global energy development plc estimated future reserves and ...

GLOBAL ENERGY DEVELOPMENT PLCESTIMATED FUTURE RESERVESAND INCOME AS OF DECEMBER 31, 2010COLUMBIA AND PERUCONSTANT AND FORECAST CASESTOTAL 2P RESERVES

TABLE OF CONTENTSTABLE OF CONTENTSRALPH E. DAVIS ASSOCIATES, INC.Texas Registered Engineering Firm F-1529

GLOBAL ENERGY DEVELOPMENT PLCTABLE OF CONTENTSDISCUSSIONEngineering LetterReserves DefinitionsNATIONAL INSTRUMENT FORM 51-101F2CERTIFICATES AND QUALIFICATIONSSUMMARIESConstant Price CaseTotal Proved and Probable (2P)Total ProvedTotal Proved ProducingTotal Proved Non - ProducingTotal Proved UndevelopedTotal Probable UndevelopedForecast Price CaseTotal Proved and Probable (2P)Total ProvedTotal Proved ProducingTotal Proved Non - ProducingTotal Proved UndevelopedTotal Probable UndevelopedCONSTANT PRICE WELL ECONOMICSFORECAST PRICE WELL ECONOMICSRALPH E. DAVIS ASSOCIATES, INC.Texas Registered Engineering Firm F-1529

DISCUSSIONDISCUSSIONRALPH E. DAVIS ASSOCIATES, INC.Texas Registered Engineering Firm F-1529

CANADIAN OIL AND GAS DEFINITIONS OF RESERVES(The following material comes from Section 5.4 Definitions of Reserves)The determination of oil and gas reserves involves the preparation of estimates that have an inherentdegree of associated uncertainty. Categories of proved, probable, and possible reserves have beenestablished to reflect the level of these uncertainties and to provide an indication of the probability ofrecovery.The estimation and classification of reserves requires the application of professional judgmentcombined with geological and engineering knowledge to assess whether or not specific reservesclassification criteria have been satisfied. Knowledge of concepts including uncertainly and risk,probability and statistics, and deterministic and probabilistic estimation methods is required toproperly use and apply reserves definitions. These concepts are presented and discussed in greaterdetail within the guidelines in Section 5.5.The following definitions apply to both estimates of individual reserves entities and the aggregate ofreserves for multiple entities.5.4.1 Reserves CategoriesReserves are estimated remaining quantities of oil and natural gas and related substances anticipatedto be recoverable from known accumulations, as of a given date, based on analysis of drilling, geological, geophysical, and engineering data; the use of established technology; specified economic conditions, which are generally accepted as being reasonable, and shallbe disclosed.Reserves are classified according to the degree of certainty associated with the estimates.a. Proved ReservesProved reserves are those reserves that can be estimated with a high degree of certainty to berecoverable. It is likely that the actual remaining quantities recovered will exceed the estimatedproved reserves.

. Probable ReservesProbable reserves are those additional reserves that are less certain to be recovered than provedreserves. It is equally likely that the actual remaining quantities recovered will be greater or lessthan the sum of the estimated proved + probable reserves.c. Possible ReservesPossible reserves are those additional reserves that are less certain to be recovered than probablereserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of theestimated proved + probable + possible reserves.Other criteria that must also be met for the classification of reserves are provided in Section 5.5.4.5.4.2 Development and Production StatusEach of the reserves categories (proved, probable, and possible) may be divided into developed andundeveloped categories.a. Developed ReservesDeveloped reserves are those reserves that are expected to be recovered from existing wells andinstalled facilities or, if facilities have not been installed, that would involve a low expenditure (e.g.when compared to the cost of drilling a well) to put the reserves on production. The developedcategory may be subdivided into producing and non-producing.Developed producing reserves are those reserves that are expected to be recovered from completionintervals open at the time of the estimate. These reserves may be currently producing or, if shut in,they must have previously been on production, and the date of resumption of production must beknown with reasonable certainty.Developed non-producing reserves are those reserves that either have not been on production, orhave previously been on production but are shut in and the date of resumption of production isunknown.

. Undeveloped ReservesUndeveloped reserves are those reserves expected to be recovered from known accumulations wherea significant expenditure (e.g. when compared to the cost of drilling a well) is required to renderthem capable of production. They must fully meet the requirements of the reserves category(proved, probable, possible) to which they are assigned.In multi-well pools, it may be appropriate to allocate total pool reserves between the developed andundeveloped categories or to subdivided the developed reserves for the pool between developedproducing and developed non-producing. This allocation should be based on the estimator’sassessment as to the reserves that will be recovered from specific wells, facilities, and completionintervals in the pool and their respective development and production status.5.4.3 Levels of Certainty for Reports ReservesThe qualitative certainty levels contained in the definitions in Section 5.4.1 are applicable to“individual reserves entities,” which refers to the lowest level at which reserves calculations areperformed, and to “reported reserves,” which refers to the highest level sum of individual entityestimates for which reserves estimates are presented. Reported reserves should target the followinglevels of certainty under a specific set of economic conditions: at least a 90 percent probability that the quantities actually recovered will equal or exceedthe estimated proved reserves, at least a 50 percent probability that the quantities actually recovered will equal or exceedthe sum of the estimated proved + probable reserves, at least a 10 percent probability that the quantities actually recovered will equal or exceedthe sum of the estimated proved + probable + possible reserves.A quantitative measure of the certainty levels pertaining to estimates prepared for the variousreserves categories is desirable to provide a clearer understanding of the associated risks anduncertainties. However, the majority of reserves estimates are prepared using deterministic methodsthat do not provide a mathematically derived quantitative measure of probability. In principle, thereshould be no difference between estimates prepared using probabilistic or deterministic methods.Transcribed from Canadian Oil and Gas Evaluation Handbook, Second Edition, September 1, 2007, Volume 1: ReservesDefinitions and Evaluation Practices and Procedures

NATIONAL INSTRUMENTFORM 15-101F2NATIONAL INSTRUMENTFORM 15-101F2RALPH E. DAVIS ASSOCIATES, INC.Texas Registered Engineering Firm F-1529

CERTIFICATES ANDQUALIFICATIONSCERTIFICATES &QUALIFICATIONSRALPH E. DAVIS ASSOCIATES, INC.Texas Registered Engineering Firm F-1529

PROFESSIONAL QUALIFICATIONSRalph E. Davis Associates, Inc. is a Texas Corporation with offices located at 1717 St.James Place, Suite 460, Houston, Texas 77056. The firm has been providing petroleumengineering and geological consulting services throughout the world for some 85 years.The firm’s professional engineers, geologists, geophysicists and economists are engagedin the independent appraisal of oil and gas properties, evaluation of hydrocarbon andother mineral prospects, basin evaluations, comprehensive field studies, equity analysesand studies of supply and economics related to the energy industry. Except for theprovision of professional services on a fee basis, Ralph E. Davis Associates, Inc. has nocommercial arrangement with any other person or company involved in the interestswhich are the subject of this report.This evaluation has been supervised by Allen C. Barron. Mr. Barron is President ofRalph E. Davis Associates, Inc. and a licensed Professional Engineer in the State ofTexas, USA. He has 41 years of oil and gas industry experience and 30+ years ofapplicable evaluation experience.SIGNED: February 23, 2011Submitted,RALPH E. DAVIS ASSOCIATES, INC.Registration Number F-1529Current Through 09/30/2011

SUMMARIESSUMMARIESRALPH E. DAVIS ASSOCIATES, INC.Texas Registered Engineering Firm F-1529

CONSTANTPRICE CASECONSTANT PRICE CASERALPH E. DAVIS ASSOCIATES, INC.Texas Registered Engineering Firm F-1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 01/25/2011GRAND TOTAL TIME : 10:14:21TOTAL 2P RESERVES DBS : DEMOPROVED + PROBABLESETTINGS : RED12311051‐101 CONSTANT PRICING CASE SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 597.9 129.8 0.0 490.4 103.8 0.0 36356.4 0.0 0.0 36356.412‐2012 3983.4 116.8 0.0 2885.5 93.5 0.0 214490.9 0.0 0.0 214490.912‐2013 6908.3 367.4 25.2 4619.0 229.4 20.1 343424.8 0.0 1288.5 344713.312‐2014 10731.3 4051.7 29.8 7119.4 3164.9 23.9 520472.3 0.0 1527.0 521999.312‐2015 17604.3 8651.9 22.4 12291.5 6863.9 18.0 892814.2 0.0 1148.3 893962.612‐2016 31325.3 12160.1 324.7 23357.7 8895.3 259.7 1700626.5 0.0 16613.9 1717240.512‐2017 30878.7 10067.5 332.3 23633.1 7201.6 265.9 1724012.9 0.0 17006.0 1741018.912‐2018 23203.8 7570.3 249.4 15271.2 2708.3 99.7 1119287.4 0.0 6380.1 1125667.512‐2019 18304.8 5694.1 187.1 12198.2 2037.7 74.8 894617.7 0.0 4787.1 899404.912‐2020 14869.6 4284.4 140.4 10074.5 1533.7 56.2 739383.5 0.0 3591.9 742975.412‐2021 12053.3 3219.7 104.8 8330.7 1153.4 41.9 610283.5 0.0 2682.2 612965.812‐2022 3753.9 2373.6 76.0 2052.1 852.0 30.4 148934.3 0.0 1944.2 150878.512‐2023 1731.9 1769.5 57.0 692.4 634.7 22.8 49462.3 0.0 1458.6 50920.912‐2024 731.9 711.9 22.9 291.1 255.4 9.2 20847.2 0.0 586.4 21433.612‐2025 79.5 0.0 0.0 31.0 0.0 0.0 2313.6 0.0 0.0 2313.6S TOT 176758.0 61168.8 1572.0 123337.8 35727.6 922.6 9017328.0 0.0 59014.3 9076341.0AFTER 48.1 0.0 0.0 20.4 0.0 0.0 1596.2 0.0 0.0 1596.2TOTAL 176806.1 61168.8 1572.0 123358.2 35727.6 922.6 9018924.0 0.0 59014.3 9077937.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 74.14 0.00 0.00 0.0 4184.4 6626.9 25545.1 26041.6 ‐496.5 ‐698.012‐2012 74.33 0.00 0.00 0.0 8284.3 34501.1 171705.6 437035.6 ‐265330.1 ‐235355.712‐2013 74.35 0.00 63.97 0.0 7825.2 55750.0 281138.1 48942.4 232195.7 182606.512‐2014 73.11 0.00 63.97 0.0 5566.5 91738.6 424694.2 93581.7 331112.5 234924.212‐2015 72.64 0.00 63.97 0.0 3946.8 170496.8 719519.1 366465.7 353053.3 228264.512‐2016 72.81 0.00 63.97 0.0 2821.0 343511.5 1370908.1 415388.0 955520.0 561441.612‐2017 72.95 0.00 63.97 0.0 1758.5 356332.2 1382928.1 80095.5 1302832.6 701205.412‐2018 73.29 0.00 63.97 0.0 778.7 232776.0 892112.8 1250.0 890862.8 436883.912‐2019 73.34 0.00 63.97 0.0 524.5 187477.0 711403.1 0.0 711403.1 317065.212‐2020 73.39 0.00 63.97 0.0 435.9 156103.5 586435.9 0.0 586435.9 237558.212‐2021 73.26 0.00 63.97 0.0 361.5 129663.0 482941.2 3525.0 479416.2 176491.312‐2022 72.58 0.00 63.97 0.0 284.1 31173.9 119420.5 123640.0 ‐4219.5 ‐2176.312‐2023 71.43 0.00 63.97 0.0 49.2 9649.4 41222.4 1445.0 39777.4 12122.812‐2024 71.61 0.00 63.97 0.0 0.0 3964.3 17469.4 6220.0 11249.4 3191.212‐2025 74.62 0.00 0.00 0.0 0.0 160.4 2153.2 800.0 1353.2 344.4S TOT 73.11 0.00 63.97 0.0 36820.6 1809924.5 7229597.0 1604430.5 5625166.0 2853869.2AFTER 78.42 0.00 0.00 0.0 0.0 165.4 1430.8 1355.0 75.8 10.1TOTAL 73.11 0.00 63.97 0.0 36820.6 1810089.9 7231028.0 1605785.5 5625241.5 2853879.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 539.0 0.0 LIFE, YRS. 18.17 5.00 3962422.750GROSS ULT., MB & MMF 182496.000 63770.219 DISCOUNT % 10.00 10.00 2853879.500GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.10 15.00 2095152.625GROSS RES., MB & MMF 176806.125 61168.812 DISCOUNTED PAYOUT, YRS. 3.23 20.00 1563535.375NET RES., MB & MMF 123358.195 35727.594 UNDISCOUNTED NET/INVEST. 4.50 25.00 1183166.250NET REVENUE, M$ 9018924.000 0.000 DISCOUNTED NET/INVEST. 3.61 30.00 905858.625INITIAL PRICE, $ 73.004 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 545477.438INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 85.876 60.00 208541.96980.00 74914.797100.00 15217.976RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 01/25/2011GRAND TOTALS TIME : 10:31:30TOTAL PROVED RESERVES DBS : DEMO51‐101 CONSTANT PRICING CASE SETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 454.8 129.8 0.0 362.4 103.8 0.0 27218.0 0.0 0.0 27218.012‐2012 3454.3 116.8 0.0 2414.8 93.5 0.0 179104.3 0.0 0.0 179104.312‐2013 5769.4 105.1 0.0 3678.7 84.1 0.0 271673.1 0.0 0.0 271673.112‐2014 9227.3 3740.9 0.0 6068.1 2992.7 0.0 441206.3 0.0 0.0 441206.312‐2015 11598.4 8418.1 0.0 8435.2 6734.5 0.0 607375.6 0.0 0.0 607375.612‐2016 10910.4 8778.2 0.0 8180.9 7022.6 0.0 588084.4 0.0 0.0 588084.412‐2017 8468.0 6605.8 0.0 6360.0 5284.6 0.0 457423.6 0.0 0.0 457423.612‐2018 6596.3 4972.9 0.0 3328.3 1989.1 0.0 241171.5 0.0 0.0 241171.512‐2019 5205.3 3745.2 0.0 2704.8 1498.1 0.0 196309.5 0.0 0.0 196309.512‐2020 4155.0 2822.0 0.0 2230.1 1128.8 0.0 162110.6 0.0 0.0 162110.612‐2021 3255.8 2127.7 0.0 1817.4 851.1 0.0 131959.5 0.0 0.0 131959.512‐2022 1673.8 1582.1 0.0 764.0 632.9 0.0 54881.7 0.0 0.0 54881.712‐2023 1046.7 1175.6 0.0 421.5 470.2 0.0 30065.6 0.0 0.0 30065.612‐2024 408.5 473.2 0.0 164.0 189.3 0.0 11714.1 0.0 0.0 11714.112‐2025 9.8 0.0 0.0 4.5 0.0 0.0 367.6 0.0 0.0 367.6S TOT 72233.7 44793.5 0.0 46934.9 29075.3 0.0 3400665.2 0.0 0.0 3400665.2AFTER 26.0 0.0 0.0 12.0 0.0 0.0 981.1 0.0 0.0 981.1TOTAL 72259.7 44793.5 0.0 46946.9 29075.3 0.0 3401646.2 0.0 0.0 3401646.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 75.11 0.00 0.00 0.0 2518.5 6074.6 18624.9 19100.0 ‐475.1 ‐518.212‐2012 74.17 0.00 0.00 0.0 4444.4 30573.8 144086.1 397021.6 ‐252935.5 ‐224830.712‐2013 73.85 0.00 0.00 0.0 5235.1 43516.0 222922.0 19170.0 203752.0 160612.512‐2014 72.71 0.00 0.00 0.0 3811.1 77822.8 359572.4 81310.7 278261.7 197062.812‐2015 72.00 0.00 0.00 0.0 2771.7 120022.9 484581.0 71145.7 413435.2 267550.712‐2016 71.88 0.00 0.00 0.0 2036.2 119457.5 466590.8 280.0 466310.8 276719.012‐2017 71.92 0.00 0.00 0.0 1511.6 94209.1 361702.9 ‐1005.0 362707.9 195665.812‐2018 72.46 0.00 0.00 0.0 778.7 50451.2 189941.5 1250.0 188691.5 92507.812‐2019 72.58 0.00 0.00 0.0 524.5 42020.3 153764.7 0.0 153764.7 68529.012‐2020 72.69 0.00 0.00 0.0 435.9 35455.3 126219.5 0.0 126219.5 51135.012‐2021 72.61 0.00 0.00 0.0 361.5 29476.8 102121.2 1085.0 101036.2 37198.512‐2022 71.83 0.00 0.00 0.0 284.1 12171.3 42426.3 34880.0 7546.3 2212.112‐2023 71.32 0.00 0.00 0.0 49.2 6197.9 23818.5 1445.0 22373.5 6820.712‐2024 71.42 0.00 0.00 0.0 0.0 2495.5 9218.7 4680.0 4538.7 1302.412‐2025 81.95 0.00 0.00 0.0 0.0 48.8 318.9 0.0 318.9 80.1S TOT 72.45 0.00 0.00 0.0 24762.4 669993.9 2705909.2 630363.0 2075546.4 1132047.5AFTER 81.95 0.00 0.00 0.0 0.0 130.1 851.0 155.0 696.0 149.4TOTAL 72.46 0.00 0.00 0.0 24762.4 670124.1 2706760.2 630518.0 2076242.2 1132196.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 190.0 0.0 LIFE, YRS. 18.17 5.00 1518922.750GROSS ULT., MB & MMF 77949.625 47394.957 DISCOUNT % 10.00 10.00 1132197.000GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.18 15.00 856763.938GROSS RES., MB & MMF 72259.742 44793.547 DISCOUNTED PAYOUT, YRS. 3.33 20.00 656126.125NET RES., MB & MMF 46946.863 29075.344 UNDISCOUNTED NET/INVEST. 4.29 25.00 507086.188NET REVENUE, M$ 3401646.000 0.000 DISCOUNTED NET/INVEST. 3.25 30.00 394470.031INITIAL PRICE, $ 72.396 0.000 RATE‐OF‐RETURN, PCT. 89.81 40.00 240974.875INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 78.506 60.00 85599.52380.00 18333.381100.00 ‐13383.692RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 01/25/2011GRAND TOTAL TIME : 10:36:39PROVED PRODUCING RESERVES DBS : DEMO51‐101 CONSTANT PRICING CASE SETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 388.6 129.8 0.0 332.5 103.8 0.0 24955.9 0.0 0.0 24955.912‐2012 335.5 116.8 0.0 287.0 93.5 0.0 21578.4 0.0 0.0 21578.412‐2013 290.7 105.1 0.0 248.7 84.1 0.0 18724.3 0.0 0.0 18724.312‐2014 252.7 94.6 0.0 205.8 75.7 0.0 15453.1 0.0 0.0 15453.112‐2015 220.3 85.2 0.0 159.7 68.1 0.0 11874.6 0.0 0.0 11874.612‐2016 189.7 76.6 0.0 136.9 61.3 0.0 10191.0 0.0 0.0 10191.012‐2017 164.2 69.0 0.0 113.5 55.2 0.0 8420.0 0.0 0.0 8420.012‐2018 141.1 62.1 0.0 93.0 24.8 0.0 6914.6 0.0 0.0 6914.612‐2019 123.9 55.9 0.0 81.2 22.3 0.0 6039.5 0.0 0.0 6039.512‐2020 109.6 50.3 0.0 71.5 20.1 0.0 5328.9 0.0 0.0 5328.912‐2021 70.0 45.3 0.0 52.4 18.1 0.0 3822.7 0.0 0.0 3822.712‐2022 54.0 17.5 0.0 40.5 7.0 0.0 2952.3 0.0 0.0 2952.312‐2023 21.9 0.0 0.0 12.5 0.0 0.0 951.0 0.0 0.0 951.012‐2024 12.5 0.0 0.0 5.6 0.0 0.0 454.3 0.0 0.0 454.312‐2025 9.8 0.0 0.0 4.5 0.0 0.0 367.6 0.0 0.0 367.6S TOT 2384.5 908.2 0.0 1845.4 634.1 0.0 138028.2 0.0 0.0 138028.2AFTER 26.0 0.0 0.0 12.0 0.0 0.0 981.1 0.0 0.0 981.1TOTAL 2410.5 908.2 0.0 1857.4 634.1 0.0 139009.3 0.0 0.0 139009.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 75.05 0.00 0.00 0.0 2518.5 5518.8 16918.6 0.0 16918.6 16158.112‐2012 75.18 0.00 0.00 0.0 2071.4 5093.0 14414.0 0.0 14414.0 12514.612‐2013 75.30 0.00 0.00 0.0 1708.1 4739.3 12276.9 0.0 12276.9 9690.212‐2014 75.08 0.00 0.00 0.0 1420.8 4152.3 9880.1 0.0 9880.1 7102.612‐2015 74.35 0.00 0.00 0.0 1171.6 3185.5 7517.4 0.0 7517.4 4904.012‐2016 74.44 0.00 0.00 0.0 967.4 2970.1 6253.5 280.0 5973.5 3538.612‐2017 74.19 0.00 0.00 0.0 799.5 2779.8 4840.8 ‐1005.0 5845.8 3148.512‐2018 74.32 0.00 0.00 0.0 638.4 2623.5 3652.7 800.0 2852.7 1387.112‐2019 74.41 0.00 0.00 0.0 524.5 2532.8 2982.3 0.0 2982.3 1329.212‐2020 74.48 0.00 0.00 0.0 435.9 2465.4 2427.6 0.0 2427.6 983.712‐2021 73.01 0.00 0.00 0.0 361.5 1872.7 1588.5 400.0 1188.5 431.612‐2022 72.90 0.00 0.00 0.0 284.1 1340.5 1327.7 280.0 1047.7 344.712‐2023 75.80 0.00 0.00 0.0 49.2 81.7 820.1 445.0 375.1 115.512‐2024 80.47 0.00 0.00 0.0 0.0 53.0 401.3 140.0 261.3 72.312‐2025 81.95 0.00 0.00 0.0 0.0 48.8 318.9 0.0 318.9 80.1S TOT 74.80 0.00 0.00 0.0 12950.8 39457.2 85620.2 1340.0 84280.2 61800.8AFTER 81.95 0.00 0.00 0.0 0.0 130.1 851.0 155.0 696.0 149.4TOTAL 74.84 0.00 0.00 0.0 12950.8 39587.3 86471.2 1495.0 84976.2 61950.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 16.0 0.0 LIFE, YRS. 18.17 5.00 71603.570GROSS ULT., MB & MMF 7440.760 3509.579 DISCOUNT % 10.00 10.00 61950.172GROSS CUM., MB & MMF 5030.261 2601.409 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 54705.672GROSS RES., MB & MMF 2410.500 908.170 DISCOUNTED PAYOUT, YRS. 0.00 20.00 49094.156NET RES., MB & MMF 1857.385 634.136 UNDISCOUNTED NET/INVEST. 57.84 25.00 44632.703NET REVENUE, M$ 139009.297 0.000 DISCOUNTED NET/INVEST. 126.65 30.00 41007.621INITIAL PRICE, $ 75.453 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 35485.801INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 96.284 60.00 28455.99480.00 24170.576100.00 21278.889RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011GRAND TOTAL TIME : 15:29:53TOTAL PROVED NON PRODUCING DBS : DEMO51‐101 CONSTANT PRICING CASE SETTINGS : RED123110SCENARIO : RED 123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 3.5 0.0 0.0 3.3 0.0 0.0 267.7 0.0 0.0 267.712‐2012 5.2 0.0 0.0 4.8 0.0 0.0 389.8 0.0 0.0 389.812‐2013 1.3 0.0 0.0 1.2 0.0 0.0 96.8 0.0 0.0 96.812‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 10.0 0.0 0.0 9.2 0.0 0.0 754.3 0.0 0.0 754.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 10.0 0.0 0.0 9.2 0.0 0.0 754.3 0.0 0.0 754.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 0.1 267.6 0.0 267.6 249.312‐2012 81.96 0.00 0.00 0.0 0.0 0.2 389.6 0.0 389.6 339.012‐2013 81.96 0.00 0.00 0.0 0.0 0.1 96.8 370.0 ‐273.2 ‐219.812‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 0.4 753.9 370.0 383.9 368.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 0.4 753.9 370.0 383.9 368.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 2.33 5.00 376.380GROSS ULT., MB & MMF 669.620 0.000 DISCOUNT % 10.00 10.00 368.466GROSS CUM., MB & MMF 659.616 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 360.385GROSS RES., MB & MMF 10.004 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 352.277NET RES., MB & MMF 9.203 0.000 UNDISCOUNTED NET/INVEST. 2.04 25.00 344.237NET REVENUE, M$ 754.304 0.000 DISCOUNTED NET/INVEST. 2.23 30.00 336.330INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 321.081INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 293.32580.00 269.314100.00 248.659RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011GRAND TOTAL TIME : 15:29:55TOTAL PROVED UNDEVELOPED DBS : DEMO51‐101 CONSTANT PRICING CASE SETTINGS : RED123110SCENARIO : RED 123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 62.7 0.0 0.0 26.6 0.0 0.0 1994.5 0.0 0.0 1994.512‐2012 3113.6 0.0 0.0 2123.0 0.0 0.0 157136.1 0.0 0.0 157136.112‐2013 5477.4 0.0 0.0 3428.9 0.0 0.0 252851.9 0.0 0.0 252851.912‐2014 8974.6 3646.3 0.0 5862.3 2917.0 0.0 425753.1 0.0 0.0 425753.112‐2015 11378.1 8333.0 0.0 8275.5 6666.4 0.0 595501.0 0.0 0.0 595501.012‐2016 10720.7 8701.6 0.0 8044.0 6961.3 0.0 577893.4 0.0 0.0 577893.412‐2017 8303.8 6536.8 0.0 6246.5 5229.5 0.0 449003.7 0.0 0.0 449003.712‐2018 6455.2 4910.8 0.0 3235.3 1964.3 0.0 234256.9 0.0 0.0 234256.912‐2019 5081.4 3689.3 0.0 2623.7 1475.7 0.0 190269.9 0.0 0.0 190269.912‐2020 4045.3 2771.8 0.0 2158.6 1108.7 0.0 156781.8 0.0 0.0 156781.812‐2021 3185.9 2082.5 0.0 1765.0 833.0 0.0 128136.9 0.0 0.0 128136.912‐2022 1619.8 1564.6 0.0 723.5 625.9 0.0 51929.3 0.0 0.0 51929.312‐2023 1024.7 1175.6 0.0 409.0 470.2 0.0 29114.7 0.0 0.0 29114.712‐2024 396.0 473.2 0.0 158.4 189.3 0.0 11259.8 0.0 0.0 11259.812‐2025S TOT 69839.2 43885.4 0.0 45080.3 28441.2 0.0 3261883.0 0.0 0.0 3261883.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 69839.2 43885.4 0.0 45080.3 28441.2 0.0 3261883.0 0.0 0.0 3261883.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 75.01 0.00 0.00 0.0 0.0 555.7 1438.8 19100.0 ‐17661.2 ‐16925.612‐2012 74.02 0.00 0.00 0.0 2373.0 25480.6 129282.5 397021.6 ‐267739.1 ‐237684.312‐2013 73.74 0.00 0.00 0.0 3527.0 38776.6 210548.3 18800.0 191748.3 151142.112‐2014 72.63 0.00 0.00 0.0 2390.3 73670.5 349692.3 81310.7 268381.6 189960.212‐2015 71.96 0.00 0.00 0.0 1600.1 116837.4 477063.6 71145.7 405917.8 262646.812‐2016 71.84 0.00 0.00 0.0 1068.7 116487.4 460337.3 0.0 460337.3 273180.412‐2017 71.88 0.00 0.00 0.0 712.1 91429.4 356862.2 0.0 356862.2 192517.312‐2018 72.41 0.00 0.00 0.0 140.3 47827.7 186288.8 450.0 185838.8 91120.712‐2019 72.52 0.00 0.00 0.0 0.0 39487.5 150782.4 0.0 150782.4 67199.812‐2020 72.63 0.00 0.00 0.0 0.0 32989.9 123791.9 0.0 123791.9 50151.312‐2021 72.60 0.00 0.00 0.0 0.0 27604.2 100532.7 685.0 99847.7 36766.912‐2022 71.77 0.00 0.00 0.0 0.0 10830.8 41098.6 34600.0 6498.6 1867.412‐2023 71.19 0.00 0.00 0.0 0.0 6116.3 22998.4 1000.0 21998.4 6705.312‐2024 71.10 0.00 0.00 0.0 0.0 2442.5 8817.4 4540.0 4277.4 1230.112‐2025S TOT 72.36 0.00 0.00 0.0 11811.6 630536.3 2619535.0 628653.1 1990881.9 1069878.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 72.36 0.00 0.00 0.0 11811.6 630536.3 2619535.0 628653.1 1990881.9 1069878.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 173.0 0.0 LIFE, YRS. 13.50 5.00 1446942.750GROSS ULT., MB & MMF 69839.234 43885.379 DISCOUNT % 10.00 10.00 1069878.250GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.35 15.00 801698.000GROSS RES., MB & MMF 69839.234 43885.379 DISCOUNTED PAYOUT, YRS. 3.54 20.00 606679.812NET RES., MB & MMF 45080.281 28441.207 UNDISCOUNTED NET/INVEST. 4.17 25.00 462109.250NET REVENUE, M$ 3261883.000 0.000 DISCOUNTED NET/INVEST. 3.13 30.00 353126.094INITIAL PRICE, $ 72.334 0.000 RATE‐OF‐RETURN, PCT. 77.58 40.00 205168.000INITIAL N.I., PCT. 42.439 80.000 INITIAL W.I., PCT. 78.138 60.00 56850.19980.00 ‐6106.519100.00 ‐34911.230RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011GRAND TOTAL TIME : 15:29:57TOTAL PROBABLE UNDEVELOPED DBS : DEMO51‐101 CONSTANT PRICING CASE SETTINGS : RED123110SCENARIO : RED 123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 143.1 0.0 0.0 128.0 0.0 0.0 9138.4 0.0 0.0 9138.412‐2012 529.1 0.0 0.0 470.7 0.0 0.0 35386.6 0.0 0.0 35386.612‐2013 1138.9 262.3 25.2 940.2 145.2 20.1 71751.7 0.0 1288.5 73040.212‐2014 1504.0 310.8 29.8 1051.3 172.1 23.9 79266.1 0.0 1527.0 80793.012‐2015 6005.9 233.7 22.4 3856.3 129.4 18.0 285438.8 0.0 1148.3 286587.012‐2016 20414.9 3381.9 324.7 15176.7 1872.8 259.7 1112542.0 0.0 16613.9 1129156.012‐2017 22410.7 3461.7 332.3 17273.1 1917.0 265.9 1266589.2 0.0 17006.0 1283595.212‐2018 16607.5 2597.4 249.4 11942.9 719.2 99.7 878115.8 0.0 6380.1 884495.912‐2019 13099.6 1948.9 187.1 9493.3 539.6 74.8 698308.1 0.0 4787.1 703095.212‐2020 10714.6 1462.3 140.4 7844.4 404.9 56.2 577272.8 0.0 3591.9 580864.812‐2021 8797.5 1092.0 104.8 6513.4 302.3 41.9 478324.0 0.0 2682.2 481006.312‐2022 2080.2 791.5 76.0 1288.1 219.2 30.4 94052.6 0.0 1944.2 95996.812‐2023 685.2 593.8 57.0 270.9 164.4 22.8 19396.7 0.0 1458.6 20855.312‐2024 323.4 238.7 22.9 127.1 66.1 9.2 9133.1 0.0 586.4 9719.512‐2025 69.8 0.0 0.0 26.5 0.0 0.0 1946.0 0.0 0.0 1946.0S TOT 104524.3 16375.3 1572.0 76403.0 6652.2 922.6 5616662.5 0.0 59014.3 5675675.5AFTER 22.1 0.0 0.0 8.4 0.0 0.0 615.1 0.0 0.0 615.1TOTAL 104546.4 16375.3 1572.0 76411.3 6652.2 922.6 5617277.5 0.0 59014.3 5676290.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.37 0.00 0.00 0.0 1665.9 552.2 6920.2 6941.6 ‐21.4 ‐179.812‐2012 75.18 0.00 0.00 0.0 3839.9 3927.2 27619.5 40014.0 ‐12394.5 ‐10524.912‐2013 76.31 0.00 63.97 0.0 2590.1 12234.0 58216.1 29772.4 28443.7 21994.012‐2014 75.40 0.00 63.97 0.0 1755.4 13915.9 65121.8 12271.0 52850.8 37861.412‐2015 74.02 0.00 63.97 0.0 1175.1 50473.9 234938.1 295320.0 ‐60381.9 ‐39286.312‐2016 73.31 0.00 63.97 0.0 784.9 224054.0 904317.2 415108.0 489209.1 284722.512‐2017 73.33 0.00 63.97 0.0 247.0 262123.1 1021225.2 81100.5 940124.8 505539.712‐2018 73.53 0.00 63.97 0.0 0.0 182324.7 702171.2 0.0 702171.2 344376.112‐2019 73.56 0.00 63.97 0.0 0.0 145456.7 557638.4 0.0 557638.4 248536.212‐2020 73.59 0.00 63.97 0.0 0.0 120648.3 460216.4 0.0 460216.4 186423.212‐2021 73.44 0.00 63.97 0.0 0.0 100186.2 380820.0 2440.0 378380.0 139292.812‐2022 73.02 0.00 63.97 0.0 0.0 19002.6 76994.2 88760.0 ‐11765.8 ‐4388.412‐2023 71.61 0.00 63.97 0.0 0.0 3451.4 17403.9 0.0 17403.9 5302.012‐2024 71.86 0.00 63.97 0.0 0.0 1468.8 8250.7 1540.0 6710.7 1888.812‐2025 73.38 0.00 0.00 0.0 0.0 111.7 1834.3 800.0 1034.3 264.3S TOT 73.51 0.00 63.97 0.0 12058.2 1139930.8 4523687.5 974067.6 3549620.0 1721821.8AFTER 73.38 0.00 0.00 0.0 0.0 35.3 579.9 1200.0 ‐620.1 ‐139.3TOTAL 73.51 0.00 63.97 0.0 12058.2 1139966.1 4524267.5 975267.6 3549000.0 1721682.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 349.0 0.0 LIFE, YRS. 16.08 5.00 2443499.750GROSS ULT., MB & MMF 104546.391 16375.258 DISCOUNT % 10.00 10.00 1721682.375GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.44 15.00 1238388.625GROSS RES., MB & MMF 104546.391 16375.258 DISCOUNTED PAYOUT, YRS. 2.49 20.00 907409.375NET RES., MB & MMF 76411.336 6652.250 UNDISCOUNTED NET/INVEST. 4.64 25.00 676080.062NET REVENUE, M$ 5617278.000 0.000 DISCOUNTED NET/INVEST. 3.92 30.00 511388.625INITIAL PRICE, $ 73.354 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 304502.531INITIAL N.I., PCT. 89.500 80.000 INITIAL W.I., PCT. 90.023 60.00 122942.46180.00 56581.422100.00 28601.668RALPH E. DAVIS ASSOCIATES, INC.F‐1529

