Rosetta Resources 8-K Regulation FD Disclosure

The Oil & Gas ConferenceAugust 21, 2007

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Forward Looking Statements

All statements, other than statements of historical fact, included in this
presentation are “forward-looking” statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements regarding the intent,
belief or current expectations of Rosetta Resources Inc. and its subsidiaries (the
“Company”) and its management. These forward-looking statements are based
upon current expectations and are subject to a number of risks, uncertainties and
assumptions that could cause actual results to differ materially from those herein
described. Accordingly, you are cautioned that these forward-looking statements
are not guarantees of future performance. Please refer to Company’s risks,
uncertainties and assumptions as it discloses from time to time in the Company’s
reports and registration statements filed with the SEC, including the risk factors
identified in its Annual report on Form 10-K for the year ended December 31,
2006, which can also be found on the Company’s website at
www.rosettaresources.com.  The Company undertakes no duty to update the
information contained herein except as required by law.

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Corporate Profile

§Rosetta established a stand-alone operating
company on July 7, 2005

§Over 500 locations at inception

§Stock Trades on NASDAQ, Symbol: “ROSE”

§Shares Outstanding = 50.8 Million

§Track record of performance established

•85% drilling success ratio

•$2.70 organic finding cost

•240% reserve replacement in 2006

•14% annual growth in reserves (2005-2006)

•26% annual growth in production (2005-2006)

•6 consecutive quarters of production increases

§Drilling location inventory continues above 500

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PROVED RESERVES

408 BCFE *

 * Reserve number excludes 23.4 Bcfe of proved reserves
    associated with the Calpine non-consent properties

Growing Reserve Base
(as of 12/31/06)

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Sacramento Basin	125
DJ Basin	160
San Juan Basin	29
LOBO	121
Perdido	55
Gulf of Mexico	2
State Waters	2
Other	21
Total	515

Drilling Locations
(As of 7/1/2007)

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2006 to 2007

36%

92 MMcfe/D

Forecast

Production (MMcfe/D)

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MJR:need new
numbers

$1.16

$1.24

$1.04

$1.08

$1.00

$0.90

$1.15

Total Lifting Costs(Per MCFE)

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(Millions)

2007 Program2

2006 Actual1

Total Cap Ex = $240.6

Total Cap Ex = $290.0

1.Includes $35.3 for property acquisitions.

2.Includes $40.0 for OPEX acquisition.

Capital Expenditures

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Outstanding Contract/Transition Issues

§Ongoing Rio Vista Gas Sales Contract

§Gas Marketing Agreement Expiration

§Further Assurances - Transaction
Completion

§Non-Consent Properties ($75 Million)

§Fraudulent Conveyance Resolution

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Partial Settlement Agreement
(Subject to Court Approval)

Includes:

§Rosetta will extend its existing natural gas marketing agreement with Calpine until June 30,
2009.

§Calpine will deliver to Rosetta documents that resolve title issues pertaining to certain oil
and gas properties located in the Gulf of Mexico, California and Wyoming (Properties).

§Rosetta will assume all Calpine's rights and obligations for an audit by the California State
Lands Commission on certain Properties.

§Rosetta will assume all rights and obligations for the Properties, including all plugging and
abandonment liabilities.

Does not address:

§Non-Consent Properties.

§Fraudulent Conveyance.

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August 8	In-chambers status conference before Judge Lifland regarding fraudulent conveyance case
August 16	Deadline for possible sponsors of a Calpine plan to submit proposals
August 21	Calpine to file motion to approve Partial Settlement with Rosetta
August 31	Deadline to file objections to Disclosure Statement
September 10	Deadline for Rosetta to file its responsive pleading to the fraudulent conveyance complaint
September 11	Next bankruptcy hearing to approve Partial Settlement & Disclosure Statement
January 28, 2008	Deadline for Debtor in Possession (DIP) Financing Terms to expire

Calpine Transition Timeline

Northern OperationsCalifornia

Rockies

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Sacramento Basin

Rio Vista

§33,843 acres under lease

§100 % working interest in RVGU and most deep leases

§ 137 producing wells

§ 103 drilling locations

§ 39 MMCFPD average net production YTD

Sac Extension (including Opex)

§41,194 acres under lease

§45 - 100% working interest

§36 producing wells

§22 drilling locations

§3 MMCFPD average net daily production

2007 Full Year Highlights and Plans

§Acquired Opex properties for $38.7 MM, effective 10/1/06

§Extended Martinez production on south Twitchell Island

§Drilling Deep test on Opex Roaring River prospect

§Drilling deep Winters test in the City of Rio Vista in 4th QTR

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Rio Vista

General Information

§16 productive zones from 2,000 to 10,000’

