| 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 March 31, 2011 and December 31, 2010                                                 | 3      |
| Consolidated Statements of Operations for the Three Months Ended March 31, 2011 and 2010                               | 4      |
| Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2011                         | 5      |
| Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2011 and 2010                               | 6      |
| Notes to the Consolidated Financial Statements                                                                              | 7      |
|                                                                                                                        |   |
| Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations | 15     |
|                                                                                                                        |   |
| Item 4.     Controls and Procedures                                                                     | 22     |
|                                                                                                                        |   |
| Part II:    Other Information                                                                                |   |
|                                                                                                                        |   |
| Item 1A.  Risk Factors                                                                                                 | 23     |
|                                                                                                                        |   |
| Item 2.     Unregistered Sales of Equity Securities and Use Of Proceeds                            | 23     |
|                                                                                                                        |   |
| Item 6.     Exhibits                                                                               | 23     |
|                                                                                                                        |   |
| Signatures                                                                                                                  | 25     |

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

|                                                                                                                                                                             |   | March 31,   |         |   | December 31, |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------------|--------|--------------|---------|
|                                                                                                                                                                             |   | 2011        |         |   | 2010         |    |
|                                                                                                                                                                             |   | (unaudited) |         |   |         |    |
| CURRENT ASSETS                                                                                                                                                                   |   |        |         |   |         |    |
|     Cash and cash equivalents                                                                                                                                     |   | $           | —      |   |         | $       | — |   |
|     Accounts receivable, net of allowance of $579,143 and $579,143, respectively                                                                                  |   |        | 15,430,451   |   |         |    | 14,225,932 |   |
| Prepaid expenses                                                                                                                                                                 |   |        | 380,456      |   |         |    | 168,766 |   |
| Derivative instruments                                                                                                                                                           |   |        | 4,118,511    |   |         |    | 6,836,366 |   |
| Deferred tax asset, net                                                                                                                                                          |   |        | 7,285,416    |   |         |    | 6,331,152 |   |
| Total current assets                                                                                                                                                             |   |        | 27,214,834   |   |         |    | 27,562,216 |   |
|                                                                                                                                                                             |   |        |         |   |         |    |   |   |
| PROPERTY AND EQUIPMENT                                                                                                                                                           |   |        |         |   |         |    |   |   |
|     Oil and gas properties (successful efforts method of accounting)                                                                                              |   |        | 607,963,096  |   |         |    | 590,248,138 |   |
|     Other property and equipment                                                                                                                                  |   |        | 3,345,798    |   |         |    | 3,345,798 |   |
|     Accumulated depreciation, depletion and amortization                                                                                                          |   |        | (226,892,054 | )      |         |    | (213,547,504 | ) |
| Total property and equipment, net                                                                                                                                                |   |        | 384,416,840  |   |         |    | 380,046,432 |   |
|                                                                                                                                                                             |   |        |         |   |         |    |   |   |
| NONCURRENT ASSETS                                                                                                                                                                |   |        |         |   |         |    |   |   |
|     Deposits                                                                                                                                                      |   |        | 34,743       |   |         |    | 34,743 |   |
|     Debt issuance cost                                                                                                                                            |   |        | 1,803,385    |   |         |    | 2,364,469 |   |
|     Deferred tax asset, net                                                                                                                                       |   |        | 6,317,751    |   |         |    | 2,678,966 |   |
| Total noncurrent assets                                                                                                                                                          |   |        | 8,155,879    |   |         |    | 5,078,178 |   |
|                                                                                                                                                                             |   |        |         |   |         |    |   |   |
| TOTAL ASSETS                                                                                                                                                                     |   | $           | 419,787,553  |   |         | $       | 412,686,826 |   |
|                                                                                                                                                                             |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                             |
| CURRENT LIABILITIES                                                                                                                                                              |   |        |         |   |         |    |   |   |
|     Accounts payable                                                                                                                                              |   | $      | 44,839,079   |   |         | $  | 30,795,692 |   |
|     Accrued liabilities                                                                                                                                           |   |        | 16,075,740   |   |         |    | 12,799,176 |   |
|     Asset retirement obligations                                                                                                                                  |   |        | 734,226      |   |         |    | 732,126 |   |
|     Derivative instruments                                                                                                                                        |   |        | 3,281,388    |   |         |    | 3,043,078 |   |
| Total current liabilities                                                                                                                                                        |   |        | 64,930,433   |   |         |    | 47,370,072 |   |
|                                                                                                                                                                             |   |        |         |   |         |    |   |   |
| NONCURRENT LIABILITIES                                                                                                                                                           |   |        |         |   |         |    |   |   |
|     Long-term debt, net of current portion                                                                                                                        |   |        | 168,259,488  |   |         |    | 172,013,490 |   |
|     Asset retirement obligations                                                                                                                                  |   |        | 9,236,174    |   |         |    | 9,101,895 |   |
|     Derivative instruments                                                                                                                                        |   |        | 1,275,640    |   |         |    | — |   |
|     Other noncurrent liabilities                                                                                                                                  |   |        | 658,060      |   |         |    | 670,398 |   |
| Total noncurrent liabilities                                                                                                                                                     |   |        | 179,429,362  |   |         |    | 181,785,783 |   |
|                                                                                                                                                                             |   |        |         |   |         |    |   |   |
| Total liabilities                                                                                                                                                                |   |        | 244,359,795  |   |         |    | 229,155,855 |   |
|                                                                                                                                                                             |   |        |         |   |         |    |   |   |
| COMMITMENTS AND CONTINGENCIES                                                                                                                                                    |   |        |         |   |         |    |   |   |
|                                                                                                                                                                             |   |        |         |   |         |    |   |   |
| STOCKHOLDERS’ EQUITY                                                                                                                                                       |   |        |         |   |         |    |   |   |
| Common stock (par value $0.001; 200,000,000 shares authorized; 45,308,390 and 44,952,405 shares issued and 45,192,430 and 44,857,259 shares outstanding, respectively) |   |        | 45,308       |   |         |    | 44,952 |   |
|     Additional paid-in capital                                                                                                                                    |   |        | 242,021,885  |   |         |    | 241,488,749 |   |
|     Retained deficit                                                                                                                                              |   |        | (66,052,750  | )      |         |    | (57,506,788 | ) |
| Treasury stock (at cost, 115,960 and 95,146 shares, respectively)                                                                                                           |   |        | (586,685     | )      |         |    | (495,942 | ) |
| Total stockholders’ equity                                                                                                                                                 |   |        | 175,427,758  |   |         |    | 183,530,971 |   |
|                                                                                                                                                                             |   |        |         |   |         |    |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                 |   | $           | 419,787,553  |   |         | $       | 412,686,826 |   |

