Form 425
1
Filed by Petrohawk
Energy Corporation
(Commission File No. 000-25717)
Pursuant to Rule 425 under the Securities
Act of 1933 and deemed filed pursuant to
Rule 14a-12 of the Securities Exchange Act
of 1934
Subject Company:
KCS Energy, Inc.
(Commission File No. 001-13781)
The following is a joint slide presentation first presented by Petrohawk
Energy
Corporation and KCS Energy, Inc. on April 26, 2006:



3
Forward-looking Statements
This presentation contains "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995, based on
Petrohawk’s
and
KCS’s
current expectations and include statements regarding planned capital expenditures (including the amount and nature
thereof),
timing
for
proposed
acquisitions
and
divestitures,
estimates
of
future
production,
statements
regarding
business plans and timing for drilling
and
exploration
expenditures,
the
number
of
wells
both
companies
anticipate
drilling
in
2006,
the
number
and
nature
of
potential drilling locations,
future results of operations, quality and nature of the combined
asset base, the assumptions upon which estimates are based and other expectations,
beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as
"expects", "anticipates", "plans", "estimates", “potential”, “possible”, “probable”, or "intends", or stating that certain actions, events or results "may",
"will",
“should”,
or
“could”
be
taken,
occur
or
be
achieved).
Statements
concerning
oil
and gas reserves also may be deemed to be forward looking
statements in that they reflect estimates based on certain assumptions that the resources involved can be economically exploited.  Forward-looking
statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual
results to differ materially from those, reflected in the statements.  These risks include, but are not limited to: the possibility that the companies may be
unable
to
obtain
stockholder
or
other
approvals
required
for
the
acquisition; the possibility that problems may arise in the integration of the businesses
of the two companies; the possibility that the acquisition may involve unexpected costs; the possibility the combined company may be unable to
achieve cost-cutting objectives; the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil
and natural gas; risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates; the uncertainty of estimates
and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development
projects or capital expenditures; health, safety and environmental risks and risks related to weather such as hurricanes and other natural disasters);
uncertainties as to the availability and cost of financing; fluctuations in oil and gas prices; inability to realize expected value from acquisitions, inability
of our management team to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of
gathering systems, pipelines and processing facilities and the possibility that government policies may change or governmental approvals may be
delayed
or
withheld.
Additional
information
on
these
and
other
factors
which
could
affect
either
companies’
operations or financial results are included
in the companies’
other reports on file with the United States Securities and Exchange Commission.  Forward-looking statements are based on the
estimates and opinions of both companies’
management at the time the statements are made.  Neither Petrohawk nor KCS assume any obligation to
update forward-looking statements should circumstances or management's estimates or opinions change.
In its filings with the Securities and Exchange Commission, Petrohawk is permitted to disclose only proved reserves that it has demonstrated by actual
production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Petrohawk uses
certain terms in this presentation, such as "potential" in relation to reserves that the SEC's guidelines strictly prohibit it from including in filings with the
SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk
of
the
Company
not
actually
realizing
them.
Investors
are
urged
to
closely
consider
Petrohawk's
disclosure of its proved reserves, along with certain
risks and uncertainties inherent in its business, set forth in its filings with the SEC.


4
Additional Information
Additional Information About the Transaction and Where to Find It:
Petrohawk and KCS will file materials relating to the transaction with the SEC, including one or more registration
statement(s) that contain a prospectus and a joint proxy statement. Investors and security holders of Petrohawk and KCS
are urged to read these documents (if and when they become available) and any other relevant documents filed with the
SEC, as well as any amendments or supplements to those documents, because they will contain important information about
Petrohawk,
KCS
and the transaction. Investors and security holders may obtain these documents free of charge at the
SEC's
website
at
www.sec.gov.
In
addition,
the
documents
filed
with
the
SEC
by
Petrohawk
may be obtained free of charge
from Petrohawk's
website at www.petrohawk.com. The documents filed with the SEC by KCS may be obtained free of
charge
from
KCS's
website at www.kcsenergy.com. Investors and security holders are urged to read the joint proxy
statement/prospectus and the other relevant materials when they become available before making any voting or
investment
decision
with respect to the proposed acquisition.
Petrohawk, KCS and their respective executive officers and directors may be deemed to be participants in the solicitation of
proxies from the stockholders of Petrohawk and KCS in favor of the acquisition. Information about the executive officers and
directors of Petrohawk and their direct or indirect interests, by security holdings or otherwise, in the acquisition will be set
forth in the proxy statement-prospectus relating to the acquisition when it becomes available.  Information about the
executive officers and directors of KCS and Petrohawk and their direct or indirect interests, by security holdings or otherwise,
in the acquisition will be set forth in the proxy statement-prospectus relating to the acquisition when it becomes available.