§3.6 Tcf cumulative production (Rio Vista only)

§Approximately net 70,000 net acres

§85% to 100% working interest

§Typical well: $1.5 to $2.0 million to drill and complete, 1.0 to
1.5 Bcfe reserves

1st Half 2007 Activity

§Drilling - 11 wells, 82% successful

•Continued air drilling efforts in low pressure zones

•Extended Martinez play on south Twitchell Island

§Operational Activity

•Entered into sales agreement with PG&E to purchase low
pressure gathering system

2nd Half 2007 Plans/Highlights

§Drilling - 17 wells (2 deep)

•Continue air drilling, sand control and other completion
projects for low pressure reserves

•Continue exploitation of South Twitchell Martinez channel
complex

•Complete combining and reprocessing multiple 3-D
seismic surveys for RVGU

•Drill deep Winters test in 4th QTR

§Operational Activity

•Finalize purchase PG&E low pressure gathering system

•Install bypass pipeline to increase take away

•capacity from South Twitchell wells

South
Twitchell/Bradford
Island Area

2007 REMAINING WELLS

2007 WELLS DRILLED

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Major Producing Zones

Sacramento Basin

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Rio Vista Wells

(January 1, 2007 to August 9, 2007)

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1st Half 2007 Activity

§Developed 9 prospects to be drilled in 2007 and 5 future drillable locations

§Leased 860 additional acres

Opex Acquisition

§Acquired Opex properties for $38.7 MM

§3.5 MMCFPD net production. 9.6 BCF net reserves.

§Added several high-potential prospects and 4,893 acres

§G&G and Engineering evaluations have already added several additional drilling
prospects and recompletion opportunities to the portfolio

2nd Half 2007 Plans/Highlights 

§Detar #1, successful Winters test in Millar Field. TD’d July 7th

•Flow tested 2.2MMcf/day @ 2755 psig

§Drill 8 additional wells

•Outside operated Roaring River 20-3 spud Aug 4th

§Acquire significant additional prospect-specific acreage

Sac Extension

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DJ Basin

General Information

§Target zone - Niobrara Chalk at 2,500’

§Approximately 80,000 acres with average of 80% working interest

§Typical well - costs $220,000 to drill and complete, 0.2 to 0.4 Bcfe of
reserves and 70 to 150 Mcfe/d initial production

§Approximately 160 drillable locations

1st Half 2007 Activity  

§Drilled 35 wells, 83% successful

§Leased 20,000 net acres

§Completed construction on 13 mile gathering system in South
Republican

2nd Half 2007 Plans/Highlights

§Drill 34 wells, mainly in Vernon area

§First set of wells drilled in Vernon indicate they will be similar to the
wells in Republican

§Acquired 17 square miles of 3D seismic in SW Wray prospect

§Lease an additional 2,000 acres

§Extend South Republican gathering system to connect Vernon and
Sandy Bluff wells

§Exit year at 10 MMCFPD+

Southern OperationsLobo
PerdidoGulf of MexicoSabine Lake

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South Texas - Lobo

General Information

§+/-70,000 acres

§W.I. - 100% - 90%

§270 wells with 121 drillable locations

§$1.75 MM Drill for 1.25 BCF

§> 80% drilling success

1st Half 2007 Activity

§Drilled 21 wells, 4 Dry holes 17 successful for 81% success
rate

§Drilling redirected to heart of field

§Drilling efficiencies increased the number of wells per month
from 2.7 to 4 wells/month for the two rig program

§SCR 236 post frac IP over 12.5 MMCF/d

§SCR 249 post frac IP over 10 MMCF/d

§Average wells at 3 MMCF/d initial rate

2nd Half 2007 Plans/Highlights

§Lease +/-11,000 acres

§Initiate development on Schwarz-Rottersman

South Callaghan Ranch &
El Corazon Ranch
(approx. 42,000 acres)

Schwarz-Rottersman
(approx. 21,000 acres)

La Perla (approx.
5,000 acres)

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South Texas - Perdido

General Information

§50% W.I. - 37.5% N.R.I.