----

|                                                 |   | Three Months Ended March 31, |        |
|------------------------------------------------------|--------|------------------------------|-------------|
|                                                 |   | 2011                         |        |   | 2010 |   |
|                                                 |   |                         |        |   |   |   |
| OPERATING REVENUES                                   |   |                         |        |   |   |   |
| Natural gas sales                                    |   | $                            | 14,724,949  |   |   | $ | 14,473,731 |   |
| Crude oil sales                                      |   |                         | 7,415,643   |   |   |   | 4,716,695 |   |
| Natural gas liquids sales                            |   |                         | 5,481,427   |   |   |   | 3,294,161 |   |
| Operating overhead and other income                  |   |                         | 161,528     |   |   |   | 125,272 |   |
| Total operating revenues                             |   |                         | 27,783,547  |   |   |   | 22,609,859 |   |
|                                                 |   |                         |        |   |   |   |   |   |
| OPERATING EXPENSES                                   |   |                         |        |   |   |   |   |   |
| Lease operating expenses                             |   |                         | 4,030,578   |   |   |   | 3,882,851 |   |
| Production and ad valorem taxes                      |   |                         | 1,880,206   |   |   |   | 1,702,864 |   |
| Exploration expenses                                 |   |                         | 91,614      |   |   |   | 495,837 |   |
| Depreciation, depletion and amortization             |   |                         | 13,480,929  |   |   |   | 10,423,552 |   |
| Impairment and abandonment of oil and gas properties |   |                         | 5,444,514   |   |   |   | — |   |
| General and administrative                           |   |                         | 4,327,488   |   |   |   | 4,909,320 |   |
| Total operating expenses                             |   |                         | 29,255,329  |   |   |   | 21,414,424 |   |
|                                                 |   |                         |        |   |   |   |   |   |
| INCOME FROM OPERATIONS                               |   |                         | (1,471,782  | ) |   |   | 1,195,435 |   |
|                                                 |   |                         |        |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                               |   |                         |        |   |   |   |   |   |
| Interest expense, net of amount capitalized          |   |                         | (6,734,828  | ) |   |   | (5,357,276 | ) |
| Other financing cost                                 |   |                         | (700,596    | ) |   |   | (728,103 | ) |
| Unrealized (loss) gain on derivative instruments     |   |                         | (4,231,805  | ) |   |   | 5,442,034 |   |
| Total other income (expense)                         |   |                         | (11,667,229 | ) |   |   | (643,345 | ) |
|                                                 |   |                         |        |   |   |   |   |   |
| INCOME (LOSS) BEFORE INCOME TAXES                    |   |                         | (13,139,011 | ) |   |   | 552,090 |   |
|                                                 |   |                         |        |   |   |   |   |   |
| Income tax benefit (expense)                         |   |                         | 4,593,049   |   |   |   | (343,275 | ) |
|                                                 |   |                         |        |   |   |   |   |   |
| NET INCOME (LOSS)                                    |   | $                            | (8,545,962  | ) |   | $ | 208,815 |   |
|                                                 |   |                         |        |   |   |   |   |   |
| NET INCOME (LOSS) PER SHARE                          |   |                         |        |   |   |   |   |   |
| Basic                                                |   | $                            | (0.19       | ) |   | $ | 0.01 |   |
| Diluted                                              |   | $                            | (0.19       | ) |   | $ | 0.01 |   |
|                                                 |   |                         |        |   |   |   |   |   |
| WEIGHTED AVERAGE SHARES OUTSTANDING                  |   |                         |        |   |   |   |   |   |
| Basic                                                |   |                         | 44,939,828  |   |   |   | 38,506,160 |   |
| Diluted                                              |   |                         | 44,939,828  |   |   |   | 38,653,645 |   |

