Exploration Prospects

MISSISSIPPI

Mississippi Tuscaloosa Prospects -- We have identified five Tuscaloosa oil prospects in the Mississippi Inland Salt Basin, in Yazoo County, comprising a maximum of 2,240 acres and up to 22 drilling locations ranging from 6,300 feet to 7,500 feet in depth. Total targeted gross reserves are approximately 10 MMboe. Approximately 30% of the required acreage has been leased and seismic data on the prospects is being reprocessed. Depending on success we anticipate that as many as eight wells will be drilled during 2007. Petrosearch owns 100% of the prospects and will operate the project.