Highlights of first quarter end at 30 March 20091. Yellow Rose...

Highlights of first quarter end at 30 March 2009

1. Yellow Rose 75% Working Interest negotiations complete with the first well set to commence in May 2009.

2. Petrohawk Energy Corporation negotiations complete with the first Eagle Ford Shale well expected to commence early in the second half of 2009.

3. The Company achieved a positive net operating cash flow of $0.73 million before exploration expenditure.

(wli: 300Bbls/d x 80 x 44.16 + 2913mcf/d x 80 x 6.68 = 1059840 + 1556707 = 2,616,547

4. Cash at bank peaked during the quarter at $6.34 million.

5. Harrison-2 production averaged 164 Bbls/d and 701 Mcf/d for the quarter.

6. Outlar-1 production averaged 127 Bbls/d and 2,212 Mcf/d for the quarter.

7. Antares received on average for the quarter US$44.16 per Bbl for oil and US$6.68 per Mcf for gas.

(wli: $2 convertible notes bought back at $1.23)

8. Debt reduction of $323,298 achieved through the buy back and cancellation of 161,649 $2.00 convertible notes at an average price of $1.23.

Excellent work in the bloods.