----

| CRIMSON EXPLORATION INC. AND SUBSIDIARIES                 |   |
|-----------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY     |   |
| FOR THE THREE MONTHS ENDED MARCH 31, 2011(UNAUDITED) |   |
|                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   | NUMBER OF SHARES |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                      |   | COMMON STOCK |   |   | COMMON STOCK |   |   | ADDITIONALPAID-IN CAPITAL |   |   | RETAINED EARNINGS |   |   | TREASURY STOCK |   |   | TOTAL STOCKHOLDERS’ EQUITY |   |
| BALANCE, DECEMBER 31, 2010                                |   |   | 44,857,259 |   |   | $ | 44,952 |   |   | $ | 241,488,749 |   |   | $ | (57,506,788 | ) |   | $ | (495,942 | ) |   | $ | 183,530,971 |   |
| Current period net loss                                   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (8,545,962 | ) |   |   | — |   |   |   | (8,545,962 | ) |
| Share-based compensation                                  |   |   | 354,213 |   |   |   | 354 |   |   |   | 528,885 |   |   |   | — |   |   |   | — |   |   |   | 529,239 |   |
| Stock options exercised                                   |   |   | 1,772 |   |   |   | 2 |   |   |   | 4,251 |   |   |   | — |   |   |   | — |   |   |   | 4,253 |   |
| Treasury stock                                            |   |   | (20,814 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (90,743 | ) |   |   | (90,743 | ) |
| BALANCE, MARCH 31, 2011                              |   |   | 45,192,430 |   |   | $ | 45,308 |   |   | $ | 242,021,885 |   |   | $ | (66,052,750 | ) |   | $ | (586,685 | ) |   | $ | 175,427,758 |   |