FORECASTPRICE CASEFORECAST PRICE CASERALPH E. DAVIS ASSOCIATES, INC.Texas Registered Engineering Firm F-1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/22/2011GRAND TOTAL TIME : 11:01:13TOTAL 2P RESERVES DBS : DEMOPROVED + PROBABLESETTINGS : RED12311051-101 FORECASTED PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 597.9 129.8 0.0 490.4 103.8 0.0 33227.7 0.0 0.0 33227.712-2012 3983.4 116.8 0.0 2885.5 93.5 0.0 203872.2 0.0 0.0 203872.212-2013 6908.3 367.4 25.2 4655.2 229.4 20.1 342297.9 0.0 0.0 342297.912-2014 10731.3 4051.7 29.8 7211.9 3130.3 23.9 542659.8 0.0 0.0 542659.812-2015 17604.3 8651.9 22.4 12398.1 6829.9 18.0 962592.1 0.0 0.0 962592.112-2016 31325.3 12160.1 324.7 23400.3 8864.7 259.7 1891841.4 0.0 0.0 1891841.412-2017 30878.7 10067.5 332.3 23661.4 7174.0 265.9 1963482.5 0.0 0.0 1963482.512-2018 23203.8 7570.3 249.4 15271.8 2708.3 99.7 1302921.4 0.0 0.0 1302921.412-2019 18304.8 5694.1 187.1 12195.7 2037.7 74.8 1065422.6 0.0 0.0 1065422.612-2020 14869.6 4284.4 140.4 10072.3 1533.7 56.2 902590.9 0.0 0.0 902590.912-2021 12053.3 3219.7 104.8 8328.7 1153.4 41.9 762712.9 0.0 0.0 762712.912-2022 3753.9 2373.6 76.0 2051.8 852.0 30.4 191012.8 0.0 0.0 191012.812-2023 1731.9 1769.5 57.0 692.4 634.7 22.8 65194.1 0.0 0.0 65194.112-2024 731.9 711.9 22.9 291.1 255.4 9.2 28130.8 0.0 0.0 28130.812-2025 79.5 0.0 0.0 31.0 0.0 0.0 3163.8 0.0 0.0 3163.8S TOT 176758.0 61168.8 1572.0 123637.6 35600.7 922.6 10261123.0 0.0 0.0 10261123.0AFTER 48.1 0.0 0.0 20.4 0.0 0.0 2154.4 0.0 0.0 2154.4TOTAL 176806.1 61168.8 1572.0 123658.0 35600.7 922.6 10263278.0 0.0 0.0 10263278.0--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.76 0.00 0.00 0.0 4383.1 6955.3 21889.3 26606.2 -4716.9 -4670.312-2012 70.65 0.00 0.00 0.0 9301.7 38631.0 155939.5 467994.6 -312055.1 -275900.812-2013 73.53 0.00 0.00 0.0 9325.0 64406.6 268566.2 54060.1 214506.1 168629.112-2014 75.25 0.00 0.00 0.0 6958.5 111026.0 424675.4 109900.4 314774.9 223016.412-2015 77.64 0.00 0.00 0.0 5195.4 215623.4 741773.3 458521.7 283251.7 183380.712-2016 80.85 0.00 0.00 0.0 3918.1 450723.7 1437199.5 537121.9 900077.7 528026.412-2017 82.98 0.00 0.00 0.0 2544.0 489626.8 1471311.6 107123.0 1364188.5 733732.912-2018 85.32 0.00 0.00 0.0 1173.5 335193.3 966554.6 1939.5 964615.1 473115.112-2019 87.36 0.00 0.00 0.0 824.4 283449.0 781149.2 0.0 781149.2 348199.912-2020 89.61 0.00 0.00 0.0 717.6 247876.5 653996.8 0.0 653996.8 264965.812-2021 91.58 0.00 0.00 0.0 623.8 215823.5 546265.8 5759.3 540506.4 198984.312-2022 93.10 0.00 0.00 0.0 515.4 53874.9 136622.6 213542.8 -76920.3 -27502.612-2023 94.15 0.00 0.00 0.0 91.3 17701.1 47401.6 3306.5 44095.1 13440.812-2024 96.63 0.00 0.00 0.0 0.0 7554.6 20576.2 11963.3 8612.8 2464.512-2025 102.04 0.00 0.00 0.0 0.0 494.3 2669.5 1629.7 1039.8 269.2S TOT 82.99 0.00 0.00 0.0 45571.7 2538960.2 7676591.5 1999469.0 5677122.5 2830151.5AFTER 105.84 0.00 0.00 0.0 0.0 735.4 1419.0 3524.9 -2105.9 -443.5TOTAL 83.00 0.00 0.00 0.0 45571.7 2539695.5 7678010.5 2002993.9 5675016.5 2829708.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 539.0 0.0 LIFE, YRS. 18.17 5.00 3965276.250GROSS ULT., MB & MMF 182495.984 63770.219 DISCOUNT % 10.00 10.00 2829708.250GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.32 15.00 2055922.375GROSS RES., MB & MMF 176806.109 61168.812 DISCOUNTED PAYOUT, YRS. 3.50 20.00 1516457.000NET RES., MB & MMF 123657.969 35600.734 UNDISCOUNTED NET/INVEST. 3.83 25.00 1132579.250NET REVENUE, M$ 10263277.000 0.000 DISCOUNTED NET/INVEST. 3.15 30.00 854355.500INITIAL PRICE, $ 77.356 0.000 RATE-OF-RETURN, PCT. 94.35 40.00 496053.875INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 86.303 60.00 167583.90680.00 41669.176100.00 -12189.134Ralph E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/22/2011GRAND TOTALS TIME : 12:47:31TOTAL PROVED RESERVES DBS : DEMO51-101 FORECASTED PRICING CASE SETTINGS : RED123110SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 454.8 129.8 0.0 362.4 103.8 0.0 24906.2 0.0 0.0 24906.212-2012 3454.3 116.8 0.0 2414.8 93.5 0.0 170217.8 0.0 0.0 170217.812-2013 5769.4 105.1 0.0 3678.7 84.1 0.0 268435.8 0.0 0.0 268435.812-2014 9227.3 3740.9 0.0 6082.4 2958.2 0.0 454703.6 0.0 0.0 454703.612-2015 11598.4 8418.1 0.0 8474.6 6700.4 0.0 652340.4 0.0 0.0 652340.412-2016 10910.4 8778.2 0.0 8179.4 6991.9 0.0 653609.4 0.0 0.0 653609.412-2017 8468.0 6605.8 0.0 6388.3 5257.1 0.0 523816.5 0.0 0.0 523816.512-2018 6596.3 4972.9 0.0 3328.9 1989.1 0.0 281252.1 0.0 0.0 281252.112-2019 5205.3 3745.2 0.0 2702.4 1498.1 0.0 234018.1 0.0 0.0 234018.112-2020 4155.0 2822.0 0.0 2227.9 1128.8 0.0 198082.0 0.0 0.0 198082.012-2021 3255.8 2127.7 0.0 1815.3 851.1 0.0 165064.1 0.0 0.0 165064.112-2022 1673.8 1582.1 0.0 763.7 632.9 0.0 70529.1 0.0 0.0 70529.112-2023 1046.7 1175.6 0.0 421.5 470.2 0.0 39643.0 0.0 0.0 39643.012-2024 408.5 473.2 0.0 164.0 189.3 0.0 15817.8 0.0 0.0 15817.812-2025 9.8 0.0 0.0 4.5 0.0 0.0 490.6 0.0 0.0 490.6S TOT 72233.7 44793.5 0.0 47008.9 28948.5 0.0 3752927.0 0.0 0.0 3752927.0AFTER 26.0 0.0 0.0 12.0 0.0 0.0 1309.3 0.0 0.0 1309.3TOTAL 72259.7 44793.5 0.0 47020.8 28948.5 0.0 3754236.5 0.0 0.0 3754236.5--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 68.73 0.00 0.00 0.0 2638.1 6381.4 15886.8 19468.4 -3581.6 -3456.912-2012 70.49 0.00 0.00 0.0 4990.2 34387.9 130839.7 424688.6 -293848.9 -260391.912-2013 72.97 0.00 0.00 0.0 6238.5 50279.2 211918.1 21681.3 190236.9 149979.312-2014 74.76 0.00 0.00 0.0 4764.1 93872.2 356067.2 95258.2 260809.1 184329.712-2015 76.98 0.00 0.00 0.0 3648.6 151570.9 497120.9 87959.7 409161.2 264648.712-2016 79.91 0.00 0.00 0.0 2828.0 157244.9 493536.5 360.3 493176.2 292700.212-2017 82.00 0.00 0.00 0.0 2186.8 130859.7 390770.1 -2010.0 392780.1 211901.512-2018 84.49 0.00 0.00 0.0 1173.5 73082.4 206996.2 1939.5 205056.7 100544.212-2019 86.60 0.00 0.00 0.0 824.4 63842.4 169351.2 0.0 169351.2 75488.212-2020 88.91 0.00 0.00 0.0 717.6 56593.2 140771.2 0.0 140771.2 57040.712-2021 90.93 0.00 0.00 0.0 623.8 49035.6 115404.7 1775.4 113629.4 41834.812-2022 92.35 0.00 0.00 0.0 515.4 21154.7 48859.1 61115.2 -12256.1 -4694.712-2023 94.04 0.00 0.00 0.0 91.3 11369.5 28182.2 3306.5 24875.7 7584.812-2024 96.44 0.00 0.00 0.0 0.0 4753.6 11064.2 8999.8 2064.3 620.212-2025 109.37 0.00 0.00 0.0 0.0 156.6 334.1 0.0 334.1 84.3S TOT 79.83 0.00 0.00 0.0 31240.2 904584.1 2817102.2 724542.9 2092559.6 1118213.1AFTER 109.37 0.00 0.00 0.0 0.0 585.5 723.8 966.6 -242.7 -21.4TOTAL 79.84 0.00 0.00 0.0 31240.2 905169.6 2817826.0 725509.4 2092316.9 1118191.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 190.0 0.0 LIFE, YRS. 18.17 5.00 1516595.125GROSS ULT., MB & MMF 77949.625 47394.957 DISCOUNT % 10.00 10.00 1118191.625GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.41 15.00 835489.750GROSS RES., MB & MMF 72259.742 44793.547 DISCOUNTED PAYOUT, YRS. 3.62 20.00 630470.000NET RES., MB & MMF 47020.844 28948.488 UNDISCOUNTED NET/INVEST. 3.88 25.00 478942.375NET REVENUE, M$ 3754236.250 0.000 DISCOUNTED NET/INVEST. 2.99 30.00 365081.812INITIAL PRICE, $ 73.004 0.000 RATE-OF-RETURN, PCT. 77.99 40.00 211258.719INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 79.070 60.00 58624.14880.00 -5113.452100.00 -33700.957Ralph E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/22/2011GRAND TOTAL TIME : 11:01:08TOTAL PROVED PRODUCING DBS : DEMO51-101 FORECASTED PRICING CASE SETTINGS : RED123110SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 388.6 129.8 0.0 332.5 103.8 0.0 22834.5 0.0 0.0 22834.512-2012 335.5 116.8 0.0 287.0 93.5 0.0 20522.2 0.0 0.0 20522.212-2013 290.7 105.1 0.0 248.7 84.1 0.0 18505.5 0.0 0.0 18505.512-2014 252.7 94.6 0.0 212.2 41.2 0.0 16450.6 0.0 0.0 16450.612-2015 220.3 85.2 0.0 183.5 34.1 0.0 14767.7 0.0 0.0 14767.712-2016 189.7 76.6 0.0 151.3 30.7 0.0 12631.2 0.0 0.0 12631.212-2017 164.2 69.0 0.0 128.8 27.6 0.0 11024.1 0.0 0.0 11024.112-2018 141.1 62.1 0.0 92.1 24.8 0.0 7968.3 0.0 0.0 7968.312-2019 123.9 55.9 0.0 78.7 22.3 0.0 6964.1 0.0 0.0 6964.112-2020 109.6 50.3 0.0 69.3 20.1 0.0 6288.2 0.0 0.0 6288.212-2021 70.0 45.3 0.0 50.3 18.1 0.0 4592.4 0.0 0.0 4592.412-2022 54.0 17.5 0.0 40.2 7.0 0.0 3752.6 0.0 0.0 3752.612-2023 21.9 0.0 0.0 12.5 0.0 0.0 1236.0 0.0 0.0 1236.012-2024 12.5 0.0 0.0 5.6 0.0 0.0 595.6 0.0 0.0 595.612-2025 9.8 0.0 0.0 4.5 0.0 0.0 490.6 0.0 0.0 490.6S TOT 2384.5 908.2 0.0 1897.3 507.3 0.0 148623.5 0.0 0.0 148623.5AFTER 26.0 0.0 0.0 12.0 0.0 0.0 1309.3 0.0 0.0 1309.3TOTAL 2410.5 908.2 0.0 1909.3 507.3 0.0 149932.8 0.0 0.0 149932.8--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 68.67 0.00 0.00 0.0 2638.1 5642.3 14554.2 0.0 14554.2 13902.412-2012 71.50 0.00 0.00 0.0 2325.8 5467.5 12728.9 0.0 12728.9 11053.712-2013 74.42 0.00 0.00 0.0 2035.5 5342.3 11127.7 0.0 11127.7 8785.112-2014 77.51 0.00 0.00 0.0 1776.1 5259.4 9415.1 0.0 9415.1 6758.712-2015 80.49 0.00 0.00 0.0 1542.3 4990.8 8234.6 0.0 8234.6 5375.712-2016 83.50 0.00 0.00 0.0 1343.7 4810.1 6477.4 360.3 6117.1 3625.412-2017 85.58 0.00 0.00 0.0 1156.6 4735.8 5131.7 -2010.0 7141.7 3842.112-2018 86.51 0.00 0.00 0.0 962.0 3777.9 3228.4 800.0 2428.4 1182.012-2019 88.46 0.00 0.00 0.0 824.4 3748.5 2391.2 0.0 2391.2 1067.012-2020 90.73 0.00 0.00 0.0 717.6 3835.6 1735.0 0.0 1735.0 704.412-2021 91.31 0.00 0.00 0.0 623.8 3044.6 924.0 651.6 272.5 90.712-2022 93.41 0.00 0.00 0.0 515.4 2319.9 917.3 1665.5 -748.2 -242.912-2023 98.52 0.00 0.00 0.0 91.3 149.4 995.2 1466.2 -470.9 -143.512-2024 105.49 0.00 0.00 0.0 0.0 102.2 493.4 269.4 224.0 61.912-2025 109.37 0.00 0.00 0.0 0.0 156.6 334.1 0.0 334.1 84.3S TOT 78.33 0.00 0.00 0.0 16552.3 53382.8 78688.3 3202.9 75485.4 56146.9AFTER 109.37 0.00 0.00 0.0 0.0 585.5 723.8 966.6 -242.7 -21.4TOTAL 78.53 0.00 0.00 0.0 16552.3 53968.4 79412.1 4169.5 75242.7 56125.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 16.0 0.0 LIFE, YRS. 18.17 5.00 64396.305GROSS ULT., MB & MMF 7440.760 3509.579 DISCOUNT % 10.00 10.00 56125.469GROSS CUM., MB & MMF 5030.261 2601.409 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 49695.004GROSS RES., MB & MMF 2410.500 908.170 DISCOUNTED PAYOUT, YRS. 0.00 20.00 44599.223NET RES., MB & MMF 1909.283 507.280 UNDISCOUNTED NET/INVEST. 19.05 25.00 40488.977NET REVENUE, M$ 149932.844 0.000 DISCOUNTED NET/INVEST. 54.78 30.00 37119.816INITIAL PRICE, $ 69.073 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 31956.961INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 96.257 60.00 25382.25280.00 21407.699100.00 18752.639Ralph E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/22/2011GRAND TOTAL TIME : 11:01:09TOTAL PROVED NON PRODUCING DBS : DEMO51-101 FORECASTED PRICING CASE SETTINGS : RED123110SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 3.5 0.0 0.0 3.3 0.0 0.0 246.8 0.0 0.0 246.812-2012 5.2 0.0 0.0 4.8 0.0 0.0 372.3 0.0 0.0 372.312-2013 1.3 0.0 0.0 1.2 0.0 0.0 95.8 0.0 0.0 95.812-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 10.0 0.0 0.0 9.2 0.0 0.0 714.9 0.0 0.0 714.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 10.0 0.0 0.0 9.2 0.0 0.0 714.9 0.0 0.0 714.9--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 62.4 184.4 0.0 184.4 171.812-2012 78.28 0.00 0.00 0.0 0.0 94.2 278.1 0.0 278.1 242.012-2013 81.08 0.00 0.00 0.0 0.0 24.2 71.6 412.9 -341.4 -275.012-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 77.68 0.00 0.00 0.0 0.0 180.9 534.1 412.9 121.1 138.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 77.68 0.00 0.00 0.0 0.0 180.9 534.1 412.9 121.1 138.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 2.33 5.00 131.216GROSS ULT., MB & MMF 669.620 0.000 DISCOUNT % 10.00 10.00 138.836GROSS CUM., MB & MMF 659.616 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 144.525GROSS RES., MB & MMF 10.004 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 148.693NET RES., MB & MMF 9.203 0.000 UNDISCOUNTED NET/INVEST. 1.29 25.00 151.658NET REVENUE, M$ 714.926 0.000 DISCOUNTED NET/INVEST. 1.42 30.00 153.664INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 155.537INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 154.03380.00 149.116100.00 142.919Ralph E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/22/2011GRAND TOTAL TIME : 11:01:10TOTAL PROVED UNDEVELOPED DBS : DEMO51-101 FORECASTED PRICING CASE SETTINGS : RED123110SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 62.7 0.0 0.0 26.6 0.0 0.0 1824.8 0.0 0.0 1824.812-2012 3113.6 0.0 0.0 2123.0 0.0 0.0 149323.4 0.0 0.0 149323.412-2013 5477.4 0.0 0.0 3428.9 0.0 0.0 249834.6 0.0 0.0 249834.612-2014 8974.6 3646.3 0.0 5870.1 2917.0 0.0 438253.0 0.0 0.0 438253.012-2015 11378.1 8333.0 0.0 8291.1 6666.4 0.0 637572.7 0.0 0.0 637572.712-2016 10720.7 8701.6 0.0 8028.2 6961.3 0.0 640978.3 0.0 0.0 640978.312-2017 8303.8 6536.8 0.0 6259.5 5229.5 0.0 512792.4 0.0 0.0 512792.412-2018 6455.2 4910.8 0.0 3236.8 1964.3 0.0 273283.8 0.0 0.0 273283.812-2019 5081.4 3689.3 0.0 2623.7 1475.7 0.0 227054.0 0.0 0.0 227054.012-2020 4045.3 2771.8 0.0 2158.6 1108.7 0.0 191793.8 0.0 0.0 191793.812-2021 3185.9 2082.5 0.0 1765.0 833.0 0.0 160471.6 0.0 0.0 160471.612-2022 1619.8 1564.6 0.0 723.5 625.9 0.0 66776.5 0.0 0.0 66776.512-2023 1024.7 1175.6 0.0 409.0 470.2 0.0 38407.0 0.0 0.0 38407.012-2024 396.0 473.2 0.0 158.4 189.3 0.0 15222.2 0.0 0.0 15222.212-2025S TOT 69839.2 43885.4 0.0 45102.4 28441.2 0.0 3603588.2 0.0 0.0 3603588.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 69839.2 43885.4 0.0 45102.4 28441.2 0.0 3603588.2 0.0 0.0 3603588.2--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 68.63 0.00 0.00 0.0 0.0 676.7 1148.2 19468.4 -18320.2 -17531.112-2012 70.34 0.00 0.00 0.0 2664.4 28826.2 117832.8 424688.6 -306855.9 -271687.612-2013 72.86 0.00 0.00 0.0 4203.0 44912.7 200718.8 21268.3 179450.5 141469.212-2014 74.66 0.00 0.00 0.0 2988.1 88612.8 346652.2 95258.2 251394.0 177571.012-2015 76.90 0.00 0.00 0.0 2106.3 146580.1 488886.3 87959.7 400926.6 259272.912-2016 79.84 0.00 0.00 0.0 1484.4 152434.7 487059.1 0.0 487059.1 289074.812-2017 81.92 0.00 0.00 0.0 1030.2 126123.9 385638.4 0.0 385638.4 208059.412-2018 84.43 0.00 0.00 0.0 211.5 69304.5 203767.8 1139.5 202628.3 99362.212-2019 86.54 0.00 0.00 0.0 0.0 60093.9 166960.1 0.0 166960.1 74421.212-2020 88.85 0.00 0.00 0.0 0.0 52757.6 139036.2 0.0 139036.2 56336.312-2021 90.92 0.00 0.00 0.0 0.0 45990.9 114480.7 1123.8 113356.9 41744.212-2022 92.29 0.00 0.00 0.0 0.0 18834.8 47941.8 59449.8 -11508.0 -4451.812-2023 93.91 0.00 0.00 0.0 0.0 11220.0 27187.0 1840.3 25346.7 7728.312-2024 96.12 0.00 0.00 0.0 0.0 4651.4 10570.8 8730.4 1840.4 558.312-2025S TOT 79.90 0.00 0.00 0.0 14687.8 851020.4 2737880.0 720927.1 2016953.1 1061927.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 79.90 0.00 0.00 0.0 14687.8 851020.4 2737880.0 720927.1 2016953.1 1061927.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 173.0 0.0 LIFE, YRS. 13.50 5.00 1452067.750GROSS ULT., MB & MMF 69839.234 43885.379 DISCOUNT % 10.00 10.00 1061927.500GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.58 15.00 785650.188GROSS RES., MB & MMF 69839.234 43885.379 DISCOUNTED PAYOUT, YRS. 3.83 20.00 585722.188NET RES., MB & MMF 45102.359 28441.207 UNDISCOUNTED NET/INVEST. 3.80 25.00 438301.719NET REVENUE, M$ 3603588.250 0.000 DISCOUNTED NET/INVEST. 2.90 30.00 327808.375INITIAL PRICE, $ 73.079 0.000 RATE-OF-RETURN, PCT. 69.16 40.00 179146.219INITIAL N.I., PCT. 42.439 80.000 INITIAL W.I., PCT. 78.749 60.00 33087.85580.00 -26670.268100.00 -52596.508Ralph E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/22/2011GRAND TOTAL TIME : 11:01:13TOTAL PROBABLE UNDEVELOPED DBS : DEMO51-101 FORECASTED PRICING CASE SETTINGS : RED123110SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 143.1 0.0 0.0 128.0 0.0 0.0 8321.5 0.0 0.0 8321.512-2012 529.1 0.0 0.0 470.7 0.0 0.0 33654.4 0.0 0.0 33654.412-2013 1138.9 262.3 25.2 976.5 145.2 20.1 73862.1 0.0 0.0 73862.112-2014 1504.0 310.8 29.8 1129.5 172.1 23.9 87956.2 0.0 0.0 87956.212-2015 6005.9 233.7 22.4 3923.5 129.4 18.0 310251.7 0.0 0.0 310251.712-2016 20414.9 3381.9 324.7 15220.9 1872.8 259.7 1238231.9 0.0 0.0 1238231.912-2017 22410.7 3461.7 332.3 17273.1 1917.0 265.9 1439665.9 0.0 0.0 1439665.912-2018 16607.5 2597.4 249.4 11942.9 719.2 99.7 1021669.2 0.0 0.0 1021669.212-2019 13099.6 1948.9 187.1 9493.3 539.6 74.8 831404.6 0.0 0.0 831404.612-2020 10714.6 1462.3 140.4 7844.4 404.9 56.2 704508.9 0.0 0.0 704508.912-2021 8797.5 1092.0 104.8 6513.4 302.3 41.9 597648.8 0.0 0.0 597648.812-2022 2080.2 791.5 76.0 1288.1 219.2 30.4 120483.7 0.0 0.0 120483.712-2023 685.2 593.8 57.0 270.9 164.4 22.8 25551.1 0.0 0.0 25551.112-2024 323.4 238.7 22.9 127.1 66.1 9.2 12313.0 0.0 0.0 12313.012-2025 69.8 0.0 0.0 26.5 0.0 0.0 2673.1 0.0 0.0 2673.1S TOT 104524.3 16375.3 1572.0 76628.7 6652.2 922.6 6508196.5 0.0 0.0 6508196.5AFTER 22.1 0.0 0.0 8.4 0.0 0.0 845.0 0.0 0.0 845.0TOTAL 104546.4 16375.3 1572.0 76637.1 6652.2 922.6 6509041.0 0.0 0.0 6509041.0--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 1745.0 573.9 6002.6 7137.9 -1135.3 -1213.412-2012 71.50 0.00 0.00 0.0 4311.5 4243.1 25099.8 43305.9 -18206.2 -15508.812-2013 75.64 0.00 0.00 0.0 3086.6 14127.4 56648.1 32378.8 24269.3 18649.812-2014 77.87 0.00 0.00 0.0 2194.3 17153.8 68608.1 14642.2 53965.8 38686.712-2015 79.08 0.00 0.00 0.0 1546.8 64052.5 244652.4 370562.0 -125909.6 -81268.012-2016 81.35 0.00 0.00 0.0 1090.1 293478.9 943663.1 536761.7 406901.4 235326.212-2017 83.35 0.00 0.00 0.0 357.3 358767.1 1080541.6 109133.0 971408.5 521831.412-2018 85.55 0.00 0.00 0.0 0.0 262110.9 759558.4 0.0 759558.4 372570.812-2019 87.58 0.00 0.00 0.0 0.0 219606.6 611797.9 0.0 611797.9 272711.812-2020 89.81 0.00 0.00 0.0 0.0 191283.2 513225.6 0.0 513225.6 207925.112-2021 91.76 0.00 0.00 0.0 0.0 166787.9 430861.0 3984.0 426877.1 157149.412-2022 93.54 0.00 0.00 0.0 0.0 32720.2 87763.5 152427.6 -64664.1 -22807.912-2023 94.33 0.00 0.00 0.0 0.0 6331.6 19219.4 0.0 19219.4 5856.012-2024 96.88 0.00 0.00 0.0 0.0 2801.0 9512.0 2963.5 6548.5 1844.212-2025 100.80 0.00 0.00 0.0 0.0 337.7 2335.4 1629.7 705.7 185.0S TOT 84.93 0.00 0.00 0.0 14331.6 1634376.1 4859488.5 1274926.5 3584562.5 1711938.2AFTER 100.80 0.00 0.00 0.0 0.0 149.9 695.1 2558.3 -1863.2 -422.1TOTAL 84.93 0.00 0.00 0.0 14331.6 1634526.0 4860183.5 1277484.8 3582699.2 1711516.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 349.0 0.0 LIFE, YRS. 16.08 5.00 2448681.000GROSS ULT., MB & MMF 104546.391 16375.258 DISCOUNT % 10.00 10.00 1711516.375GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.80 15.00 1220432.750GROSS RES., MB & MMF 104546.391 16375.258 DISCOUNTED PAYOUT, YRS. 2.90 20.00 885986.938NET RES., MB & MMF 76637.125 6652.250 UNDISCOUNTED NET/INVEST. 3.80 25.00 653636.812NET REVENUE, M$ 6509041.500 0.000 DISCOUNTED NET/INVEST. 3.26 30.00 489273.656INITIAL PRICE, $ 79.864 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 284795.156INITIAL N.I., PCT. 89.500 80.000 INITIAL W.I., PCT. 90.112 60.00 108959.76680.00 46782.629100.00 21511.818Ralph E. DAVIS ASSOCIATES, INC.F‐1529

