Zapata Energy Corporation

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Presented November 2006 By George Paulus,
President
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WHY ZAPATA?

• If you believe in the future of oil and gas
• Zapata is a compelling opportunity.
• Strength
• Prospects
• Success to Date
• Undervalued

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STRENGTH

• Capital Healthy financial picture
• Strong balance sheet
• Cash flow from steady production and balanced
  commodity mix
• Team Combination of experience and enthusiasm
• Track record of creating shareholder value
• Land Quality and quantity
• Large undeveloped land base that is increasing in
  value
• Prospects Opportunities await
• More than 100 drilling locations
• Extensive reserves of 11.1 million boe (PP) at
  Dec 31/05, resulting in a reserve life index of
  9.5 years based on production of 3,200 boe/d

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FINANCIAL STRENGTH

• 2006 to Sept 30 compound growth
  last five
  years
• (000 except per share values)
• Gross revenue 41,722 55
• Cash flow from operations 18,367 56
• Per share (diluted) 1.07
• Net earnings 5,246 50
• Per share (diluted) 0.31
• Total Assets 121,470 51
• based on audited annual financial statements

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PEOPLE STRENGTH

• THE TEAM
• Field Staff 26 personnel
• Office Staff 22 personnel
• Key personnel
• Lloyd Driscoll Chairman, CEO and
  DirectorFormer President and CEO of Vintage
  Resource Corp.Former President of Danoil Energy
  Ltd. (now Canetic Resources Trust)
• George Paulus President, COO and
  DirectorFormer CFO and Director of Vintage
  Resource Corp.Former CFO of Danoil Energy Ltd.
  (now Canetic Resources Trust)
• Robert Brawn Director
• Allen Emes Director
• Don Johnson Operations Manager
• Cam Bolter Exploration Manager
• Robert Venables Exploration
• Howard Blacker Controller, Chief Financial
  Officer
• A combination of youth, energy and experience to
  spearhead future growth

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THE GROWTH STRATEGYBuilding on the Strengths

• A balanced portfolio of oil and gas
• Continue to add core areas to achieve
  diversification and growth
• Review appropriate acquisitions
• Implement industry farm-ins
• Ensure adequate internal source of funds to
  finance continued growth on a per-share basis
• Maintain a balance of drilling (exploration,
  secondary recovery, development, resource plays)
  and strategic acquisitions
• Focus on areas with year round access and
  infrastructure

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GROWTH PLAN Exploration and Development Potential

• Exploration
• Acquiring lands on internally developed high
  impact exploration plays
• Utilize new concepts and technology
• Development
• Utilize 3-D seismic and geological mapping to
  extend new discoveries
• 3D seismic planned on balance
• Secondary recovery from Zapatas existing pools
• Can provide significant additional reserves and
  value
• CBM potential from Mannville coals
• Significant future reserve potential

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STRONG LAND POSITIONMore Than 100 Drill
Locations Defined

• Net hectares 48,471
• Net acres 121,179
• Net sections 189

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PROSPECTS - FOCUS AREAS

• Three core areas of operation in Alberta
• Producing Capacity in excess of 3,200 boe/d
• Greater than 90 of production is operated
• Four key exploration areas in Alberta and B.C.
• A solid 3 to 4 year inventory of over 100
  drillable prospects.

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GROWING A FOCUS AREA

• East Cental Alberta
• Prolific oil producing area statistically 1
  million bbl 2 million bbs can be recovered from
  80 acre pools
• Multi zone potential for both oil and gas
• Strong land position
• Infrastructure in place
• - 6 batteries
• Expertise in both geology and seismic has created
  success

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SILVER PROJECT

• Initial production, 2004 62 boepd
• Current production, Sept 20, 2006 780
  boepd
• Plus additional 100 boepd that is
• restricted and 50 boepd behind pipe
• Multi zone potential
• 3-D seismic shot
• New pool discovery with potential of
• 5-6 million bbls of oil in place with
• primary recovery of 1.0-1.5 million bbls
• Secondary recovery oil pools being evaluated
• Additional Exploration and Development planned in
  2007

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NEW PROJECTS

• 4 new areas identified for 3-D seismic 2007
• 100 Zapata owned lands
• Areas located on trends of multi zone potential
• An area of prolific oil production averaging
  between 20,000 and 30,000 bbls of recoverable oil
  per acre
• Now have the expertise to identifying successful
  prospects with 3-D seismic
• Subject to evaluation of 3-D seismic we believe
  all have excellent chance of success

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QUARTERLY PRODUCTIONContinued Growth

• In any growth trend there are plateaus reached
  and maintained prior to reaching the next plateau
• Each plateau allows time to acclimatize and
  strengthen for the next phase of growth
• Zapata is ready for another growth surge to reach
  the next plateau

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GROWTH SUCCESS

• Compound annual growth in excess of 50
• Consistent performance
• Early equity capital of 7 million grew
  to over 200 million in asset value

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UNDER VALUED

• Net Asset Value (NAV) Forecast
• Based on Internal Reserve Estimate as of Sept.
  30/06 - Discounted at 10 Pricing
• (million except where noted)
• Reserves before tax
  