5
Unparalleled Assets
Positioned to be one of the most concentrated property portfolios among large-cap
E&P companies
Combined position in North Louisiana’s Elm Grove and Caspiana
fields creates a
premier position in an evolving natural gas basin
Sets Petrohawk apart as a dominant operator in Onshore Gulf Coast region
A virtual overlay of core operating areas, and the combination of experienced
technical staff to complement development and exploration potential
Well-Capitalized Operating Platform
Appropriate use of leverage with well-developed plan to enhance balance sheet
and operating statistics
Increased capital availability to apply over larger opportunity set of properties
Value Creation
Immediately accretive to cash flow, production and NAV on a per share basis
HAWK + KCS:
A Powerful Combination


6
Deal Overview
Petrohawk Energy Corporation
Houston, Texas
NASDAQ: HAWK
Floyd C. Wilson, Chairman, President and CEO
KCS Energy, Inc.
Houston, Texas
NYSE: KCS
James W. Christmas, Chairman and CEO
Pro Forma Ownership –
50% HAWK / 50% KCS
9-member board, 5 HAWK, 4 KCS
Expect to close Q3 2006
Fixed Exchange Ratio
1.65
(HAWK shares per KCS share)
Fixed Cash Value per Share
$9.00
Implied Offer Price / Share at 4/20/06
$31.41
(HAWK at $13.58 /share at 4/20/06)
% Implied Premium
9.60%
(KCS at $28.66 /share)
% Stock
72
% Cash
28
($ millions)
Cash Consideration
450
$       
HAWK Shares Issued (MM)
83.7
        
Stock Consideration
1,137
$     
Total Equity Consideration
1,587
$     
Net Assumed Debt
309
$       
Total Transaction Value
1,896
$     
Offer Summary
Implied Transaction Value
Combination Attributes
Creates one of the most concentrated asset
portfolios among large-cap E&P
Immediately accretive on cash flow,
production and NAV per share
Unites experienced technical staffs
Significant development and exploration
potential from a virtual overlay of core
operating areas


7
HAWK + KCS:
A Powerful Combination  
1 Tcfe
of Proved Reserves
82% gas
68% proved developed
74% operated
900 proved drilling locations
$3.2 billion
SEC PV10
291 Mmcfe/d
current production
9.2 year R/P
Multi-year development drilling
inventory
~3 Tcfe
of Upside Potential
over 4,000 identified non-
proved
drilling locations
KCS and HAWK reserves as of 12/31/05 proforma
2006 year-to-date acquisitions and divestments.


8
HAWK + KCS:
Top 15 Fields
Proved
Reserves
% of
PV 10
% of
Region
(Bcfe)
Proved
(MM$)
PV 10
East Texas / North Louisiana
341
29%
1,235
           
38%
    (Elm Grove / Caspiana, Terryville, Joaquin)
Permian
172
15%
441
             
14%
    (Waddell, Sawyer Canyon, Jalmat, TXL)
South Texas / Gulf Coast
67
6%
298
             
9%
    (La Reforma, Lions, Provident City, O'Connor Ranch, Marshall)
Anadarko
33
3%
117
             
