current price, page-4

From MPO's web site it sounds as if they do own the land going by the wording

'Quebec, Canda

In January 2008 Molopo announced the signing of a Purchase and Sale Agreement involving the acquisition
of a substantial acreage position in the emerging Eastern Canada shale gas play.

Under the transaction Molopo will acquire approximately 1.85 million acres in Quebec province, Canada,
for a consideration of US$3.2 million. The acquisition price represents an average cost of US$1.72 per acre.
The transaction will provide Molopo with an 80% net revenue interest (“NRI”) for the acreage.

The shale gas acreage is at an early stage of exploration, however conventional oil and gas exploration in the area extends back to the late 19Pth century. While a high level of technical risk exists, the project has substantial upside. It represents a very large acreage position within the Utica and Lorraine shales in
Eastern Canada, which have a proven hydrocarbon generating potential, and it is located in one of the
highest priced international gas markets.

Acquisition of the shale play is consistent with Molopo’s strategy of assessing and developing
non-conventional gas projects where evidence of in-situ gas from previous work is apparent and where
there is existing infrastructure, with proximity to high-priced gas markets.

16 wells have flowed gas to surface from the Loraine/Utica shale in neighbouring acreage. These wells
were not stimulated and ranged from rates that were too small to measure up to 2.9 million cubic feet per day. These wells were mostly drilled by Shell and Soquip (a former Quebec Government entity) in the 1970’s and
were targeting deeper and more conventional reservoirs. Existing production in the region comes from the Beekmantown Dolomite in the St Flavien Gas Field approximately 10kms from Molopo’s acreage. '

Stand to be corrected.