----

|                                                                                     |   | For The Three Months Ended March 31, |        |
|------------------------------------------------------------------------------------------|--------|--------------------------------------|-------------|
|                                                                                     |   | 2011                                 |        |   | 2010 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                    |   |                                 |        |   |   |   |
| Net income (loss)                                                                        |   | $                                    | (8,545,962  | ) |   | $ | 208,815 |   |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |   |                                 |        |   |   |   |   |   |
| Depreciation, depletion and amortization                                                 |   |                                 | 13,480,929  |   |   |   | 10,423,552 |   |
| Asset retirement obligations                                                             |   |                                 | —     |   |   |   | (20,789 | ) |
| Stock compensation expense                                                               |   |                                 | 529,239     |   |   |   | 511,632 |   |
| Amortization of financing costs and discounts                                            |   |                                 | 838,217     |   |   |   | 698,387 |   |
| Deferred income taxes                                                                    |   |                                 | (4,593,049  | ) |   |   | 311,593 |   |
| Impaired and abandoned oil and gas properties                                            |   |                                 | 5,444,514   |   |   |   | 107,794 |   |
| (Gain) loss on derivative instruments                                                    |   |                                 | 4,231,805   |   |   |   | (5,442,034 | ) |
| Changes in operating assets and liabilities:                                             |   |                                 |        |   |   |   |   |   |
| (Increase) decrease in accounts receivable, net                                          |   |                                 | (1,204,519  | ) |   |   | 1,775,662 |   |
| Increase in prepaid expenses                                                             |   |                                 | (211,690    | ) |   |   | (65,444 | ) |
|     Increase (decrease) in accounts payable and accrued liabilities       |   |                                 | 17,307,613  |   |   |   | (1,123,739 | ) |
| Net cash provided by operating activities                                                |   |                                 | 27,277,097  |   |   |   | 7,385,429 |   |
|                                                                                     |   |                                 |        |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                    |   |                                 |        |   |   |   |   |   |
| Capital expenditures                                                                     |   |                                 | (23,159,472 | ) |   |   | (5,271,023 | ) |
| Net cash used in investing activities                                                    |   |                                 | (23,159,472 | ) |   |   | (5,271,023 | ) |
|                                                                                     |   |                                 |        |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                    |   |                                 |        |   |   |   |   |   |
| Payments on debt                                                                         |   |                                 | (21,027,701 | ) |   |   | (21,430,814 | ) |
| Proceeds from debt                                                                       |   |                                 | 17,027,701  |   |   |   | 19,420,809 |   |
| Debt issuance expenditures                                                               |   |                                 | (31,135     | ) |   |   | (16,411 | ) |
| Proceeds from issuance of common stock                                                   |   |                                 | 4,253       |   |   |   |   |   |
| Purchase of treasury stock                                                               |   |                                 | (90,743     | ) |   |   | (87,990 | ) |
| Net cash used in financing activities                                                    |   |                                 | (4,117,625  | ) |   |   | (2,114,406 | ) |
|                                                                                     |   |                                 |        |   |   |   |   |   |
| INCREASE IN CASH AND CASH EQUIVALENTS                                                    |   |                                 | —     |   |   |   | — |   |
|                                                                                     |   |                                 |        |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS,                                                               |   |                                 |        |   |   |   |   |   |
| Beginning of period                                                                      |   |                                 | —     |   |   |   | — |   |
|                                                                                     |   |                                 |        |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS,                                                               |   |                                 |        |   |   |   |   |   |
| End of period                                                                            |   | $                                    | —     |   |   | $ | — |   |
|                                                                                     |   |                                 |        |   |   |   |   |   |
| Cash paid for interest, net of capitalized interest                                      |   | $                                    | 6,793,791   |   |   | $ | 8,351,063 |   |
| Cash paid for income taxes                                                               |   | $                                    | —     |   |   | $ | — |   |

----

----

| 4. | FAIR VALUE MEASUREMENTS |
|----|-------------------------|

----

|                      |   | Total          |     |   | Fair Value Measurements Using |   |
|---------------------------|--------|----------------|----------|--------|-------------------------------|--------|
|                      |   | Carrying Value |     |   | Level 1                       |   |   | Level 2 |   |   | Level 3 |   |
| Derivatives               |   |           |     |   |                          |   |   |   |   |   |   |   |
| Commodity price contracts |   | $              | (18,599  | )      |                          | $      | — |   |   | $ | (18,599 | ) |   | $ | — |   |
| Interest rate swaps       |   |           | (419,918 | )      |                          |   | — |   |   |   | (419,918 | ) |   |   | — |   |
| Total                     |   | $              | (438,517 | )      |                          | $      | — |   |   | $ | (438,517 | ) |   | $ | — |   |

|                                                                                             |   | Total          |       |   | Fair Value Measurements Using |   |
|--------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|-------------------------------|--------|
|                                                                                             |   | Carrying Value |       |   | Level 1                       |   |   | Level 2 |   |   | Level 3 |   |
| Derivatives                                                                                      |   |           |       |   |                          |   |   |   |   |   |   |   |
| Commodity price contracts                                                                        |   | $              | 5,186,028  |   |                          | $      | — |   |   | $ | 5,186,028 |   |   | $ | — |   |
| Interest rate swaps                                                                              |   |           | (1,392,740 | )      |                          |   | — |   |   |   | (1,392,740 | ) |   |   | — |   |
|                 Total |   | $              | 3,793,288  |   |                          | $      | — |   |   | $ | 3,793,288 |   |   | $ | — |   |