CONSTANT PRICE WELLECONOMICSCONSTANT PRICEWELL ECONOMICSRALPH E. DAVIS ASSOCIATES, INC.Texas Registered Engineering Firm F-1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 01/25/2011GRAND TOTAL TIME : 10:14:21TOTAL 2P RESERVES DBS : DEMOPROVED + PROBABLESETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 597.9 129.8 0.0 490.4 103.8 0.0 36356.4 0.0 0.0 36356.412‐2012 3983.4 116.8 0.0 2885.5 93.5 0.0 214490.9 0.0 0.0 214490.912‐2013 6908.3 367.4 25.2 4619.0 229.4 20.1 343424.8 0.0 1288.5 344713.312‐2014 10731.3 4051.7 29.8 7119.4 3164.9 23.9 520472.3 0.0 1527.0 521999.312‐2015 17604.3 8651.9 22.4 12291.5 6863.9 18.0 892814.2 0.0 1148.3 893962.612‐2016 31325.3 12160.1 324.7 23357.7 8895.3 259.7 1700626.5 0.0 16613.9 1717240.512‐2017 30878.7 10067.5 332.3 23633.1 7201.6 265.9 1724012.9 0.0 17006.0 1741018.912‐2018 23203.8 7570.3 249.4 15271.2 2708.3 99.7 1119287.4 0.0 6380.1 1125667.512‐2019 18304.8 5694.1 187.1 12198.2 2037.7 74.8 894617.7 0.0 4787.1 899404.912‐2020 14869.6 4284.4 140.4 10074.5 1533.7 56.2 739383.5 0.0 3591.9 742975.412‐2021 12053.3 3219.7 104.8 8330.7 1153.4 41.9 610283.5 0.0 2682.2 612965.812‐2022 3753.9 2373.6 76.0 2052.1 852.0 30.4 148934.3 0.0 1944.2 150878.512‐2023 1731.9 1769.5 57.0 692.4 634.7 22.8 49462.3 0.0 1458.6 50920.912‐2024 731.9 711.9 22.9 291.1 255.4 9.2 20847.2 0.0 586.4 21433.612‐2025 79.5 0.0 0.0 31.0 0.0 0.0 2313.6 0.0 0.0 2313.6S TOT 176758.0 61168.8 1572.0 123337.8 35727.6 922.6 9017328.0 0.0 59014.3 9076341.0AFTER 48.1 0.0 0.0 20.4 0.0 0.0 1596.2 0.0 0.0 1596.2TOTAL 176806.1 61168.8 1572.0 123358.2 35727.6 922.6 9018924.0 0.0 59014.3 9077937.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 74.14 0.00 0.00 0.0 4184.4 6626.9 25545.1 26041.6 ‐496.5 ‐698.012‐2012 74.33 0.00 0.00 0.0 8284.3 34501.1 171705.6 437035.6 ‐265330.1 ‐235355.712‐2013 74.35 0.00 63.97 0.0 7825.2 55750.0 281138.1 48942.4 232195.7 182606.512‐2014 73.11 0.00 63.97 0.0 5566.5 91738.6 424694.2 93581.7 331112.5 234924.212‐2015 72.64 0.00 63.97 0.0 3946.8 170496.8 719519.1 366465.7 353053.3 228264.512‐2016 72.81 0.00 63.97 0.0 2821.0 343511.5 1370908.1 415388.0 955520.0 561441.612‐2017 72.95 0.00 63.97 0.0 1758.5 356332.2 1382928.1 80095.5 1302832.6 701205.412‐2018 73.29 0.00 63.97 0.0 778.7 232776.0 892112.8 1250.0 890862.8 436883.912‐2019 73.34 0.00 63.97 0.0 524.5 187477.0 711403.1 0.0 711403.1 317065.212‐2020 73.39 0.00 63.97 0.0 435.9 156103.5 586435.9 0.0 586435.9 237558.212‐2021 73.26 0.00 63.97 0.0 361.5 129663.0 482941.2 3525.0 479416.2 176491.312‐2022 72.58 0.00 63.97 0.0 284.1 31173.9 119420.5 123640.0 ‐4219.5 ‐2176.312‐2023 71.43 0.00 63.97 0.0 49.2 9649.4 41222.4 1445.0 39777.4 12122.812‐2024 71.61 0.00 63.97 0.0 0.0 3964.3 17469.4 6220.0 11249.4 3191.212‐2025 74.62 0.00 0.00 0.0 0.0 160.4 2153.2 800.0 1353.2 344.4S TOT 73.11 0.00 63.97 0.0 36820.6 1809924.5 7229597.0 1604430.5 5625166.0 2853869.2AFTER 78.42 0.00 0.00 0.0 0.0 165.4 1430.8 1355.0 75.8 10.1TOTAL 73.11 0.00 63.97 0.0 36820.6 1810089.9 7231028.0 1605785.5 5625241.5 2853879.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 539.0 0.0 LIFE, YRS. 18.17 5.00 3962422.750GROSS ULT., MB & MMF 182496.000 63770.219 DISCOUNT % 10.00 10.00 2853879.500GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.10 15.00 2095152.625GROSS RES., MB & MMF 176806.125 61168.812 DISCOUNTED PAYOUT, YRS. 3.23 20.00 1563535.375NET RES., MB & MMF 123358.195 35727.594 UNDISCOUNTED NET/INVEST. 4.50 25.00 1183166.250NET REVENUE, M$ 9018924.000 0.000 DISCOUNTED NET/INVEST. 3.61 30.00 905858.625INITIAL PRICE, $ 73.004 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 545477.438INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 85.876 60.00 208541.96980.00 74914.797100.00 15217.976RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 01/25/2011GRAND TOTALS TIME : 10:31:30TOTAL PROVED RESERVES DBS : DEMOSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 454.8 129.8 0.0 362.4 103.8 0.0 27218.0 0.0 0.0 27218.012‐2012 3454.3 116.8 0.0 2414.8 93.5 0.0 179104.3 0.0 0.0 179104.312‐2013 5769.4 105.1 0.0 3678.7 84.1 0.0 271673.1 0.0 0.0 271673.112‐2014 9227.3 3740.9 0.0 6068.1 2992.7 0.0 441206.3 0.0 0.0 441206.312‐2015 11598.4 8418.1 0.0 8435.2 6734.5 0.0 607375.6 0.0 0.0 607375.612‐2016 10910.4 8778.2 0.0 8180.9 7022.6 0.0 588084.4 0.0 0.0 588084.412‐2017 8468.0 6605.8 0.0 6360.0 5284.6 0.0 457423.6 0.0 0.0 457423.612‐2018 6596.3 4972.9 0.0 3328.3 1989.1 0.0 241171.5 0.0 0.0 241171.512‐2019 5205.3 3745.2 0.0 2704.8 1498.1 0.0 196309.5 0.0 0.0 196309.512‐2020 4155.0 2822.0 0.0 2230.1 1128.8 0.0 162110.6 0.0 0.0 162110.612‐2021 3255.8 2127.7 0.0 1817.4 851.1 0.0 131959.5 0.0 0.0 131959.512‐2022 1673.8 1582.1 0.0 764.0 632.9 0.0 54881.7 0.0 0.0 54881.712‐2023 1046.7 1175.6 0.0 421.5 470.2 0.0 30065.6 0.0 0.0 30065.612‐2024 408.5 473.2 0.0 164.0 189.3 0.0 11714.1 0.0 0.0 11714.112‐2025 9.8 0.0 0.0 4.5 0.0 0.0 367.6 0.0 0.0 367.6S TOT 72233.7 44793.5 0.0 46934.9 29075.3 0.0 3400665.2 0.0 0.0 3400665.2AFTER 26.0 0.0 0.0 12.0 0.0 0.0 981.1 0.0 0.0 981.1TOTAL 72259.7 44793.5 0.0 46946.9 29075.3 0.0 3401646.2 0.0 0.0 3401646.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 75.11 0.00 0.00 0.0 2518.5 6074.6 18624.9 19100.0 ‐475.1 ‐518.212‐2012 74.17 0.00 0.00 0.0 4444.4 30573.8 144086.1 397021.6 ‐252935.5 ‐224830.712‐2013 73.85 0.00 0.00 0.0 5235.1 43516.0 222922.0 19170.0 203752.0 160612.512‐2014 72.71 0.00 0.00 0.0 3811.1 77822.8 359572.4 81310.7 278261.7 197062.812‐2015 72.00 0.00 0.00 0.0 2771.7 120022.9 484581.0 71145.7 413435.2 267550.712‐2016 71.88 0.00 0.00 0.0 2036.2 119457.5 466590.8 280.0 466310.8 276719.012‐2017 71.92 0.00 0.00 0.0 1511.6 94209.1 361702.9 ‐1005.0 362707.9 195665.812‐2018 72.46 0.00 0.00 0.0 778.7 50451.2 189941.5 1250.0 188691.5 92507.812‐2019 72.58 0.00 0.00 0.0 524.5 42020.3 153764.7 0.0 153764.7 68529.012‐2020 72.69 0.00 0.00 0.0 435.9 35455.3 126219.5 0.0 126219.5 51135.012‐2021 72.61 0.00 0.00 0.0 361.5 29476.8 102121.2 1085.0 101036.2 37198.512‐2022 71.83 0.00 0.00 0.0 284.1 12171.3 42426.3 34880.0 7546.3 2212.112‐2023 71.32 0.00 0.00 0.0 49.2 6197.9 23818.5 1445.0 22373.5 6820.712‐2024 71.42 0.00 0.00 0.0 0.0 2495.5 9218.7 4680.0 4538.7 1302.412‐2025 81.95 0.00 0.00 0.0 0.0 48.8 318.9 0.0 318.9 80.1S TOT 72.45 0.00 0.00 0.0 24762.4 669993.9 2705909.2 630363.0 2075546.4 1132047.5AFTER 81.95 0.00 0.00 0.0 0.0 130.1 851.0 155.0 696.0 149.4TOTAL 72.46 0.00 0.00 0.0 24762.4 670124.1 2706760.2 630518.0 2076242.2 1132196.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 190.0 0.0 LIFE, YRS. 18.17 5.00 1518922.750GROSS ULT., MB & MMF 77949.625 47394.957 DISCOUNT % 10.00 10.00 1132197.000GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.18 15.00 856763.938GROSS RES., MB & MMF 72259.742 44793.547 DISCOUNTED PAYOUT, YRS. 3.33 20.00 656126.125NET RES., MB & MMF 46946.863 29075.344 UNDISCOUNTED NET/INVEST. 4.29 25.00 507086.188NET REVENUE, M$ 3401646.000 0.000 DISCOUNTED NET/INVEST. 3.25 30.00 394470.031INITIAL PRICE, $ 72.396 0.000 RATE‐OF‐RETURN, PCT. 89.81 40.00 240974.875INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 78.506 60.00 85599.52380.00 18333.381100.00 ‐13383.692RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 01/25/2011GRAND TOTAL TIME : 10:36:39PROVED PRODUCING RESERVES DBS : DEMOSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 388.6 129.8 0.0 332.5 103.8 0.0 24955.9 0.0 0.0 24955.912‐2012 335.5 116.8 0.0 287.0 93.5 0.0 21578.4 0.0 0.0 21578.412‐2013 290.7 105.1 0.0 248.7 84.1 0.0 18724.3 0.0 0.0 18724.312‐2014 252.7 94.6 0.0 205.8 75.7 0.0 15453.1 0.0 0.0 15453.112‐2015 220.3 85.2 0.0 159.7 68.1 0.0 11874.6 0.0 0.0 11874.612‐2016 189.7 76.6 0.0 136.9 61.3 0.0 10191.0 0.0 0.0 10191.012‐2017 164.2 69.0 0.0 113.5 55.2 0.0 8420.0 0.0 0.0 8420.012‐2018 141.1 62.1 0.0 93.0 24.8 0.0 6914.6 0.0 0.0 6914.612‐2019 123.9 55.9 0.0 81.2 22.3 0.0 6039.5 0.0 0.0 6039.512‐2020 109.6 50.3 0.0 71.5 20.1 0.0 5328.9 0.0 0.0 5328.912‐2021 70.0 45.3 0.0 52.4 18.1 0.0 3822.7 0.0 0.0 3822.712‐2022 54.0 17.5 0.0 40.5 7.0 0.0 2952.3 0.0 0.0 2952.312‐2023 21.9 0.0 0.0 12.5 0.0 0.0 951.0 0.0 0.0 951.012‐2024 12.5 0.0 0.0 5.6 0.0 0.0 454.3 0.0 0.0 454.312‐2025 9.8 0.0 0.0 4.5 0.0 0.0 367.6 0.0 0.0 367.6S TOT 2384.5 908.2 0.0 1845.4 634.1 0.0 138028.2 0.0 0.0 138028.2AFTER 26.0 0.0 0.0 12.0 0.0 0.0 981.1 0.0 0.0 981.1TOTAL 2410.5 908.2 0.0 1857.4 634.1 0.0 139009.3 0.0 0.0 139009.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 75.05 0.00 0.00 0.0 2518.5 5518.8 16918.6 0.0 16918.6 16158.112‐2012 75.18 0.00 0.00 0.0 2071.4 5093.0 14414.0 0.0 14414.0 12514.612‐2013 75.30 0.00 0.00 0.0 1708.1 4739.3 12276.9 0.0 12276.9 9690.212‐2014 75.08 0.00 0.00 0.0 1420.8 4152.3 9880.1 0.0 9880.1 7102.612‐2015 74.35 0.00 0.00 0.0 1171.6 3185.5 7517.4 0.0 7517.4 4904.012‐2016 74.44 0.00 0.00 0.0 967.4 2970.1 6253.5 280.0 5973.5 3538.612‐2017 74.19 0.00 0.00 0.0 799.5 2779.8 4840.8 ‐1005.0 5845.8 3148.512‐2018 74.32 0.00 0.00 0.0 638.4 2623.5 3652.7 800.0 2852.7 1387.112‐2019 74.41 0.00 0.00 0.0 524.5 2532.8 2982.3 0.0 2982.3 1329.212‐2020 74.48 0.00 0.00 0.0 435.9 2465.4 2427.6 0.0 2427.6 983.712‐2021 73.01 0.00 0.00 0.0 361.5 1872.7 1588.5 400.0 1188.5 431.612‐2022 72.90 0.00 0.00 0.0 284.1 1340.5 1327.7 280.0 1047.7 344.712‐2023 75.80 0.00 0.00 0.0 49.2 81.7 820.1 445.0 375.1 115.512‐2024 80.47 0.00 0.00 0.0 0.0 53.0 401.3 140.0 261.3 72.312‐2025 81.95 0.00 0.00 0.0 0.0 48.8 318.9 0.0 318.9 80.1S TOT 74.80 0.00 0.00 0.0 12950.8 39457.2 85620.2 1340.0 84280.2 61800.8AFTER 81.95 0.00 0.00 0.0 0.0 130.1 851.0 155.0 696.0 149.4TOTAL 74.84 0.00 0.00 0.0 12950.8 39587.3 86471.2 1495.0 84976.2 61950.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 16.0 0.0 LIFE, YRS. 18.17 5.00 71603.570GROSS ULT., MB & MMF 7440.760 3509.579 DISCOUNT % 10.00 10.00 61950.172GROSS CUM., MB & MMF 5030.261 2601.409 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 54705.672GROSS RES., MB & MMF 2410.500 908.170 DISCOUNTED PAYOUT, YRS. 0.00 20.00 49094.156NET RES., MB & MMF 1857.385 634.136 UNDISCOUNTED NET/INVEST. 57.84 25.00 44632.703NET REVENUE, M$ 139009.297 0.000 DISCOUNTED NET/INVEST. 126.65 30.00 41007.621INITIAL PRICE, $ 75.453 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 35485.801INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 96.284 60.00 28455.99480.00 24170.576100.00 21278.889RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011GRAND TOTAL TIME : 15:29:53TOTAL PROVED NON PRODUCING DBS : DEMOSETTINGS : RED123110SCENARIO : RED 123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 3.5 0.0 0.0 3.3 0.0 0.0 267.7 0.0 0.0 267.712‐2012 5.2 0.0 0.0 4.8 0.0 0.0 389.8 0.0 0.0 389.812‐2013 1.3 0.0 0.0 1.2 0.0 0.0 96.8 0.0 0.0 96.812‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 10.0 0.0 0.0 9.2 0.0 0.0 754.3 0.0 0.0 754.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 10.0 0.0 0.0 9.2 0.0 0.0 754.3 0.0 0.0 754.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 0.1 267.6 0.0 267.6 249.312‐2012 81.96 0.00 0.00 0.0 0.0 0.2 389.6 0.0 389.6 339.012‐2013 81.96 0.00 0.00 0.0 0.0 0.1 96.8 370.0 ‐273.2 ‐219.812‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 0.4 753.9 370.0 383.9 368.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 0.4 753.9 370.0 383.9 368.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 2.33 5.00 376.380GROSS ULT., MB & MMF 669.620 0.000 DISCOUNT % 10.00 10.00 368.466GROSS CUM., MB & MMF 659.616 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 360.385GROSS RES., MB & MMF 10.004 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 352.277NET RES., MB & MMF 9.203 0.000 UNDISCOUNTED NET/INVEST. 2.04 25.00 344.237NET REVENUE, M$ 754.304 0.000 DISCOUNTED NET/INVEST. 2.23 30.00 336.330INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 321.081INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 293.32580.00 269.314100.00 248.659RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011GRAND TOTAL TIME : 15:29:55TOTAL PROVED UNDEVELOPED DBS : DEMOSETTINGS : RED123110SCENARIO : RED 123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 62.7 0.0 0.0 26.6 0.0 0.0 1994.5 0.0 0.0 1994.512‐2012 3113.6 0.0 0.0 2123.0 0.0 0.0 157136.1 0.0 0.0 157136.112‐2013 5477.4 0.0 0.0 3428.9 0.0 0.0 252851.9 0.0 0.0 252851.912‐2014 8974.6 3646.3 0.0 5862.3 2917.0 0.0 425753.1 0.0 0.0 425753.112‐2015 11378.1 8333.0 0.0 8275.5 6666.4 0.0 595501.0 0.0 0.0 595501.012‐2016 10720.7 8701.6 0.0 8044.0 6961.3 0.0 577893.4 0.0 0.0 577893.412‐2017 8303.8 6536.8 0.0 6246.5 5229.5 0.0 449003.7 0.0 0.0 449003.712‐2018 6455.2 4910.8 0.0 3235.3 1964.3 0.0 234256.9 0.0 0.0 234256.912‐2019 5081.4 3689.3 0.0 2623.7 1475.7 0.0 190269.9 0.0 0.0 190269.912‐2020 4045.3 2771.8 0.0 2158.6 1108.7 0.0 156781.8 0.0 0.0 156781.812‐2021 3185.9 2082.5 0.0 1765.0 833.0 0.0 128136.9 0.0 0.0 128136.912‐2022 1619.8 1564.6 0.0 723.5 625.9 0.0 51929.3 0.0 0.0 51929.312‐2023 1024.7 1175.6 0.0 409.0 470.2 0.0 29114.7 0.0 0.0 29114.712‐2024 396.0 473.2 0.0 158.4 189.3 0.0 11259.8 0.0 0.0 11259.812‐2025S TOT 69839.2 43885.4 0.0 45080.3 28441.2 0.0 3261883.0 0.0 0.0 3261883.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 69839.2 43885.4 0.0 45080.3 28441.2 0.0 3261883.0 0.0 0.0 3261883.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 75.01 0.00 0.00 0.0 0.0 555.7 1438.8 19100.0 ‐17661.2 ‐16925.612‐2012 74.02 0.00 0.00 0.0 2373.0 25480.6 129282.5 397021.6 ‐267739.1 ‐237684.312‐2013 73.74 0.00 0.00 0.0 3527.0 38776.6 210548.3 18800.0 191748.3 151142.112‐2014 72.63 0.00 0.00 0.0 2390.3 73670.5 349692.3 81310.7 268381.6 189960.212‐2015 71.96 0.00 0.00 0.0 1600.1 116837.4 477063.6 71145.7 405917.8 262646.812‐2016 71.84 0.00 0.00 0.0 1068.7 116487.4 460337.3 0.0 460337.3 273180.412‐2017 71.88 0.00 0.00 0.0 712.1 91429.4 356862.2 0.0 356862.2 192517.312‐2018 72.41 0.00 0.00 0.0 140.3 47827.7 186288.8 450.0 185838.8 91120.712‐2019 72.52 0.00 0.00 0.0 0.0 39487.5 150782.4 0.0 150782.4 67199.812‐2020 72.63 0.00 0.00 0.0 0.0 32989.9 123791.9 0.0 123791.9 50151.312‐2021 72.60 0.00 0.00 0.0 0.0 27604.2 100532.7 685.0 99847.7 36766.912‐2022 71.77 0.00 0.00 0.0 0.0 10830.8 41098.6 34600.0 6498.6 1867.412‐2023 71.19 0.00 0.00 0.0 0.0 6116.3 22998.4 1000.0 21998.4 6705.312‐2024 71.10 0.00 0.00 0.0 0.0 2442.5 8817.4 4540.0 4277.4 1230.112‐2025S TOT 72.36 0.00 0.00 0.0 11811.6 630536.3 2619535.0 628653.1 1990881.9 1069878.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 72.36 0.00 0.00 0.0 11811.6 630536.3 2619535.0 628653.1 1990881.9 1069878.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 173.0 0.0 LIFE, YRS. 13.50 5.00 1446942.750GROSS ULT., MB & MMF 69839.234 43885.379 DISCOUNT % 10.00 10.00 1069878.250GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.35 15.00 801698.000GROSS RES., MB & MMF 69839.234 43885.379 DISCOUNTED PAYOUT, YRS. 3.54 20.00 606679.812NET RES., MB & MMF 45080.281 28441.207 UNDISCOUNTED NET/INVEST. 4.17 25.00 462109.250NET REVENUE, M$ 3261883.000 0.000 DISCOUNTED NET/INVEST. 3.13 30.00 353126.094INITIAL PRICE, $ 72.334 0.000 RATE‐OF‐RETURN, PCT. 77.58 40.00 205168.000INITIAL N.I., PCT. 42.439 80.000 INITIAL W.I., PCT. 78.138 60.00 56850.19980.00 ‐6106.519100.00 ‐34911.230RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011GRAND TOTAL TIME : 15:29:57TOTAL PROBABLE UNDEVELOPED DBS : DEMOSETTINGS : RED123110SCENARIO : RED 123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 143.1 0.0 0.0 128.0 0.0 0.0 9138.4 0.0 0.0 9138.412‐2012 529.1 0.0 0.0 470.7 0.0 0.0 35386.6 0.0 0.0 35386.612‐2013 1138.9 262.3 25.2 940.2 145.2 20.1 71751.7 0.0 1288.5 73040.212‐2014 1504.0 310.8 29.8 1051.3 172.1 23.9 79266.1 0.0 1527.0 80793.012‐2015 6005.9 233.7 22.4 3856.3 129.4 18.0 285438.8 0.0 1148.3 286587.012‐2016 20414.9 3381.9 324.7 15176.7 1872.8 259.7 1112542.0 0.0 16613.9 1129156.012‐2017 22410.7 3461.7 332.3 17273.1 1917.0 265.9 1266589.2 0.0 17006.0 1283595.212‐2018 16607.5 2597.4 249.4 11942.9 719.2 99.7 878115.8 0.0 6380.1 884495.912‐2019 13099.6 1948.9 187.1 9493.3 539.6 74.8 698308.1 0.0 4787.1 703095.212‐2020 10714.6 1462.3 140.4 7844.4 404.9 56.2 577272.8 0.0 3591.9 580864.812‐2021 8797.5 1092.0 104.8 6513.4 302.3 41.9 478324.0 0.0 2682.2 481006.312‐2022 2080.2 791.5 76.0 1288.1 219.2 30.4 94052.6 0.0 1944.2 95996.812‐2023 685.2 593.8 57.0 270.9 164.4 22.8 19396.7 0.0 1458.6 20855.312‐2024 323.4 238.7 22.9 127.1 66.1 9.2 9133.1 0.0 586.4 9719.512‐2025 69.8 0.0 0.0 26.5 0.0 0.0 1946.0 0.0 0.0 1946.0S TOT 104524.3 16375.3 1572.0 76403.0 6652.2 922.6 5616662.5 0.0 59014.3 5675675.5AFTER 22.1 0.0 0.0 8.4 0.0 0.0 615.1 0.0 0.0 615.1TOTAL 104546.4 16375.3 1572.0 76411.3 6652.2 922.6 5617277.5 0.0 59014.3 5676290.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.37 0.00 0.00 0.0 1665.9 552.2 6920.2 6941.6 ‐21.4 ‐179.812‐2012 75.18 0.00 0.00 0.0 3839.9 3927.2 27619.5 40014.0 ‐12394.5 ‐10524.912‐2013 76.31 0.00 63.97 0.0 2590.1 12234.0 58216.1 29772.4 28443.7 21994.012‐2014 75.40 0.00 63.97 0.0 1755.4 13915.9 65121.8 12271.0 52850.8 37861.412‐2015 74.02 0.00 63.97 0.0 1175.1 50473.9 234938.1 295320.0 ‐60381.9 ‐39286.312‐2016 73.31 0.00 63.97 0.0 784.9 224054.0 904317.2 415108.0 489209.1 284722.512‐2017 73.33 0.00 63.97 0.0 247.0 262123.1 1021225.2 81100.5 940124.8 505539.712‐2018 73.53 0.00 63.97 0.0 0.0 182324.7 702171.2 0.0 702171.2 344376.112‐2019 73.56 0.00 63.97 0.0 0.0 145456.7 557638.4 0.0 557638.4 248536.212‐2020 73.59 0.00 63.97 0.0 0.0 120648.3 460216.4 0.0 460216.4 186423.212‐2021 73.44 0.00 63.97 0.0 0.0 100186.2 380820.0 2440.0 378380.0 139292.812‐2022 73.02 0.00 63.97 0.0 0.0 19002.6 76994.2 88760.0 ‐11765.8 ‐4388.412‐2023 71.61 0.00 63.97 0.0 0.0 3451.4 17403.9 0.0 17403.9 5302.012‐2024 71.86 0.00 63.97 0.0 0.0 1468.8 8250.7 1540.0 6710.7 1888.812‐2025 73.38 0.00 0.00 0.0 0.0 111.7 1834.3 800.0 1034.3 264.3S TOT 73.51 0.00 63.97 0.0 12058.2 1139930.8 4523687.5 974067.6 3549620.0 1721821.8AFTER 73.38 0.00 0.00 0.0 0.0 35.3 579.9 1200.0 ‐620.1 ‐139.3TOTAL 73.51 0.00 63.97 0.0 12058.2 1139966.1 4524267.5 975267.6 3549000.0 1721682.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 349.0 0.0 LIFE, YRS. 16.08 5.00 2443499.750GROSS ULT., MB & MMF 104546.391 16375.258 DISCOUNT % 10.00 10.00 1721682.375GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.44 15.00 1238388.625GROSS RES., MB & MMF 104546.391 16375.258 DISCOUNTED PAYOUT, YRS. 2.49 20.00 907409.375NET RES., MB & MMF 76411.336 6652.250 UNDISCOUNTED NET/INVEST. 4.64 25.00 676080.062NET REVENUE, M$ 5617278.000 0.000 DISCOUNTED NET/INVEST. 3.92 30.00 511388.625INITIAL PRICE, $ 73.354 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 304502.531INITIAL N.I., PCT. 89.500 80.000 INITIAL W.I., PCT. 90.023 60.00 122942.46180.00 56581.422100.00 28601.668RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 01/25/2011COUNTRY OF COLOMBIA TIME : 10:14:18GRAND TOTAL DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLESCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 541.2 129.8 0.0 468.9 103.8 0.0 34776.1 0.0 0.0 34776.112‐2012 3010.9 116.8 0.0 2516.0 93.5 0.0 187372.5 0.0 0.0 187372.512‐2013 4524.1 367.4 25.2 3715.3 229.4 20.1 277110.3 0.0 1288.5 278398.812‐2014 7242.0 4051.7 29.8 5803.5 3164.9 23.9 423910.9 0.0 1527.0 425437.912‐2015 13453.5 8651.9 22.4 10731.0 6863.9 18.0 778303.5 0.0 1148.3 779451.812‐2016 27383.5 12160.1 324.7 21874.2 8895.3 259.7 1591767.8 0.0 16613.9 1608381.812‐2017 28491.2 10067.5 332.3 22728.2 7201.6 265.9 1657612.2 0.0 17006.0 1674618.212‐2018 21620.0 7570.3 249.4 14669.4 2708.3 99.7 1075124.8 0.0 6380.1 1081504.812‐2019 17202.8 5694.1 187.1 11779.4 2037.7 74.8 863887.6 0.0 4787.1 868674.812‐2020 14098.2 4284.4 140.4 9781.4 1533.7 56.2 717872.9 0.0 3591.9 721464.812‐2021 11517.1 3219.7 104.8 8127.0 1153.4 41.9 595332.4 0.0 2682.2 598014.612‐2022 3403.6 2373.6 76.0 1919.0 852.0 30.4 139165.7 0.0 1944.2 141109.912‐2023 1526.2 1769.5 57.0 614.2 634.7 22.8 43725.4 0.0 1458.6 45184.012‐2024 617.7 711.9 22.9 247.7 255.4 9.2 17663.8 0.0 586.4 18250.312‐2025 9.8 0.0 0.0 4.5 0.0 0.0 367.6 0.0 0.0 367.6S TOT 154641.8 61168.8 1572.0 114979.5 35727.6 922.6 8403994.0 0.0 59014.3 8463008.0AFTER 26.0 0.0 0.0 12.0 0.0 0.0 981.1 0.0 0.0 981.1TOTAL 154667.8 61168.8 1572.0 114991.5 35727.6 922.6 8404975.0 0.0 59014.3 8463989.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 74.17 0.00 0.00 0.0 4184.4 6536.2 24055.5 26041.6 ‐1986.2 ‐2057.612‐2012 74.47 0.00 0.00 0.0 8284.3 32945.0 146143.2 421315.6 ‐275172.5 ‐243779.212‐2013 74.59 0.00 63.97 0.0 7825.2 51935.2 218638.4 30142.4 188496.0 148283.312‐2014 73.04 0.00 63.97 0.0 5566.5 85617.9 334253.6 70781.7 263471.9 186588.912‐2015 72.53 0.00 63.97 0.0 3946.8 163288.4 612216.6 343665.7 268550.9 173319.612‐2016 72.77 0.00 63.97 0.0 2821.0 336885.5 1268675.4 406588.0 862087.2 506076.212‐2017 72.93 0.00 63.97 0.0 1758.5 352298.8 1320560.9 80095.5 1240465.4 667505.612‐2018 73.29 0.00 63.97 0.0 778.7 230092.6 850633.5 1250.0 849383.4 416521.712‐2019 73.34 0.00 63.97 0.0 524.5 185609.2 682540.9 0.0 682540.9 304186.412‐2020 73.39 0.00 63.97 0.0 435.9 154796.1 566232.8 0.0 566232.8 229362.812‐2021 73.25 0.00 63.97 0.0 361.5 128753.9 468899.2 3325.0 465574.2 171385.412‐2022 72.52 0.00 63.97 0.0 284.1 30577.5 110248.3 122640.0 ‐12391.7 ‐4918.812‐2023 71.19 0.00 63.97 0.0 49.2 9295.1 35839.8 445.0 35394.8 10782.712‐2024 71.30 0.00 63.97 0.0 0.0 3778.2 14472.0 6020.0 8452.0 2417.812‐2025 81.95 0.00 0.00 0.0 0.0 48.8 318.9 0.0 318.9 80.1S TOT 73.09 0.00 63.97 0.0 36820.6 1772458.4 6653729.5 1512310.5 5141418.5 2565755.0AFTER 81.95 0.00 0.00 0.0 0.0 130.1 851.0 155.0 696.0 149.4TOTAL 73.09 0.00 63.97 0.0 36820.6 1772588.5 6654580.0 1512465.5 5142114.5 2565904.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 517.0 0.0 LIFE, YRS. 18.17 5.00 3593915.250GROSS ULT., MB & MMF 160357.703 63770.219 DISCOUNT % 10.00 10.00 2565904.750GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.34 15.00 1865396.250GROSS RES., MB & MMF 154667.828 61168.812 DISCOUNTED PAYOUT, YRS. 3.52 20.00 1376918.750NET RES., MB & MMF 114991.484 35727.594 UNDISCOUNTED NET/INVEST. 4.40 25.00 1029211.375NET REVENUE, M$ 8404976.000 0.000 DISCOUNTED NET/INVEST. 3.50 30.00 777103.875INITIAL PRICE, $ 72.888 0.000 RATE‐OF‐RETURN, PCT. 95.19 40.00 452233.812INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 99.965 60.00 154058.81280.00 39585.152100.00 ‐9444.596RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 01/25/2011COUNTRY OF COLOMBIA TIME : 10:34:50GRAND TOTALS DBS : DEMOTOTAL PROVED RESERVESSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 398.1 129.8 0.0 340.8 103.8 0.0 25637.7 0.0 0.0 25637.712‐2012 2481.8 116.8 0.0 2045.2 93.5 0.0 151985.8 0.0 0.0 151985.812‐2013 3385.2 105.1 0.0 2775.0 84.1 0.0 205358.7 0.0 0.0 205358.712‐2014 6035.2 3740.9 0.0 4862.6 2992.7 0.0 352749.1 0.0 0.0 352749.112‐2015 9612.4 8418.1 0.0 7681.2 6734.5 0.0 552041.8 0.0 0.0 552041.812‐2016 9634.9 8778.2 0.0 7696.2 7022.6 0.0 552516.6 0.0 0.0 552516.612‐2017 7584.6 6605.8 0.0 6024.3 5284.6 0.0 432791.5 0.0 0.0 432791.512‐2018 5978.0 4972.9 0.0 3093.4 1989.1 0.0 223930.1 0.0 0.0 223930.112‐2019 4772.4 3745.2 0.0 2540.4 1498.1 0.0 184240.5 0.0 0.0 184240.512‐2020 3852.0 2822.0 0.0 2115.0 1128.8 0.0 153662.3 0.0 0.0 153662.312‐2021 3047.6 2127.7 0.0 1738.2 851.1 0.0 126152.0 0.0 0.0 126152.012‐2022 1553.0 1582.1 0.0 718.1 632.9 0.0 51513.6 0.0 0.0 51513.612‐2023 1001.6 1175.6 0.0 404.4 470.2 0.0 28809.1 0.0 0.0 28809.112‐2024 406.8 473.2 0.0 163.4 189.3 0.0 11667.0 0.0 0.0 11667.012‐2025 9.8 0.0 0.0 4.5 0.0 0.0 367.6 0.0 0.0 367.6S TOT 59753.4 44793.5 0.0 42202.8 29075.3 0.0 3053423.0 0.0 0.0 3053423.0AFTER 26.0 0.0 0.0 12.0 0.0 0.0 981.1 0.0 0.0 981.1TOTAL 59779.4 44793.5 0.0 42214.8 29075.3 0.0 3054404.0 0.0 0.0 3054404.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 75.22 0.00 0.00 0.0 2518.5 5984.0 17135.2 19100.0 ‐1964.8 ‐1877.812‐2012 74.31 0.00 0.00 0.0 4444.4 29017.8 118523.7 381301.6 ‐262777.9 ‐233254.212‐2013 74.00 0.00 0.00 0.0 5235.1 39701.2 160422.3 370.0 160052.3 126289.312‐2014 72.54 0.00 0.00 0.0 3811.1 72177.5 276760.5 68510.7 208249.8 147015.512‐2015 71.87 0.00 0.00 0.0 2771.7 116278.3 432991.8 71145.7 361846.1 233806.912‐2016 71.79 0.00 0.00 0.0 2036.2 117097.6 433382.9 280.0 433102.9 256992.112‐2017 71.84 0.00 0.00 0.0 1511.6 92582.3 338697.7 ‐1005.0 339702.7 183244.812‐2018 72.39 0.00 0.00 0.0 778.7 49312.6 173838.8 1250.0 172588.8 84604.012‐2019 72.52 0.00 0.00 0.0 524.5 41223.2 142492.8 0.0 142492.8 63499.312‐2020 72.65 0.00 0.00 0.0 435.9 34897.3 118329.1 0.0 118329.1 47934.312‐2021 72.58 0.00 0.00 0.0 361.5 29092.4 96698.1 885.0 95813.1 35271.012‐2022 71.73 0.00 0.00 0.0 284.1 11942.2 39287.3 33880.0 5407.3 1492.312‐2023 71.24 0.00 0.00 0.0 49.2 6100.7 22659.2 445.0 22214.2 6767.812‐2024 71.41 0.00 0.00 0.0 0.0 2489.4 9177.6 4480.0 4697.6 1348.112‐2025 81.95 0.00 0.00 0.0 0.0 48.8 318.9 0.0 318.9 80.1S TOT 72.35 0.00 0.00 0.0 24762.4 647945.1 2380715.8 580643.0 1800072.6 953213.4AFTER 81.95 0.00 0.00 0.0 0.0 130.1 851.0 155.0 696.0 149.4TOTAL 72.35 0.00 0.00 0.0 24762.4 648075.2 2381566.8 580798.0 1800768.5 953362.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 178.0 0.0 LIFE, YRS. 18.17 5.00 1299146.250GROSS ULT., MB & MMF 65469.273 47394.957 DISCOUNT % 10.00 10.00 953362.875GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.50 15.00 708779.188GROSS RES., MB & MMF 59779.395 44793.547 DISCOUNTED PAYOUT, YRS. 3.74 20.00 531887.938NET RES., MB & MMF 42214.762 29075.344 UNDISCOUNTED NET/INVEST. 4.10 25.00 401470.406NET REVENUE, M$ 3054403.750 0.000 DISCOUNTED NET/INVEST. 3.05 30.00 303697.719INITIAL PRICE, $ 71.862 0.000 RATE‐OF‐RETURN, PCT. 74.68 40.00 172032.984INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 99.886 60.00 42250.11380.00 ‐11292.488100.00 ‐34873.680RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011COUNTRY OF COLUMBIA TIME : 14:29:25GRAND TOTAL DBS : DEMOPROVED PRODUCING RESERVESSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 388.6 129.8 0.0 332.5 103.8 0.0 24955.9 0.0 0.0 24955.912‐2012 335.5 116.8 0.0 287.0 93.5 0.0 21578.4 0.0 0.0 21578.412‐2013 290.7 105.1 0.0 248.7 84.1 0.0 18724.3 0.0 0.0 18724.312‐2014 252.7 94.6 0.0 205.8 75.7 0.0 15453.1 0.0 0.0 15453.112‐2015 220.3 85.2 0.0 159.7 68.1 0.0 11874.6 0.0 0.0 11874.612‐2016 189.7 76.6 0.0 136.9 61.3 0.0 10191.0 0.0 0.0 10191.012‐2017 164.2 69.0 0.0 113.5 55.2 0.0 8420.0 0.0 0.0 8420.012‐2018 141.1 62.1 0.0 93.0 24.8 0.0 6914.6 0.0 0.0 6914.612‐2019 123.9 55.9 0.0 81.2 22.3 0.0 6039.6 0.0 0.0 6039.612‐2020 109.6 50.3 0.0 71.5 20.1 0.0 5328.9 0.0 0.0 5328.912‐2021 70.0 45.3 0.0 52.4 18.1 0.0 3822.7 0.0 0.0 3822.712‐2022 54.0 17.5 0.0 40.5 7.0 0.0 2952.3 0.0 0.0 2952.312‐2023 21.9 0.0 0.0 12.5 0.0 0.0 951.0 0.0 0.0 951.012‐2024 12.5 0.0 0.0 5.6 0.0 0.0 454.3 0.0 0.0 454.312‐2025 9.8 0.0 0.0 4.5 0.0 0.0 367.6 0.0 0.0 367.6S TOT 2384.5 908.2 0.0 1845.4 634.1 0.0 138028.2 0.0 0.0 138028.2AFTER 26.0 0.0 0.0 12.0 0.0 0.0 981.1 0.0 0.0 981.1TOTAL 2410.5 908.2 0.0 1857.4 634.1 0.0 139009.3 0.0 0.0 139009.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 75.05 0.00 0.00 0.0 2518.5 5518.8 16918.6 0.0 16918.6 16158.112‐2012 75.18 0.00 0.00 0.0 2071.4 5093.0 14414.0 0.0 14414.0 12514.612‐2013 75.30 0.00 0.00 0.0 1708.1 4739.3 12276.9 0.0 12276.9 9690.212‐2014 75.08 0.00 0.00 0.0 1420.8 4152.3 9880.1 0.0 9880.1 7102.612‐2015 74.35 0.00 0.00 0.0 1171.6 3185.5 7517.4 0.0 7517.4 4904.012‐2016 74.44 0.00 0.00 0.0 967.4 2970.1 6253.5 280.0 5973.5 3538.612‐2017 74.19 0.00 0.00 0.0 799.5 2779.8 4840.8 ‐1005.0 5845.8 3148.512‐2018 74.32 0.00 0.00 0.0 638.4 2623.5 3652.7 800.0 2852.7 1387.112‐2019 74.41 0.00 0.00 0.0 524.5 2532.8 2982.3 0.0 2982.3 1329.212‐2020 74.48 0.00 0.00 0.0 435.9 2465.4 2427.6 0.0 2427.6 983.712‐2021 73.01 0.00 0.00 0.0 361.5 1872.7 1588.5 400.0 1188.5 431.612‐2022 72.90 0.00 0.00 0.0 284.1 1340.5 1327.7 280.0 1047.7 344.712‐2023 75.80 0.00 0.00 0.0 49.2 81.7 820.1 445.0 375.1 115.512‐2024 80.47 0.00 0.00 0.0 0.0 53.0 401.3 140.0 261.3 72.312‐2025 81.95 0.00 0.00 0.0 0.0 48.8 318.9 0.0 318.9 80.1S TOT 74.80 0.00 0.00 0.0 12950.8 39457.2 85620.2 1340.0 84280.2 61800.8AFTER 81.95 0.00 0.00 0.0 0.0 130.1 851.0 155.0 696.0 149.4TOTAL 74.84 0.00 0.00 0.0 12950.8 39587.3 86471.2 1495.0 84976.2 61950.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 16.0 0.0 LIFE, YRS. 18.17 5.00 71603.562GROSS ULT., MB & MMF 7440.760 3509.579 DISCOUNT % 10.00 10.00 61950.168GROSS CUM., MB & MMF 5030.261 2601.409 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 54705.672GROSS RES., MB & MMF 2410.500 908.170 DISCOUNTED PAYOUT, YRS. 0.00 20.00 49094.156NET RES., MB & MMF 1857.385 634.136 UNDISCOUNTED NET/INVEST. 57.84 25.00 44632.703NET REVENUE, M$ 139009.297 0.000 DISCOUNTED NET/INVEST. 126.65 30.00 41007.621INITIAL PRICE, $ 75.453 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 35485.801INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 96.284 60.00 28455.99280.00 24170.576100.00 21278.891RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011COUNTRY OF COLUMBIA TIME : 14:29:25GRAND TOTAL DBS : DEMOPROVED NON PRODUCING RESERVESSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 3.5 0.0 0.0 3.3 0.0 0.0 267.7 0.0 0.0 267.712‐2012 5.2 0.0 0.0 4.8 0.0 0.0 389.8 0.0 0.0 389.812‐2013 1.3 0.0 0.0 1.2 0.0 0.0 96.8 0.0 0.0 96.812‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 10.0 0.0 0.0 9.2 0.0 0.0 754.3 0.0 0.0 754.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 10.0 0.0 0.0 9.2 0.0 0.0 754.3 0.0 0.0 754.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 0.1 267.6 0.0 267.6 249.312‐2012 81.96 0.00 0.00 0.0 0.0 0.2 389.6 0.0 389.6 339.012‐2013 81.96 0.00 0.00 0.0 0.0 0.1 96.8 370.0 ‐273.2 ‐219.812‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 0.4 753.9 370.0 383.9 368.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 0.4 753.9 370.0 383.9 368.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 2.33 5.00 376.380GROSS ULT., MB & MMF 669.620 0.000 DISCOUNT % 10.00 10.00 368.466GROSS CUM., MB & MMF 659.616 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 360.385GROSS RES., MB & MMF 10.004 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 352.277NET RES., MB & MMF 9.203 0.000 UNDISCOUNTED NET/INVEST. 2.04 25.00 344.237NET REVENUE, M$ 754.304 0.000 DISCOUNTED NET/INVEST. 2.23 30.00 336.330INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 321.081INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 293.32580.00 269.314100.00 248.659RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011COUNTRY OF COLUMBIA TIME : 14:29:26GRAND TOTAL DBS : DEMOPROVED UNDEVELOPED RESERVESSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 6.0 0.0 0.0 5.1 0.0 0.0 414.1 0.0 0.0 414.112‐2012 2141.1 0.0 0.0 1753.4 0.0 0.0 130017.6 0.0 0.0 130017.612‐2013 3093.2 0.0 0.0 2525.2 0.0 0.0 186537.5 0.0 0.0 186537.512‐2014 5782.5 3646.3 0.0 4656.8 2917.0 0.0 337296.0 0.0 0.0 337296.012‐2015 9392.1 8333.0 0.0 7521.5 6666.4 0.0 540167.2 0.0 0.0 540167.212‐2016 9445.2 8701.6 0.0 7559.3 6961.3 0.0 542325.8 0.0 0.0 542325.812‐2017 7420.5 6536.8 0.0 5910.8 5229.5 0.0 424371.6 0.0 0.0 424371.612‐2018 5836.9 4910.8 0.0 3000.3 1964.3 0.0 217015.5 0.0 0.0 217015.512‐2019 4648.6 3689.3 0.0 2459.2 1475.7 0.0 178200.9 0.0 0.0 178200.912‐2020 3742.4 2771.8 0.0 2043.4 1108.7 0.0 148333.5 0.0 0.0 148333.512‐2021 2977.6 2082.5 0.0 1685.9 833.0 0.0 122329.4 0.0 0.0 122329.412‐2022 1499.0 1564.6 0.0 677.6 625.9 0.0 48561.2 0.0 0.0 48561.212‐2023 979.7 1175.6 0.0 391.9 470.2 0.0 27858.1 0.0 0.0 27858.112‐2024 394.3 473.2 0.0 157.7 189.3 0.0 11212.7 0.0 0.0 11212.712‐2025S TOT 57358.9 43885.4 0.0 40348.2 28441.2 0.0 2914641.2 0.0 0.0 2914641.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 57358.9 43885.4 0.0 40348.2 28441.2 0.0 2914641.2 0.0 0.0 2914641.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 465.0 ‐50.9 19100.0 ‐19150.9 ‐18285.212‐2012 74.15 0.00 0.00 0.0 2373.0 23924.5 103720.1 381301.6 ‐277581.5 ‐246107.812‐2013 73.87 0.00 0.00 0.0 3527.0 34961.9 148048.6 0.0 148048.6 116819.012‐2014 72.43 0.00 0.00 0.0 2390.3 68025.3 266880.4 68510.7 198369.8 139913.012‐2015 71.82 0.00 0.00 0.0 1600.1 113092.8 425474.3 71145.7 354328.6 228903.012‐2016 71.74 0.00 0.00 0.0 1068.7 114127.5 427129.4 0.0 427129.4 253453.512‐2017 71.80 0.00 0.00 0.0 712.1 89802.5 333856.9 0.0 333856.9 180096.312‐2018 72.33 0.00 0.00 0.0 140.3 46689.0 170186.1 450.0 169736.1 83216.912‐2019 72.46 0.00 0.00 0.0 0.0 38690.4 139510.5 0.0 139510.5 62170.112‐2020 72.59 0.00 0.00 0.0 0.0 32431.9 115901.6 0.0 115901.6 46950.612‐2021 72.56 0.00 0.00 0.0 0.0 27219.7 95109.6 485.0 94624.6 34839.412‐2022 71.66 0.00 0.00 0.0 0.0 10601.6 37959.6 33600.0 4359.6 1147.512‐2023 71.09 0.00 0.00 0.0 0.0 6019.1 21839.1 0.0 21839.1 6652.312‐2024 71.09 0.00 0.00 0.0 0.0 2436.4 8776.3 4340.0 4436.3 1275.712‐2025S TOT 72.24 0.00 0.00 0.0 11811.6 608487.8 2294342.0 578933.0 1715408.8 891044.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 72.24 0.00 0.00 0.0 11811.6 608487.8 2294342.0 578933.0 1715408.8 891044.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 161.0 0.0 LIFE, YRS. 13.50 5.00 1227166.250GROSS ULT., MB & MMF 57358.902 43885.379 DISCOUNT % 10.00 10.00 891044.250GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.75 15.00 653713.125GROSS RES., MB & MMF 57358.902 43885.379 DISCOUNTED PAYOUT, YRS. 4.03 20.00 482441.500NET RES., MB & MMF 40348.168 28441.207 UNDISCOUNTED NET/INVEST. 3.96 25.00 356493.469NET REVENUE, M$ 2914641.250 0.000 DISCOUNTED NET/INVEST. 2.92 30.00 262353.750INITIAL PRICE, $ 71.748 0.000 RATE‐OF‐RETURN, PCT. 64.51 40.00 136226.078INITIAL N.I., PCT. 84.520 80.000 INITIAL W.I., PCT. 100.000 60.00 13500.78480.00 ‐35732.375100.00 ‐56401.219RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011COUNTRY OF COLUMBIA TIME : 14:29:28GRAND TOTAL DBS : DEMOPROBABLE UNDEVELOPEDSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 143.1 0.0 0.0 128.0 0.0 0.0 9138.4 0.0 0.0 9138.412‐2012 529.1 0.0 0.0 470.7 0.0 0.0 35386.6 0.0 0.0 35386.612‐2013 1138.9 262.3 25.2 940.2 145.2 20.1 71751.7 0.0 1288.5 73040.212‐2014 1206.8 310.8 29.8 940.9 172.1 23.9 71161.8 0.0 1527.0 72688.812‐2015 3841.1 233.7 22.4 3049.8 129.4 18.0 226261.8 0.0 1148.3 227410.012‐2016 17748.6 3381.9 324.7 14177.9 1872.8 259.7 1039251.1 0.0 16613.9 1055865.012‐2017 20906.6 3461.7 332.3 16703.9 1917.0 265.9 1224820.6 0.0 17006.0 1241826.812‐2018 15642.1 2597.4 249.4 11576.0 719.2 99.7 851194.5 0.0 6380.1 857574.512‐2019 12430.3 1948.9 187.1 9239.0 539.6 74.8 679647.1 0.0 4787.1 684434.212‐2020 10246.2 1462.3 140.4 7666.4 404.9 56.2 564210.6 0.0 3591.9 567802.412‐2021 8469.5 1092.0 104.8 6388.8 302.3 41.9 469180.4 0.0 2682.2 471862.712‐2022 1850.6 791.5 76.0 1200.8 219.2 30.4 87652.1 0.0 1944.2 89596.312‐2023 524.6 593.8 57.0 209.8 164.4 22.8 14916.3 0.0 1458.6 16374.912‐2024 210.9 238.7 22.9 84.4 66.1 9.2 5996.8 0.0 586.4 6583.312‐2025S TOT 94888.4 16375.3 1572.0 72776.7 6652.2 922.6 5350569.5 0.0 59014.3 5409584.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 94888.4 16375.3 1572.0 72776.7 6652.2 922.6 5350569.5 0.0 59014.3 5409584.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.37 0.00 0.00 0.0 1665.9 552.2 6920.2 6941.6 ‐21.4 ‐179.812‐2012 75.18 0.00 0.00 0.0 3839.9 3927.2 27619.5 40014.0 ‐12394.5 ‐10524.912‐2013 76.31 0.00 63.97 0.0 2590.1 12234.0 58216.1 29772.4 28443.7 21994.012‐2014 75.63 0.00 63.97 0.0 1755.4 13440.3 57493.1 2271.0 55222.1 39573.312‐2015 74.19 0.00 63.97 0.0 1175.1 47010.1 179224.8 272520.0 ‐93295.1 ‐60487.312‐2016 73.30 0.00 63.97 0.0 784.9 219788.0 835292.2 406308.0 428984.2 249084.012‐2017 73.33 0.00 63.97 0.0 247.0 259716.5 981863.2 81100.5 900762.7 484260.912‐2018 73.53 0.00 63.97 0.0 0.0 180780.0 676794.6 0.0 676794.6 331917.712‐2019 73.56 0.00 63.97 0.0 0.0 144386.0 540048.2 0.0 540048.2 240687.212‐2020 73.60 0.00 63.97 0.0 0.0 119898.8 447903.7 0.0 447903.7 181428.512‐2021 73.44 0.00 63.97 0.0 0.0 99661.5 372201.1 2440.0 369761.1 136114.412‐2022 72.99 0.00 63.97 0.0 0.0 18635.3 70961.0 88760.0 ‐17799.0 ‐6411.112‐2023 71.09 0.00 63.97 0.0 0.0 3194.3 13180.6 0.0 13180.6 4014.912‐2024 71.09 0.00 63.97 0.0 0.0 1288.8 5294.4 1540.0 3754.4 1069.812‐2025S TOT 73.52 0.00 63.97 0.0 12058.2 1124513.2 4273012.5 931667.6 3341345.5 1612541.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.52 0.00 63.97 0.0 12058.2 1124513.2 4273012.5 931667.6 3341345.5 1612541.6OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 339.0 0.0 LIFE, YRS. 13.50 5.00 2294769.000GROSS ULT., MB & MMF 94888.391 16375.258 DISCOUNT % 10.00 10.00 1612541.750GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.44 15.00 1156617.125GROSS RES., MB & MMF 94888.391 16375.258 DISCOUNTED PAYOUT, YRS. 2.49 20.00 845030.875NET RES., MB & MMF 72776.719 6652.250 UNDISCOUNTED NET/INVEST. 4.59 25.00 627740.938NET REVENUE, M$ 5350569.500 0.000 DISCOUNTED NET/INVEST. 3.87 30.00 473406.188INITIAL PRICE, $ 73.349 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 280200.844INITIAL N.I., PCT. 89.500 80.000 INITIAL W.I., PCT. 100.000 60.00 111808.71980.00 50877.645100.00 25429.082RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 01/25/2011COUNTRY OF PERU TIME : 10:14:21GRAND TOTAL DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLESCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 56.7 0.0 0.0 21.5 0.0 0.0 1580.3 0.0 0.0 1580.312‐2012 972.5 0.0 0.0 369.6 0.0 0.0 27118.4 0.0 0.0 27118.412‐2013 2384.2 0.0 0.0 903.7 0.0 0.0 66314.5 0.0 0.0 66314.512‐2014 3489.3 0.0 0.0 1315.9 0.0 0.0 96561.4 0.0 0.0 96561.412‐2015 4150.8 0.0 0.0 1560.5 0.0 0.0 114510.8 0.0 0.0 114510.812‐2016 3941.8 0.0 0.0 1483.5 0.0 0.0 108858.8 0.0 0.0 108858.812‐2017 2387.5 0.0 0.0 904.9 0.0 0.0 66400.7 0.0 0.0 66400.712‐2018 1583.8 0.0 0.0 601.8 0.0 0.0 44162.7 0.0 0.0 44162.712‐2019 1102.1 0.0 0.0 418.8 0.0 0.0 30730.0 0.0 0.0 30730.012‐2020 771.4 0.0 0.0 293.1 0.0 0.0 21510.6 0.0 0.0 21510.612‐2021 536.2 0.0 0.0 203.7 0.0 0.0 14951.2 0.0 0.0 14951.212‐2022 350.3 0.0 0.0 133.1 0.0 0.0 9768.6 0.0 0.0 9768.612‐2023 205.7 0.0 0.0 78.2 0.0 0.0 5736.9 0.0 0.0 5736.912‐2024 114.2 0.0 0.0 43.4 0.0 0.0 3183.4 0.0 0.0 3183.412‐2025 69.8 0.0 0.0 26.5 0.0 0.0 1946.0 0.0 0.0 1946.0S TOT 22116.3 0.0 0.0 8358.3 0.0 0.0 613334.2 0.0 0.0 613334.2AFTER 22.1 0.0 0.0 8.4 0.0 0.0 615.1 0.0 0.0 615.1TOTAL 22138.3 0.0 0.0 8366.7 0.0 0.0 613949.4 0.0 0.0 613949.4‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 73.38 0.00 0.00 0.0 0.0 90.7 1489.7 0.0 1489.7 1359.612‐2012 73.38 0.00 0.00 0.0 0.0 1556.0 25562.4 15720.0 9842.4 8423.512‐2013 73.38 0.00 0.00 0.0 0.0 3814.7 62499.7 18800.0 43699.7 34323.212‐2014 73.38 0.00 0.00 0.0 0.0 6120.8 90440.6 22800.0 67640.6 48335.312‐2015 73.38 0.00 0.00 0.0 0.0 7208.3 107302.5 22800.0 84502.5 54944.912‐2016 73.38 0.00 0.00 0.0 0.0 6625.9 102232.9 8800.0 93432.9 55365.412‐2017 73.38 0.00 0.00 0.0 0.0 4033.4 62367.3 0.0 62367.3 33699.812‐2018 73.38 0.00 0.00 0.0 0.0 2683.4 41479.3 0.0 41479.3 20362.212‐2019 73.38 0.00 0.00 0.0 0.0 1867.8 28862.2 0.0 28862.2 12878.712‐2020 73.38 0.00 0.00 0.0 0.0 1307.5 20203.1 0.0 20203.1 8195.412‐2021 73.38 0.00 0.00 0.0 0.0 909.1 14042.0 200.0 13842.0 5105.912‐2022 73.38 0.00 0.00 0.0 0.0 596.4 9172.2 1000.0 8172.2 2742.512‐2023 73.38 0.00 0.00 0.0 0.0 354.3 5382.6 1000.0 4382.6 1340.112‐2024 73.38 0.00 0.00 0.0 0.0 186.0 2997.3 200.0 2797.3 773.412‐2025 73.38 0.00 0.00 0.0 0.0 111.7 1834.3 800.0 1034.3 264.3S TOT 73.38 0.00 0.00 0.0 0.0 37466.1 575868.2 92120.0 483748.2 288114.2AFTER 73.38 0.00 0.00 0.0 0.0 35.3 579.9 1200.0 ‐620.1 ‐139.3TOTAL 73.38 0.00 0.00 0.0 0.0 37501.4 576448.0 93320.0 483128.1 287974.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 22.0 0.0 LIFE, YRS. 16.08 5.00 368507.531GROSS ULT., MB & MMF 22138.338 0.000 DISCOUNT % 10.00 10.00 287974.938GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 229756.359GROSS RES., MB & MMF 22138.338 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 186616.594NET RES., MB & MMF 8366.714 0.000 UNDISCOUNTED NET/INVEST. 6.18 25.00 153954.844NET REVENUE, M$ 613949.438 0.000 DISCOUNTED NET/INVEST. 5.36 30.00 128754.766INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 93243.602INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 54483.15680.00 35329.645100.00 24662.572RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011COUNTRY OF PERU TIME : 14:29:31GRAND TOTAL DBS : DEMOPROVED RESERVESSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 56.7 0.0 0.0 21.5 0.0 0.0 1580.3 0.0 0.0 1580.312‐2012 972.5 0.0 0.0 369.6 0.0 0.0 27118.4 0.0 0.0 27118.412‐2013 2384.2 0.0 0.0 903.7 0.0 0.0 66314.5 0.0 0.0 66314.512‐2014 3192.1 0.0 0.0 1205.5 0.0 0.0 88457.1 0.0 0.0 88457.112‐2015 1986.0 0.0 0.0 754.1 0.0 0.0 55333.8 0.0 0.0 55333.812‐2016 1275.5 0.0 0.0 484.7 0.0 0.0 35567.8 0.0 0.0 35567.812‐2017 883.4 0.0 0.0 335.7 0.0 0.0 24632.1 0.0 0.0 24632.112‐2018 618.3 0.0 0.0 235.0 0.0 0.0 17241.4 0.0 0.0 17241.412‐2019 432.8 0.0 0.0 164.5 0.0 0.0 12069.0 0.0 0.0 12069.012‐2020 303.0 0.0 0.0 115.1 0.0 0.0 8448.3 0.0 0.0 8448.312‐2021 208.3 0.0 0.0 79.1 0.0 0.0 5807.5 0.0 0.0 5807.512‐2022 120.8 0.0 0.0 45.9 0.0 0.0 3368.1 0.0 0.0 3368.112‐2023 45.1 0.0 0.0 17.1 0.0 0.0 1256.5 0.0 0.0 1256.512‐2024 1.7 0.0 0.0 0.6 0.0 0.0 47.1 0.0 0.0 47.112‐2025S TOT 12480.3 0.0 0.0 4732.1 0.0 0.0 347242.1 0.0 0.0 347242.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 12480.3 0.0 0.0 4732.1 0.0 0.0 347242.1 0.0 0.0 347242.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 73.38 0.00 0.00 0.0 0.0 90.7 1489.7 0.0 1489.7 1359.612‐2012 73.38 0.00 0.00 0.0 0.0 1556.0 25562.4 15720.0 9842.4 8423.512‐2013 73.38 0.00 0.00 0.0 0.0 3814.7 62499.7 18800.0 43699.7 34323.212‐2014 73.38 0.00 0.00 0.0 0.0 5645.3 82811.9 12800.0 70011.9 50047.212‐2015 73.38 0.00 0.00 0.0 0.0 3744.6 51589.2 0.0 51589.2 33743.812‐2016 73.38 0.00 0.00 0.0 0.0 2359.9 33207.9 0.0 33207.9 19726.912‐2017 73.38 0.00 0.00 0.0 0.0 1626.8 23005.2 0.0 23005.2 12421.012‐2018 73.38 0.00 0.00 0.0 0.0 1138.7 16102.8 0.0 16102.8 7903.812‐2019 73.38 0.00 0.00 0.0 0.0 797.1 11271.9 0.0 11271.9 5029.712‐2020 73.38 0.00 0.00 0.0 0.0 557.9 7890.4 0.0 7890.4 3200.712‐2021 73.38 0.00 0.00 0.0 0.0 384.5 5423.1 200.0 5223.1 1927.512‐2022 73.38 0.00 0.00 0.0 0.0 229.1 3139.0 1000.0 2139.0 719.812‐2023 73.38 0.00 0.00 0.0 0.0 97.2 1159.3 1000.0 159.3 53.012‐2024 73.38 0.00 0.00 0.0 0.0 6.1 41.0 200.0 ‐159.0 ‐45.712‐2025S TOT 73.38 0.00 0.00 0.0 0.0 22048.6 325193.5 49720.0 275473.5 178834.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 22048.6 325193.5 49720.0 275473.5 178834.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 12.0 0.0 LIFE, YRS. 13.17 5.00 219776.484GROSS ULT., MB & MMF 12480.330 0.000 DISCOUNT % 10.00 10.00 178834.094GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 147984.828GROSS RES., MB & MMF 12480.330 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 124238.188NET RES., MB & MMF 4732.107 0.000 UNDISCOUNTED NET/INVEST. 6.54 25.00 105615.773NET REVENUE, M$ 347242.062 0.000 DISCOUNTED NET/INVEST. 5.66 30.00 90772.297INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 68941.906INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 43349.41080.00 29625.867100.00 21489.988RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011COUNTRY OF PERU TIME : 14:29:31GRAND TOTAL DBS : DEMOPROVED UNDEVELOPEDSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 56.7 0.0 0.0 21.5 0.0 0.0 1580.3 0.0 0.0 1580.312‐2012 972.5 0.0 0.0 369.6 0.0 0.0 27118.4 0.0 0.0 27118.412‐2013 2384.2 0.0 0.0 903.7 0.0 0.0 66314.5 0.0 0.0 66314.512‐2014 3192.1 0.0 0.0 1205.5 0.0 0.0 88457.1 0.0 0.0 88457.112‐2015 1986.0 0.0 0.0 754.1 0.0 0.0 55333.8 0.0 0.0 55333.812‐2016 1275.5 0.0 0.0 484.7 0.0 0.0 35567.8 0.0 0.0 35567.812‐2017 883.4 0.0 0.0 335.7 0.0 0.0 24632.1 0.0 0.0 24632.112‐2018 618.3 0.0 0.0 235.0 0.0 0.0 17241.4 0.0 0.0 17241.412‐2019 432.8 0.0 0.0 164.5 0.0 0.0 12069.0 0.0 0.0 12069.012‐2020 303.0 0.0 0.0 115.1 0.0 0.0 8448.3 0.0 0.0 8448.312‐2021 208.3 0.0 0.0 79.1 0.0 0.0 5807.5 0.0 0.0 5807.512‐2022 120.8 0.0 0.0 45.9 0.0 0.0 3368.1 0.0 0.0 3368.112‐2023 45.1 0.0 0.0 17.1 0.0 0.0 1256.5 0.0 0.0 1256.512‐2024 1.7 0.0 0.0 0.6 0.0 0.0 47.1 0.0 0.0 47.112‐2025S TOT 12480.3 0.0 0.0 4732.1 0.0 0.0 347242.1 0.0 0.0 347242.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 12480.3 0.0 0.0 4732.1 0.0 0.0 347242.1 0.0 0.0 347242.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 73.38 0.00 0.00 0.0 0.0 90.7 1489.7 0.0 1489.7 1359.612‐2012 73.38 0.00 0.00 0.0 0.0 1556.0 25562.4 15720.0 9842.4 8423.512‐2013 73.38 0.00 0.00 0.0 0.0 3814.7 62499.7 18800.0 43699.7 34323.212‐2014 73.38 0.00 0.00 0.0 0.0 5645.3 82811.9 12800.0 70011.9 50047.212‐2015 73.38 0.00 0.00 0.0 0.0 3744.6 51589.2 0.0 51589.2 33743.812‐2016 73.38 0.00 0.00 0.0 0.0 2359.9 33207.9 0.0 33207.9 19726.912‐2017 73.38 0.00 0.00 0.0 0.0 1626.8 23005.2 0.0 23005.2 12421.012‐2018 73.38 0.00 0.00 0.0 0.0 1138.7 16102.8 0.0 16102.8 7903.812‐2019 73.38 0.00 0.00 0.0 0.0 797.1 11271.9 0.0 11271.9 5029.712‐2020 73.38 0.00 0.00 0.0 0.0 557.9 7890.4 0.0 7890.4 3200.712‐2021 73.38 0.00 0.00 0.0 0.0 384.5 5423.1 200.0 5223.1 1927.512‐2022 73.38 0.00 0.00 0.0 0.0 229.1 3139.0 1000.0 2139.0 719.812‐2023 73.38 0.00 0.00 0.0 0.0 97.2 1159.3 1000.0 159.3 53.012‐2024 73.38 0.00 0.00 0.0 0.0 6.1 41.0 200.0 ‐159.0 ‐45.712‐2025S TOT 73.38 0.00 0.00 0.0 0.0 22048.6 325193.5 49720.0 275473.5 178834.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 22048.6 325193.5 49720.0 275473.5 178834.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 12.0 0.0 LIFE, YRS. 13.17 5.00 219776.484GROSS ULT., MB & MMF 12480.330 0.000 DISCOUNT % 10.00 10.00 178834.094GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 147984.828GROSS RES., MB & MMF 12480.330 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 124238.188NET RES., MB & MMF 4732.107 0.000 UNDISCOUNTED NET/INVEST. 6.54 25.00 105615.773NET REVENUE, M$ 347242.062 0.000 DISCOUNTED NET/INVEST. 5.66 30.00 90772.297INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 68941.906INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 43349.41080.00 29625.867100.00 21489.988RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 02/01/2011COUNTRY OF PERU TIME : 14:29:31GRAND TOTAL DBS : DEMOPROBABLE UNDEVELOPEDSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 297.2 0.0 0.0 110.4 0.0 0.0 8104.3 0.0 0.0 8104.312‐2015 2164.8 0.0 0.0 806.4 0.0 0.0 59177.0 0.0 0.0 59177.012‐2016 2666.3 0.0 0.0 998.8 0.0 0.0 73291.0 0.0 0.0 73291.012‐2017 1504.1 0.0 0.0 569.2 0.0 0.0 41768.6 0.0 0.0 41768.612‐2018 965.5 0.0 0.0 366.9 0.0 0.0 26921.3 0.0 0.0 26921.312‐2019 669.2 0.0 0.0 254.3 0.0 0.0 18661.0 0.0 0.0 18661.012‐2020 468.4 0.0 0.0 178.0 0.0 0.0 13062.3 0.0 0.0 13062.312‐2021 327.9 0.0 0.0 124.6 0.0 0.0 9143.6 0.0 0.0 9143.612‐2022 229.5 0.0 0.0 87.2 0.0 0.0 6400.5 0.0 0.0 6400.512‐2023 160.7 0.0 0.0 61.1 0.0 0.0 4480.4 0.0 0.0 4480.412‐2024 112.5 0.0 0.0 42.7 0.0 0.0 3136.3 0.0 0.0 3136.312‐2025 69.8 0.0 0.0 26.5 0.0 0.0 1946.0 0.0 0.0 1946.0S TOT 9635.9 0.0 0.0 3626.2 0.0 0.0 266092.3 0.0 0.0 266092.3AFTER 22.1 0.0 0.0 8.4 0.0 0.0 615.1 0.0 0.0 615.1TOTAL 9658.0 0.0 0.0 3634.6 0.0 0.0 266707.4 0.0 0.0 266707.4‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 73.38 0.00 0.00 0.0 0.0 475.5 7628.7 10000.0 ‐2371.3 ‐1711.912‐2015 73.38 0.00 0.00 0.0 0.0 3463.7 55713.3 22800.0 32913.3 21201.012‐2016 73.38 0.00 0.00 0.0 0.0 4266.0 69025.0 8800.0 60225.0 35638.512‐2017 73.38 0.00 0.00 0.0 0.0 2406.5 39362.0 0.0 39362.0 21278.812‐2018 73.38 0.00 0.00 0.0 0.0 1544.7 25376.6 0.0 25376.6 12458.412‐2019 73.38 0.00 0.00 0.0 0.0 1070.8 17590.3 0.0 17590.3 7849.012‐2020 73.38 0.00 0.00 0.0 0.0 749.5 12312.8 0.0 12312.8 4994.712‐2021 73.38 0.00 0.00 0.0 0.0 524.7 8618.9 0.0 8618.9 3178.412‐2022 73.38 0.00 0.00 0.0 0.0 367.3 6033.3 0.0 6033.3 2022.612‐2023 73.38 0.00 0.00 0.0 0.0 257.1 4223.3 0.0 4223.3 1287.112‐2024 73.38 0.00 0.00 0.0 0.0 180.0 2956.3 0.0 2956.3 819.112‐2025 73.38 0.00 0.00 0.0 0.0 111.7 1834.3 800.0 1034.3 264.3S TOT 73.38 0.00 0.00 0.0 0.0 15417.5 250674.8 42400.0 208274.8 109280.1AFTER 73.38 0.00 0.00 0.0 0.0 35.3 579.9 1200.0 ‐620.1 ‐139.3TOTAL 73.38 0.00 0.00 0.0 0.0 15452.8 251254.6 43600.0 207654.6 109140.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 10.0 0.0 LIFE, YRS. 16.08 5.00 148731.047GROSS ULT., MB & MMF 9658.003 0.000 DISCOUNT % 10.00 10.00 109140.844GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.07 15.00 81771.516GROSS RES., MB & MMF 9658.003 0.000 DISCOUNTED PAYOUT, YRS. 4.08 20.00 62378.406NET RES., MB & MMF 3634.607 0.000 UNDISCOUNTED NET/INVEST. 5.76 25.00 48339.078NET REVENUE, M$ 266707.438 0.000 DISCOUNTED NET/INVEST. 4.93 30.00 37982.484INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 24301.697INITIAL N.I., PCT. 37.160 0.000 INITIAL W.I., PCT. 40.000 60.00 11133.74380.00 5703.776100.00 3172.584RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/25/2011GRAND TOTALS TIME : 10:34:45TOTAL PROVED RESERVES DBS : DEMOSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 126.6 0.0 0.0 99.6 0.0 0.0 8163.0 0.0 0.0 8163.012‐2012 177.3 0.0 0.0 143.8 0.0 0.0 11784.4 0.0 0.0 11784.412‐2013 155.9 0.0 0.0 126.4 0.0 0.0 10362.5 0.0 0.0 10362.512‐2014 139.0 0.0 0.0 94.8 0.0 0.0 7766.0 0.0 0.0 7766.012‐2015 125.1 0.0 0.0 51.0 0.0 0.0 4175.9 0.0 0.0 4175.912‐2016 112.3 0.0 0.0 45.9 0.0 0.0 3759.6 0.0 0.0 3759.612‐2017 100.1 0.0 0.0 40.9 0.0 0.0 3352.7 0.0 0.0 3352.712‐2018 89.6 0.0 0.0 36.7 0.0 0.0 3007.6 0.0 0.0 3007.612‐2019 81.0 0.0 0.0 33.3 0.0 0.0 2725.1 0.0 0.0 2725.112‐2020 73.2 0.0 0.0 30.1 0.0 0.0 2470.5 0.0 0.0 2470.512‐2021 18.2 0.0 0.0 8.1 0.0 0.0 663.9 0.0 0.0 663.912‐2022 12.5 0.0 0.0 5.8 0.0 0.0 472.1 0.0 0.0 472.112‐2023 11.5 0.0 0.0 5.3 0.0 0.0 434.3 0.0 0.0 434.312‐2024 10.6 0.0 0.0 4.9 0.0 0.0 399.6 0.0 0.0 399.612‐2025 9.8 0.0 0.0 4.5 0.0 0.0 367.6 0.0 0.0 367.6S TOT 1242.6 0.0 0.0 730.9 0.0 0.0 59905.0 0.0 0.0 59905.0AFTER 26.0 0.0 0.0 12.0 0.0 0.0 981.1 0.0 0.0 981.1TOTAL 1268.7 0.0 0.0 742.9 0.0 0.0 60886.1 0.0 0.0 60886.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 2208.9 5954.0 5500.0 454.0 621.612‐2012 81.96 0.00 0.00 0.0 0.0 2048.5 9735.9 0.0 9735.9 8450.312‐2013 81.96 0.00 0.00 0.0 0.0 1908.0 8454.5 370.0 8084.5 6374.312‐2014 81.96 0.00 0.00 0.0 0.0 1494.0 6272.0 0.0 6272.0 4526.412‐2015 81.96 0.00 0.00 0.0 0.0 838.9 3337.0 0.0 3337.0 2175.912‐2016 81.96 0.00 0.00 0.0 0.0 791.2 2968.4 0.0 2968.4 1759.812‐2017 81.96 0.00 0.00 0.0 0.0 745.1 2607.6 ‐1005.0 3612.6 1942.012‐2018 81.96 0.00 0.00 0.0 0.0 703.6 2304.0 0.0 2304.0 1128.812‐2019 81.96 0.00 0.00 0.0 0.0 673.3 2051.9 0.0 2051.9 913.812‐2020 81.96 0.00 0.00 0.0 0.0 646.5 1823.9 0.0 1823.9 738.512‐2021 81.95 0.00 0.00 0.0 0.0 114.9 549.0 435.0 114.0 36.012‐2022 81.95 0.00 0.00 0.0 0.0 62.6 409.5 0.0 409.5 137.012‐2023 81.95 0.00 0.00 0.0 0.0 57.6 376.7 0.0 376.7 114.612‐2024 81.95 0.00 0.00 0.0 0.0 53.0 346.6 0.0 346.6 95.812‐2025 81.95 0.00 0.00 0.0 0.0 48.8 318.9 0.0 318.9 80.1S TOT 81.96 0.00 0.00 0.0 0.0 12395.0 47510.0 5300.0 42210.0 29095.0AFTER 81.95 0.00 0.00 0.0 0.0 130.1 851.0 155.0 696.0 149.4TOTAL 81.96 0.00 0.00 0.0 0.0 12525.1 48360.9 5455.0 42905.9 29244.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 9.0 0.0 LIFE, YRS. 18.17 5.00 34900.426GROSS ULT., MB & MMF 4690.392 0.000 DISCOUNT % 10.00 10.00 29244.396GROSS CUM., MB & MMF 3421.722 0.000 UNDISCOUNTED PAYOUT, YRS. 0.92 15.00 25074.449GROSS RES., MB & MMF 1268.669 0.000 DISCOUNTED PAYOUT, YRS. 0.89 20.00 21893.457NET RES., MB & MMF 742.903 0.000 UNDISCOUNTED NET/INVEST. 8.87 25.00 19398.830NET REVENUE, M$ 60886.047 0.000 DISCOUNTED NET/INVEST. 6.85 30.00 17397.434INITIAL PRICE, $ 81.957 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 14401.308INITIAL N.I., PCT. 71.507 0.000 INITIAL W.I., PCT. 93.196 60.00 10708.58280.00 8554.767100.00 7162.603ALCARAVAN A BLOCK DATE : 01/24/2011COUNTRY OF COLUMBIA TIME : 13:39:11LOS HATOS FIELD DBS : DEMORALPH E. DAVIS ASSOCIATES, INC.F‐1529

