valuation

1. Current E/V: $435m (452*$1.17-cash $70m)
Share price: $1.17
Total issued shares: 452m
(existing trading 267m + escowed 136m + New issued 49m)

2. Valuation on Reserve:
-1P 102mmbbl ($4.26/bbl)
-2P 192mmbbl ($2.26/bbl)
-3P 344mmbbl ($1.26/bbl)

3. Huge potential: 42% of total acreage NOT be included in current reserve.

4. Planned production: 37,500bbl/d (Income $13.68bn/year)
Future drill wells over 1,500 x 25bbl/d