star of 2010?, page-3

Ecstatic , while we await development in the 'New Ventures' category , it is worthwhile reviewing the star sleeper in the current portfolio as below. WA399 alone has been valued at $14m by CVNs broker (CVN 50% , RIA 50%). That alone is double RIAs current market cap! The nearology is undeniable and the NWS area is the focus of the largest 'oil rush' in history at present. A farmin , possibly neighbours Apache or BHP may well be announced at any time. RIA represents what I believe to be the lowest capped junior oiler with serious near-term potential on the ASX. www.rialtoenergy.com DYOR


Exploration Permit WA-399-P

Rialto has a 50% participating interest in Exploration Permit WA-399-P located in the Carnarvon Basin, offshore Western Australia. The Permit is operated by Carnarvon Petroleum Limited.

The Permit covers an area of approximately 50km and is located within a highly prospective sector of the Exmouth Sub-basin, being midway between the Pyrenees and Macedon oil and gas fields (25 kilometres to the north-west) and the Leatherback oil accumulation (30 kilometres to the south-east). On 3 July 2007, BHP Billiton and its co-venturer Apache Corporation announced approval of the Pyrenees oil and gas project in Retention Lease WA-12-R, directly adjacent to WA-399-P. The proximity of WA-399-P to this developement increases the confidence prospectivity within the Permit and that any discoveries in WA-399-P can be commercialised.

During 2007 the Joint Venture reprocessed 48 2D seismic lines with a combined coverage of over 570 kilometers.

During 2008, both co-ventures remapped the structural and stratigraphic setting throughout the permit using available well control to all relavent discoveries, including Macedon, Pyrenees, Leatherback and Blencathra, in close proximity to the Permit. Results of the reprocessing are excellent and several structural leads have already been identified.

During 2009, Rialto is currently remapping the available 2D seismic data, including legacy data and proprietary reprocessed 2D seismic data. Indications exist that the Macedon Sandstone play fairway continues through WA-399-P. Oil and gas discoveries in the proven play include Enfield, Stybarrow, Skiddaw, Eskdale, Scafell and Macedon/Pyrenees, all located directly west and on-trend with WA-399-P. A new lead - Gazelle - has been mapped and geophysical and geologic analysis by Rialto is continuing in conjunction with the Operator.

http://www.rialtoenergy.com/investor-relations/investor-news-and-information/wa-399-p-independent-broker-valuation