SUMMARYPROVED PRODUCINGSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 31.3 0.0 0.0 28.8 0.0 0.0 2362.7 0.0 0.0 2362.712‐2012 28.8 0.0 0.0 26.5 0.0 0.0 2173.7 0.0 0.0 2173.712‐2013 26.5 0.0 0.0 24.4 0.0 0.0 1999.8 0.0 0.0 1999.812‐2014 24.4 0.0 0.0 18.8 0.0 0.0 1541.7 0.0 0.0 1541.712‐2015 22.5 0.0 0.0 10.3 0.0 0.0 846.3 0.0 0.0 846.312‐2016 20.7 0.0 0.0 9.5 0.0 0.0 778.6 0.0 0.0 778.612‐2017 19.0 0.0 0.0 8.7 0.0 0.0 716.3 0.0 0.0 716.312‐2018 17.5 0.0 0.0 8.0 0.0 0.0 659.0 0.0 0.0 659.012‐2019 16.1 0.0 0.0 7.4 0.0 0.0 606.3 0.0 0.0 606.312‐2020 14.8 0.0 0.0 6.8 0.0 0.0 557.8 0.0 0.0 557.812‐2021 13.6 0.0 0.0 6.3 0.0 0.0 513.2 0.0 0.0 513.212‐2022 12.5 0.0 0.0 5.8 0.0 0.0 472.1 0.0 0.0 472.112‐2023 11.5 0.0 0.0 5.3 0.0 0.0 434.3 0.0 0.0 434.312‐2024 10.6 0.0 0.0 4.9 0.0 0.0 399.6 0.0 0.0 399.612‐2025 9.8 0.0 0.0 4.5 0.0 0.0 367.6 0.0 0.0 367.6S TOT 279.6 0.0 0.0 176.1 0.0 0.0 14429.1 0.0 0.0 14429.1AFTER 26.0 0.0 0.0 12.0 0.0 0.0 981.1 0.0 0.0 981.1TOTAL 305.6 0.0 0.0 188.0 0.0 0.0 15410.2 0.0 0.0 15410.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.95 0.00 0.00 0.0 0.0 313.4 2049.3 0.0 2049.3 1956.012‐2012 81.95 0.00 0.00 0.0 0.0 288.3 1885.4 0.0 1885.4 1635.912‐2013 81.95 0.00 0.00 0.0 0.0 265.2 1734.6 0.0 1734.6 1368.212‐2014 81.95 0.00 0.00 0.0 0.0 204.5 1337.2 0.0 1337.2 964.812‐2015 81.95 0.00 0.00 0.0 0.0 112.3 734.1 0.0 734.1 478.512‐2016 81.95 0.00 0.00 0.0 0.0 103.3 675.3 0.0 675.3 400.212‐2017 81.95 0.00 0.00 0.0 0.0 95.0 621.3 0.0 621.3 334.712‐2018 81.95 0.00 0.00 0.0 0.0 87.4 571.6 0.0 571.6 280.012‐2019 81.95 0.00 0.00 0.0 0.0 80.4 525.9 0.0 525.9 234.212‐2020 81.95 0.00 0.00 0.0 0.0 74.0 483.8 0.0 483.8 195.812‐2021 81.95 0.00 0.00 0.0 0.0 68.1 445.1 0.0 445.1 163.812‐2022 81.95 0.00 0.00 0.0 0.0 62.6 409.5 0.0 409.5 137.012‐2023 81.95 0.00 0.00 0.0 0.0 57.6 376.7 0.0 376.7 114.612‐2024 81.95 0.00 0.00 0.0 0.0 53.0 346.6 0.0 346.6 95.812‐2025 81.95 0.00 0.00 0.0 0.0 48.8 318.9 0.0 318.9 80.1S TOT 81.95 0.00 0.00 0.0 0.0 1913.8 12515.3 0.0 12515.3 8439.7AFTER 81.95 0.00 0.00 0.0 0.0 130.1 851.0 155.0 696.0 149.4TOTAL 81.95 0.00 0.00 0.0 0.0 2044.0 13366.2 155.0 13211.2 8589.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 18.17 5.00 10387.276GROSS ULT., MB & MMF 547.329 0.000 DISCOUNT % 10.00 10.00 8589.080GROSS CUM., MB & MMF 241.726 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 7364.839GROSS RES., MB & MMF 305.603 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 6483.586NET RES., MB & MMF 188.044 0.000 UNDISCOUNTED NET/INVEST. 86.23 25.00 5819.761NET REVENUE, M$ 15410.171 0.000 DISCOUNTED NET/INVEST. 311.55 30.00 5301.095INITIAL PRICE, $ 81.950 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 4539.959INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3605.67880.00 3046.229100.00 2670.415ALCARAVAN A BLOCK DATE : 01/24/2011LOS HATOS FIELD, LLANOS BASIN TIME : 13:39:11COLOMBIA DBS : DEMORALPH E. DAVIS ASSOCIATES, INC.F‐1529

