greg smith, page-7

I have read elsewhere that the resource was later (as early as 2007) managed by a company called Petrolatina also fronted by Greg Smith. I haven't yet found out what happened to Taghmen but am assuming at this point it met the same demise that Petrolatina suffered in 2010 (receivership).

Petrolatina still exist currently have assets in Columbia and Guatemala.

Colombia, a proven hydrocarbon system with an established oil and gas industry:

• Oil and gas fields have been discovered in seven sedimentary basins and in the Eastern Cordillera and there is estimated to be 1900 mmboe undiscovered reserves remaining (CIA World Fact Book 2010). The government is keen to attract foreign investment to boost production, as demonstrated by the recent award of new blocks over the past few years. Analysts’ predict Colombia’s production will double over the next 4 years from 690m bopd in 2009 to 1.3mm bopd by 2015 approaching 2mm bopd by 2020.

• PetroLatina is present in two of the most prolific basins:

• Middle Magdalena Valley Basin

Located along the central reaches of the Magdalena River Valley between the Central and Eastern Cordilleras of the Colombian Andes.

Exploration activity to date has led to the discovery of 1,900 mm bbls of oil and 2.5 tcf of gas.

In the Middle Magdalena Valley Basin there are numerous good quality sandstone reservoirs and a 'world class' source rock. Deeper fractured carbonate reservoirs are under-explored.

One of the most explored basins in Colombia. 41 discovered fields including the first giant field, La Cira-Infantas.

• Putumayo

The Putumayo Basin in the northern extension of the Oriente Basin of Ecuador, and is located in southern Colombian, towards the south western border of the country.

Covering approximately 104,000 sqkms, more than 365 mm bbls have been founds to date in 19 fields.

Evidence of the exploration potential of this basin includes significant production, one major oil field (Orito), 18 minor oil fields, and the presence of giant oil fields in the nearby Oriente Basin in Ecuador.

In Caguan Putumayo basin there are numerous good quality sandstone reservoirs in non drilled traps that were not explored as a result of security issues in the past that now are open for exploration.

• Safety in the country has improved significantly over the past years especially in the Middle Magdalena Valley and Caguan Putumayo where PetroLatina has its operations.

Guatemala, a relatively under-explored region, with a high level of prospectivity:

• Close proximity to Mexico and its highly productive fields

• The oil and gas fields along the southern margin of the south Peten Basin including Rubelsanto and the area covered by the license lie in a similar geological setting to the oil and gas fields in southern Mexico.

• The reservoirs under these fields are of the same age and the two areas have undergone a similar geological history. Many comparisons can therefore be made between the two areas as seismic and sub-service data suggest that the Chiapas southwestern geological trend extends into the Southern Peten (Chapayal) basin.

• The economy of Guatemala is growing and there is a strong demand and need for oil and gas energy. The recently elected Government is keen to promote inward investment in general and specifically from small entrepreneurial companies, such as PetroLatina