Investor Presentaiton

Stanley Field (PRL 4) unitisation update • EAGLEWOOD ENERGY INC. DPE instruction to conduct unitization by voluntary agreement prior to PDL application • Recent Stanley Field • • reserves upgrade (mean contingent resources of 361 bcf of gas and 11.4 million barrels of condensate) Operator announced Stanley FID and a likely PDL application in Q3'12, increasing the value to PPL259 Seismic over "Stanley West" planned Apr 2012 Expect unitization process complete by end Q3 2012 354000 0353000 3352000 351000 350000 9349000 0348000 347000 9346000 3200 3150 PPL 259 0 Manley-1 Portion of Stanley Pool in PPL 259 3000 3000 Stanley-2/2H. 3050 3000 3000- 3000- 3050 3150- 000 3050- 3100 3100 30503 3100 10 3100 3100 PRL 4 3100 3150 3100 Source: Horizon Oil, Dec 2010 0 1 2 Kilometres $16000 517000 518000 519000 520000 521000 522000 523000 524000 525000 526000 527000 528000 19

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