HATOS , RESERVOIRPROVED PRODUCINGSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 31.3 0.0 0.0 28.8 0.0 0.0 2362.7 0.0 0.0 2362.712‐2012 28.8 0.0 0.0 26.5 0.0 0.0 2173.7 0.0 0.0 2173.712‐2013 26.5 0.0 0.0 24.4 0.0 0.0 1999.8 0.0 0.0 1999.812‐2014 24.4 0.0 0.0 18.8 0.0 0.0 1541.7 0.0 0.0 1541.712‐2015 22.5 0.0 0.0 10.3 0.0 0.0 846.3 0.0 0.0 846.312‐2016 20.7 0.0 0.0 9.5 0.0 0.0 778.6 0.0 0.0 778.612‐2017 19.0 0.0 0.0 8.7 0.0 0.0 716.3 0.0 0.0 716.312‐2018 17.5 0.0 0.0 8.0 0.0 0.0 659.0 0.0 0.0 659.012‐2019 16.1 0.0 0.0 7.4 0.0 0.0 606.3 0.0 0.0 606.312‐2020 14.8 0.0 0.0 6.8 0.0 0.0 557.8 0.0 0.0 557.812‐2021 13.6 0.0 0.0 6.3 0.0 0.0 513.2 0.0 0.0 513.212‐2022 12.5 0.0 0.0 5.8 0.0 0.0 472.1 0.0 0.0 472.112‐2023 11.5 0.0 0.0 5.3 0.0 0.0 434.3 0.0 0.0 434.312‐2024 10.6 0.0 0.0 4.9 0.0 0.0 399.6 0.0 0.0 399.612‐2025 9.8 0.0 0.0 4.5 0.0 0.0 367.6 0.0 0.0 367.6S TOT 279.6 0.0 0.0 176.1 0.0 0.0 14429.1 0.0 0.0 14429.1AFTER 26.0 0.0 0.0 12.0 0.0 0.0 981.1 0.0 0.0 981.1TOTAL 305.6 0.0 0.0 188.0 0.0 0.0 15410.2 0.0 0.0 15410.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.95 0.00 0.00 0.0 0.0 313.4 2049.3 0.0 2049.3 1956.012‐2012 81.95 0.00 0.00 0.0 0.0 288.3 1885.4 0.0 1885.4 1635.912‐2013 81.95 0.00 0.00 0.0 0.0 265.2 1734.6 0.0 1734.6 1368.212‐2014 81.95 0.00 0.00 0.0 0.0 204.5 1337.2 0.0 1337.2 964.812‐2015 81.95 0.00 0.00 0.0 0.0 112.3 734.1 0.0 734.1 478.512‐2016 81.95 0.00 0.00 0.0 0.0 103.3 675.3 0.0 675.3 400.212‐2017 81.95 0.00 0.00 0.0 0.0 95.0 621.3 0.0 621.3 334.712‐2018 81.95 0.00 0.00 0.0 0.0 87.4 571.6 0.0 571.6 280.012‐2019 81.95 0.00 0.00 0.0 0.0 80.4 525.9 0.0 525.9 234.212‐2020 81.95 0.00 0.00 0.0 0.0 74.0 483.8 0.0 483.8 195.812‐2021 81.95 0.00 0.00 0.0 0.0 68.1 445.1 0.0 445.1 163.812‐2022 81.95 0.00 0.00 0.0 0.0 62.6 409.5 0.0 409.5 137.012‐2023 81.95 0.00 0.00 0.0 0.0 57.6 376.7 0.0 376.7 114.612‐2024 81.95 0.00 0.00 0.0 0.0 53.0 346.6 0.0 346.6 95.812‐2025 81.95 0.00 0.00 0.0 0.0 48.8 318.9 0.0 318.9 80.1S TOT 81.95 0.00 0.00 0.0 0.0 1913.8 12515.3 0.0 12515.3 8439.7AFTER 81.95 0.00 0.00 0.0 0.0 130.1 851.0 155.0 696.0 149.4TOTAL 81.95 0.00 0.00 0.0 0.0 2044.0 13366.2 155.0 13211.2 8589.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 18.17 5.00 10387.276GROSS ULT., MB & MMF 547.329 0.000 DISCOUNT % 10.00 10.00 8589.080GROSS CUM., MB & MMF 241.726 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 7364.839GROSS RES., MB & MMF 305.603 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 6483.586NET RES., MB & MMF 188.044 0.000 UNDISCOUNTED NET/INVEST. 86.23 25.00 5819.761NET REVENUE, M$ 15410.171 0.000 DISCOUNTED NET/INVEST. 311.55 30.00 5301.095INITIAL PRICE, $ 81.950 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 4539.959INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3605.67880.00 3046.229100.00 2670.415RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:13PALO BLANCO FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 85.7 0.0 0.0 62.5 0.0 0.0 5118.5 0.0 0.0 5118.512‐2012 74.9 0.0 0.0 54.7 0.0 0.0 4482.7 0.0 0.0 4482.712‐2013 65.5 0.0 0.0 47.9 0.0 0.0 3929.1 0.0 0.0 3929.112‐2014 57.3 0.0 0.0 35.3 0.0 0.0 2897.0 0.0 0.0 2897.012‐2015 50.2 0.0 0.0 18.5 0.0 0.0 1512.9 0.0 0.0 1512.912‐2016 43.7 0.0 0.0 16.1 0.0 0.0 1318.3 0.0 0.0 1318.312‐2017 37.1 0.0 0.0 13.6 0.0 0.0 1114.5 0.0 0.0 1114.512‐2018 31.9 0.0 0.0 11.7 0.0 0.0 955.6 0.0 0.0 955.612‐2019 28.1 0.0 0.0 10.3 0.0 0.0 843.9 0.0 0.0 843.912‐2020 24.7 0.0 0.0 9.1 0.0 0.0 745.7 0.0 0.0 745.712‐2021 1.9 0.0 0.0 0.7 0.0 0.0 58.1 0.0 0.0 58.112‐202212‐202312‐202412‐2025S TOT 501.0 0.0 0.0 280.3 0.0 0.0 22976.2 0.0 0.0 22976.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 501.0 0.0 0.0 280.3 0.0 0.0 22976.2 0.0 0.0 22976.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 1895.4 3223.0 0.0 3223.0 3078.212‐2012 81.96 0.00 0.00 0.0 0.0 1759.8 2722.9 0.0 2722.9 2364.212‐2013 81.96 0.00 0.00 0.0 0.0 1642.5 2286.6 0.0 2286.6 1805.012‐2014 81.96 0.00 0.00 0.0 0.0 1289.3 1607.7 0.0 1607.7 1160.812‐2015 81.96 0.00 0.00 0.0 0.0 726.5 786.4 0.0 786.4 513.112‐2016 81.96 0.00 0.00 0.0 0.0 687.8 630.4 0.0 630.4 374.212‐2017 81.96 0.00 0.00 0.0 0.0 650.0 464.5 ‐1005.0 1469.5 787.412‐2018 81.96 0.00 0.00 0.0 0.0 616.1 339.6 0.0 339.6 166.612‐2019 81.96 0.00 0.00 0.0 0.0 592.8 251.1 0.0 251.1 112.012‐2020 81.96 0.00 0.00 0.0 0.0 572.5 173.2 0.0 173.2 70.312‐2021 81.96 0.00 0.00 0.0 0.0 46.9 11.2 250.0 ‐238.8 ‐92.112‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 10479.6 12496.6 ‐755.0 13251.6 10339.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 10479.6 12496.6 ‐755.0 13251.6 10339.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 6.0 0.0 LIFE, YRS. 10.08 5.00 11613.617GROSS ULT., MB & MMF 3021.368 0.000 DISCOUNT % 10.00 10.00 10339.819GROSS CUM., MB & MMF 2520.381 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 9328.409GROSS RES., MB & MMF 500.988 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 8510.232NET RES., MB & MMF 280.339 0.000 UNDISCOUNTED NET/INVEST. ‐16.55 25.00 7837.278NET REVENUE, M$ 22976.225 0.000 DISCOUNTED NET/INVEST. ‐22.49 30.00 7275.507INITIAL PRICE, $ 81.957 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 6393.617INITIAL N.I., PCT. 63.986 0.000 INITIAL W.I., PCT. 85.780 60.00 5224.52480.00 4485.881100.00 3976.062RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:13PALO BLANCO FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED NON‐PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 3.5 0.0 0.0 3.3 0.0 0.0 267.7 0.0 0.0 267.712‐2012 5.2 0.0 0.0 4.8 0.0 0.0 389.8 0.0 0.0 389.812‐2013 1.3 0.0 0.0 1.2 0.0 0.0 96.8 0.0 0.0 96.812‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 10.0 0.0 0.0 9.2 0.0 0.0 754.3 0.0 0.0 754.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 10.0 0.0 0.0 9.2 0.0 0.0 754.3 0.0 0.0 754.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 0.1 267.6 0.0 267.6 249.312‐2012 81.96 0.00 0.00 0.0 0.0 0.2 389.6 0.0 389.6 339.012‐2013 81.96 0.00 0.00 0.0 0.0 0.1 96.8 370.0 ‐273.2 ‐219.812‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 0.4 753.9 370.0 383.9 368.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 0.4 753.9 370.0 383.9 368.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 2.33 5.00 376.380GROSS ULT., MB & MMF 669.620 0.000 DISCOUNT % 10.00 10.00 368.466GROSS CUM., MB & MMF 659.616 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 360.385GROSS RES., MB & MMF 10.004 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 352.277NET RES., MB & MMF 9.203 0.000 UNDISCOUNTED NET/INVEST. 2.04 25.00 344.237NET REVENUE, M$ 754.304 0.000 DISCOUNTED NET/INVEST. 2.23 30.00 336.330INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 321.081INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 293.32580.00 269.314100.00 248.659ALCARAVAN A BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:13PALO BLANCO FIELD DBS : DEMORALPH E. DAVIS ASSOCIATES, INC.F‐1529