4%
    (WEHLU, Latimer Cty)
Top 15 Fields
1182.4
65%


9
HAWK + KCS:
Key Statistics
Pro
Forma
All
information
pro
forma
GOM
divestment
(HAWK),
and
Winwell
(HAWK) and Terryville (KCS) acquisitions.
Production is as of April 2006 pro forma for these transactions.
Resource Potential does not include exploratory upside
Proved Reserves (Bcfe)
517
463
980
SEC PV-10 ($MM)
$1,509
$1,698
$3,207
Proved Developed %
64%
73%
68%
Gas %
76%
88%
82%
Operated %
60%
86%
74%
Current Production (Mmcfe/d)
133
158
291
R/P (years)
10.6
8.0
9.2
2006E CAPEX Budget ($MM)
$210
$315
$525
Resource Potential (Bcfe)
950
770
1,720


10
   Total
Production (Mmcfe/d)
   Hawk
19
                 
65
           
25
           
21
              
3
          
133
                
   KCS
80
                 
34
           
15
           
14
              
15
        
158
                
     Total
99
                
99
           
40
           
35
              
18
        
291
               
Proved Reserves (Bcfe)
   Hawk
122
              
136
         
177
         
74
              
8
          
517
                
   KCS
234
              
90
           
63
           
35
              
41
        
463
                
     Total
356
              
226
         
240
         
109
            
49
        
980
               
CAPEX Budget ($MM)
   Hawk
51
                 
110
         
18
           
31
              
-
       
210
                
   KCS
158
              
72
           
40
           
28
              
17
        
315
                
     Total
209
              
182
         
59
           
58
              
17
        
525
               
Value (SEC PV10, $MM)
   Hawk
314
              
556
         
399
         
217
            
23
        
1,509
            
   KCS
972
              
329
         
167
         
124
            
106
       
1,698
            
      Total
1,286
           
885
         
566
         
341
            
128
       
3,207
            
Rigs Drilling
   Hawk
3
                  
4
             
1
             
2
                 
-
       
10
                  
   KCS
7
                  
3
             
3
             
2
                 
1
          
16
                  
     Total
10
                
7
             
4
             
4
                
1
          
26
                 
1st Qtr Drilling (# wells)
   Hawk
15
                 
12
           
13
           
16
              
10
        
66
                  
   KCS
28
                 
9
             
12
           
5
                 
3
          
57
                  
     Total
43
                
21
           
25
           
21
              
13
        
123
               
  Other
E. Texas / N.
Louisiana
S. Texas /
Gulf Coast
  Permian
Anadarko /
Arkoma
HAWK + KCS:
Regional Breakout


11
Combined $525 million drilling budget for 2006 –
~85% operated
Funded from discretionary cash flow
Attractive risk profile
Total 2006 Drilling Budget
by Category ($MM / % of Total)
Total 2006 Drilling Budget
by Region ($MM / % of Total)
Non-Proved
$179 / 34%
Proved
$346 / 66%
Permian
$59 / 11%
S. TX /
Gulf Coast
$198 / 38%
E. TX /
N. LA
$209 / 40%
Arkoma /
Anadarko
$58 / 11%
HAWK + KCS:
2006 Drilling Budget


12
Petrohawk’s
Growth through Acquisitions
0
200
400
600
800
1,000
1,200
May
2004
November
2004
February
2005
July
2005
January
2006
April
2006
Beta Oil & Gas
30 Bcfe
Wynn Crosby
Energy         
200 Bcfe
Proton Energy         
28 Bcfe
Mission
Resources         
226 Bcfe
Winwell
Resources         
106 Bcfe
KCS Energy         
463 Bcfe
(Closing
Expected
Q3 2006)


13
Dec. 31, 2004 Reserves
219 Bcfe
2005 Divestments
(29) Bcfe
2005 Production
(29) Bcfe
-
Bcfe
2005 Organic Growth
= 437 Bcfe
152% 2005 reserve replacement
Development Drilling: Identify and Exploit Opportunities
Focus on underdeveloped properties with upside and acceleration potential
Exploration Program: Drill Well-Known Basins and Formations
Technology-driven with exposure to conventional and unconventional plays
+ 44 Bcfe
2005 Year-End Reserve Estimate
(1)
1
At December 31, 2005, NSAI
2005 Acquisitions
233 Bcfe
Petrohawk’s
Growth through the Drill Bit


