X0202 4 2005-08-24 0 0001325098 Quintana Maritime LTD QMAR 0001332739 FR X Offshore GP LTD C/O FIRST RESERVE CORPORATION ONE LAFAYETTE PLACE, THIRD FL. GREENWICH CT 06830 1 0 1 0 0001332738 FR X Offshore GP, L.P. C/O FIRST RESERVE CORPORATION ONE LAFAYETTE PLACE, THIRD FL. GREENWICH CT 06830 0 0 1 0 0001332740 FR X Offshore, L.P. C/O FIRST RESERVE CORPORATION ONE LAFAYETTE PLACE, THIRD FL. GREENWICH CT 06830 0 0 1 0 0001202019 EDWARDS JOSEPH R ONE LAFAYETTE PLACE THIRD FLOOR GREENWICH CT 06830 1 0 0 0 Common Stock 2005-08-24 4 A 0 6000 0.00 A 6000 D Common Stock 2005-08-24 4 A 0 6000 0.00 A 6325492 I See FN Phantom Stock 2005-08-24 4 A 0 1500 A 2006-02-15 2006-02-15 Common Stock 1500 1500 D Phantom Stock 2005-08-24 4 A 0 1500 A 2007-02-15 2007-02-15 Common Stock 1500 1500 D Phantom Stock 2005-08-24 4 A 0 1500 A 2008-02-15 2008-02-15 Common Stock 1500 1500 D Phantom Stock 2005-08-24 4 A 0 1500 A 2009-02-15 2009-02-15 Common Stock 1500 1500 D The restricted stock as reported on this Form 4 was granted to Joseph R. Edwards under the Issuer's Long Term Incentive Plan. The stock vests in four equal installments starting February 15, 2006. As a result of the restricted common stock grant as reported on this Form 4, Mr. Edwards is the record holder of 6,000 shares of restricted common stock. Consists of 6,319,492 shares of common stock held directly by Quintana Maritime Investors, LLC ("QMI") and the 6,000 restricted shares issued to Joseph R. Edwards as reported herein. Each of FR X Offshore GP Limited ("Offshore Ltd"), FR X Offshore GP, L.P. ("Offshore GP"), and FR X Offshore, L.P. ("Offshore LP" and collectively with Offshore Ltd and Offshore GP, the "Fund Entities"), disclaim beneficial ownership of these securities except to the extent of their pecuniary interest therein. This report shall not be deemed an admission that these reporting persons are the beneficial owners of such securities for purposes of Section 16 or for any other purpose except to the extent of their pecuniary interest therein. Each of the Fund Entities are indirect 10% beneficial owners of the Issuer. Offshore GP is the general partner of Offshore LP and may be deemed to share beneficial ownership of the shares of Common Stock beneficially owned by Offshore LP. Offshore Ltd., as the general partner of Offshore GP, may also be deemed to share beneficial ownership of the shares of Common Stock beneficially owned by Offshore LP. Through its ownership of limited liability company interests of QMI, Offshore LP may be deemed to share beneficial ownership of the securities of the Issuer held by QMI. The Fund Entities are entitled to a portion of the profits from the sale of securities held by Mr. Edwards, and therefore the Fund Entities share beneficial ownership of the securities issued to Mr. Edwards as reported herein. Other than the shares he holds directly, Mr. Edwards disclaims beneficial ownership of securities of the Issuer beneficially owned by the Fund Entities or QMI. The phantom stock as reported on this Form 4 was granted to Joseph R. Edwards under the Issuer's Long Term Incentive Plan. The phantom stock will be paid in cash based on the average closing price of the common shares for the 20 trading days immediately preceding the date of vesting. FR X Offshore GP Limited, by Thomas R. Denison, Director, is signing for itself as the designated filer, as well as in the capacity of general partner of FR X Offshore GP, L.P. FR X Offshore GP, L.P., by Thomas R. Denison, is signing in its capacity as general partner of FR X Offshore, L.P. Joseph R. Edwards by Thomas R. Denison, Attorney-in-Fact (See Previously Filed Power of Attorney) Thomas R. Denison 2005-08-26 Thomas R. Denison 2005-08-26 Thomas R. Denison 2005-08-26 Thomas R. Denison, Attorney-in-Fact 2005-08-26