  206.0
• Undeveloped land seismic
  22.3
• Working capital (deficit) (Sept 30, 2006)
  (7.8)
• Bank debt (Sept 30, 2006) (32.1)
• Net asset value (NAV)
  188.4
• Proceeds on stock options
  6.3
• NAV (diluted)
  
  194.7
• NAV per share (diluted)
  
  10.40

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REASONS TO INVEST IN ZAPATA

• Growth potential
• Land over 100,000 net acres of undeveloped land
• Strong cash flow to explore and develop
• Strength and Size
• In top 50 Canadian oil and gas companies
• Leverage
• Net debt to annualized cash flow is 1.61
• Management team
• Proven track record
• Consistent performance
• Future value
• Secondary recovery
• CBM potential in Mannville Formation
• Undervalued
• Net asset value as of Sept. 30/06 _at_ 10 discount
  before tax
• 10.40 per diluted share based on forecast pricing

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ZAPATA ENERGY CORPORATION TSX Venture Exchange
Symbol - ZCO
500, 435 - 4th Ave. S.W. Calgary, AlbertaT2P
3A8 T. [phone] F. (403)
294-7877 www.zapata.ca invest_at_zapata.ca
Disclaimer This presentation includes
forward-looking statements which are statements
other than of historical fact, such as
information regarding drilling potential and
production forecasts. Factors that could cause
actual results to differ materially from our
expectations include exploration and development
risks, commodity prices and operating hazards. A
barrel of oil equivalent (boe), derived by
converting gas to oil in the ratio of six
thousand cubic feet of gas to one barrel of oil,
may be misleading, particularly if used in
isolation. A boe conversion is based on an energy
equivalency conversion method primarily
applicable at the burner tip and does not
represent a value equivalency at the wellhead.
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APPENDICES

• Profile
• Growth Graphs
• Additional Regional Information
• Additional Project Information
• Oil and Gas advantages
• CBM Potential

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PROFILE

• TSX Venture Exchange Listing ZCO
• November 8, 2006 closing price 5.77
• 52-week price range 5.55 - 8.125
• Shares outstanding - basic 17.41 millionShares
  outstanding - diluted 18.73 million
• Net Asset Value (Sept. 30/06 PP reserves)
• Forecast Pricing, 10 disc., diluted 206 million
• Net asset value per diluted share 10.40
• Insider ownership 45
• Market capitalization 100 million
• Equity Financing to July 06 7 million
• Equity Financing present 15 million

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UNDEVELOPED LANDBuilding Land Inventory for
Future Growth
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RESERVES PROVED AND PROBABLE
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SOUTHEAST ALBERTA

• Working interests from 13 to 100 in 6,360
  (5,109 net) hectares of undeveloped land
• Multi-zone area
• Development on three new oil pool discoveries
• 3-D seismic program competed in 2006
• Three exploration prospects to be drilled in 2007

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WEST CENTRAL ALBERTA

• Various working interests in 9,882 (5,427 net)
  hectares of undeveloped land
• Multi-zone area
• Developing CBM potential in Horseshoe Canyon

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EAST CENTRAL ALBERTA

• Focus area with 22,013 (20,810 net) hectares of
  undeveloped land
• Prolific oil producing area
• Two 3D seismic programs per year completed in
  2005 and 2006
• Additional 3D seismic surveys planned for 2007
• Continuing drill program in 2007
• Three development programs for production gains
  in 2007
• Greater than 90 success rate to date
• CBM potential in Mannville

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CLARKES LAKE PROJECT

• Initial production 64 boepd
• Current Production 75 boepd
• Multi zone potential
• 3-D seismic completed in 2006 and being evaluated
• Plans for reactivations and new drills
• Pipeline and satellite battery facilities planned
• Potential to grow production similar to the
  Silver project
• Secondary recovery being evaluated

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CONSORT PROJECT

• Initial production 68 boepd
• Current production 145 boepd
• Multi zone potential
• Reprocess 3-D seismic
• 5 successful wells drilled in 2006
• 2 new pools discovered
• Drilling currently delayed until solution gas
  tied in
• Currently 90 boepd shut-in
• Potential to grow production similar to Silver
• Secondary recovery being evaluated

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PROVOST A PROJECT

• Initial production 17 boepd
• Current production 45 boepd
• Multi zone potential
• Reprocess 3-D seismic
• New drill tested in excess of 100 bbls/d gas
• Additional wells required to develop
• Drilling and production delayed until solution
  gas tied-in
• 2 new 3-D identified prospects to be drilled in
  2007
• New battery being designed
• Potential to grow production similar to Silver

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OIL ADVANTAGES

• Demand
• World economic growth
• Acceptance of higher prices
• 85 mmbbls/d
• Growth in demand outstripping additions to supply
• Supply
• Lower non-OPEC production
• Declines in major fields
• Higher FD costs

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GAS ADVANTAGES

• North American commodity
• High storage levels
• 2005 one of warmest winters on record
• Average injection season has added 2.0 tcf
  between 2000 and 2005
• In 2006 only 1.7 injected
• Cut back on production
• Cold winter prices will rebound in spring
• Warm winter prices will rebound in the fall

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CBM POTENTIAL