Rosetta Resources 8-K Regulation FD Disclosure

OGIS WestOctober 2007

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.

Corporate Profile

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

§Over 500 drilling 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 in 2006

•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

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)

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)

2006 to 2007

36%

92 MMcfe/d

Forecast

Production (MMcfe/d)

MJR:need new
numbers

$1.16

$1.24

$1.04

$1.08

$1.00

$0.90

$1.15

Direct LOE               Other Lifting Costs 2006             Other Lifting Costs 2007

Total Lifting Costs(Per MCFE)

(Millions)

2007 Program2

2006 Actual1

Total Cap Ex = $240

Total Cap Ex = $290

1.Includes $35.3 for property acquisitions.

2.Includes $40.0 for OPEX acquisition.

Capital Expenditures

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

Partial Settlement Agreement
(Approved September 11, 2007)

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

September 10	Rosetta filed its responsive pleading to the fraudulent conveyance complaint
September 11	Bankruptcy hearing to approve Partial Settlement & Disclosure Statement
September 14	Deadline to file objections to Disclosure Statement
September 25	Hearing on Calpine’s Disclosure Statement
October 24	Hearing on Rosetta’s Motion to Dismiss
November 27	Voting Deadline for Calpine Plan
December 18-20 & 27	Confirmation Hearing
January 31, 2008	Deadline for Debtor in Possession (DIP) Financing Terms to expire

Calpine Transition Timeline

Northern OperationsCalifornia  
Rockies

Sacramento Basin

Rio Vista

§33,843 net acres under lease

§100 % working interest in RVGU and most deep leases

§ 137 producing wells

§ 103 drilling locations

Sac Extension (including Opex)

§41,194 net acres under lease

§45 - 100% working interest

§36 producing wells

§22 drilling locations

§3 MMcf/d 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

Rio Vista

General Information

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

§3.6 Tcf cumulative production (Rio Vista only)

§100% working interest

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

•Installed bypass pipeline to increase take away

•capacity from South Twitchell wells

South
Twitchell/Bradford
Island Area

2007 REMAINING WELLS

2007 WELLS DRILLED

Major Producing Zones

Sacramento Basin

Rio Vista Wells

(January 1, 2007 to September 23, 2007)

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 MMcf/D 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

•Producing 4.06MMcf/day @ 2480 psig

§Drill 8 additional wells

•Outside operated Roaring River 20-3 spud August 4th, reached TD
September 8th; logged over 100ft of pay in Domengine Sand.

§Acquire significant additional prospect-specific acreage

Sac Extension

DJ Basin

General Information

§Target zone - Niobrara Chalk at 2,500’

§Approximately 80,000 net 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

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

Southern OperationsLobo
PerdidoGulf of MexicoSabine Lake

South Texas - Lobo

General Information

§+/-81,000 acres

§W.I. - 100% - 90%

§270 wells with 121 drillable locations

§> 80% drilling success

1st Half 2007 Activity

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

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

§SCR 236 post frac IP over 12.5 MMcf/d

§SCR 249 post frac IP over 10 MMcf/d

2nd Half 2007 Plans/Highlights

§Continue two rig drilling program

§Lease +/-15,000 acres

§Initiate development on Schwarz-Rottersman and La Perla

South Callaghan Ranch &
El Corazon Ranch
(approx. 55,000 acres)

Schwarz-Rottersman
(approx. 21,000 acres)

La Perla (approx.
5,000 acres)

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

§>90% Drilling success

1st Half 2007 Activity

§8.9 MMcfe/d from 6.8 MMcfe/d @1/1/07

2nd Half 2007 Plans/Highlights

§Drill 4 wells, and continue exploiting Lower Perdido Sands.

§North Marshall State 3H came on production at over 20
MMcfe/d gross. Nine fracs were performed on the well.

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

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.) - 8 MMcfe/d net to Rosetta.

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

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

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

1st Half 2007 Activity

§Drilled four wells - 75% success rate

§ST 30 #1 drilled - Hackberry discovery

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

§ST 16-1 drilled— dry hole

§ST 19071 #1 - Successful Miocene discovery

§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

Financials

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

(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

- * -

§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.

§

§$240 million debt outstanding at June 30, 2007:

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

Revolving Credit	$165
Second Lien Term	75
	$240

-29-

Financial Flexibility to Grow

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