----

----

| Crude Oil                                      |   |         |     | Volume/Month                           |   | Price/Unit       |    |    | Fair Value |   |
|------------------------------------------------|--------|--------------|----------|----------------------------------------|--------|------------------|---------|---------|------------|--------|
| Apr 2011-Dec 2011                              |   | Swap         |     | 3,300 Bbls                             |   | $70.74           |    |  $ | (1,100,858 | )      |
| Apr 2011-Dec 2011                              |   | Collar       |     | 7,000 Bbls                             |   | $64.50-$69.50    |    |    | (2,423,498 | )      |
| Apr 2011-Jun 2011                              |   | Swap         |     | 1,500 Bbls                             |   | $86.78           |    |    | (92,549    | )      |
| Jul 2011-Sep 2011                              |   | Swap         |     | 500 Bbls                               |   | $87.32           |    |    | (31,270    | )      |
| Apr 2011-Dec 2011                              |   | Swap         |     | 3,100 Bbls                             |   | $85.65           |    |    | (620,453   | )      |
| Apr 2011-Dec 2011                              |   |  Collar |     | 5,300 Bbls                             |   | $90.00-$112.60   |    |    | (173,194   | )      |
| Jan 2012-Dec 2012                              |   |  Collar |     | 4,500 Bbls                             |   | $90.00-$110.46   |    |    | (241,557   | )      |
| Jan 2012-Dec 2012                              |   | Collar       |     | 5,000 Bbls                             |   | $85.00-$102.70   |    |    | (576,896   | )      |
| Jan 2012-Dec 2012                              |   | Collar       |     | 5,100 Bbls                             |   | $80.00-$107.30   |    |    | (514,899   | )      |
|                                           |   |         |     |                                   |   |             |    |    |       |   |
| Natural Gas                                    |   |         |     |                                   |   |             |    |    |       |   |
| Apr 2011-Dec 2011                              |   | Collar       |     | 266,000 Mmbtu                          |   | $7.32-$8.70      |    |    | 6,542,008  |   |
| Apr 2011-Dec 2011                              |   | Swap         |     | 232,500 Mmbtu                          |   | $4.39            |    |    | (377,734   | )      |
| Jan 2012-Dec 2012                              |   | Put          |     | 320,000 Mmbtu                          |   | $5.00            |    |    | (346,738   | )      |
|                                           |   |         |     |                                   |   |             |    |    |       |   |
| Natural Gas Liquids                            |   |         |     |                                   |   |             |    |    |       |   |
| Apr 2011-Dec 2011                              | (1)    | Swap         |     | 210,000 Gallons                        |   | $1.362           |    |    | (60,961    | )      |
|                                           |   |         |     | Commodity price derivative instruments |   |             | (18,599 | )       |
|                                           |   |         |     |                                   |   |             |    |    |       |   |
| Interest rate                                  |   |         |     | Notional Amount                        |   | Fixed LIBOR Rate |    |    |       |   |
| Apr 2011-May 2011                              |   | Swap         |     | $150,000,000                           |   | 2.90%            |    |    | (419,918   | )      |
| Interest rate derivative instruments           |   |         | (419,918 | )                                      |
| Total net fair value of derivative instruments |   | $            | (438,517 | )                                      |

|         (1) | Propane contract |
|------------------------------------------------|------------------|

| Contract Type             |   | Location of Gain or (Loss)Recognized in Income |   |   | Amount of Gain or (Loss)Recognized in Income |   |
|---------------------------|--------|------------------------------------------------|--------|--------|----------------------------------------------|--------|
| Three months ended        |   |
|                      |   |                                           |   |   | March 31, 2011                          |   |   |   | March 31, 2010 |   |
| Commodity price contracts |   | Operating revenues                             |   | $      | 1,829,298                                    |   |   | $ | 3,982,989 |   |
| Interest rate contracts   |   | Interest expense                               |   |   | (989,341                                     | )      |   |   | (1,149,642 | ) |
|                      |   | Realized gain                                  |   | $      | 839,957                                      |   |   | $ | 2,833,347 |   |
|                      |   |                                           |   |   |                                         |   |   |   |   |   |
| Commodity price contracts |   | Other income (expense)                         |   | $      | (5,204,627                                   | )      |   | $ | 5,193,942 |   |
| Interest rate contracts   |   | Other income (expense)                         |   |   | 972,822                                      |   |   |   | 248,092 |   |
|                      |   | Unrealized (loss) gain                         |   | $      | (4,231,805                                   | )      |   | $ | 5,442,034 |   |