SUMMARYPROVED UNDEVELOPEDSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 6.0 0.0 0.0 5.1 0.0 0.0 414.1 0.0 0.0 414.112‐2012 68.4 0.0 0.0 57.8 0.0 0.0 4738.2 0.0 0.0 4738.212‐2013 62.6 0.0 0.0 52.9 0.0 0.0 4336.8 0.0 0.0 4336.812‐2014 57.3 0.0 0.0 40.6 0.0 0.0 3327.3 0.0 0.0 3327.312‐2015 52.4 0.0 0.0 22.2 0.0 0.0 1816.6 0.0 0.0 1816.612‐2016 48.0 0.0 0.0 20.3 0.0 0.0 1662.7 0.0 0.0 1662.712‐2017 43.9 0.0 0.0 18.6 0.0 0.0 1521.9 0.0 0.0 1521.912‐2018 40.2 0.0 0.0 17.0 0.0 0.0 1393.0 0.0 0.0 1393.012‐2019 36.8 0.0 0.0 15.6 0.0 0.0 1275.0 0.0 0.0 1275.012‐2020 33.7 0.0 0.0 14.2 0.0 0.0 1167.0 0.0 0.0 1167.012‐2021 2.7 0.0 0.0 1.1 0.0 0.0 92.7 0.0 0.0 92.712‐202212‐202312‐202412‐2025S TOT 452.1 0.0 0.0 265.3 0.0 0.0 21745.4 0.0 0.0 21745.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 452.1 0.0 0.0 265.3 0.0 0.0 21745.4 0.0 0.0 21745.4‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 0.0 414.1 5500.0 ‐5085.9 ‐4661.912‐2012 81.96 0.00 0.00 0.0 0.0 0.2 4738.0 0.0 4738.0 4111.212‐2013 81.96 0.00 0.00 0.0 0.0 0.2 4336.6 0.0 4336.6 3420.912‐2014 81.96 0.00 0.00 0.0 0.0 0.2 3327.2 0.0 3327.2 2400.812‐2015 81.96 0.00 0.00 0.0 0.0 0.1 1816.5 0.0 1816.5 1184.212‐2016 81.96 0.00 0.00 0.0 0.0 0.1 1662.6 0.0 1662.6 985.412‐2017 81.96 0.00 0.00 0.0 0.0 0.1 1521.8 0.0 1521.8 819.912‐2018 81.96 0.00 0.00 0.0 0.0 0.1 1392.9 0.0 1392.9 682.212‐2019 81.96 0.00 0.00 0.0 0.0 0.1 1274.9 0.0 1274.9 567.712‐2020 81.96 0.00 0.00 0.0 0.0 0.1 1166.9 0.0 1166.9 472.412‐2021 81.96 0.00 0.00 0.0 0.0 0.0 92.7 185.0 ‐92.3 ‐35.712‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 1.2 21744.1 5685.0 16059.1 9947.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 1.2 21744.1 5685.0 16059.1 9947.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 12523.154GROSS ULT., MB & MMF 452.075 0.000 DISCOUNT % 10.00 10.00 9947.030GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.08 15.00 8020.816GROSS RES., MB & MMF 452.075 0.000 DISCOUNTED PAYOUT, YRS. 2.16 20.00 6547.363NET RES., MB & MMF 265.317 0.000 UNDISCOUNTED NET/INVEST. 3.82 25.00 5397.555NET REVENUE, M$ 21745.355 0.000 DISCOUNTED NET/INVEST. 2.95 30.00 4484.501INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 3146.652INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 1585.05580.00 753.343100.00 267.467RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:14PALO BLANCO FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 128.1 0.0 0.0 108.3 0.0 0.0 8876.1 0.0 0.0 8876.112‐2013 320.7 0.0 0.0 271.1 0.0 0.0 22218.7 0.0 0.0 22218.712‐2014 302.6 0.0 0.0 255.8 0.0 0.0 20961.3 0.0 0.0 20961.312‐2015 275.1 0.0 0.0 232.5 0.0 0.0 19056.5 0.0 0.0 19056.512‐2016 250.1 0.0 0.0 211.4 0.0 0.0 17324.7 0.0 0.0 17324.712‐2017 227.4 0.0 0.0 192.2 0.0 0.0 15750.3 0.0 0.0 15750.312‐2018 206.7 0.0 0.0 174.7 0.0 0.0 14319.0 0.0 0.0 14319.012‐2019 187.9 0.0 0.0 158.8 0.0 0.0 13017.8 0.0 0.0 13017.812‐2020 170.8 0.0 0.0 144.4 0.0 0.0 11834.8 0.0 0.0 11834.812‐2021 13.5 0.0 0.0 11.4 0.0 0.0 936.3 0.0 0.0 936.312‐202212‐202312‐202412‐2025S TOT 2083.0 0.0 0.0 1760.6 0.0 0.0 144295.6 0.0 0.0 144295.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 2083.0 0.0 0.0 1760.6 0.0 0.0 144295.6 0.0 0.0 144295.6‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 2178.3 6697.9 22000.0 ‐15302.1 ‐13294.112‐2013 81.96 0.00 0.00 0.0 0.0 5452.6 16766.0 5500.0 11266.0 8732.812‐2014 81.96 0.00 0.00 0.0 0.0 5144.1 15817.2 0.0 15817.2 11343.512‐2015 81.96 0.00 0.00 0.0 0.0 4676.6 14379.9 0.0 14379.9 9375.112‐2016 81.96 0.00 0.00 0.0 0.0 4251.6 13073.1 0.0 13073.1 7748.312‐2017 81.96 0.00 0.00 0.0 0.0 3865.3 11885.1 0.0 11885.1 6403.812‐2018 81.96 0.00 0.00 0.0 0.0 3514.0 10805.0 0.0 10805.0 5292.612‐2019 81.96 0.00 0.00 0.0 0.0 3194.7 9823.1 0.0 9823.1 4374.212‐2020 81.96 0.00 0.00 0.0 0.0 2904.4 8930.5 0.0 8930.5 3615.212‐2021 81.96 0.00 0.00 0.0 0.0 229.8 706.5 1850.0 ‐1143.5 ‐441.912‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 35411.2 108884.4 29350.0 79534.4 43149.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 35411.2 108884.4 29350.0 79534.4 43149.6OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 5.0 0.0 LIFE, YRS. 10.08 5.00 58109.539GROSS ULT., MB & MMF 2083.011 0.000 DISCOUNT % 10.00 10.00 43149.621GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.26 15.00 32457.281GROSS RES., MB & MMF 2083.011 0.000 DISCOUNTED PAYOUT, YRS. 3.40 20.00 24655.629NET RES., MB & MMF 1760.561 0.000 UNDISCOUNTED NET/INVEST. 3.71 25.00 18858.215NET REVENUE, M$ 144295.578 0.000 DISCOUNTED NET/INVEST. 2.78 30.00 14479.958INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 79.80 40.00 8523.810INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 2533.22980.00 ‐20.440100.00 ‐1191.645ALCARAVAN A BLOCK DATE : 01/24/2011RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:12COLOMBIA DBS : DEMOCAJARO , RESERVOIRSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 20.2 0.0 0.0 9.3 0.0 0.0 761.9 0.0 0.0 761.912‐2012 17.2 0.0 0.0 7.9 0.0 0.0 647.6 0.0 0.0 647.612‐2013 14.6 0.0 0.0 6.7 0.0 0.0 550.4 0.0 0.0 550.412‐2014 12.4 0.0 0.0 4.8 0.0 0.0 394.1 0.0 0.0 394.112‐2015 10.5 0.0 0.0 2.4 0.0 0.0 198.8 0.0 0.0 198.812‐2016 9.0 0.0 0.0 2.1 0.0 0.0 169.0 0.0 0.0 169.012‐2017 7.6 0.0 0.0 1.8 0.0 0.0 143.7 0.0 0.0 143.712‐2018 6.5 0.0 0.0 1.5 0.0 0.0 122.1 0.0 0.0 122.112‐2019 5.5 0.0 0.0 1.3 0.0 0.0 103.8 0.0 0.0 103.812‐2020 4.7 0.0 0.0 1.1 0.0 0.0 88.2 0.0 0.0 88.212‐2021 0.4 0.0 0.0 0.1 0.0 0.0 6.7 0.0 0.0 6.712‐202212‐202312‐202412‐2025S TOT 108.6 0.0 0.0 38.9 0.0 0.0 3186.3 0.0 0.0 3186.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 108.6 0.0 0.0 38.9 0.0 0.0 3186.3 0.0 0.0 3186.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.95 0.00 0.00 0.0 0.0 242.5 519.3 0.0 519.3 496.012‐2012 81.95 0.00 0.00 0.0 0.0 206.1 441.4 0.0 441.4 383.312‐2013 81.95 0.00 0.00 0.0 0.0 175.2 375.2 0.0 375.2 296.212‐2014 81.95 0.00 0.00 0.0 0.0 125.4 268.6 0.0 268.6 193.912‐2015 81.95 0.00 0.00 0.0 0.0 63.3 135.5 0.0 135.5 88.412‐2016 81.95 0.00 0.00 0.0 0.0 53.8 115.2 0.0 115.2 68.312‐2017 81.95 0.00 0.00 0.0 0.0 45.7 97.9 0.0 97.9 52.812‐2018 81.95 0.00 0.00 0.0 0.0 38.9 83.2 0.0 83.2 40.812‐2019 81.95 0.00 0.00 0.0 0.0 33.0 70.8 0.0 70.8 31.512‐2020 81.95 0.00 0.00 0.0 0.0 28.1 60.1 0.0 60.1 24.412‐2021 81.95 0.00 0.00 0.0 0.0 2.1 4.6 80.0 ‐75.4 ‐29.112‐202212‐202312‐202412‐2025S TOT 81.95 0.00 0.00 0.0 0.0 1014.3 2172.0 80.0 2092.0 1646.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.95 0.00 0.00 0.0 0.0 1014.3 2172.0 80.0 2092.0 1646.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 1842.075GROSS ULT., MB & MMF 641.851 0.000 DISCOUNT % 10.00 10.00 1646.475GROSS CUM., MB & MMF 533.286 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 1490.240GROSS RES., MB & MMF 108.564 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 1363.139NET RES., MB & MMF 38.882 0.000 UNDISCOUNTED NET/INVEST. 27.15 25.00 1258.047NET REVENUE, M$ 3186.344 0.000 DISCOUNTED NET/INVEST. 54.38 30.00 1169.893INITIAL PRICE, $ 81.950 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1030.639INITIAL N.I., PCT. 46.000 0.000 INITIAL W.I., PCT. 50.000 60.00 844.25880.00 725.456100.00 643.054RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:12COLOMBIA DBS : DEMOESTERO‐1 , RESERVOIRSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 40.3 0.0 0.0 32.2 0.0 0.0 2639.8 0.0 0.0 2639.812‐2012 36.2 0.0 0.0 29.0 0.0 0.0 2375.8 0.0 0.0 2375.812‐2013 32.6 0.0 0.0 26.1 0.0 0.0 2138.2 0.0 0.0 2138.212‐2014 29.3 0.0 0.0 19.7 0.0 0.0 1614.9 0.0 0.0 1614.912‐2015 26.4 0.0 0.0 10.6 0.0 0.0 866.0 0.0 0.0 866.012‐2016 23.8 0.0 0.0 9.5 0.0 0.0 779.4 0.0 0.0 779.412‐2017 21.4 0.0 0.0 8.6 0.0 0.0 701.4 0.0 0.0 701.412‐2018 19.3 0.0 0.0 7.7 0.0 0.0 631.3 0.0 0.0 631.312‐2019 17.3 0.0 0.0 6.9 0.0 0.0 568.2 0.0 0.0 568.212‐2020 15.6 0.0 0.0 6.2 0.0 0.0 511.4 0.0 0.0 511.412‐2021 1.2 0.0 0.0 0.5 0.0 0.0 40.2 0.0 0.0 40.212‐202212‐202312‐202412‐2025S TOT 263.5 0.0 0.0 157.0 0.0 0.0 12866.6 0.0 0.0 12866.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 263.5 0.0 0.0 157.0 0.0 0.0 12866.6 0.0 0.0 12866.6‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 402.6 2237.2 0.0 2237.2 2135.712‐2012 81.96 0.00 0.00 0.0 0.0 362.3 2013.5 0.0 2013.5 1747.412‐2013 81.96 0.00 0.00 0.0 0.0 326.1 1812.1 0.0 1812.1 1429.712‐2014 81.96 0.00 0.00 0.0 0.0 246.3 1368.6 0.0 1368.6 987.612‐2015 81.96 0.00 0.00 0.0 0.0 132.1 733.9 0.0 733.9 478.512‐2016 81.96 0.00 0.00 0.0 0.0 118.9 660.5 0.0 660.5 391.512‐2017 81.96 0.00 0.00 0.0 0.0 107.0 594.5 0.0 594.5 320.312‐2018 81.96 0.00 0.00 0.0 0.0 96.3 535.0 0.0 535.0 262.112‐2019 81.96 0.00 0.00 0.0 0.0 86.7 481.5 0.0 481.5 214.412‐2020 81.96 0.00 0.00 0.0 0.0 78.0 433.4 0.0 433.4 175.412‐2021 81.96 0.00 0.00 0.0 0.0 6.1 34.1 170.0 ‐135.9 ‐52.412‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 1962.3 10904.3 170.0 10734.3 8090.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 1962.3 10904.3 170.0 10734.3 8090.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 9226.456GROSS ULT., MB & MMF 1934.560 0.000 DISCOUNT % 10.00 10.00 8090.199GROSS CUM., MB & MMF 1671.108 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 7210.752GROSS RES., MB & MMF 263.452 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 6513.958NET RES., MB & MMF 156.986 0.000 UNDISCOUNTED NET/INVEST. 64.14 25.00 5950.479NET REVENUE, M$ 12866.601 0.000 DISCOUNTED NET/INVEST. 124.43 30.00 5486.598INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 4769.885INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3840.22280.00 3264.223100.00 2871.765RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:12COLOMBIA DBS : DEMOESTERO‐2M , RESERVOIRSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 2.8 0.0 0.0 2.6 0.0 0.0 211.3 0.0 0.0 211.312‐2012 2.4 0.0 0.0 2.2 0.0 0.0 179.6 0.0 0.0 179.612‐2013 2.0 0.0 0.0 1.9 0.0 0.0 152.7 0.0 0.0 152.712‐2014 1.7 0.0 0.0 1.3 0.0 0.0 109.3 0.0 0.0 109.312‐2015 1.5 0.0 0.0 0.7 0.0 0.0 55.2 0.0 0.0 55.212‐2016 1.0 0.0 0.0 0.4 0.0 0.0 35.9 0.0 0.0 35.912‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 11.3 0.0 0.0 9.1 0.0 0.0 744.0 0.0 0.0 744.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 11.3 0.0 0.0 9.1 0.0 0.0 744.0 0.0 0.0 744.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 11.2 200.1 0.0 200.1 191.112‐2012 81.96 0.00 0.00 0.0 0.0 9.5 170.1 0.0 170.1 147.712‐2013 81.96 0.00 0.00 0.0 0.0 8.1 144.6 0.0 144.6 114.112‐2014 81.96 0.00 0.00 0.0 0.0 5.8 103.5 0.0 103.5 74.712‐2015 81.96 0.00 0.00 0.0 0.0 2.9 52.2 0.0 52.2 34.112‐2016 81.96 0.00 0.00 0.0 0.0 1.9 34.0 0.0 34.0 20.412‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 39.5 704.5 0.0 704.5 582.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 39.5 704.5 0.0 704.5 582.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 5.75 5.00 637.464GROSS ULT., MB & MMF 76.284 0.000 DISCOUNT % 10.00 10.00 582.108GROSS CUM., MB & MMF 64.938 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 535.827GROSS RES., MB & MMF 11.346 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 496.687NET RES., MB & MMF 9.078 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 463.242NET REVENUE, M$ 743.997 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 434.395INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 387.308INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 321.38980.00 277.779100.00 246.926RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:12COLOMBIA DBS : DEMOESTERO‐5A , RESERVOIRSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 19.2 0.0 0.0 15.4 0.0 0.0 1261.6 0.0 0.0 1261.612‐2012 16.4 0.0 0.0 13.1 0.0 0.0 1072.4 0.0 0.0 1072.412‐2013 13.9 0.0 0.0 11.1 0.0 0.0 911.5 0.0 0.0 911.512‐2014 11.8 0.0 0.0 8.0 0.0 0.0 652.6 0.0 0.0 652.612‐2015 10.0 0.0 0.0 4.0 0.0 0.0 329.3 0.0 0.0 329.312‐2016 8.5 0.0 0.0 3.4 0.0 0.0 279.9 0.0 0.0 279.912‐2017 7.3 0.0 0.0 2.9 0.0 0.0 237.9 0.0 0.0 237.912‐2018 6.2 0.0 0.0 2.5 0.0 0.0 202.2 0.0 0.0 202.212‐2019 5.2 0.0 0.0 2.1 0.0 0.0 171.9 0.0 0.0 171.912‐2020 4.5 0.0 0.0 1.8 0.0 0.0 146.1 0.0 0.0 146.112‐2021 0.3 0.0 0.0 0.1 0.0 0.0 11.1 0.0 0.0 11.112‐202212‐202312‐202412‐2025S TOT 103.4 0.0 0.0 64.4 0.0 0.0 5276.6 0.0 0.0 5276.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 103.4 0.0 0.0 64.4 0.0 0.0 5276.6 0.0 0.0 5276.6‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 327.1 934.5 0.0 934.5 892.512‐2012 81.96 0.00 0.00 0.0 0.0 278.0 794.4 0.0 794.4 689.712‐2013 81.96 0.00 0.00 0.0 0.0 236.3 675.2 0.0 675.2 532.912‐2014 81.96 0.00 0.00 0.0 0.0 169.2 483.4 0.0 483.4 349.012‐2015 81.96 0.00 0.00 0.0 0.0 85.4 243.9 0.0 243.9 159.112‐2016 81.96 0.00 0.00 0.0 0.0 72.6 207.3 0.0 207.3 122.912‐2017 81.96 0.00 0.00 0.0 0.0 61.7 176.2 0.0 176.2 95.012‐2018 81.96 0.00 0.00 0.0 0.0 52.4 149.8 0.0 149.8 73.412‐2019 81.96 0.00 0.00 0.0 0.0 44.6 127.3 0.0 127.3 56.712‐2020 81.96 0.00 0.00 0.0 0.0 37.9 108.2 0.0 108.2 43.812‐2021 81.96 0.00 0.00 0.0 0.0 2.9 8.2 0.0 8.2 3.212‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 1368.1 3908.5 0.0 3908.5 3018.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 1368.1 3908.5 0.0 3908.5 3018.3OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 3403.154GROSS ULT., MB & MMF 319.318 0.000 DISCOUNT % 10.00 10.00 3018.301GROSS CUM., MB & MMF 215.955 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 2717.240GROSS RES., MB & MMF 103.363 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 2476.190NET RES., MB & MMF 64.381 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 2279.288NET REVENUE, M$ 5276.634 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 2115.641INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1859.591INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 1520.53480.00 1305.846100.00 1157.302RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:13COLOMBIA DBS : DEMOESTERO‐5A(MIRADOR) , MIRADOR RESSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 3.2 0.0 0.0 3.0 0.0 0.0 243.8 0.0 0.0 243.812‐2012 2.7 0.0 0.0 2.5 0.0 0.0 207.3 0.0 0.0 207.312‐2013 2.3 0.0 0.0 2.1 0.0 0.0 176.2 0.0 0.0 176.212‐2014 2.0 0.0 0.0 1.5 0.0 0.0 126.1 0.0 0.0 126.112‐2015 1.7 0.0 0.0 0.8 0.0 0.0 63.6 0.0 0.0 63.612‐2016 1.4 0.0 0.0 0.7 0.0 0.0 54.1 0.0 0.0 54.112‐2017 0.8 0.0 0.0 0.4 0.0 0.0 31.5 0.0 0.0 31.512‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 14.3 0.0 0.0 11.0 0.0 0.0 902.6 0.0 0.0 902.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 14.3 0.0 0.0 11.0 0.0 0.0 902.6 0.0 0.0 902.6‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 55.0 188.9 0.0 188.9 180.412‐2012 81.96 0.00 0.00 0.0 0.0 46.7 160.5 0.0 160.5 139.412‐2013 81.96 0.00 0.00 0.0 0.0 39.7 136.5 0.0 136.5 107.712‐2014 81.96 0.00 0.00 0.0 0.0 28.4 97.7 0.0 97.7 70.512‐2015 81.96 0.00 0.00 0.0 0.0 14.3 49.3 0.0 49.3 32.212‐2016 81.96 0.00 0.00 0.0 0.0 12.2 41.9 0.0 41.9 24.812‐2017 81.96 0.00 0.00 0.0 0.0 7.1 24.4 ‐1005.0 1029.4 550.012‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 203.5 699.1 ‐1005.0 1704.1 1105.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 203.5 699.1 ‐1005.0 1704.1 1105.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 6.67 5.00 1355.822GROSS ULT., MB & MMF 49.356 0.000 DISCOUNT % 10.00 10.00 1104.960GROSS CUM., MB & MMF 35.093 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 920.575GROSS RES., MB & MMF 14.263 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 782.444NET RES., MB & MMF 11.013 0.000 UNDISCOUNTED NET/INVEST. ‐0.70 25.00 677.096NET REVENUE, M$ 902.647 0.000 DISCOUNTED NET/INVEST. ‐1.06 30.00 595.384INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 479.488INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 350.73080.00 284.038100.00 243.996RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, BASIN TIME : 13:39:13COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐202212‐202312‐202412‐2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 857.0 ‐857.0 0.0 ‐857.0 ‐817.412‐2012 0.00 0.00 0.00 0.0 0.0 857.0 ‐857.0 0.0 ‐857.0 ‐743.112‐2013 0.00 0.00 0.00 0.0 0.0 857.0 ‐857.0 0.0 ‐857.0 ‐675.612‐2014 0.00 0.00 0.00 0.0 0.0 714.2 ‐714.2 0.0 ‐714.2 ‐515.012‐2015 0.00 0.00 0.00 0.0 0.0 428.5 ‐428.5 0.0 ‐428.5 ‐279.212‐2016 0.00 0.00 0.00 0.0 0.0 428.5 ‐428.5 0.0 ‐428.5 ‐253.812‐2017 0.00 0.00 0.00 0.0 0.0 428.5 ‐428.5 0.0 ‐428.5 ‐230.712‐2018 0.00 0.00 0.00 0.0 0.0 428.5 ‐428.5 0.0 ‐428.5 ‐209.712‐2019 0.00 0.00 0.00 0.0 0.0 428.5 ‐428.5 0.0 ‐428.5 ‐190.712‐2020 0.00 0.00 0.00 0.0 0.0 428.5 ‐428.5 0.0 ‐428.5 ‐173.312‐2021 0.00 0.00 0.00 0.0 0.0 35.7 ‐35.7 0.0 ‐35.7 ‐13.712‐202212‐202312‐202412‐2025S TOT 0.00 0.00 0.00 0.0 0.0 5891.9 ‐5891.9 0.0 ‐5891.9 ‐4102.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 5891.9 ‐5891.9 0.0 ‐5891.9 ‐4102.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 ‐4851.354GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 ‐4102.224GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 10.08 15.00 ‐3546.225GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 10.08 20.00 ‐3122.187NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 ‐2790.874NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 ‐2526.404INITIAL PRICE, $ 0.000 0.000 RATE‐OF‐RETURN, PCT. 0.00 40.00 ‐2133.295INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 ‐1652.61180.00 ‐1371.462100.00 ‐1186.980RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:13COLOMBIA DBS : DEMOESTERO‐2U , RESERVOIRSETTINGS : RED123110PROVED NON‐PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 3.5 0.0 0.0 3.3 0.0 0.0 267.7 0.0 0.0 267.712‐2012 5.2 0.0 0.0 4.8 0.0 0.0 389.8 0.0 0.0 389.812‐2013 1.3 0.0 0.0 1.2 0.0 0.0 96.8 0.0 0.0 96.812‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 10.0 0.0 0.0 9.2 0.0 0.0 754.3 0.0 0.0 754.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 10.0 0.0 0.0 9.2 0.0 0.0 754.3 0.0 0.0 754.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 0.1 267.6 0.0 267.6 249.312‐2012 81.96 0.00 0.00 0.0 0.0 0.2 389.6 0.0 389.6 339.012‐2013 81.96 0.00 0.00 0.0 0.0 0.1 96.8 370.0 ‐273.2 ‐219.812‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 0.4 753.9 370.0 383.9 368.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 0.4 753.9 370.0 383.9 368.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 2.33 5.00 376.380GROSS ULT., MB & MMF 669.620 0.000 DISCOUNT % 10.00 10.00 368.466GROSS CUM., MB & MMF 659.616 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 360.385GROSS RES., MB & MMF 10.004 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 352.277NET RES., MB & MMF 9.203 0.000 UNDISCOUNTED NET/INVEST. 2.04 25.00 344.237NET REVENUE, M$ 754.304 0.000 DISCOUNTED NET/INVEST. 2.23 30.00 336.330INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 321.081INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 293.32580.00 269.314100.00 248.659RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:13COLOMBIA DBS : DEMOESTERO‐06 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 6.0 0.0 0.0 5.1 0.0 0.0 414.1 0.0 0.0 414.112‐2012 68.4 0.0 0.0 57.8 0.0 0.0 4738.2 0.0 0.0 4738.212‐2013 62.6 0.0 0.0 52.9 0.0 0.0 4336.8 0.0 0.0 4336.812‐2014 57.3 0.0 0.0 40.6 0.0 0.0 3327.3 0.0 0.0 3327.312‐2015 52.4 0.0 0.0 22.2 0.0 0.0 1816.6 0.0 0.0 1816.612‐2016 48.0 0.0 0.0 20.3 0.0 0.0 1662.7 0.0 0.0 1662.712‐2017 43.9 0.0 0.0 18.6 0.0 0.0 1521.9 0.0 0.0 1521.912‐2018 40.2 0.0 0.0 17.0 0.0 0.0 1393.0 0.0 0.0 1393.012‐2019 36.8 0.0 0.0 15.6 0.0 0.0 1275.0 0.0 0.0 1275.012‐2020 33.7 0.0 0.0 14.2 0.0 0.0 1167.0 0.0 0.0 1167.012‐2021 2.7 0.0 0.0 1.1 0.0 0.0 92.7 0.0 0.0 92.712‐202212‐202312‐202412‐2025S TOT 452.1 0.0 0.0 265.3 0.0 0.0 21745.4 0.0 0.0 21745.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 452.1 0.0 0.0 265.3 0.0 0.0 21745.4 0.0 0.0 21745.4‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 0.0 414.1 5500.0 ‐5085.9 ‐4661.912‐2012 81.96 0.00 0.00 0.0 0.0 0.2 4738.0 0.0 4738.0 4111.212‐2013 81.96 0.00 0.00 0.0 0.0 0.2 4336.6 0.0 4336.6 3420.912‐2014 81.96 0.00 0.00 0.0 0.0 0.2 3327.2 0.0 3327.2 2400.812‐2015 81.96 0.00 0.00 0.0 0.0 0.1 1816.5 0.0 1816.5 1184.212‐2016 81.96 0.00 0.00 0.0 0.0 0.1 1662.6 0.0 1662.6 985.412‐2017 81.96 0.00 0.00 0.0 0.0 0.1 1521.8 0.0 1521.8 819.912‐2018 81.96 0.00 0.00 0.0 0.0 0.1 1392.9 0.0 1392.9 682.212‐2019 81.96 0.00 0.00 0.0 0.0 0.1 1274.9 0.0 1274.9 567.712‐2020 81.96 0.00 0.00 0.0 0.0 0.1 1166.9 0.0 1166.9 472.412‐2021 81.96 0.00 0.00 0.0 0.0 0.0 92.7 185.0 ‐92.3 ‐35.712‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 1.2 21744.1 5685.0 16059.1 9947.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 1.2 21744.1 5685.0 16059.1 9947.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 12523.154GROSS ULT., MB & MMF 452.075 0.000 DISCOUNT % 10.00 10.00 9947.030GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.08 15.00 8020.816GROSS RES., MB & MMF 452.075 0.000 DISCOUNTED PAYOUT, YRS. 2.16 20.00 6547.363NET RES., MB & MMF 265.317 0.000 UNDISCOUNTED NET/INVEST. 3.82 25.00 5397.555NET REVENUE, M$ 21745.355 0.000 DISCOUNTED NET/INVEST. 2.95 30.00 4484.501INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 3146.652INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 1585.05580.00 753.343100.00 267.467RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:13COLOMBIA DBS : DEMOESTERO‐07 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 57.7 0.0 0.0 48.8 0.0 0.0 3995.6 0.0 0.0 3995.612‐2013 63.4 0.0 0.0 53.6 0.0 0.0 4394.3 0.0 0.0 4394.312‐2014 57.7 0.0 0.0 48.7 0.0 0.0 3995.0 0.0 0.0 3995.012‐2015 52.4 0.0 0.0 44.3 0.0 0.0 3631.9 0.0 0.0 3631.912‐2016 47.7 0.0 0.0 40.3 0.0 0.0 3301.9 0.0 0.0 3301.912‐2017 43.3 0.0 0.0 36.6 0.0 0.0 3001.8 0.0 0.0 3001.812‐2018 39.4 0.0 0.0 33.3 0.0 0.0 2729.0 0.0 0.0 2729.012‐2019 35.8 0.0 0.0 30.3 0.0 0.0 2481.0 0.0 0.0 2481.012‐2020 32.6 0.0 0.0 27.5 0.0 0.0 2255.6 0.0 0.0 2255.612‐2021 2.6 0.0 0.0 2.2 0.0 0.0 178.4 0.0 0.0 178.412‐202212‐202312‐202412‐2025S TOT 432.6 0.0 0.0 365.6 0.0 0.0 29964.7 0.0 0.0 29964.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 432.6 0.0 0.0 365.6 0.0 0.0 29964.7 0.0 0.0 29964.7‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 980.6 3015.1 5500.0 ‐2484.9 ‐2326.412‐2013 81.96 0.00 0.00 0.0 0.0 1078.4 3315.9 0.0 3315.9 2615.812‐2014 81.96 0.00 0.00 0.0 0.0 980.4 3014.6 0.0 3014.6 2161.912‐2015 81.96 0.00 0.00 0.0 0.0 891.3 2740.6 0.0 2740.6 1786.812‐2016 81.96 0.00 0.00 0.0 0.0 810.3 2491.6 0.0 2491.6 1476.712‐2017 81.96 0.00 0.00 0.0 0.0 736.7 2265.2 0.0 2265.2 1220.512‐2018 81.96 0.00 0.00 0.0 0.0 669.7 2059.3 0.0 2059.3 1008.712‐2019 81.96 0.00 0.00 0.0 0.0 608.9 1872.2 0.0 1872.2 833.712‐2020 81.96 0.00 0.00 0.0 0.0 553.5 1702.0 0.0 1702.0 689.012‐2021 81.96 0.00 0.00 0.0 0.0 43.8 134.7 370.0 ‐235.3 ‐90.912‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 7353.5 22611.1 5870.0 16741.1 9375.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 7353.5 22611.1 5870.0 16741.1 9375.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 12425.958GROSS ULT., MB & MMF 432.562 0.000 DISCOUNT % 10.00 10.00 9375.816GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.75 15.00 7166.716GROSS RES., MB & MMF 432.562 0.000 DISCOUNTED PAYOUT, YRS. 2.89 20.00 5531.853NET RES., MB & MMF 365.601 0.000 UNDISCOUNTED NET/INVEST. 3.85 25.00 4298.631NET REVENUE, M$ 29964.662 0.000 DISCOUNTED NET/INVEST. 2.85 30.00 3352.518INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 79.90 40.00 2034.322INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 640.63380.00 ‐2.669100.00 ‐326.177RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:14COLOMBIA DBS : DEMOESTERO‐08 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 40.9 0.0 0.0 34.5 0.0 0.0 2830.1 0.0 0.0 2830.112‐2013 65.0 0.0 0.0 54.9 0.0 0.0 4500.2 0.0 0.0 4500.212‐2014 59.1 0.0 0.0 49.9 0.0 0.0 4091.3 0.0 0.0 4091.312‐2015 53.7 0.0 0.0 45.4 0.0 0.0 3719.5 0.0 0.0 3719.512‐2016 48.8 0.0 0.0 41.3 0.0 0.0 3381.5 0.0 0.0 3381.512‐2017 44.4 0.0 0.0 37.5 0.0 0.0 3074.2 0.0 0.0 3074.212‐2018 40.3 0.0 0.0 34.1 0.0 0.0 2794.8 0.0 0.0 2794.812‐2019 36.7 0.0 0.0 31.0 0.0 0.0 2540.8 0.0 0.0 2540.812‐2020 33.3 0.0 0.0 28.2 0.0 0.0 2309.9 0.0 0.0 2309.912‐2021 2.6 0.0 0.0 2.2 0.0 0.0 182.7 0.0 0.0 182.712‐202212‐202312‐202412‐2025S TOT 424.8 0.0 0.0 359.0 0.0 0.0 29425.1 0.0 0.0 29425.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 424.8 0.0 0.0 359.0 0.0 0.0 29425.1 0.0 0.0 29425.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 694.5 2135.6 5500.0 ‐3364.4 ‐2990.012‐2013 81.96 0.00 0.00 0.0 0.0 1104.4 3395.8 0.0 3395.8 2678.912‐2014 81.96 0.00 0.00 0.0 0.0 1004.0 3087.2 0.0 3087.2 2214.012‐2015 81.96 0.00 0.00 0.0 0.0 912.8 2806.7 0.0 2806.7 1829.912‐2016 81.96 0.00 0.00 0.0 0.0 829.8 2551.6 0.0 2551.6 1512.312‐2017 81.96 0.00 0.00 0.0 0.0 754.4 2319.8 0.0 2319.8 1249.912‐2018 81.96 0.00 0.00 0.0 0.0 685.9 2108.9 0.0 2108.9 1033.012‐2019 81.96 0.00 0.00 0.0 0.0 623.5 1917.3 0.0 1917.3 853.812‐2020 81.96 0.00 0.00 0.0 0.0 566.9 1743.1 0.0 1743.1 705.612‐2021 81.96 0.00 0.00 0.0 0.0 44.8 137.9 370.0 ‐232.1 ‐89.712‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 7221.1 22203.9 5870.0 16333.9 8997.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 7221.1 22203.9 5870.0 16333.9 8997.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 12025.103GROSS ULT., MB & MMF 424.772 0.000 DISCOUNT % 10.00 10.00 8997.785GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.99 15.00 6819.720GROSS RES., MB & MMF 424.772 0.000 DISCOUNTED PAYOUT, YRS. 3.14 20.00 5219.385NET RES., MB & MMF 359.017 0.000 UNDISCOUNTED NET/INVEST. 3.78 25.00 4021.495NET REVENUE, M$ 29425.053 0.000 DISCOUNTED NET/INVEST. 2.82 30.00 3110.002INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 79.85 40.00 1856.037INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 565.87880.00 ‐3.456100.00 ‐274.684RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:14COLOMBIA DBS : DEMOESTERO‐09 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 23.6 0.0 0.0 20.0 0.0 0.0 1636.4 0.0 0.0 1636.412‐2013 66.5 0.0 0.0 56.2 0.0 0.0 4608.7 0.0 0.0 4608.712‐2014 60.5 0.0 0.0 51.1 0.0 0.0 4189.9 0.0 0.0 4189.912‐2015 55.0 0.0 0.0 46.5 0.0 0.0 3809.1 0.0 0.0 3809.112‐2016 50.0 0.0 0.0 42.3 0.0 0.0 3463.0 0.0 0.0 3463.012‐2017 45.4 0.0 0.0 38.4 0.0 0.0 3148.3 0.0 0.0 3148.312‐2018 41.3 0.0 0.0 34.9 0.0 0.0 2862.2 0.0 0.0 2862.212‐2019 37.6 0.0 0.0 31.7 0.0 0.0 2602.1 0.0 0.0 2602.112‐2020 34.1 0.0 0.0 28.9 0.0 0.0 2365.6 0.0 0.0 2365.612‐2021 2.7 0.0 0.0 2.3 0.0 0.0 187.1 0.0 0.0 187.112‐202212‐202312‐202412‐2025S TOT 416.8 0.0 0.0 352.3 0.0 0.0 28872.4 0.0 0.0 28872.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 416.8 0.0 0.0 352.3 0.0 0.0 28872.4 0.0 0.0 28872.4‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 401.6 1234.8 5500.0 ‐4265.2 ‐3655.212‐2013 81.96 0.00 0.00 0.0 0.0 1131.0 3477.7 0.0 3477.7 2743.512‐2014 81.96 0.00 0.00 0.0 0.0 1028.2 3161.7 0.0 3161.7 2267.412‐2015 81.96 0.00 0.00 0.0 0.0 934.8 2874.3 0.0 2874.3 1874.012‐2016 81.96 0.00 0.00 0.0 0.0 849.8 2613.1 0.0 2613.1 1548.812‐2017 81.96 0.00 0.00 0.0 0.0 772.6 2375.7 0.0 2375.7 1280.012‐2018 81.96 0.00 0.00 0.0 0.0 702.4 2159.8 0.0 2159.8 1057.912‐2019 81.96 0.00 0.00 0.0 0.0 638.6 1963.5 0.0 1963.5 874.412‐2020 81.96 0.00 0.00 0.0 0.0 580.5 1785.1 0.0 1785.1 722.612‐2021 81.96 0.00 0.00 0.0 0.0 45.9 141.2 370.0 ‐228.8 ‐88.412‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 7085.5 21786.9 5870.0 15916.9 8624.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 7085.5 21786.9 5870.0 15916.9 8624.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 11623.144GROSS ULT., MB & MMF 416.795 0.000 DISCOUNT % 10.00 10.00 8624.945GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.25 15.00 6482.281GROSS RES., MB & MMF 416.795 0.000 DISCOUNTED PAYOUT, YRS. 3.40 20.00 4919.313NET RES., MB & MMF 352.275 0.000 UNDISCOUNTED NET/INVEST. 3.71 25.00 3758.389NET REVENUE, M$ 28872.438 0.000 DISCOUNTED NET/INVEST. 2.78 30.00 2882.208INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 79.79 40.00 1691.819INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 499.33180.00 ‐4.160100.00 ‐231.391RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:14COLOMBIA DBS : DEMOESTERO‐10 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 6.0 0.0 0.0 5.1 0.0 0.0 414.0 0.0 0.0 414.012‐2013 68.1 0.0 0.0 57.6 0.0 0.0 4719.8 0.0 0.0 4719.812‐2014 61.9 0.0 0.0 52.4 0.0 0.0 4290.9 0.0 0.0 4290.912‐2015 56.3 0.0 0.0 47.6 0.0 0.0 3900.9 0.0 0.0 3900.912‐2016 51.2 0.0 0.0 43.3 0.0 0.0 3546.5 0.0 0.0 3546.512‐2017 46.5 0.0 0.0 39.3 0.0 0.0 3224.2 0.0 0.0 3224.212‐2018 42.3 0.0 0.0 35.8 0.0 0.0 2931.2 0.0 0.0 2931.212‐2019 38.5 0.0 0.0 32.5 0.0 0.0 2664.8 0.0 0.0 2664.812‐2020 35.0 0.0 0.0 29.6 0.0 0.0 2422.6 0.0 0.0 2422.612‐2021 2.8 0.0 0.0 2.3 0.0 0.0 191.7 0.0 0.0 191.712‐202212‐202312‐202412‐2025S TOT 408.6 0.0 0.0 345.4 0.0 0.0 28306.5 0.0 0.0 28306.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 408.6 0.0 0.0 345.4 0.0 0.0 28306.5 0.0 0.0 28306.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 101.6 312.4 5500.0 ‐5187.6 ‐4322.512‐2013 81.96 0.00 0.00 0.0 0.0 1158.3 3561.5 0.0 3561.5 2809.612‐2014 81.96 0.00 0.00 0.0 0.0 1053.0 3237.9 0.0 3237.9 2322.112‐2015 81.96 0.00 0.00 0.0 0.0 957.3 2943.6 0.0 2943.6 1919.112‐2016 81.96 0.00 0.00 0.0 0.0 870.3 2676.1 0.0 2676.1 1586.112‐2017 81.96 0.00 0.00 0.0 0.0 791.2 2432.9 0.0 2432.9 1310.912‐2018 81.96 0.00 0.00 0.0 0.0 719.3 2211.8 0.0 2211.8 1083.412‐2019 81.96 0.00 0.00 0.0 0.0 654.0 2010.8 0.0 2010.8 895.412‐2020 81.96 0.00 0.00 0.0 0.0 594.5 1828.1 0.0 1828.1 740.012‐2021 81.96 0.00 0.00 0.0 0.0 47.0 144.6 370.0 ‐225.4 ‐87.112‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 6946.6 21359.9 5870.0 15489.9 8257.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 6946.6 21359.9 5870.0 15489.9 8257.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 11219.950GROSS ULT., MB & MMF 408.625 0.000 DISCOUNT % 10.00 10.00 8257.084GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.50 15.00 6154.016GROSS RES., MB & MMF 408.625 0.000 DISCOUNTED PAYOUT, YRS. 3.65 20.00 4631.048NET RES., MB & MMF 345.370 0.000 UNDISCOUNTED NET/INVEST. 3.64 25.00 3508.529NET REVENUE, M$ 28306.498 0.000 DISCOUNTED NET/INVEST. 2.75 30.00 2668.186INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 79.73 40.00 1540.526INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 440.07880.00 ‐4.792100.00 ‐194.995RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 01/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 13:39:14COLOMBIA DBS : DEMOESTERO‐11 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 57.7 0.0 0.0 48.8 0.0 0.0 3995.6 0.0 0.0 3995.612‐2014 63.4 0.0 0.0 53.6 0.0 0.0 4394.3 0.0 0.0 4394.312‐2015 57.7 0.0 0.0 48.7 0.0 0.0 3995.0 0.0 0.0 3995.012‐2016 52.4 0.0 0.0 44.3 0.0 0.0 3631.9 0.0 0.0 3631.912‐2017 47.7 0.0 0.0 40.3 0.0 0.0 3301.9 0.0 0.0 3301.912‐2018 43.3 0.0 0.0 36.6 0.0 0.0 3001.8 0.0 0.0 3001.812‐2019 39.4 0.0 0.0 33.3 0.0 0.0 2729.0 0.0 0.0 2729.012‐2020 35.8 0.0 0.0 30.3 0.0 0.0 2481.0 0.0 0.0 2481.012‐2021 2.8 0.0 0.0 2.4 0.0 0.0 196.3 0.0 0.0 196.312‐202212‐202312‐202412‐2025S TOT 400.3 0.0 0.0 338.3 0.0 0.0 27726.9 0.0 0.0 27726.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 400.3 0.0 0.0 338.3 0.0 0.0 27726.9 0.0 0.0 27726.9‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 81.96 0.00 0.00 0.0 0.0 980.6 3015.1 5500.0 ‐2484.9 ‐2114.912‐2014 81.96 0.00 0.00 0.0 0.0 1078.4 3315.9 0.0 3315.9 2378.012‐2015 81.96 0.00 0.00 0.0 0.0 980.4 3014.6 0.0 3014.6 1965.412‐2016 81.96 0.00 0.00 0.0 0.0 891.3 2740.6 0.0 2740.6 1624.412‐2017 81.96 0.00 0.00 0.0 0.0 810.3 2491.6 0.0 2491.6 1342.512‐2018 81.96 0.00 0.00 0.0 0.0 736.7 2265.2 0.0 2265.2 1109.512‐2019 81.96 0.00 0.00 0.0 0.0 669.7 2059.3 0.0 2059.3 917.012‐2020 81.96 0.00 0.00 0.0 0.0 608.9 1872.2 0.0 1872.2 757.912‐2021 81.96 0.00 0.00 0.0 0.0 48.2 148.1 370.0 ‐221.9 ‐85.812‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 6804.4 20922.5 5870.0 15052.5 7894.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 6804.4 20922.5 5870.0 15052.5 7894.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 10815.388GROSS ULT., MB & MMF 400.258 0.000 DISCOUNT % 10.00 10.00 7893.994GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.75 15.00 5834.550GROSS RES., MB & MMF 400.258 0.000 DISCOUNTED PAYOUT, YRS. 3.89 20.00 4354.028NET RES., MB & MMF 338.298 0.000 UNDISCOUNTED NET/INVEST. 3.56 25.00 3271.170NET REVENUE, M$ 27726.922 0.000 DISCOUNTED NET/INVEST. 2.71 30.00 2467.044INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 79.65 40.00 1401.106INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 387.30880.00 ‐5.364100.00 ‐164.398RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 01/25/2011GRAND TOTALS TIME : 10:34:47TOTAL PROVED RESERVES DBS : DEMOSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 23.0 0.0 0.0 21.8 0.0 0.0 1790.7 0.0 0.0 1790.712‐2012 138.8 0.0 0.0 131.9 0.0 0.0 10810.5 0.0 0.0 10810.512‐2013 136.6 0.0 0.0 129.7 0.0 0.0 10634.0 0.0 0.0 10634.012‐2014 118.7 0.0 0.0 112.8 0.0 0.0 9242.0 0.0 0.0 9242.012‐2015 103.2 0.0 0.0 98.0 0.0 0.0 8033.9 0.0 0.0 8033.912‐2016 89.7 0.0 0.0 85.2 0.0 0.0 6985.2 0.0 0.0 6985.212‐2017 78.0 0.0 0.0 43.6 0.0 0.0 3573.4 0.0 0.0 3573.412‐2018 67.9 0.0 0.0 32.2 0.0 0.0 2641.9 0.0 0.0 2641.912‐2019 59.0 0.0 0.0 28.0 0.0 0.0 2298.6 0.0 0.0 2298.612‐2020 51.4 0.0 0.0 24.4 0.0 0.0 2000.3 0.0 0.0 2000.312‐2021 4.0 0.0 0.0 1.9 0.0 0.0 154.5 0.0 0.0 154.512‐202212‐202312‐202412‐2025S TOT 870.3 0.0 0.0 709.7 0.0 0.0 58164.9 0.0 0.0 58164.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 870.3 0.0 0.0 709.7 0.0 0.0 58164.9 0.0 0.0 58164.9‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 438.0 1352.7 0.0 1352.7 1291.512‐2012 81.96 0.00 0.00 0.0 0.0 1248.9 9561.6 11000.0 ‐1438.4 ‐1621.312‐2013 81.96 0.00 0.00 0.0 0.0 1233.0 9400.9 0.0 9400.9 7419.012‐2014 81.96 0.00 0.00 0.0 0.0 1107.9 8134.2 0.0 8134.2 5835.812‐2015 81.96 0.00 0.00 0.0 0.0 999.3 7034.7 0.0 7034.7 4588.112‐2016 81.96 0.00 0.00 0.0 0.0 905.0 6080.2 0.0 6080.2 3605.112‐2017 81.96 0.00 0.00 0.0 0.0 482.8 3090.6 0.0 3090.6 1675.712‐2018 81.96 0.00 0.00 0.0 0.0 376.0 2265.9 0.0 2265.9 1110.412‐2019 81.96 0.00 0.00 0.0 0.0 345.1 1953.4 0.0 1953.4 870.212‐2020 81.96 0.00 0.00 0.0 0.0 318.3 1681.9 0.0 1681.9 681.212‐2021 81.96 0.00 0.00 0.0 0.0 25.4 129.1 450.0 ‐320.9 ‐123.912‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 7479.8 50685.1 11450.0 39235.1 25331.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 7479.8 50685.1 11450.0 39235.1 25331.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 4.0 0.0 LIFE, YRS. 10.08 5.00 31257.176GROSS ULT., MB & MMF 1126.781 0.000 DISCOUNT % 10.00 10.00 25331.828GROSS CUM., MB & MMF 256.506 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 20832.912GROSS RES., MB & MMF 870.275 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 17350.438NET RES., MB & MMF 709.674 0.000 UNDISCOUNTED NET/INVEST. 4.43 25.00 14608.656NET REVENUE, M$ 58164.898 0.000 DISCOUNTED NET/INVEST. 3.52 30.00 12417.480INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 9188.936INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 5409.19780.00 3402.954100.00 2235.996RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:15CANACABARE FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 23.0 0.0 0.0 21.8 0.0 0.0 1790.7 0.0 0.0 1790.712‐2012 20.7 0.0 0.0 19.7 0.0 0.0 1611.6 0.0 0.0 1611.612‐2013 18.6 0.0 0.0 17.7 0.0 0.0 1450.4 0.0 0.0 1450.412‐2014 16.8 0.0 0.0 15.9 0.0 0.0 1305.4 0.0 0.0 1305.412‐2015 15.1 0.0 0.0 14.3 0.0 0.0 1174.9 0.0 0.0 1174.912‐2016 13.6 0.0 0.0 12.9 0.0 0.0 1057.4 0.0 0.0 1057.412‐2017 12.2 0.0 0.0 6.8 0.0 0.0 558.6 0.0 0.0 558.612‐2018 11.0 0.0 0.0 5.2 0.0 0.0 428.2 0.0 0.0 428.212‐2019 9.9 0.0 0.0 4.7 0.0 0.0 385.4 0.0 0.0 385.412‐2020 8.9 0.0 0.0 4.2 0.0 0.0 346.9 0.0 0.0 346.912‐2021 0.7 0.0 0.0 0.3 0.0 0.0 27.3 0.0 0.0 27.312‐202212‐202312‐202412‐2025S TOT 150.5 0.0 0.0 123.7 0.0 0.0 10136.8 0.0 0.0 10136.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 150.5 0.0 0.0 123.7 0.0 0.0 10136.8 0.0 0.0 10136.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 161.0 1629.7 0.0 1629.7 1555.712‐2012 81.96 0.00 0.00 0.0 0.0 144.9 1466.7 0.0 1466.7 1272.912‐2013 81.96 0.00 0.00 0.0 0.0 130.4 1320.0 0.0 1320.0 1041.412‐2014 81.96 0.00 0.00 0.0 0.0 117.4 1188.0 0.0 1188.0 852.112‐2015 81.96 0.00 0.00 0.0 0.0 105.6 1069.2 0.0 1069.2 697.212‐2016 81.96 0.00 0.00 0.0 0.0 95.1 962.3 0.0 962.3 570.412‐2017 81.96 0.00 0.00 0.0 0.0 50.2 508.4 0.0 508.4 275.612‐2018 81.96 0.00 0.00 0.0 0.0 38.5 389.7 0.0 389.7 190.912‐2019 81.96 0.00 0.00 0.0 0.0 34.6 350.8 0.0 350.8 156.212‐2020 81.96 0.00 0.00 0.0 0.0 31.2 315.7 0.0 315.7 127.812‐2021 81.96 0.00 0.00 0.0 0.0 2.5 24.8 150.0 ‐125.2 ‐48.312‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 911.3 9225.4 150.0 9075.4 6691.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 911.3 9225.4 150.0 9075.4 6691.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 7717.027GROSS ULT., MB & MMF 406.998 0.000 DISCOUNT % 10.00 10.00 6691.827GROSS CUM., MB & MMF 256.506 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 5899.409GROSS RES., MB & MMF 150.492 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 5273.851NET RES., MB & MMF 123.679 0.000 UNDISCOUNTED NET/INVEST. 61.50 25.00 4770.712NET REVENUE, M$ 10136.771 0.000 DISCOUNTED NET/INVEST. 116.71 30.00 4359.283INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 3730.805INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 2935.17580.00 2458.027100.00 2141.617ALCARAVAN B BLOCK DATE : 01/24/2011RALPH E. DAVIS ASSOCIATES, INC.F‐1529

