Monthly progress report Provide a general overview and discussion of the activities of management.
At the Mount Evans project in Kansas, the company and its partners plugged and abandoned their second well in the Mount Evans project as a dry hole. We are currently evaluating all data from the second well to decide whether to attempt a third well or to abandon the project.
Management is actively evaluating new opportunities both in Newfoundland and in other jurisdictions. Management has submitted a letter to the Minister of Natural Resources in Newfoundland and Labrador (NL) expressing interest in the bidding on some onshore oil
FORM 7 – MONTHLY PROGRESS REPORT
November 14, 2008 Page 1
and gas acreage. Management is currently evaluating the area of mutual interest (“AMI”) in Mount Evans Prospect in Kansas