----

| Asset Retirement Obligations Rollforward |   |
|------------------------------------------|--------|
|                                     |   |   |   |
| Beginning January 1, 2011 liability      |   | $ | 9,834,021 |   |
| Accretion expense                        |   |   | 136,379 |   |
| Liabilities incurred                     |   |   | — |   |
| Liabilities settled                      |   |   | — |   |
| Revisions                                |   |   | — |   |
| Ending March 31, 2011 liability     |   | $ | 9,970,400 |   |

----

| 8. | STOCKHOLDERS’ EQUITY |
|----|----------------------------|

|             |   | Eligible Options |    |   | Weighted AverageExercise Price |   |
|------------------|--------|------------------|---------|--------|--------------------------------|--------|
| Allan D. Keel    |   |             | 500,000 |   |                           | $      | 11.97 |   |
| E. Joseph Grady  |   |             | 225,000 |   |                           | $      | 11.38 |   |
| Thomas H. Atkins |   |             | 38,300  |   |                           | $      | 11.60 |   |
| Jay S. Mengle    |   |             | 45,000  |   |                           | $      | 11.60 |   |
| Tracy Price      |   |             | 90,000  |   |                           | $      | 11.60 |   |
| Total            |   |             | 898,300 |   |                           | $      | 11.75 |   |

----

----

----

|   | 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 months ended March 31,      |   |   |   |   |   |   |   |
|---------------------------|--------|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                      |   | 2011                              |   |   | 2010   |   |   | Change |   |   | Percent Change |   |
| Product revenues:         |   | (in millions, except percentages) |   |
| Natural gas sales         |   | $                                 | 14.7   |   |   | $      | 14.5   |   |   | $ | 0.2 |   |   |   | 1.4 | % |
| Crude oil sales           |   |                              | 7.4    |   |   |   | 4.7    |   |   |   | 2.7 |   |   |   | 57.4 | % |
| Natural gas liquids sales |   |                              | 5.5    |   |   |   | 3.3    |   |   |   | 2.2 |   |   |   | 66.7 | % |
| Product revenues          |   | $                                 | 27.6   |   |   | $      | 22.5   |   |   | $ | 5.1 |   |   |   | 22.7 | % |

|                           |   | Three months ended March 31, |   |   |      |   |   |      |   |
|--------------------------------|--------|------------------------------|--------|--------|-----------|--------|--------|-----------|--------|
|                           |   | 2011                         |   |   | 2010      |   |   | Change    |   |   | Percent Change |   |
| Sales volumes:                 |   |                         |   |   |      |   |   |      |   |   |   |   |
| Natural gas (Mcf)              |   | 3,018,348                    |   |   | 2,080,168 |   |   | 938,180   |   |   | 45.1% |   |
| Crude oil (Bbl)                |   | 87,729                       |   |   | 56,304    |   |   | 31,425    |   |   | 55.8% |   |
| Natural gas liquids (Bbl)      |   | 124,099                      |   |   | 71,230    |   |   | 52,869    |   |   | 74.2% |   |
| Natural gas equivalents (Mcfe) |   | 4,289,316                    |   |   | 2,845,372 |   |   | 1,443,944 |   |   | 50.7% |   |

----

|                                   |   | Three months ended March 31, |   |   |   |   |   |   |   |
|----------------------------------------|--------|------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                   |   | 2011                         |   |   | 2010   |   |   | Change |   |   | Percent Change |   |
| Average sales prices (before hedging): |   |                         |   |   |   |   |   |   |   |   |   |   |
| Natural gas (Mcf)                      |   | $                            | 3.98   |   |   | $      | 5.24   |   |   | $ | (1.26 | ) |   |   | -24.0 | % |
| Crude oil (Bbl)                        |   |                         | 94.50  |   |   |   | 76.64  |   |   |   | 17.86 |   |   |   | 23.3 | % |
| Natural gas liquids (Bbl)              |   |                         | 44.24  |   |   |   | 46.25  |   |   |   | (2.01 | ) |   |   | -4.3 | % |
| Natural gas equivalents (Mcfe)         |   |                         | 6.01   |   |   |   | 6.50   |   |   |   | (0.49 | ) |   |   | -7.5 | % |