COUNTRY OF COLOMBIA TIME : 13:39:16CANACABARE FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 118.1 0.0 0.0 112.2 0.0 0.0 9198.9 0.0 0.0 9198.912‐2013 117.9 0.0 0.0 112.0 0.0 0.0 9183.5 0.0 0.0 9183.512‐2014 101.9 0.0 0.0 96.8 0.0 0.0 7936.6 0.0 0.0 7936.612‐2015 88.1 0.0 0.0 83.7 0.0 0.0 6859.1 0.0 0.0 6859.112‐2016 76.1 0.0 0.0 72.3 0.0 0.0 5927.8 0.0 0.0 5927.812‐2017 65.8 0.0 0.0 36.8 0.0 0.0 3014.8 0.0 0.0 3014.812‐2018 56.9 0.0 0.0 27.0 0.0 0.0 2213.7 0.0 0.0 2213.712‐2019 49.1 0.0 0.0 23.3 0.0 0.0 1913.1 0.0 0.0 1913.112‐2020 42.5 0.0 0.0 20.2 0.0 0.0 1653.4 0.0 0.0 1653.412‐2021 3.3 0.0 0.0 1.6 0.0 0.0 127.2 0.0 0.0 127.212‐202212‐202312‐202412‐2025S TOT 719.8 0.0 0.0 586.0 0.0 0.0 48028.1 0.0 0.0 48028.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 719.8 0.0 0.0 586.0 0.0 0.0 48028.1 0.0 0.0 48028.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 277.0 ‐277.0 0.0 ‐277.0 ‐264.212‐2012 81.96 0.00 0.00 0.0 0.0 1104.0 8094.9 11000.0 ‐2905.1 ‐2894.112‐2013 81.96 0.00 0.00 0.0 0.0 1102.6 8080.9 0.0 8080.9 6377.612‐2014 81.96 0.00 0.00 0.0 0.0 990.5 6946.1 0.0 6946.1 4983.712‐2015 81.96 0.00 0.00 0.0 0.0 893.6 5965.4 0.0 5965.4 3891.012‐2016 81.96 0.00 0.00 0.0 0.0 809.9 5117.9 0.0 5117.9 3034.712‐2017 81.96 0.00 0.00 0.0 0.0 432.6 2582.2 0.0 2582.2 1400.112‐2018 81.96 0.00 0.00 0.0 0.0 337.5 1876.2 0.0 1876.2 919.512‐2019 81.96 0.00 0.00 0.0 0.0 310.5 1602.6 0.0 1602.6 714.012‐2020 81.96 0.00 0.00 0.0 0.0 287.1 1366.2 0.0 1366.2 553.412‐2021 81.96 0.00 0.00 0.0 0.0 23.0 104.2 300.0 ‐195.8 ‐75.612‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 6568.4 41459.7 11300.0 30159.7 18640.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 6568.4 41459.7 11300.0 30159.7 18640.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 3.0 0.0 LIFE, YRS. 10.08 5.00 23540.150GROSS ULT., MB & MMF 719.783 0.000 DISCOUNT % 10.00 10.00 18640.000GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.39 15.00 14933.503GROSS RES., MB & MMF 719.783 0.000 DISCOUNTED PAYOUT, YRS. 2.50 20.00 12076.588NET RES., MB & MMF 585.995 0.000 UNDISCOUNTED NET/INVEST. 3.67 25.00 9837.944NET REVENUE, M$ 48028.129 0.000 DISCOUNTED NET/INVEST. 2.86 30.00 8058.198INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 5458.130INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 2474.02280.00 944.927100.00 94.379RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:16CANACABARE FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 64.0 0.0 0.0 60.8 0.0 0.0 4986.3 0.0 0.0 4986.312‐2013 191.5 0.0 0.0 145.7 0.0 0.0 11939.2 0.0 0.0 11939.212‐2014 164.6 0.0 0.0 78.2 0.0 0.0 6408.5 0.0 0.0 6408.512‐2015 141.5 0.0 0.0 67.2 0.0 0.0 5509.3 0.0 0.0 5509.312‐2016 121.7 0.0 0.0 57.8 0.0 0.0 4736.3 0.0 0.0 4736.312‐2017 104.6 0.0 0.0 49.7 0.0 0.0 4071.7 0.0 0.0 4071.712‐2018 89.9 0.0 0.0 42.7 0.0 0.0 3500.4 0.0 0.0 3500.412‐2019 77.3 0.0 0.0 36.7 0.0 0.0 3009.3 0.0 0.0 3009.312‐2020 66.5 0.0 0.0 31.6 0.0 0.0 2587.0 0.0 0.0 2587.012‐2021 5.1 0.0 0.0 2.4 0.0 0.0 198.4 0.0 0.0 198.412‐202212‐202312‐202412‐2025S TOT 1026.7 0.0 0.0 572.8 0.0 0.0 46946.6 0.0 0.0 46946.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1026.7 0.0 0.0 572.8 0.0 0.0 46946.6 0.0 0.0 46946.6‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 448.3 4538.0 16500.0 ‐11962.0 ‐10217.412‐2013 81.96 0.00 0.00 0.0 0.0 1073.4 10865.9 0.0 10865.9 8636.812‐2014 81.96 0.00 0.00 0.0 0.0 576.1 5832.4 0.0 5832.4 4184.612‐2015 81.96 0.00 0.00 0.0 0.0 495.3 5014.0 0.0 5014.0 3270.412‐2016 81.96 0.00 0.00 0.0 0.0 425.8 4310.5 0.0 4310.5 2555.912‐2017 81.96 0.00 0.00 0.0 0.0 366.1 3705.7 0.0 3705.7 1997.512‐2018 81.96 0.00 0.00 0.0 0.0 314.7 3185.7 0.0 3185.7 1561.112‐2019 81.96 0.00 0.00 0.0 0.0 270.5 2738.7 0.0 2738.7 1220.112‐2020 81.96 0.00 0.00 0.0 0.0 232.6 2354.5 0.0 2354.5 953.512‐2021 81.96 0.00 0.00 0.0 0.0 17.8 180.6 450.0 ‐269.4 ‐104.112‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 4220.6 42726.0 16950.0 25776.0 14058.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 4220.6 42726.0 16950.0 25776.0 14058.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 3.0 0.0 LIFE, YRS. 10.08 5.00 18911.426GROSS ULT., MB & MMF 1026.654 0.000 DISCOUNT % 10.00 10.00 14058.407GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.19 15.00 10549.546GROSS RES., MB & MMF 1026.654 0.000 DISCOUNTED PAYOUT, YRS. 3.38 20.00 7962.149NET RES., MB & MMF 572.799 0.000 UNDISCOUNTED NET/INVEST. 2.52 25.00 6021.157NET REVENUE, M$ 46946.605 0.000 DISCOUNTED NET/INVEST. 1.99 30.00 4543.044INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 68.49 40.00 2512.607INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 447.86080.00 ‐429.987100.00 ‐819.732ALCARAVAN B BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:18RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 01/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 13:39:15COLOMBIA DBS : DEMOCANACABARE‐ 1 , CARBONERA (C7) RSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 23.0 0.0 0.0 21.8 0.0 0.0 1790.7 0.0 0.0 1790.712‐2012 20.7 0.0 0.0 19.7 0.0 0.0 1611.6 0.0 0.0 1611.612‐2013 18.6 0.0 0.0 17.7 0.0 0.0 1450.4 0.0 0.0 1450.412‐2014 16.8 0.0 0.0 15.9 0.0 0.0 1305.4 0.0 0.0 1305.412‐2015 15.1 0.0 0.0 14.3 0.0 0.0 1174.9 0.0 0.0 1174.912‐2016 13.6 0.0 0.0 12.9 0.0 0.0 1057.4 0.0 0.0 1057.412‐2017 12.2 0.0 0.0 6.8 0.0 0.0 558.6 0.0 0.0 558.612‐2018 11.0 0.0 0.0 5.2 0.0 0.0 428.2 0.0 0.0 428.212‐2019 9.9 0.0 0.0 4.7 0.0 0.0 385.4 0.0 0.0 385.412‐2020 8.9 0.0 0.0 4.2 0.0 0.0 346.9 0.0 0.0 346.912‐2021 0.7 0.0 0.0 0.3 0.0 0.0 27.3 0.0 0.0 27.312‐202212‐202312‐202412‐2025S TOT 150.5 0.0 0.0 123.7 0.0 0.0 10136.8 0.0 0.0 10136.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 150.5 0.0 0.0 123.7 0.0 0.0 10136.8 0.0 0.0 10136.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 81.96 0.00 0.00 0.0 0.0 161.0 1629.7 0.0 1629.7 1555.712‐2012 81.96 0.00 0.00 0.0 0.0 144.9 1466.7 0.0 1466.7 1272.912‐2013 81.96 0.00 0.00 0.0 0.0 130.4 1320.0 0.0 1320.0 1041.412‐2014 81.96 0.00 0.00 0.0 0.0 117.4 1188.0 0.0 1188.0 852.112‐2015 81.96 0.00 0.00 0.0 0.0 105.6 1069.2 0.0 1069.2 697.212‐2016 81.96 0.00 0.00 0.0 0.0 95.1 962.3 0.0 962.3 570.412‐2017 81.96 0.00 0.00 0.0 0.0 50.2 508.4 0.0 508.4 275.612‐2018 81.96 0.00 0.00 0.0 0.0 38.5 389.7 0.0 389.7 190.912‐2019 81.96 0.00 0.00 0.0 0.0 34.6 350.8 0.0 350.8 156.212‐2020 81.96 0.00 0.00 0.0 0.0 31.2 315.7 0.0 315.7 127.812‐2021 81.96 0.00 0.00 0.0 0.0 2.5 24.8 150.0 ‐125.2 ‐48.312‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 911.3 9225.4 150.0 9075.4 6691.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 911.3 9225.4 150.0 9075.4 6691.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 7717.027GROSS ULT., MB & MMF 406.998 0.000 DISCOUNT % 10.00 10.00 6691.827GROSS CUM., MB & MMF 256.506 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 5899.409GROSS RES., MB & MMF 150.492 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 5273.851NET RES., MB & MMF 123.679 0.000 UNDISCOUNTED NET/INVEST. 61.50 25.00 4770.712NET REVENUE, M$ 10136.771 0.000 DISCOUNTED NET/INVEST. 116.71 30.00 4359.283INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 3730.805INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 2935.17580.00 2458.027100.00 2141.617RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 01/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 13:39:15COLOMBIA DBS : DEMOCANACABARE‐02 , CARBONERA (C7) RSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 67.0 0.0 0.0 63.6 0.0 0.0 5216.2 0.0 0.0 5216.212‐2013 57.9 0.0 0.0 55.0 0.0 0.0 4508.0 0.0 0.0 4508.012‐2014 50.0 0.0 0.0 47.5 0.0 0.0 3896.0 0.0 0.0 3896.012‐2015 43.2 0.0 0.0 41.1 0.0 0.0 3367.0 0.0 0.0 3367.012‐2016 37.4 0.0 0.0 35.5 0.0 0.0 2909.8 0.0 0.0 2909.812‐2017 32.3 0.0 0.0 18.1 0.0 0.0 1479.9 0.0 0.0 1479.912‐2018 27.9 0.0 0.0 13.3 0.0 0.0 1086.7 0.0 0.0 1086.712‐2019 24.1 0.0 0.0 11.5 0.0 0.0 939.1 0.0 0.0 939.112‐2020 20.8 0.0 0.0 9.9 0.0 0.0 811.6 0.0 0.0 811.612‐2021 1.6 0.0 0.0 0.8 0.0 0.0 62.4 0.0 0.0 62.412‐202212‐202312‐202412‐2025S TOT 362.3 0.0 0.0 296.2 0.0 0.0 24276.8 0.0 0.0 24276.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 362.3 0.0 0.0 296.2 0.0 0.0 24276.8 0.0 0.0 24276.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 469.0 4747.3 5500.0 ‐752.7 ‐878.812‐2013 81.96 0.00 0.00 0.0 0.0 405.3 4102.7 0.0 4102.7 3237.812‐2014 81.96 0.00 0.00 0.0 0.0 350.3 3545.7 0.0 3545.7 2543.812‐2015 81.96 0.00 0.00 0.0 0.0 302.7 3064.3 0.0 3064.3 1998.612‐2016 81.96 0.00 0.00 0.0 0.0 261.6 2648.2 0.0 2648.2 1570.212‐2017 81.96 0.00 0.00 0.0 0.0 133.0 1346.8 0.0 1346.8 730.212‐2018 81.96 0.00 0.00 0.0 0.0 97.7 989.0 0.0 989.0 484.612‐2019 81.96 0.00 0.00 0.0 0.0 84.4 854.7 0.0 854.7 380.712‐2020 81.96 0.00 0.00 0.0 0.0 73.0 738.7 0.0 738.7 299.112‐2021 81.96 0.00 0.00 0.0 0.0 5.6 56.8 150.0 ‐93.2 ‐36.012‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 2182.5 22094.2 5650.0 16444.2 10330.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 2182.5 22094.2 5650.0 16444.2 10330.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 12934.195GROSS ULT., MB & MMF 362.327 0.000 DISCOUNT % 10.00 10.00 10330.373GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.18 15.00 8355.615GROSS RES., MB & MMF 362.327 0.000 DISCOUNTED PAYOUT, YRS. 2.27 20.00 6828.742NET RES., MB & MMF 296.203 0.000 UNDISCOUNTED NET/INVEST. 3.91 25.00 5628.054NET REVENUE, M$ 24276.777 0.000 DISCOUNTED NET/INVEST. 3.04 30.00 4669.742INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 3260.846INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 1620.83780.00 760.617100.00 268.921RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 01/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 13:39:15COLOMBIA DBS : DEMOCANACABARE‐03 , CARBONERA (C7) RSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 51.2 0.0 0.0 48.6 0.0 0.0 3982.6 0.0 0.0 3982.612‐2013 60.0 0.0 0.0 57.0 0.0 0.0 4675.5 0.0 0.0 4675.512‐2014 51.9 0.0 0.0 49.3 0.0 0.0 4040.7 0.0 0.0 4040.712‐2015 44.8 0.0 0.0 42.6 0.0 0.0 3492.1 0.0 0.0 3492.112‐2016 38.8 0.0 0.0 36.8 0.0 0.0 3018.0 0.0 0.0 3018.012‐2017 33.5 0.0 0.0 18.7 0.0 0.0 1534.9 0.0 0.0 1534.912‐2018 28.9 0.0 0.0 13.8 0.0 0.0 1127.0 0.0 0.0 1127.012‐2019 25.0 0.0 0.0 11.9 0.0 0.0 974.0 0.0 0.0 974.012‐2020 21.6 0.0 0.0 10.3 0.0 0.0 841.8 0.0 0.0 841.812‐2021 1.7 0.0 0.0 0.8 0.0 0.0 64.8 0.0 0.0 64.812‐202212‐202312‐202412‐2025S TOT 357.5 0.0 0.0 289.8 0.0 0.0 23751.3 0.0 0.0 23751.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 357.5 0.0 0.0 289.8 0.0 0.0 23751.3 0.0 0.0 23751.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 358.1 3624.6 5500.0 ‐1875.4 ‐1775.112‐2013 81.96 0.00 0.00 0.0 0.0 420.3 4255.2 0.0 4255.2 3358.112‐2014 81.96 0.00 0.00 0.0 0.0 363.3 3677.4 0.0 3677.4 2638.412‐2015 81.96 0.00 0.00 0.0 0.0 313.9 3178.1 0.0 3178.1 2072.912‐2016 81.96 0.00 0.00 0.0 0.0 271.3 2746.6 0.0 2746.6 1628.612‐2017 81.96 0.00 0.00 0.0 0.0 138.0 1396.9 0.0 1396.9 757.412‐2018 81.96 0.00 0.00 0.0 0.0 101.3 1025.7 0.0 1025.7 502.612‐2019 81.96 0.00 0.00 0.0 0.0 87.6 886.5 0.0 886.5 394.912‐2020 81.96 0.00 0.00 0.0 0.0 75.7 766.1 0.0 766.1 310.312‐2021 81.96 0.00 0.00 0.0 0.0 5.8 58.9 150.0 ‐91.1 ‐35.212‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 2135.3 21616.0 5650.0 15966.0 9852.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 2135.3 21616.0 5650.0 15966.0 9852.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 12446.550GROSS ULT., MB & MMF 357.456 0.000 DISCOUNT % 10.00 10.00 9852.742GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.44 15.00 7899.127GROSS RES., MB & MMF 357.456 0.000 DISCOUNTED PAYOUT, YRS. 2.53 20.00 6399.485NET RES., MB & MMF 289.792 0.000 UNDISCOUNTED NET/INVEST. 3.83 25.00 5229.030NET REVENUE, M$ 23751.350 0.000 DISCOUNTED NET/INVEST. 2.99 30.00 4302.058INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 2954.973INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 1423.67980.00 648.606100.00 222.058RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 01/24/2011CANACABARE FIELD, BASIN TIME : 13:39:16COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐202212‐202312‐202412‐2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 277.0 ‐277.0 0.0 ‐277.0 ‐264.212‐2012 0.00 0.00 0.00 0.0 0.0 277.0 ‐277.0 0.0 ‐277.0 ‐240.212‐2013 0.00 0.00 0.00 0.0 0.0 277.0 ‐277.0 0.0 ‐277.0 ‐218.412‐2014 0.00 0.00 0.00 0.0 0.0 277.0 ‐277.0 0.0 ‐277.0 ‐198.512‐2015 0.00 0.00 0.00 0.0 0.0 277.0 ‐277.0 0.0 ‐277.0 ‐180.512‐2016 0.00 0.00 0.00 0.0 0.0 277.0 ‐277.0 0.0 ‐277.0 ‐164.112‐2017 0.00 0.00 0.00 0.0 0.0 161.6 ‐161.6 0.0 ‐161.6 ‐87.512‐2018 0.00 0.00 0.00 0.0 0.0 138.5 ‐138.5 0.0 ‐138.5 ‐67.812‐2019 0.00 0.00 0.00 0.0 0.0 138.5 ‐138.5 0.0 ‐138.5 ‐61.612‐2020 0.00 0.00 0.00 0.0 0.0 138.5 ‐138.5 0.0 ‐138.5 ‐56.012‐2021 0.00 0.00 0.00 0.0 0.0 11.5 ‐11.5 0.0 ‐11.5 ‐4.412‐202212‐202312‐202412‐2025S TOT 0.00 0.00 0.00 0.0 0.0 2250.6 ‐2250.6 0.0 ‐2250.6 ‐1543.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 2250.6 ‐2250.6 0.0 ‐2250.6 ‐1543.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 ‐1840.593GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 ‐1543.115GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 10.08 15.00 ‐1321.239GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 10.08 20.00 ‐1151.639NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 ‐1019.141NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 ‐913.601INITIAL PRICE, $ 0.000 0.000 RATE‐OF‐RETURN, PCT. 0.00 40.00 ‐757.688INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 ‐570.49480.00 ‐464.297100.00 ‐396.600RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 01/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 13:39:16COLOMBIA DBS : DEMOCANACABARE‐04 , CARBONERA (C7) RSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 34.7 0.0 0.0 32.9 0.0 0.0 2699.7 0.0 0.0 2699.712‐2013 62.0 0.0 0.0 47.1 0.0 0.0 3863.2 0.0 0.0 3863.212‐2014 53.3 0.0 0.0 25.3 0.0 0.0 2073.6 0.0 0.0 2073.612‐2015 45.8 0.0 0.0 21.8 0.0 0.0 1782.6 0.0 0.0 1782.612‐2016 39.4 0.0 0.0 18.7 0.0 0.0 1532.5 0.0 0.0 1532.512‐2017 33.8 0.0 0.0 16.1 0.0 0.0 1317.5 0.0 0.0 1317.512‐2018 29.1 0.0 0.0 13.8 0.0 0.0 1132.6 0.0 0.0 1132.612‐2019 25.0 0.0 0.0 11.9 0.0 0.0 973.7 0.0 0.0 973.712‐2020 21.5 0.0 0.0 10.2 0.0 0.0 837.1 0.0 0.0 837.112‐2021 1.6 0.0 0.0 0.8 0.0 0.0 64.2 0.0 0.0 64.212‐202212‐202312‐202412‐2025S TOT 346.1 0.0 0.0 198.6 0.0 0.0 16276.7 0.0 0.0 16276.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 346.1 0.0 0.0 198.6 0.0 0.0 16276.7 0.0 0.0 16276.7‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 242.7 2457.0 5500.0 ‐3043.0 ‐2687.012‐2013 81.96 0.00 0.00 0.0 0.0 347.3 3515.8 0.0 3515.8 2794.612‐2014 81.96 0.00 0.00 0.0 0.0 186.4 1887.2 0.0 1887.2 1354.012‐2015 81.96 0.00 0.00 0.0 0.0 160.3 1622.4 0.0 1622.4 1058.212‐2016 81.96 0.00 0.00 0.0 0.0 137.8 1394.7 0.0 1394.7 827.012‐2017 81.96 0.00 0.00 0.0 0.0 118.4 1199.0 0.0 1199.0 646.312‐2018 81.96 0.00 0.00 0.0 0.0 101.8 1030.8 0.0 1030.8 505.112‐2019 81.96 0.00 0.00 0.0 0.0 87.5 886.2 0.0 886.2 394.812‐2020 81.96 0.00 0.00 0.0 0.0 75.3 761.8 0.0 761.8 308.512‐2021 81.96 0.00 0.00 0.0 0.0 5.8 58.4 150.0 ‐91.6 ‐35.412‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 1463.3 14813.4 5650.0 9163.4 5166.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 1463.3 14813.4 5650.0 9163.4 5166.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 6831.221GROSS ULT., MB & MMF 346.144 0.000 DISCOUNT % 10.00 10.00 5166.215GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.87 15.00 3949.667GROSS RES., MB & MMF 346.144 0.000 DISCOUNTED PAYOUT, YRS. 2.96 20.00 3042.546NET RES., MB & MMF 198.593 0.000 UNDISCOUNTED NET/INVEST. 2.62 25.00 2354.015NET REVENUE, M$ 16276.717 0.000 DISCOUNTED NET/INVEST. 2.07 30.00 1823.194INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 75.63 40.00 1080.233INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 293.94080.00 ‐63.734100.00 ‐237.337RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 01/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 13:39:16COLOMBIA DBS : DEMOCANACABARE‐05 , CARBONERA (C7) RSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 23.4 0.0 0.0 22.2 0.0 0.0 1822.4 0.0 0.0 1822.412‐2013 63.5 0.0 0.0 48.3 0.0 0.0 3961.7 0.0 0.0 3961.712‐2014 54.6 0.0 0.0 25.9 0.0 0.0 2126.5 0.0 0.0 2126.512‐2015 47.0 0.0 0.0 22.3 0.0 0.0 1828.1 0.0 0.0 1828.112‐2016 40.4 0.0 0.0 19.2 0.0 0.0 1571.6 0.0 0.0 1571.612‐2017 34.7 0.0 0.0 16.5 0.0 0.0 1351.1 0.0 0.0 1351.112‐2018 29.8 0.0 0.0 14.2 0.0 0.0 1161.5 0.0 0.0 1161.512‐2019 25.6 0.0 0.0 12.2 0.0 0.0 998.6 0.0 0.0 998.612‐2020 22.1 0.0 0.0 10.5 0.0 0.0 858.4 0.0 0.0 858.412‐2021 1.7 0.0 0.0 0.8 0.0 0.0 65.8 0.0 0.0 65.812‐202212‐202312‐202412‐2025S TOT 342.8 0.0 0.0 192.1 0.0 0.0 15745.8 0.0 0.0 15745.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 342.8 0.0 0.0 192.1 0.0 0.0 15745.8 0.0 0.0 15745.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 163.8 1658.5 5500.0 ‐3841.5 ‐3299.312‐2013 81.96 0.00 0.00 0.0 0.0 356.2 3605.6 0.0 3605.6 2865.912‐2014 81.96 0.00 0.00 0.0 0.0 191.2 1935.3 0.0 1935.3 1388.512‐2015 81.96 0.00 0.00 0.0 0.0 164.4 1663.8 0.0 1663.8 1085.212‐2016 81.96 0.00 0.00 0.0 0.0 141.3 1430.3 0.0 1430.3 848.112‐2017 81.96 0.00 0.00 0.0 0.0 121.5 1229.6 0.0 1229.6 662.812‐2018 81.96 0.00 0.00 0.0 0.0 104.4 1057.1 0.0 1057.1 518.012‐2019 81.96 0.00 0.00 0.0 0.0 89.8 908.8 0.0 908.8 404.912‐2020 81.96 0.00 0.00 0.0 0.0 77.2 781.3 0.0 781.3 316.412‐2021 81.96 0.00 0.00 0.0 0.0 5.9 59.9 150.0 ‐90.1 ‐34.812‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 1415.6 14330.3 5650.0 8680.3 4755.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 1415.6 14330.3 5650.0 8680.3 4755.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 6382.591GROSS ULT., MB & MMF 342.824 0.000 DISCOUNT % 10.00 10.00 4755.755GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.12 15.00 3577.655GROSS RES., MB & MMF 342.824 0.000 DISCOUNTED PAYOUT, YRS. 3.31 20.00 2707.527NET RES., MB & MMF 192.116 0.000 UNDISCOUNTED NET/INVEST. 2.54 25.00 2053.698NET REVENUE, M$ 15745.848 0.000 DISCOUNTED NET/INVEST. 2.00 30.00 1554.951INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 69.22 40.00 868.147INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 166.29380.00 ‐134.401100.00 ‐269.162RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 01/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 13:39:16COLOMBIA DBS : DEMOCANACABARE‐06 , CARBONERA (C7) RSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 6.0 0.0 0.0 5.7 0.0 0.0 464.2 0.0 0.0 464.212‐2013 66.0 0.0 0.0 50.2 0.0 0.0 4114.3 0.0 0.0 4114.312‐2014 56.7 0.0 0.0 26.9 0.0 0.0 2208.4 0.0 0.0 2208.412‐2015 48.8 0.0 0.0 23.2 0.0 0.0 1898.5 0.0 0.0 1898.512‐2016 41.9 0.0 0.0 19.9 0.0 0.0 1632.2 0.0 0.0 1632.212‐2017 36.0 0.0 0.0 17.1 0.0 0.0 1403.1 0.0 0.0 1403.112‐2018 31.0 0.0 0.0 14.7 0.0 0.0 1206.3 0.0 0.0 1206.312‐2019 26.6 0.0 0.0 12.7 0.0 0.0 1037.0 0.0 0.0 1037.012‐2020 22.9 0.0 0.0 10.9 0.0 0.0 891.5 0.0 0.0 891.512‐2021 1.8 0.0 0.0 0.8 0.0 0.0 68.4 0.0 0.0 68.412‐202212‐202312‐202412‐2025S TOT 337.7 0.0 0.0 182.1 0.0 0.0 14924.0 0.0 0.0 14924.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 337.7 0.0 0.0 182.1 0.0 0.0 14924.0 0.0 0.0 14924.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 81.96 0.00 0.00 0.0 0.0 41.7 422.5 5500.0 ‐5077.5 ‐4231.112‐2013 81.96 0.00 0.00 0.0 0.0 369.9 3744.4 0.0 3744.4 2976.312‐2014 81.96 0.00 0.00 0.0 0.0 198.5 2009.9 0.0 2009.9 1442.012‐2015 81.96 0.00 0.00 0.0 0.0 170.7 1727.9 0.0 1727.9 1127.012‐2016 81.96 0.00 0.00 0.0 0.0 146.7 1485.4 0.0 1485.4 880.812‐2017 81.96 0.00 0.00 0.0 0.0 126.1 1277.0 0.0 1277.0 688.412‐2018 81.96 0.00 0.00 0.0 0.0 108.4 1097.8 0.0 1097.8 538.012‐2019 81.96 0.00 0.00 0.0 0.0 93.2 943.8 0.0 943.8 420.512‐2020 81.96 0.00 0.00 0.0 0.0 80.1 811.4 0.0 811.4 328.612‐2021 81.96 0.00 0.00 0.0 0.0 6.1 62.2 150.0 ‐87.8 ‐33.912‐202212‐202312‐202412‐2025S TOT 81.96 0.00 0.00 0.0 0.0 1341.7 13582.3 5650.0 7932.3 4136.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.96 0.00 0.00 0.0 0.0 1341.7 13582.3 5650.0 7932.3 4136.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 5697.613GROSS ULT., MB & MMF 337.686 0.000 DISCOUNT % 10.00 10.00 4136.436GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.66 15.00 3022.223GROSS RES., MB & MMF 337.686 0.000 DISCOUNTED PAYOUT, YRS. 3.87 20.00 2212.076NET RES., MB & MMF 182.089 0.000 UNDISCOUNTED NET/INVEST. 2.40 25.00 1613.444NET REVENUE, M$ 14924.036 0.000 DISCOUNTED NET/INVEST. 1.89 30.00 1164.899INITIAL PRICE, $ 81.960 0.000 RATE‐OF‐RETURN, PCT. 59.43 40.00 564.227INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 ‐12.37380.00 ‐231.852100.00 ‐313.233RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/25/2011GRAND TOTALS TIME : 10:34:48TOTAL PROVED RESERVES DBS : DEMOSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 17.5 0.0 0.0 14.0 0.0 0.0 1030.1 0.0 0.0 1030.112‐2012 1762.3 0.0 0.0 1409.9 0.0 0.0 103723.5 0.0 0.0 103723.512‐2013 2610.6 0.0 0.0 2088.5 0.0 0.0 153647.6 0.0 0.0 153647.612‐2014 2379.5 0.0 0.0 1903.6 0.0 0.0 140045.6 0.0 0.0 140045.612‐2015 2168.8 0.0 0.0 1735.1 0.0 0.0 127647.8 0.0 0.0 127647.812‐2016 1974.2 0.0 0.0 1579.4 0.0 0.0 116194.1 0.0 0.0 116194.112‐2017 1798.6 0.0 0.0 1438.9 0.0 0.0 105859.2 0.0 0.0 105859.212‐2018 1639.4 0.0 0.0 1311.5 0.0 0.0 96488.2 0.0 0.0 96488.212‐2019 1494.3 0.0 0.0 1195.4 0.0 0.0 87946.7 0.0 0.0 87946.712‐2020 1362.0 0.0 0.0 1089.6 0.0 0.0 80161.4 0.0 0.0 80161.412‐2021 1241.4 0.0 0.0 993.1 0.0 0.0 73065.3 0.0 0.0 73065.312‐2022 195.9 0.0 0.0 156.8 0.0 0.0 11532.6 0.0 0.0 11532.612‐202312‐202412‐2025S TOT 18644.5 0.0 0.0 14915.6 0.0 0.0 1097342.1 0.0 0.0 1097342.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 18644.5 0.0 0.0 14915.6 0.0 0.0 1097342.1 0.0 0.0 1097342.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 73.57 0.00 0.00 0.0 0.0 481.6 548.5 10300.0 ‐9751.5 ‐9578.612‐2012 73.57 0.00 0.00 0.0 0.0 22284.1 81439.4 363360.0 ‐281920.6 ‐249271.212‐2013 73.57 0.00 0.00 0.0 0.0 32880.0 120767.7 0.0 120767.7 95268.612‐2014 73.57 0.00 0.00 0.0 0.0 29984.6 110061.0 0.0 110061.0 78929.612‐2015 73.57 0.00 0.00 0.0 0.0 28365.5 99282.2 0.0 99282.2 64727.512‐2016 73.57 0.00 0.00 0.0 0.0 25909.2 90284.9 280.0 90004.9 53340.312‐2017 73.57 0.00 0.00 0.0 0.0 23705.1 82154.2 0.0 82154.2 44265.212‐2018 73.57 0.00 0.00 0.0 0.0 21712.2 74776.0 0.0 74776.0 36627.112‐2019 73.57 0.00 0.00 0.0 0.0 19895.8 68050.9 0.0 68050.9 30302.812‐2020 73.57 0.00 0.00 0.0 0.0 18240.1 61921.3 0.0 61921.3 25066.612‐2021 73.57 0.00 0.00 0.0 0.0 16731.0 56334.3 0.0 56334.3 20731.812‐2022 73.57 0.00 0.00 0.0 0.0 2651.3 8881.3 33880.0 ‐24998.7 ‐8692.512‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 242840.5 854501.6 407820.0 446681.6 181717.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 242840.5 854501.6 407820.0 446681.6 181717.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 126.0 0.0 LIFE, YRS. 11.17 5.00 288901.781GROSS ULT., MB & MMF 18860.756 0.000 DISCOUNT % 10.00 10.00 181717.234GROSS CUM., MB & MMF 216.230 0.000 UNDISCOUNTED PAYOUT, YRS. 4.61 15.00 107279.906GROSS RES., MB & MMF 18644.525 0.000 DISCOUNTED PAYOUT, YRS. 5.37 20.00 54612.199NET RES., MB & MMF 14915.621 0.000 UNDISCOUNTED NET/INVEST. 2.10 25.00 16767.918NET REVENUE, M$ 1097342.125 0.000 DISCOUNTED NET/INVEST. 1.53 30.00 ‐10764.393INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 28.05 40.00 ‐45931.367INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 ‐75746.30580.00 ‐83556.922100.00 ‐83512.055RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011COUNTRY OF COLUMBIA TIME : 13:39:18TORCAZ FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 17.5 0.0 0.0 14.0 0.0 0.0 1030.1 0.0 0.0 1030.112‐2012 16.0 0.0 0.0 12.8 0.0 0.0 944.4 0.0 0.0 944.412‐2013 14.7 0.0 0.0 11.8 0.0 0.0 865.8 0.0 0.0 865.812‐2014 13.5 0.0 0.0 10.8 0.0 0.0 793.8 0.0 0.0 793.812‐2015 12.4 0.0 0.0 9.9 0.0 0.0 727.8 0.0 0.0 727.812‐2016 8.7 0.0 0.0 7.0 0.0 0.0 513.9 0.0 0.0 513.912‐2017 7.2 0.0 0.0 5.8 0.0 0.0 423.4 0.0 0.0 423.412‐2018 6.6 0.0 0.0 5.3 0.0 0.0 389.6 0.0 0.0 389.612‐2019 6.1 0.0 0.0 4.9 0.0 0.0 358.4 0.0 0.0 358.412‐2020 5.6 0.0 0.0 4.5 0.0 0.0 329.7 0.0 0.0 329.712‐2021 5.2 0.0 0.0 4.1 0.0 0.0 303.4 0.0 0.0 303.412‐2022 0.8 0.0 0.0 0.7 0.0 0.0 48.1 0.0 0.0 48.112‐202312‐202412‐2025S TOT 114.3 0.0 0.0 91.5 0.0 0.0 6728.3 0.0 0.0 6728.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 114.3 0.0 0.0 91.5 0.0 0.0 6728.3 0.0 0.0 6728.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 73.57 0.00 0.00 0.0 0.0 481.6 548.5 0.0 548.5 523.612‐2012 73.57 0.00 0.00 0.0 0.0 455.6 488.8 0.0 488.8 424.212‐2013 73.57 0.00 0.00 0.0 0.0 431.7 434.0 0.0 434.0 342.512‐2014 73.57 0.00 0.00 0.0 0.0 409.9 383.9 0.0 383.9 275.412‐2015 73.57 0.00 0.00 0.0 0.0 219.9 507.9 0.0 507.9 331.112‐2016 73.57 0.00 0.00 0.0 0.0 150.7 363.2 280.0 83.2 44.912‐2017 73.57 0.00 0.00 0.0 0.0 122.3 301.1 0.0 301.1 162.212‐2018 73.57 0.00 0.00 0.0 0.0 112.5 277.0 0.0 277.0 135.712‐2019 73.57 0.00 0.00 0.0 0.0 103.5 254.9 0.0 254.9 113.512‐2020 73.57 0.00 0.00 0.0 0.0 95.2 234.5 0.0 234.5 94.912‐2021 73.57 0.00 0.00 0.0 0.0 87.6 215.7 0.0 215.7 79.412‐2022 73.57 0.00 0.00 0.0 0.0 13.9 34.2 280.0 ‐245.8 ‐85.512‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 2684.6 4043.8 560.0 3483.8 2441.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 2684.6 4043.8 560.0 3483.8 2441.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 3.0 0.0 LIFE, YRS. 11.17 5.00 2880.820GROSS ULT., MB & MMF 330.548 0.000 DISCOUNT % 10.00 10.00 2441.899GROSS CUM., MB & MMF 216.230 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 2113.782GROSS RES., MB & MMF 114.319 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 1862.469NET RES., MB & MMF 91.455 0.000 UNDISCOUNTED NET/INVEST. 7.22 25.00 1665.694NET REVENUE, M$ 6728.343 0.000 DISCOUNTED NET/INVEST. 10.10 30.00 1508.531INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1275.177INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 991.25180.00 826.469100.00 718.954RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:20TORCAZ FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 1746.3 0.0 0.0 1397.0 0.0 0.0 102779.1 0.0 0.0 102779.112‐2013 2595.9 0.0 0.0 2076.7 0.0 0.0 152781.9 0.0 0.0 152781.912‐2014 2366.0 0.0 0.0 1892.8 0.0 0.0 139251.8 0.0 0.0 139251.812‐2015 2156.4 0.0 0.0 1725.2 0.0 0.0 126920.0 0.0 0.0 126920.012‐2016 1965.5 0.0 0.0 1572.4 0.0 0.0 115680.2 0.0 0.0 115680.212‐2017 1791.4 0.0 0.0 1433.1 0.0 0.0 105435.8 0.0 0.0 105435.812‐2018 1632.8 0.0 0.0 1306.2 0.0 0.0 96098.6 0.0 0.0 96098.612‐2019 1488.2 0.0 0.0 1190.5 0.0 0.0 87588.3 0.0 0.0 87588.312‐2020 1356.4 0.0 0.0 1085.1 0.0 0.0 79831.7 0.0 0.0 79831.712‐2021 1236.3 0.0 0.0 989.0 0.0 0.0 72761.9 0.0 0.0 72761.912‐2022 195.1 0.0 0.0 156.1 0.0 0.0 11484.5 0.0 0.0 11484.512‐202312‐202412‐2025S TOT 18530.2 0.0 0.0 14824.2 0.0 0.0 1090613.8 0.0 0.0 1090613.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 18530.2 0.0 0.0 14824.2 0.0 0.0 1090613.8 0.0 0.0 1090613.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 10300.0 ‐10300.0 ‐10102.212‐2012 73.57 0.00 0.00 0.0 0.0 21828.5 80950.6 363360.0 ‐282409.4 ‐249695.512‐2013 73.57 0.00 0.00 0.0 0.0 32448.2 120333.6 0.0 120333.6 94926.212‐2014 73.57 0.00 0.00 0.0 0.0 29574.7 109677.1 0.0 109677.1 78654.312‐2015 73.57 0.00 0.00 0.0 0.0 28145.6 98774.3 0.0 98774.3 64396.412‐2016 73.57 0.00 0.00 0.0 0.0 25758.5 89921.7 0.0 89921.7 53295.412‐2017 73.57 0.00 0.00 0.0 0.0 23582.8 81853.0 0.0 81853.0 44103.012‐2018 73.57 0.00 0.00 0.0 0.0 21599.7 74498.9 0.0 74498.9 36491.412‐2019 73.57 0.00 0.00 0.0 0.0 19792.3 67796.1 0.0 67796.1 30189.312‐2020 73.57 0.00 0.00 0.0 0.0 18144.9 61686.8 0.0 61686.8 24971.712‐2021 73.57 0.00 0.00 0.0 0.0 16643.4 56118.5 0.0 56118.5 20652.412‐2022 73.57 0.00 0.00 0.0 0.0 2637.4 8847.0 33600.0 ‐24753.0 ‐8607.112‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 240156.0 850457.8 407260.0 443197.8 179275.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 240156.0 850457.8 407260.0 443197.8 179275.3OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 123.0 0.0 LIFE, YRS. 11.17 5.00 286020.969GROSS ULT., MB & MMF 18530.207 0.000 DISCOUNT % 10.00 10.00 179275.328GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.63 15.00 105166.117GROSS RES., MB & MMF 18530.207 0.000 DISCOUNTED PAYOUT, YRS. 5.41 20.00 52749.730NET RES., MB & MMF 14824.164 0.000 UNDISCOUNTED NET/INVEST. 2.09 25.00 15102.223NET REVENUE, M$ 1090613.750 0.000 DISCOUNTED NET/INVEST. 1.53 30.00 ‐12272.924INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 27.76 40.00 ‐47206.543INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 ‐76737.55580.00 ‐84383.391100.00 ‐84231.008BOCACHICO BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:24RALPH E. DAVIS ASSOCIATES, INC.F‐1529

