or compensatory plan or arrangement                                                                                                                                                                                                                                                                                                                                                                                              |

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| Date:  | August 5, 2010 | By:    | /s/ Allan D. Keel                                 |
|--------|----------------|--------|---------------------------------------------------|
|   |           |   | Allan D. Keel                                     |
|   |           |   | President and Chief Executive Officer             |
|   |           |   |                                              |
| Date:  | August 5, 2010 | By:    | /s/ E. Joseph Grady                               |
|   |           |   | E. Joseph Grady                                   |
|   |           |   | Senior Vice President and Chief Financial Officer |