Shona has exploration blocks in Colombia & Peru: majority of acreage is in Colombia

• Excellent quality, long life hydrocarbon reserves

• Excellent fiscal terms, 5% to 8% royalty on existing concessions

Over $80 MM spent to upgrade existing blocks in the last 5 years. A significant gas discovery was recently made at Esperanza

• Further development and exploration drilling to be immediately undertaken

• Highly experienced operators on non-operated blocks (Hupecol/Pluspetrol)

• Gas sale contracts being negotiated for 164 BCF Nelson field

Prospects offset large, prolific fields

• 2D and 3D seismic provides excellent definition of development and exploration opportunities

Potential for significant shareholder value creation over the next 18 months through drill bit and development of Nelson