Romania

Asset - Satu Mare Concession
- 453,339 net acres 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 ($6.6 million) of minimum exploration program by February 2012
Phase 1 Work Commitment
- Re-processed approx. 1,075 km of existing 2-D seismic (completed)
- Drill two exploration wells by Q1 2012
Fiscal and Economic Regime
- Royalty: 3.5 to 13.5%
- Income tax: 16%