1996 Highlights

1996 Highlights

• February 12, 1996 - Discovered oil on Emerald Mountain Prospect in Colombia.

• February 23, 1996 - Company awarded 1,200,000 acre license in Papua New Guinea.

• March 4, 1996 - Acquired 20% interest in 1,280,000 acre permit offshore in Southern Australia.

• March 15, 1996 - Completed $5,500,000 (U.S.) financing .

• April 12, 1996 - Acquired 11.875% interest in Llanos Basin, Colombia-240,000 acre block.

• July 26, 1996 - Pump tested 3,415 barrels of oil and 340,000 cubic feet of natural gas per day; acquired 36.7% interest in Emerald Mountain Prospect, Colombia for 16,777,143 common shares.

• September 3, 1996 - Commenced drilling the El Segundo No. 2 appraisal well.

• October 16, 1996 - Completed $7,500,000 (U.S.) financing.

• October 30, 1996 - Announced initial results from the El Segundo No. 2 confirmation well on Emerald Mountain Prospect, Colombia discovery.

• November 22, 1996 - Signed letter of intent to acquire additional 6% interest in Emerald Mountain Prospect, Colombia for 1,000,000 common shares.