Romania

Asset - Satu Mare Concession
- 1,138 sq.mile concession bordering on Hungary
- Farm-in agreement:
- Signed April 2008, est. max. commitment $12.5 million to earn 60% in entire concession
- Winstar operates
- Commitment to fulfill 100% of first stage of minimum exploration program by February 2012
Phase 1 Work Commitment
- Re-processed approx. 1,075 km of existing 2-D seismic (completed)
- Acquire 80 sq. km of new 3-D seismic by 2012
- Drill one exploration well
Fiscal and Economic Regime
- Royalty: 3.5 to 13.5%
- Income tax: 16%
Focus
- Quick impact prospects
- Potential to twin wells that have tested hydrocarbons
- High impact exploration
- Seismic acquisition
- One exploration well by 2011