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Investor Presentaiton

Implied Valuation Metrics EAGLEWOOD ENERGY INC. PRL 28 volumes* Total "in place" resources: 96.2 BCF gas 5.28 mmbbl condensate Net to EWD: 38.5 BCF gas and 2.11mmbbls condensate Typical "in the ground" metrics**: gas ranges from $0.30 to $0.50/mcf condensate range from $5.00 to $8.00/bbl Implied value range is $22mm to $36mm, or $0.25 to $0.41/share PPL 259 acreage Horizon and Mega farmout terms require them to each pay $15.2mm in cash and carry to earn 25%, or $600k per 1%. Implied value of EWD's 40% is $24mm, or $0.27/share Cash balance -$6mm or $0.07/share after 2012 seismic and drilling costs TOTAL IMPLIED VALUE: $0.60 to $0.75/share plus 2012 well result * Gaffney Cline Associates, March 2012 ** FirstEnergy Capital, Cormark Securities, Macquarie Equity Research, DNB Markets 24
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