14
KCS’s
Growth through the Drill Bit
Wells Drilled
53
78
130
193
2002
2003
2004
2005
(% Successful)
Drilling Success
74%
92%
97%
93%
2002
2003
2004
2005
92% Drilling success over 4
years (454 wells)
Drilled 193 wells in 2005 with
93% success
Initial Budget of 215 Wells for
2006
Average ~30% reserve growth
per year
3 year F&D Cost -
$1.59 / Mcfe
Multi-Year Drilling Inventory


15
Significant Value in Upside Potential
Extensive portfolio of growth opportunities
All located in existing basins
Combined company is estimated to have ~3 Tcfe
of upside
East Texas / North Louisiana
356
          
600
            
600
             
S. Texas / Gulf Coast
226
          
600
            
200
             
Permian
240
          
200
            
-
              
Anadarko / Arkoma
109
          
300
            
500
             
Other
49
            
20
              
20
               
Total
980
          
1,720
         
1,320
           
Exploration
Potential (Bcfe)
Proved (Bcfe)
Resource
Potential (Bcfe)
Note:
Resource
and
exploration
potential
are
unrisked
internal estimates only and vary with time and drilling results.


16
A Compelling Combination:
E. TX/No. LA Region
99 Mmcfe/d
production
356 Bcfe
proved reserves
$209 Million Budget
10 Rigs Active: 43 Wells Drilled in Q1
SHELBY
RUSK
PANOLA
HARRISON
MARION
CAMP
GREGG
DE SOTO
HENDERSON
VAN ZANDT
BENVILLE
CLAIBORNE
LINCOLN
QUACHITA
MARION
WASHINGTON
Joaquin
Carthage, S.
Blocker
Caspiana
Elm Grove
Longwood
Terryville
Unionville
Drew S.
Elm Grove
Caspiana
James Lime Project
Benson
Petrohawk
KCS


17
Largest operator in Elm
Grove / Caspiana
125 Mmcfe/d
gross
operated
6 operated rigs
Long-lived legacy natural
gas asset
Substantial upside
potential
67,720 gross acres
$133 million capex
planned in 2006
3 HAWK-operated rigs,
3
KCS-operated rigs
Ongoing multi-year drilling
program
Over 1,000 drilling
locations identified
Premier Asset:
Elm Grove / Caspiana
Fields
Petrohawk
KCS


18
Petrohawk
KCS
CAMERON
CALCASIEU
JEFFERSON
DAVIS
TERREBONNE
LAFOURCHE
ST. BERNARD
WASHINGTON
MARION
JEFFERSON          
DAVIS
HARRIS
GALVESTON
WHARTON
DE WITT
GOLIAD
VICTORIA
LIMESTONE
FREESTONE
MADISON
Cypress/Langham
Cross Creek
Dickinson
Chocalate
Bayou
Magnet
Withers
Porters Creek
Austin Deep
Betsy
Marshall
E. Marshall
O’Connor Ranch
Lions
Glasscock Ranch
Heard Ranch
Mission Valley
Provident City
N. Borchers
Dry Hollow
Provident City
La Jara
Los Midios
La Reforma
La Reforma
Nabors
Ann Mag
Coquat
SHELBY
RUSK
PANOLA
Back Ridge
W. Chalkley
Second Bayou
Broussard
Reddell
W.Lake
Verret
S.Bayou
Boeuf
S.W.Lake
Boeu
Gueydan
N. Leroy
A Compelling Combination:
S. Texas / Gulf Coast
99 Mmcfe/d
production
226 Bcfe
proved reserves
$182 Million Budget
7 Rigs Active: 21 Wells Drilled Q1


19
Premier Asset:
3D in South Texas / Gulf Coast
3D Coverage and Joint Ventures in 3D Exploration Plays
c


20
Petrohawk
KCS
SUTTON
EDWARDS
LEA
ANDREWS
EDDY
LOVING
Waddell
ROC
TXL
Sawyer Canyon
Haley
W.Shugart.
A Compelling Combination:
Permian
40 Mmcfe/d
production
240 Bcfe
proved reserves
$59 Million Budget
4 Rigs Active: 25 Wells
Drilled in Q1
Jalmat
S. Kemnitz.