|                                  |   | Three months ended March 31, |   |   |   |   |   |   |   |
|---------------------------------------|--------|------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                  |   | 2011                         |   |   | 2010   |   |   | Change |   |   | Percent Change |   |
| Average sales prices (after hedging): |   |                         |   |   |   |   |   |   |   |   |   |   |
| Natural gas (Mcf)                     |   | $                            | 4.88   |   |   | $      | 6.96   |   |   | $ | (2.08 | ) |   |   | -29.9 | % |
| Crude oil (Bbl)                       |   |                         | 84.53  |   |   |   | 83.77  |   |   |   | 0.76 |   |   |   | 0.9 | % |
| Natural gas liquids (Bbl)             |   |                         | 44.17  |   |   |   | 46.25  |   |   |   | (2.08 | ) |   |   | -4.5 | % |
| Natural gas equivalents (Mcfe)        |   |                         | 6.44   |   |   |   | 7.90   |   |   |   | (1.46 | ) |   |   | -18.5 | % |

|                                       |   | Three months ended March 31,      |   |   |   |   |   |   |   |
|--------------------------------------------|--------|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                       |   | 2011                              |   |   | 2010   |   |   | Change |   |   | Percent Change |   |
| Certain Operating Expenses:                |   | (in millions, except percentages) |   |
| Lease operating expenses                   |   | $                                 | 4.0    |   |   | $      | 3.9    |   |   | $ | 0.1 |   |   |   | 2.6 | % |
| Production and ad valorem taxes            |   |                              | 1.9    |   |   |   | 1.7    |   |   |   | 0.2 |   |   |   | 11.8 | % |
| Exploration expenses                       |   |                              | 0.1    |   |   |   | 0.5    |   |   |   | (0.4 | ) |   |   | -80.0 | % |
| General and administrative(1)              |   |                              | 3.8    |   |   |   | 4.4    |   |   |   | (0.6 | ) |   |   | -13.6 | % |
| Operating expenses (cash)                  |   |                              | 9.8    |   |   |   | 10.5   |   |   |   | (0.7 | ) |   |   | -6.7 | % |
| Depreciation, depletion & amortization |   |                              | 13.5   |   |   |   | 10.4   |   |   |   | 3.1 |   |   |   | 29.8 | % |
| Share-based compensation(1)                |   |                              | 0.5    |   |   |   | 0.5    |   |   |   | — |   |   |   | 0 | % |
| Certain operating expenses                 |   | $                                 | 23.8   |   |   | $      | 21.4   |   |   | $ | 2.4 |   |   |   | 11.2 | % |

----

|                                       |   | Three months ended March 31,      |   |   |   |   |   |   |   |
|--------------------------------------------|--------|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                       |   | 2011                              |   |   | 2010   |   |   | Change |   |   | Percent Change |   |
| Selected Costs ($ per Mcfe):               |   | (in millions, except percentages) |   |
| Lease operating expenses                   |   | $                                 | 0.94   |   |   | $      | 1.37   |   |   | $ | (0.43 | ) |   |   | -31.4 | % |
| Production and ad valorem taxes            |   |                              | 0.44   |   |   |   | 0.60   |   |   |   | (0.16 | ) |   |   | -26.7 | % |
| Exploration expenses                       |   |                              | 0.02   |   |   |   | 0.17   |   |   |   | (0.15 | ) |   |   | -88.2 | % |
| General and administrative(1)              |   |                              | 0.89   |   |   |   | 1.55   |   |   |   | (0.66 | ) |   |   | -42.6 | % |
| Operating expenses (cash)                  |   |                              | 2.29   |   |   |   | 3.69   |   |   |   | (1.40 | ) |   |   | -37.9 | % |
| Depreciation, depletion & amortization |   |                              | 3.14   |   |   |   | 3.66   |   |   |   | (0.52 | ) |   |   | -14.2 | % |
| Share-based compensation(1)                |   |                              | 0.12   |   |   |   | 0.18   |   |   |   | (0.06 | ) |   |   | -33.3 | % |
| Selected costs                             |   | $                                 | 5.55   |   |   | $      | 7.53   |   |   | $ | (1.98 | ) |   |   | -26.3 | % |

