Investor Update

MADAGASCAR OIL Blk 3105 Blk 3107 Blk 3106 Exploration: Potential 2011 Work Program A Full Tensor Gravity Gradiometry (FTG) survey program is being proposed in 2011 to gain key data and efficiently utilize the time remaining this year. FTG preliminary estimate (subject to OMNIS approval) Block 3105 ~8,000 line km, Budget est. $1.7 million Block 3107~3,000 line km, Budget est. $600,000 Block 3106 ~5,000 line km, Budget est. $1.0 million FTG data benefits include: The ability to infill geologic interpretation between sparse seismic data. Improvement of seismic interpretations by providing a 3D geologic perspective. Assistance in guiding placement of additional 2D seismic lines if necessary in 2012. Reduction of exploration well risk by combining FTG, well, seismic, and GORE geochemical results. The exploration blocks require extensions from the government in order to execute the necessary work to define a drillable prospect on each block. " If a prospect is identified the proposal currently calls for wells to be drilled in 2013. At this time neither the extension nor the work programs have been approved by OMNIS. 17 June 2011 Investor Update Good Gore Survey Results 20 20

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