Crimson Exploration Inc. Announces Second 2013 Woodbine Completion and Provides Drilling Update

  Crimson Exploration Inc. Announces Second 2013 Woodbine Completion and
  Provides Drilling Update

Business Wire

HOUSTON -- April 17, 2013

Crimson Exploration Inc. (NasdaqGM: CXPO) announced today the successful
completion of the Mosley B #1H (82.8% WI), its second Woodbine oil well in the
2013 capital program, at a gross initial production rate of 1,143 Boepd, or
984 barrels of oil, 86 barrels of natural gas liquids and 437 mcf, on a
26/64^th choke. The well was drilled to a total measured depth of 15,366 feet,
including a 6,044 foot lateral, and was completed with 22 stages of fracture
stimulation.

One mile to the east, the Payne B #1H (83.5% WI) well, targeting the Woodbine
formation, is currently drilling at 11,925 feet toward an estimated total
measured depth of 15,740 feet, including an estimated 6,600 foot lateral. The
well is anticipated to be completed with 22 stages of fracture stimulation,
with first production expected by the end of May. Upon completion of drilling
operations, the rig will move approximately one mile north to begin drilling
the Grace Hall C #1H well.

In Grimes County, Texas, Crimson has been notified by its midstream provider
that initial start-up has commenced for the Central NGL Refrigeration Unit
that will serve the Covington-Upchurch #1H. The well has been producing the
Woodbine-Lewisville Sand at 2,500 Mcfepd (1,900 Mcfpd and 100 barrels of oil)
on a highly restricted choke through-out the delay of plant start-up. Once the
plant is fully operational, the Covington-Upchurch #1H will begin producing
operations under normal conditions.

In Dimmit County, Texas, the Beeler #2H well (50.0% WI), targeting the Buda
formation, is currently drilling at 6,025 feet toward an estimated total
measured depth of 11,180 feet, including an approximate 4,000 foot lateral. As
typical for the area, the Beeler #2H will be completed naturally without
fracture stimulation. Crimson currently estimates it holds approximately 8,475
gross acres prospective for the Buda formation in its Booth-Tortuga area. The
Beeler #2H is Crimson’s first well targeting the Buda formation and initial
production is expected in May.

Allan D. Keel, President and Chief Executive Officer, commented, “The
continued success of our Woodbine drilling program in our Force area of
Madison County, Texas further validates our acreage position as being one of
the best in the play. Including the Mosley B #1H, our 24-hr initial production
rate in the Force area for operated wells has averaged 1,184 Boepd. In Grimes
County, we are very pleased with the rate and pressure performance of the
Covington-Upchurch well under severely restricted production conditions and
look forward to bringing the well up to its full potential. In South Texas, we
are excited to be drilling our first Buda well. We anticipate results from the
Beeler #2H in the near future and are optimistic that the Buda formation will
provide another opportunity for oil growth in our portfolio.”

Crimson Exploration is a Houston, TX-based independent energy company engaged
in the exploitation, exploration, development and acquisition of crude oil and
natural gas, primarily in the onshore Gulf Coast regions of the United States.
The Company currently owns approximately 95,000 net acres onshore in Texas,
Louisiana, Colorado and Mississippi, including approximately 19,000 net acres
in Madison and Grimes counties in Southeast Texas, approximately 8,600 net
acres in the Eagle Ford Shale in South Texas, approximately 10,000 net acres
in the DJ Basin of Colorado, and approximately 4,800 net acres in the
Haynesville Shale and Mid-Bossier gas plays and James Lime gas/liquids play in
East Texas.

Additional information on Crimson Exploration Inc. is available on the
Company's website at http://crimsonexploration.com.

This press release includes “forward-looking statements” as defined by the
Securities and Exchange Commission (“SEC”) and applicable securities laws.
Such statements include those concerning Crimson’s strategic plans,
expectations and objectives for future operations. All statements included in
this press release that address activities, events or developments that
Crimson expects, believes or anticipates will or may occur in the future are
forward-looking statements. These statements are based on certain assumptions
Crimson made based on its experience and perception of historical trends,
current conditions, expected future developments and other factors it believes
are appropriate under the circumstances. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
Crimson’s control. Statements regarding future production, revenue, cash flow
operating results, leverage, drilling rigs operating, drilling locations,
funding, derivative transactions, pricing, operating costs and capital
spending, tax rates, and descriptions of our development plans are subject to
all of the risks and uncertainties normally incident to the exploration for
and development and production of oil and gas. These risks include, but are
not limited to, commodity price changes, inflation or lack of availability of
goods and services, environmental risks, the proximity to and capacity of
transportation facilities, the timing of planned capital expenditures,
uncertainties in estimating reserves and forecasting production results,
operating and drilling risks, regulatory changes and the potential lack of
capital resources. All forward-looking statements are based on our forecasts
for our existing operations and do not include the potential impact of any
future acquisitions. Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or developments may
differ materially from those projected in the forward-looking statements.
Please refer to our filings with the SEC, including our Form 10-K for the year
ended December 31, 2012, and subsequent filings for a further discussion of
these risks. Existing and prospective investors are cautioned not to place
undue reliance on forward-looking statements, which speak only as of the date
hereof. We undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as a result
of new information, future events or otherwise.

Contact:

Crimson Exploration Inc.
E. Joseph Grady, 713-236-7400
Senior Vice President and Chief Financial Officer
or
Josh Wannarka, 713-236-7400
Manager of Investor Relations and FP&A
 
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