Ann: Presentation at Excellence in Oil and Gas 20, page-2

re: Ann: Presentation at Excellence in Oil an... Petsec shale game plan well articulated in the presentation.

Looking at 4 areas, completed technicals and started leasing in 2 after identifying the " Sweet Spot". Possibly leasing a third area.

The need to be early and quiet into new lease positions emphasised.... so probably will continue with the information drip feed untill lease positions secured.

Planning to drill 2 - 5 shale oil wells in 2012 and current Marathon well.

This will be PSA's third attempt at a pheonix like ressurection, will be interesting to see if they can emulate the previous two.

1991-1997..... 18 cents - $ 7.20
2002-2006...... 11 cents - $3.50

Must say the are in a better starting position than previously.

Should be an interesting ride over the next 2-4 years.

If he can rebuild again you can be sure Terry will not want to let a third fortune slip through his hands.

Cheers

Dan