21
Panola
Talihina, NW
Wilburton
LE FLORE
LATIMER
YELL
PITTSBURG
HUGHES
HASKELL
CANADIAN
WASHITA
WHEELER
ROBERTS
UPSCOMB
ELLIS
WOODWARD
OCHIL TREE
BEAVER
HARPER
HANSFORD
Kinta
Mayfield, NE
Carpenter
Fitts
S. Pine Hollow
Fayetteville Shale
Caney / Woodford Shale
Flower
Prospect
A Compelling Combination:
Anadarko / Arkoma
Petrohawk
KCS
35 Mmcfe/d
production
109 Bcfe
proved reserves
$58 Million Budget
1-4 Rigs Active: 21 Wells Drilled in Q1
Lipscomb


22
Pro Forma Capitalization
Expected Mix of Financing
Committed Funding -
$1.5B –
BNP Paribas
Revolving Credit Facility (combined HAWK and KCS reserves)
$1.25 billion facility, $850 –
900MM Initial Borrowing Base
LIBOR + 1.50% (based on current facility)
$125 -
$175MM of projected liquidity (depending on 2nd Lien Draw)
Second Lien Facility
/ High Yield
$600 –
650MM
Pro forma Debt / Total Cap of approximately 43%
Pro forma EBITDA / Interest of approximately 6.5x
Pro forma capitalization subject to change


23
Hedge Schedule
As of 4/20/06. Average prices are volume-weighted.
Collars
17,255,000
$6.69
$10.01
10,150,000
$6.79
$12.29
3,600,000
$5.05
$6.53
Swaps
7,910,000
$7.33
3,455,000
$7.18
Puts
4,068,625
$8.00
7,249,995
$8.00
Collars
1,130,400
$40.33
$53.44
294,100
$41.13
$50.11
60,000
$34.00
$45.30
Swaps
122,000
$54.21
36,000
$63.85
144,000
$38.10
Current Combined Hedging Schedule
2007
GAS
GAS
GAS
2008
Floor
Ceiling
Volume
(Bbls)
2006
Floor
Ceiling
OIL
OIL
OIL
Volume
(MMbtu)
Floor
Ceiling
Volume
(MMbtu)
Volume
(MMbtu)
Volume
(Bbls)
Floor
Ceiling
Floor
Ceiling
Volume
(Bbls)
Floor
Ceiling


24
HAWK + KCS:
Summary
Continue Proven Strategies of Both Companies
Acquire Strategically
Operated, gas-biased properties in core areas with upside potential
Acquire as much upside as proved
Organic Growth
Focus on underdeveloped properties with upside and acceleration potential
Technology-driven with exposure to conventional and unconventional plays
Active Portfolio Management
Divest high-cost, non-operated properties with limited upside
Maintain Financial Flexibility
Build to Sell
Combined management group will own approximately 6% of the company


