Rosetta Resources 8-K Regulation FD Disclosure

Third Quarter UpdateNovember 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, Section 21E of the Securities Exchange Act of 1934, as amended,  and
the Private Securities Litigation Reform Act of 1995, 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, uncert
ainties 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, and Quarterly Reports on Form 10-Q’s, 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 as a stand-alone operating
company on July 7, 2005

§Over 500 drilling locations at inception

§Stock Trades on NASDAQ, Symbol: “ROSE”

§Shares Outstanding (Dil)= 50.6 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)

•7 consecutive quarters of production increases

§Drilling location inventory continues above 500 at
June 30, 2007

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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	6
Other	21
Total	517

(As of 7/1/2007)

Drilling Locations

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2006 to 2007

36%

92 MMcfe/d

(MMcfe/d)

Production

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MJR:need new
numbers

$1.16

$1.24

$1.04

$1.08

$1.00

$0.90

$1.15

Direct LOE           Other Lifting Costs 2005          Other Lifting Costs 2006             Other Lifting Costs 2007

$1.03

($/Mcfe)

Total Lifting Costs

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(Millions)

2007 Program2

2006 Actual1

Total CapEx = $240

Total CapEx = $318

1.Includes $35.3 for property acquisitions.

2.Includes $38 for OPEX acquisition in California.

Capital Expenditures

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Outstanding Contract/Transition Issues

§Ongoing Rio Vista Gas Sales Contract

§Partial Settlement Complete

•Gas Marketing Agreement Extension

•Title Issues to be Resolved

•California Audit Complete

§Non-Consent Properties ($75 Million)

§Fraudulent Conveyance and Assumption or Rejection
Resolution

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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

§Assumption or Rejection

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September 14, 2007	Deadline to file objections to Disclosure Statement.
September 25, 2007	Hearing on Calpine’s Disclosure Statement.
October 24, 2007	Hearing on Rosetta’s Motion to Dismiss.
November 20, 2007	Miller Buckfire disclosed revised valuation.
November 20, 2007	Court appointed its own valuation consultant.
November 30, 2007	Deadline for voting on plan, and for filing objections to the plan.
December 17, 18, 19, 28, 2007	Confirmation hearing. Dates reserved by court for conducting hearing on plan confirmation.
January 31, 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 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

§7 MMcfe/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 by
drilling 5 successful wells

§Drilled 19 wells, 79% success

§Drilled development well on Opex Roaring River prospect

§Planning to drill 2 deep Winters tests in the Rio Vista area in the
4th Quarter

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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)

§100% working interest

Year to Date  2007 Activity

§Drilling - 16 wells, 81% successful, 2 wells dry, 1 well junked

•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

•Installed bypass pipeline to increase take away capacity
from South Twitchell wells

Future 2007 Plans/Highlights

§Drilling - 8 wells (1 deep Winters test)

•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 1 deep Winters test in RVGU in 4th Quarter

§Operational Activity

•Finalize purchase PG&E low pressure gathering system

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 September 30, 2007) *

* One well YTD was junked due to mechanical complications.

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General Information

§41,194 net acres under lease

§45 - 100% working interest

Year to Date  2007 Activity

§Acquired Opex properties for $38.7 MM, 3.5 MMcfe/d net production.
9.6 BCF net reserves

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

§Drilling -3 wells, 2 successful, 1 testing

•Detar # 1 - producing 3.6 MMcfe/d net

•Roaring River 20-3 producing 1.5 MMcfe/d net

Remaining 2007 Plans/Highlights 

§Drill 4 additional wells

•2 deep tests in Rio Vista area

•2 Forbes tests in Moon bend

§Acquire significant additional prospect-specific acreage

Sacramento Extension

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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

§84 producing wells

§6 MMcfe/d net production

Year to Date 2007 Activity

§Drilled 54 wells, 80% successful

§Leased 20,000 net acres

§Completed construction on 13 mile gathering system in South
Republican

§Extended South Republican gathering system to connect Vernon
wells

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

Future  2007 Plans/Highlights

§Drill 15 wells, mainly in Vernon area

§Extend gathering system to connect Vernon wells

§Exit year at 9 MMcfe/d net

Southern OperationsLobo
PerdidoGulf of MexicoSabine Lake

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South Texas - Lobo

General Information

§+/-81,000 acres

§90% - 100% working interest

§270 wells with 121 drillable locations

Year to date 2007 Activity

§Drilled 35 wells, completing 28 wells

§Acquired +80 square mile 3-D over its LOBO properties

§Added 12,000 net acres in the LOBO significantly increasing its
drilling inventory in the LOBO play

Future 2007 Plans/Highlights

§Continue two rig drilling program drilling 43 total wells for 2007

§Lease +/-5,000 acres

§Shoot 100+ square mile 3-D

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

Schwarz-Rottersman
(approx. 21,000 acres)

La Perla (approx.
5,000 acres)

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South Texas - Perdido

General Information

§50% working interest - 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

Year to date 2007 Activity

§8.9 MMcfe/d from 6.8 MMcfe/d @1/1/07

§Drilled 9 wells

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

Future 2007 Plans/Highlights

§Drill 1 well, and continue exploiting Lower Perdido Sands

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

§Working interest in 11 blocks ranging from 20% to 100%
(NRI of 15% - 79%)

§+/- 27,600 net acres

§800 square mile JV - 3-D coverage

Year to date 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 7 MMcfe/d

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

§Developed prospects on East Cameron 88/89 and High
Island 442

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State Waters - Texas & Louisiana

Sabine Lake

General Information

§50% working interest - 35.625% N.R.I.

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

Year to date 2007 Activity

§Drilled four wells - 75% success rate

§ST 30 #1 drilled - Hackberry discovery - brought on
production in October

§ST 30 #2 completing - Logged Hackberry pay - bring on
production in November

§ST 19071 #1 - Successful Miocene discovery - bring on
production in November

§ST 16-1 drilled - dry hole

Future 2007 Plans/Highlights

§Additional prospects being developed

Financials

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Third Quarter Results

	3Q07	3Q06
Average Production (MMcfe/day)	126	95
Realized Price ($/MCFE)	$7.73	$8.18
Total Revenues ($MM)	$89.7	$71.2
Net Income ($MM)	$12.7	$11.9
EPS Diluted ($/Share)	$0.25	$0.24
Avg. Shares Outstanding <MM> (Diluted)	50.6	50.4

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September YTD Results

	2007	2006
Average Production (MMcfe/day)	118	89
Realized Price ($/Mcfe)	$7.84	$8.16
Total Revenues ($MM)	$252.4	$199.1
Net Income ($MM)	$39.8	$31.4
EPS Diluted ($/Share)	$0.79	$0.62
Average Shares Outstanding <MM> (Diluted)	50.6	50.4

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Balance Sheet Highlights

(in thousands)	9/30/07	12/31/06
Cash and Cash Equivalents	$14	$63
Total Assets	$1,323	$1,219
Long Term Debt	$250	$240
Stockholder’s Equity	$857	$822
Debt/Total Capital	23%	23%

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

§Protected 2008 natural gas production with 65 BBTU/D swapped at an
average price of $7.74

§Protected 2009 natural gas production with 42 BBTU/D swapped at an
average price of $7.49

§

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*As of November 2007

Hedge Update

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

§$174 MM unused capacity.

§$250 MM debt outstanding at Sept 30, 2007:

Revolving Credit	$175MM
Second Lien Term	75MM
	$250MM

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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