Cook Inlet Basin Overview and Characterization

Cosmopolitan Tyonek Gas is "Proved" but Undeveloped BlueCrest Energy Cosmopolitan (2013) State #1 Starichkof State #1 PENNZOIL (1967) H-04 "Fishbone" well Multiple wells have been drilled through the gas zones Multiple flow tests of the gas zones confirm high productivity Size and shape of the "trap" structure is clearly documented 3-D seismic data, more than 20 vertical wells drilled throughout the deeper oil zones below the gas zones • Gas zones are very similar to nearby Ninilchik field • Ninilchik is currently the largest Cook Inlet gas producer and has already produced more than 260 BCF 2013 Flow Tests

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