§EOG is Operator

§+/- 18,000 net acres

§+/- 100 square miles of 3-D seismic

§40 Producing Wells (25 verticals and 15 horizontals) - 55
drillable locations

§$5.5 MM Drill for 3 BCF

§>90% Drilling success

1st Half 2007 Activity

§8.9 MMcfe/D from 6.8 MMcfe/D @1/1/07

2nd Half 2007 Plans/Highlights

§13 MMcfe/D year end exit rate

§Will test Yellow and Green Delta sands where no horizontal
drilling has occurred to date

Currently drilling

7/6/07

Perdido Acreage

2007 Upper Perdido locations

2007 Blue Delta Locations

2007 Red Delta Locations

Current horizontal producers

2007 Lower Perdido locations

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Gulf of Mexico Activity Areas

General Information

§W.I. in 11 blocks ranging from 20% to 100% (NRI of 15% -
79%)

§+/- 27,600 net acres

§800 square mile JV - 3-D coverage

1st Half 2007 Activity

§16 MMcfe/D from 6.8 MMcfe/D @1/1/07

§Drilled South Timbalier 293 (50% W.I.) - $25 MM gross
expenditure - 7 BCF of gross reserves. Will complete well
in 2008

§Brought on Main Pass 118 (25% W.I.) & Main Pass 29
(50% W.I.) - 7 MMcfe/D

§East Cam 88/89 - 100% W.I. - Workovers and platform
work - increase from 5 MMcfe/D to 7-10 MMcfe/D

§Main Pass 125 (50% W.I.) - Dry Hole - $1.15 MM net

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State Waters - Texas & Louisiana

Sabine Lake

General Information

§50% W.I. 37.5% R.I.

§6,850 acres - 70 square miles of 3-D seismic

§$5 to$10 MM/Well to drill - 5 to 10 BCFE/Well reserves

1st Half 2007 Activity

§Drilled four wells - $15.6MM cost to date

§ST 30 #1 drilled— Hackberry discovery 6.7 BCFe gross
2.5 BCFe net

§ST 30 #2 completing—delineation well to #1 - Logged
Hackberry pay

§ST 16-1 drilled— Hackberry interval dry - logged oil pay in
Camerina

§ST 19071 #1 - Logged Miocene pay

§Acquired 16” - 12 mile ANR pipeline for $700,000

2nd Half 2007 Plans/Highlights

§Developing onshore facilities to handle 50 MMcfe/D and
2000 BCPD

§Expected production to commence mid fourth quarter

§Additional prospects being developed

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§Central facility for Satellite wells

§Capacity of 30 Mmcf/d

§Installing 8” flow line to transport full wellstream
production to 16” gathering pipeline

§Production will go onshore to Louisiana to
connect to a 50 Mmcf/d production facility

Sabine Lake Construction -
State Tract 30-1 Production Platform

Financials

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Second Quarter Results

	2Q07	2Q06
Average Production (MMcfe/Day)	119.7	87.9
Realized Price ($/MCFE)	7.97	7.92
Total Revenues ($MM)	86.9	63.4
Net Income ($MM)	13.09	9.96
EPS Diluted ($/Share)	0.26	0.20
Average Shares Outstanding<MM> (Diluted)	50.6	50.4

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($/MCFE)	1Half 2007	2007 Estimate
Direct LOE	$0.61	$0.61
Ad-Valorem Tax	0.25	0.24
Workover	0.13	0.12
Insurance	0.04	0.04
Total Lifting Costs	$1.03	$1.01
Production Tax	0.11	0.13
TG&M	0.14	0.15
G&A (1)	0.72	0.67
Interest	0.37	0.33
Total Cash Costs	$2.37	$2.29

(1)Includes costs of becoming Public company, SOX implementation and Calpine related
transaction costs

Cost Structure

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(in thousands)	6/30/07	12/31/06
Cash and Cash Equivalents	$12	$63
Total Assets	$1,275	$1,219
Long Term Debt	$240	$240
Stockholder’s Equity	$838	$822
Debt/Total Capital	22%	23%

Balance Sheet Highlights

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§Hedged 65 BBTU/D for 2007 with swaps at 55
BBTU/D with average price of $7.79 and collars
of 10 BBTU/D $7.19/10.03

§Revolving line of credit - conforming borrowing base of $350
    mm. Revised up by $25 mm in May of 2007.

§

§$184 million unused capacity.

§

§Currently have $240 million debt outstanding:

§Protected 2008 natural gas production with 55
BBTU/D swapped at $7.66

Revolving Credit	$165
Second Lien Term	75
	$240

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Financial Flexibility to Grow

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Key Investment Highlights

§Track record of performance:

•26% annual growth in production (2005-2006)

•14% annual growth in reserves (2005-2006)

•Confirmed 36% production growth guidance for 2007

§ Drilling location inventory continues at 500+

§ Competitive cost structure

§ Proven record of environmental compliance and safety

§ Financial flexibility to pursue growth strategy