----

|                                     |   | March 31,2011 |   |   | December 31, 2010 |   |   | Change |   |
|------------------------------------------|--------|--------------------|--------|--------|-------------------|--------|--------|--------|--------|
| Current assets                           |   |               |   |   |              |   |   |   |   |
| Accounts receivable, net                 |   | $                  | 15.4   |   |              | $      | 14.2   |   |   | $ | 1.2 |   |
| Prepaid expenses                         |   |               | 0.4    |   |              |   | 0.2    |   |   |   | 0.2 |   |
| Derivative instruments                   |   |               | 4.1    |   |              |   | 6.9    |   |   |   | -2.8 |   |
| Deferred tax asset, net                  |   |               | 7.3    |   |              |   | 6.3    |   |   |   | 1.0 |   |
| Total current assets                     |   |               | 27.2   |   |              |   | 27.6   |   |   |   | (0.4 | ) |
|                                     |   |               |   |   |              |   |   |   |   |   |   |   |
| Current liabilities                      |   |               |   |   |              |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities |   |               | 60.9   |   |              |   | 43.6   |   |   |   | 17.3 |   |
| Asset retirement obligations             |   |               | 0.7    |   |              |   | 0.7    |   |   |   | — |   |
| Derivative instruments                   |   |               | 3.3    |   |              |   | 3.1    |   |   |   | 0.2 |   |
| Total current liabilities                |   |               | 64.9   |   |              |   | 47.4   |   |   |   | 17.5 |   |
|                                     |   |               |   |   |              |   |   |   |   |   |   |   |
| Working capital (deficit)                |   | $                  | (37.7  | )      |              | $      | (19.8  | )      |   | $ | (17.9 | ) |

----

|                                      |   | Three months ended March 31, |    |
|-------------------------------------------|--------|------------------------------|---------|
|                                      |   | 2011                         |    |   | 2010 |   |
| Financial Measures                        |   | (in millions)           |    |
| Net cash provided by operating activities |   | $                            | 27.3    |   |   | $ | 7.4 |   |
| Net cash used in investing activities     |   |                         | (23.2   | ) |   |   | (5.3 | ) |
| Net cash used in financing activities     |   |                         | (4.1    | ) |   |   | (2.1 | ) |
| Cash and cash equivalents                 |   |                         | — |   |   |   | — |   |

----

----

----

| ITEM 1A. | RISK FACTORS |
|----------|--------------|

| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
|---------|-------------------------------------------------------------|

| Period              | Total Number of Shares Purchased (1) |   | Average price Paid Per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) |   | Maximum Number (or Approximate Dollar Value) of Shares That May Be Purchased Under the Plan or Programs |
|---------------------|--------------------------------------|--------|------------------------------|--------|--------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|
| January 1-31, 2011  | —                              |   | —                      |   | —                                                                              |   | (1)                                                                                                     |
| February 1-28, 2011 | 20,814                               |   | $4.36                        |   | 20.814                                                                               |   | (1)                                                                                                     |
| March 1-31, 2011    | —                              |   | —                      |   | —                                                                              |   | (1)                                                                                                     |
| Total               | 20,814                               |   |                         |   | 20,814                                                                               |   |                                                                                                    |

| ITEM 6. | EXHIBITS |
|---------|----------|

|   |   |                                                                                                                                                                                                           |   |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Number |   | Description                                                                                                                                                                                                    |   |
|   |   |                                                                                                                                                                                                           |
| 3.1    |   | Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed July 5, 2005)                                                    |
|   |   |                                                                                                                                                                                                           |
| 3.2    |   | Certificate of Amendment of Certificate of Incorporation (incorporated by reference to Appendix A to the Company’s Definitive Information Statement on Schedule 14C filed August 18, 2006)               |
|   |   |                                                                                                                                                                                                           |
| 3.3    |   | Certificate of Designation, Preferences and Rights of Series I Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed October 29, 2010) |

----

| Number |   | Description                                                                                                                                                                                                                                                                                             |   |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |   |                                                                                                                                                                                                                                                                                                    |
| 3.4    |   | Bylaws 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)               |
|   |   |                                                                                                                                                                                                                                                                                                    |
| 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)                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                    |
| *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                                                                                                                                                                                                                                                                                   |

----

| Date:  | May 12, 2011 | By:    | /s/ Allan D. Keel                                 |
|--------|--------------|--------|---------------------------------------------------|
|   |         |   | Allan D. Keel                                     |
|   |         |   | President and Chief Executive Officer             |
|   |         |   |                                              |
| Date:  | May 12, 2011 | By:    | /s/ E. Joseph Grady                               |
|   |         |   | E. Joseph Grady                                   |
|   |         |   | Senior Vice President and Chief Financial Officer |