Rosetta Resources 8-K Rosetta Resources Inc. Announces Year End 2008 Reserves

EXHIBIT 99.2

Rosetta Resources
Company Update

February 2009

2

2008 Achievements

Successful resolution of Calpine litigation

Significant progress on strategy shift to onshore unconventional
player

Established experienced team and filled key functions

Initiated comprehensive resource assessments and reviews of
existing asset positions

Increased project inventory by ~150%

Entered several new unconventional plays with substantial upside
from meaningful positions

Completed four property acquisitions

Reaffirmed borrowing base at $400 million and preserved liquidity for
future business activities

3

Major Producing Areas

Major Activity Areas

Other Areas

Offices

Headquarters

12/31/2008 Reserves

398 Bcfe

PUD

18%

PDP

82%

Significant core onshore positions

Inventory upside in all core assets

Three new operational areas
added

High quality reserve base

Ability to maintain volumes with
lower capital intensity

Expect to exit offshore and State
Waters

Upside from new play entry

Rosetta Resources Today

4

Rosetta Transformation
Proof of Concept

5

Bakken - - Alberta Basin

Dominant acreage position of ~230,000
net acres

Key assessment wells to be drilled in
2009

Pinedale Property Acquisition

27 bcfe net proven reserves

1,152 net acres

28 gross producing wells

8 mmcfe/d net production

South Texas Property Acquisition

14 bcfe net proven reserves

21,110 net acres

Olmos and Eagle Ford Shale potential

285 gross producing wells

5 mmcfe/d net production

Eagle Ford Shale Leasehold

25,000 net acres, 100% working interest

Vertical pilot test well in progress

At least 2 additional test wells planned
for 2009

Dinn Sand Leasehold Acquisition

5,000 net acres, 100% WI

Shallow Dinn Sand and Deeper
Perdido Sand resource potential

Adjacent to existing Perdido Sand
production

California - - Sacramento Basin

Up to 16 potential pay horizons

Tight Capay opportunity covering
30,000 net acres with resource
potential of up to 100 bcfe

100% working interest

Upside Potential and Catalysts

6

Financial Capacity to Grow

Revolving line of credit - conforming borrowing base
remains at $400 million

$300 million debt outstanding at year end 2008

~$200 million liquidity from unused capacity and cash on
hand

Protected 2009 natural gas production with 52 BBtu/d
swapped at an average price of $7.65 and 5 BBtu/d of
collars at $8.00 by $10.05

Protected 2010 natural gas production of 10 BBtu/d
swapped at $8.31

Goal to maintain optionality and flexibility

7

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

1/1/2008

4/1/2008

7/1/2008

10/1/2008

1/1/2009

4/1/2009

7/1/2009

NYMEX Gas

Rosetta Investment Deck

Strip > ROSE Price Deck

Preference for organic activities

Ramp up drilling in existing assets and convert
price-sensitive inventory

Consider adding hedges

Maintain financial discipline to position for cycles

Strip < ROSE Price Deck

Preference for inorganic activities

Ramp up asset studies to build inventory

Maintain flexibility to respond to environment

Flexibility - - How Will We Act?

8

It’s a Great Time to Look at Rosetta

Post-Calpine reserves and financial position is high quality

Unconventional approach on existing assets will be
impactful

Ground floor opportunity to participate in significant new
play entry

Experienced management with passion and commitment

Very attractive risk-reward profile for Company our size

Today trading at significant discount on valuation basis to
companies with similar business model