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PETROMAX OPERATING COMPANY

Horizontal Woodbine Oil Asset Sale

Madison, Brazos and Grimes counties, Texas
Approximately 16,850 gross and 14,000 net acres
Production @ 3,800 BOPD and 2.1 MMCFD
Current Cash Flow estimated at over $7.0 MM per month
100% Operated WI and average 77.5% NRI
Recent IP’s at 900+ BOPD
EUR’s of 500,000+ BO/well
25 Total Wells (11-Horizontal PDP, 1-Horizontal Drilling, 12-Vertical PDP, 1-Vertical SI)
Total Net Reserves of 18.4 MMBL and 8.6 BCF as per the reserve report
Eagle Ford rights on over 14,500 acres
34 Woodbine Sand PUD locations, 5 Probable and 8 Possible
Significant associated gas production with high liquids content
Two (2) Rigs currently running