25
HAWK + KCS:
Comparables
Production Rankings
Current
Daily Prod.
Rank
Company
(MMcfe/d)
1
Devon Energy
3,476.1
2
Apache Corp
2,977.7
3
Anadarko Petroleum Corp.
2,574.0
4
Kerr-McGee
1,472.6
5
Chesapeake Energy
1,471.3
6
XTO Energy Inc.
1,433.0
7
EOG Resources
1,429.6
8
Noble Energy Inc.
956.3
9
Newfield Exploration
662.1
10
Pioneer Natural Resources
600.7
11
Pogo Producing Co.
519.0
12
Cimarex Energy Co.
431.1
13
Forest Oil Corp.
386.1
14
Plains Explor. & Prod.
377.4
15
W&T Offshore
298.2
16
Pro Forma Petrohawk
291.1
17
Houston Exploration
285.5
18
Range Resources Corp.
250.3
19
Cabot Oil & Gas Corp.
250.0
20
Whiting Petroleum Corp.
240.1
21
St. Mary Land & Expl.
237.6
22
Ultra Petroleum Corp.
232.0
23
Denbury Resources Inc.
189.8
24
Encore Acquisition Co.
183.9
25
Southwestern Energy Co.
171.1
28
KCS
(1)
155.7
31
Petrohawk
(1)
135.4
(1) Daily Production as of February, 2006 pro forma for GOM divestment
    (HAWK), and Winwell (HAWK) and Terryville (KCS) acquisitions
Reserve Rankings
12/31/2005
Reserves
Rank
Company
(Bcfe)
1
Anadarko Petroleum Corp.
14,690
2
Apache Corp
13,846
3
Devon Energy
12,672
4
XTO Energy Inc.
7,742
5
Chesapeake Energy
7,600
6
EOG Resources
6,200
7
Kerr-McGee
5,805
8
Pioneer Natural Resources
5,194
9
Noble Energy Inc.
5,084
10
Plains Explor. & Prod.
2,406
11
Pogo Producing Co.
2,317
12
Newfield Exploration
2,001
13
Whiting Petroleum Corp.
1,582
14
Ultra Petroleum Corp.
1,528
15
Forest Oil Corp.
1,467
16
Range Resources Corp.
1,407
17
Cimarex Energy Co.
1,393
18
Cabot Oil & Gas Corp.
1,331
19
Encore Acquisition Co.
1,174
20
CNX Gas Corp
1,130
21
Quicksilver Resources
1,100
22
Pro Forma Petrohawk
980
23
Denbury Resources Inc.
915
24
W&T Offshore
854
25
St. Mary Land & Expl.
794
32
Petrohawk
517
34
KCS
464
Note: 12/31/05 proved reserves, pro forma for any subsequent transactions


26
HAWK + KCS:
Comparables
Enterprise Value Rankings
Enterprise
Value
(1)
Rank
Company
($MM)
1
Devon Energy
$35,177
2
Anadarko Petroleum Corp.
$29,425
3
Apache Corp
$29,072
4
XTO Energy Inc.
$21,068
5
Chesapeake Energy
$20,984
6
EOG Resources
$19,686
7
Kerr-McGee
$13,235
8
Noble Energy Inc.
$11,055
9
Ultra Petroleum Corp.
$10,991
10
Newfield Exploration
$7,107
11
Pioneer Natural Resources
$5,951
12
Pogo Producing Co.
$5,487
13
Denbury Resources Inc.
$4,809
14
Range Resources Corp.
$4,683
15
CNX Gas Corp
$4,527
16
Cimarex Energy Co.
$4,318
17
W&T Offshore
$4,259
18
Quicksilver Resources
$4,160
19
Plains Explor. & Prod.
$4,152
20
Pro Forma Petrohawk
$3,512
21
Forest Oil Corp.
$3,304
22
St. Mary Land & Expl.
$3,066
23
Cabot Oil & Gas Corp.
$2,939
24
Whiting Petroleum Corp.
$2,578
25
Encore Acquisition Co.
$2,301
28
KCS
$1,847
30
Petrohawk
$1,665
(1) As of 4/21/06
Gas Percentage Rankings
% Gas of
Top 25
Rank
Company
EV
1
CNX Gas Corp
100%
2
Quicksilver Resources
97%
3
Cabot Oil & Gas Corp.
95%
4
Ultra Petroleum Corp.
93%
5
Chesapeake Energy
92%
6
EOG Resources
89%
7
Pro Forma Petrohawk
82%
8
XTO Energy Inc.
80%
9
Range Resources Corp.
80%
10
Cimarex Energy Co.
72%
11
Newfield Exploration
70%
12
Noble Energy Inc.
63%
13
Kerr-McGee
63%
14
Forest Oil Corp.
60%
15
Devon Energy
58%
16
W&T Offshore
57%
17
Pogo Producing Co.
57%
18
Pioneer Natural Resources
56%
19
Apache Corp
54%
20
Anadarko Petroleum Corp.
54%
21
St. Mary Land & Expl.
52%
22
Denbury Resources Inc.
30%
23
Whiting Petroleum Corp.
24%
24
Encore Acquisition Co.
24%
25
Plains Explor. & Prod.
11%
-
KCS
88%
-
Petrohawk
76%