TORCAZ FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 162.4 0.0 0.0 129.9 0.0 0.0 9557.0 0.0 0.0 9557.012‐2014 304.4 0.0 0.0 243.5 0.0 0.0 17917.4 0.0 0.0 17917.412‐2015 3107.1 0.0 0.0 2485.7 0.0 0.0 182870.8 0.0 0.0 182870.812‐2016 14313.0 0.0 0.0 11450.4 0.0 0.0 842403.3 0.0 0.0 842403.312‐2017 17491.8 0.0 0.0 13993.4 0.0 0.0 1029497.8 0.0 0.0 1029497.812‐2018 13051.0 0.0 0.0 10440.8 0.0 0.0 768131.6 0.0 0.0 768131.612‐2019 10443.6 0.0 0.0 8354.8 0.0 0.0 614665.9 0.0 0.0 614665.912‐2020 8717.2 0.0 0.0 6973.7 0.0 0.0 513057.0 0.0 0.0 513057.012‐2021 7486.4 0.0 0.0 5989.1 0.0 0.0 440616.8 0.0 0.0 440616.812‐2022 1151.5 0.0 0.0 921.2 0.0 0.0 67770.7 0.0 0.0 67770.712‐202312‐202412‐2025S TOT 76228.2 0.0 0.0 60982.6 0.0 0.0 4486488.5 0.0 0.0 4486488.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 76228.2 0.0 0.0 60982.6 0.0 0.0 4486488.5 0.0 0.0 4486488.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 1514.0 ‐1514.0 ‐1261.212‐2013 73.57 0.00 0.00 0.0 0.0 2029.7 7527.3 10598.0 ‐3070.7 ‐2474.412‐2014 73.57 0.00 0.00 0.0 0.0 3805.4 14112.1 2271.0 11841.1 8433.412‐2015 73.57 0.00 0.00 0.0 0.0 38838.6 144032.2 272520.0 ‐128487.8 ‐83451.012‐2016 73.57 0.00 0.00 0.0 0.0 178912.0 663491.4 353140.5 310351.0 180560.212‐2017 73.57 0.00 0.00 0.0 0.0 218647.6 810850.1 80620.5 730229.6 392232.912‐2018 73.57 0.00 0.00 0.0 0.0 163137.9 604993.7 0.0 604993.7 296704.012‐2019 73.57 0.00 0.00 0.0 0.0 130544.5 484121.4 0.0 484121.4 215753.312‐2020 73.57 0.00 0.00 0.0 0.0 108964.5 404092.5 0.0 404092.5 163672.712‐2021 73.57 0.00 0.00 0.0 0.0 93579.4 347037.4 0.0 347037.4 127760.812‐2022 73.57 0.00 0.00 0.0 0.0 14393.3 53377.4 88760.0 ‐35382.6 ‐12302.712‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 952852.9 3533635.5 809424.0 2724211.8 1285628.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 952852.9 3533635.5 809424.0 2724211.8 1285628.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 317.0 0.0 LIFE, YRS. 11.17 5.00 1851171.375GROSS ULT., MB & MMF 76228.227 0.000 DISCOUNT % 10.00 10.00 1285627.875GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.39 15.00 910405.062GROSS RES., MB & MMF 76228.227 0.000 DISCOUNTED PAYOUT, YRS. 3.44 20.00 656036.562NET RES., MB & MMF 60982.574 0.000 UNDISCOUNTED NET/INVEST. 4.37 25.00 480214.219NET REVENUE, M$ 4486488.500 0.000 DISCOUNTED NET/INVEST. 3.72 30.00 356525.531INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 203978.125INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 75295.26680.00 31311.078100.00 14150.172RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:24TORCAZ FIELD DBS : DEMOSUMMARYSETTINGS : RED123110POSSIBLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 11158.6 0.0 0.0 8926.9 0.0 0.0 656752.5 0.0 0.0 656752.512‐2019 18936.7 0.0 0.0 15149.3 0.0 0.0 1114537.2 0.0 0.0 1114537.212‐2020 19536.0 0.0 0.0 15628.8 0.0 0.0 1149809.4 0.0 0.0 1149809.412‐2021 19414.0 0.0 0.0 15531.2 0.0 0.0 1142631.4 0.0 0.0 1142631.412‐2022 2780.0 0.0 0.0 2224.0 0.0 0.0 163616.9 0.0 0.0 163616.912‐202312‐202412‐2025S TOT 71825.3 0.0 0.0 57460.2 0.0 0.0 4227347.5 0.0 0.0 4227347.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71825.3 0.0 0.0 57460.2 0.0 0.0 4227347.5 0.0 0.0 4227347.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 73.57 0.00 0.00 0.0 0.0 139482.9 517269.6 352005.0 165264.6 73407.512‐2019 73.57 0.00 0.00 0.0 0.0 236708.5 877828.8 352005.0 525823.8 227548.412‐2020 73.57 0.00 0.00 0.0 0.0 244199.7 905609.6 329295.0 576314.6 231240.312‐2021 73.57 0.00 0.00 0.0 0.0 242675.2 899956.2 0.0 899956.2 331661.512‐2022 73.57 0.00 0.00 0.0 0.0 34749.4 128867.5 175200.0 ‐46332.5 ‐16108.712‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 897815.8 3329531.8 1208505.0 2121026.8 847748.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 897815.8 3329531.8 1208505.0 2121026.8 847748.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 455.0 0.0 LIFE, YRS. 11.17 5.00 1325674.000GROSS ULT., MB & MMF 71825.258 0.000 DISCOUNT % 10.00 10.00 847749.000GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 7.68 15.00 553479.938GROSS RES., MB & MMF 71825.258 0.000 DISCOUNTED PAYOUT, YRS. 7.71 20.00 368233.312NET RES., MB & MMF 57460.207 0.000 UNDISCOUNTED NET/INVEST. 2.76 25.00 249238.922NET REVENUE, M$ 4227347.500 0.000 DISCOUNTED NET/INVEST. 2.57 30.00 171375.438INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 84519.727INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 23665.50480.00 7675.262100.00 2782.622BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, BASIN TIME : 13:39:18COLOMBIA DBS : DEMORALPH E. DAVIS ASSOCIATES, INC.F‐1529

FIXED COSTS , RESERVOIRPROVED PRODUCINGSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐202312‐202412‐2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 170.0 ‐170.0 0.0 ‐170.0 ‐162.212‐2012 0.00 0.00 0.00 0.0 0.0 170.0 ‐170.0 0.0 ‐170.0 ‐147.412‐2013 0.00 0.00 0.00 0.0 0.0 170.0 ‐170.0 0.0 ‐170.0 ‐134.012‐2014 0.00 0.00 0.00 0.0 0.0 170.0 ‐170.0 0.0 ‐170.0 ‐121.812‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2019 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2020 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2021 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2022 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐202312‐202412‐2025S TOT 0.00 0.00 0.00 0.0 0.0 680.0 ‐680.0 0.0 ‐680.0 ‐565.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 680.0 ‐680.0 0.0 ‐680.0 ‐565.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 ‐617.773GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 ‐565.405GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 11.17 15.00 ‐520.909GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 11.17 20.00 ‐482.763NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 ‐449.795NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 ‐421.089INITIAL PRICE, $ 0.000 0.000 RATE‐OF‐RETURN, PCT. 0.00 40.00 ‐373.720INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 ‐306.49680.00 ‐261.649100.00 ‐229.903RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:18COLOMBIA DBS : DEMOTORCAZ‐2 , LOWER MUGROSA RESERVOSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 11.9 0.0 0.0 9.5 0.0 0.0 698.3 0.0 0.0 698.312‐2012 10.9 0.0 0.0 8.7 0.0 0.0 642.5 0.0 0.0 642.512‐2013 10.0 0.0 0.0 8.0 0.0 0.0 591.1 0.0 0.0 591.112‐2014 9.2 0.0 0.0 7.4 0.0 0.0 543.8 0.0 0.0 543.812‐2015 8.5 0.0 0.0 6.8 0.0 0.0 500.3 0.0 0.0 500.312‐2016 7.8 0.0 0.0 6.3 0.0 0.0 460.3 0.0 0.0 460.312‐2017 7.2 0.0 0.0 5.8 0.0 0.0 423.4 0.0 0.0 423.412‐2018 6.6 0.0 0.0 5.3 0.0 0.0 389.6 0.0 0.0 389.612‐2019 6.1 0.0 0.0 4.9 0.0 0.0 358.4 0.0 0.0 358.412‐2020 5.6 0.0 0.0 4.5 0.0 0.0 329.7 0.0 0.0 329.712‐2021 5.2 0.0 0.0 4.1 0.0 0.0 303.4 0.0 0.0 303.412‐2022 0.8 0.0 0.0 0.7 0.0 0.0 48.1 0.0 0.0 48.112‐202312‐202412‐2025S TOT 89.9 0.0 0.0 71.9 0.0 0.0 5288.9 0.0 0.0 5288.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 89.9 0.0 0.0 71.9 0.0 0.0 5288.9 0.0 0.0 5288.9‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 73.57 0.00 0.00 0.0 0.0 201.7 496.6 0.0 496.6 474.012‐2012 73.57 0.00 0.00 0.0 0.0 185.6 456.9 0.0 456.9 396.412‐2013 73.57 0.00 0.00 0.0 0.0 170.7 420.4 0.0 420.4 331.612‐2014 73.57 0.00 0.00 0.0 0.0 157.1 386.7 0.0 386.7 277.312‐2015 73.57 0.00 0.00 0.0 0.0 144.5 355.8 0.0 355.8 231.912‐2016 73.57 0.00 0.00 0.0 0.0 132.9 327.3 0.0 327.3 194.012‐2017 73.57 0.00 0.00 0.0 0.0 122.3 301.1 0.0 301.1 162.212‐2018 73.57 0.00 0.00 0.0 0.0 112.5 277.0 0.0 277.0 135.712‐2019 73.57 0.00 0.00 0.0 0.0 103.5 254.9 0.0 254.9 113.512‐2020 73.57 0.00 0.00 0.0 0.0 95.2 234.5 0.0 234.5 94.912‐2021 73.57 0.00 0.00 0.0 0.0 87.6 215.7 0.0 215.7 79.412‐2022 73.57 0.00 0.00 0.0 0.0 13.9 34.2 280.0 ‐245.8 ‐85.512‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 1527.7 3761.3 280.0 3481.3 2405.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 1527.7 3761.3 280.0 3481.3 2405.6OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 2858.137GROSS ULT., MB & MMF 228.408 0.000 DISCOUNT % 10.00 10.00 2405.551GROSS CUM., MB & MMF 138.546 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 2068.218GROSS RES., MB & MMF 89.862 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 1810.757NET RES., MB & MMF 71.890 0.000 UNDISCOUNTED NET/INVEST. 13.43 25.00 1609.971NET REVENUE, M$ 5288.929 0.000 DISCOUNTED NET/INVEST. 25.71 30.00 1450.292INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1214.755INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 931.84080.00 770.295100.00 666.237RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:18COLOMBIA DBS : DEMOTORCAZ‐3 , LOWER MUGROSA RESERVOSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 5.6 0.0 0.0 4.5 0.0 0.0 331.7 0.0 0.0 331.712‐2012 5.1 0.0 0.0 4.1 0.0 0.0 301.9 0.0 0.0 301.912‐2013 4.7 0.0 0.0 3.7 0.0 0.0 274.7 0.0 0.0 274.712‐2014 4.2 0.0 0.0 3.4 0.0 0.0 250.0 0.0 0.0 250.012‐2015 3.9 0.0 0.0 3.1 0.0 0.0 227.5 0.0 0.0 227.512‐2016 0.9 0.0 0.0 0.7 0.0 0.0 53.6 0.0 0.0 53.612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 24.5 0.0 0.0 19.6 0.0 0.0 1439.4 0.0 0.0 1439.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 24.5 0.0 0.0 19.6 0.0 0.0 1439.4 0.0 0.0 1439.4‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 73.57 0.00 0.00 0.0 0.0 109.9 221.8 0.0 221.8 211.712‐2012 73.57 0.00 0.00 0.0 0.0 100.0 201.9 0.0 201.9 175.212‐2013 73.57 0.00 0.00 0.0 0.0 91.0 183.7 0.0 183.7 144.912‐2014 73.57 0.00 0.00 0.0 0.0 82.8 167.2 0.0 167.2 119.912‐2015 73.57 0.00 0.00 0.0 0.0 75.4 152.1 0.0 152.1 99.212‐2016 73.57 0.00 0.00 0.0 0.0 17.8 35.8 280.0 ‐244.2 ‐149.112‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 476.9 962.5 280.0 682.5 601.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 476.9 962.5 280.0 682.5 601.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 5.25 5.00 640.457GROSS ULT., MB & MMF 102.141 0.000 DISCOUNT % 10.00 10.00 601.753GROSS CUM., MB & MMF 77.684 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 566.473GROSS RES., MB & MMF 24.457 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 534.475NET RES., MB & MMF 19.565 0.000 UNDISCOUNTED NET/INVEST. 3.44 25.00 505.518NET REVENUE, M$ 1439.414 0.000 DISCOUNTED NET/INVEST. 4.52 30.00 479.328INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 434.142INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 365.90780.00 317.823100.00 282.620RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:18COLOMBIA DBS : DEMO3D SEISMIC EXPENSES , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐201212‐201312‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3300.0 ‐3300.0 ‐3102.212‐201212‐201312‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3300.0 ‐3300.0 ‐3102.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3300.0 ‐3300.0 ‐3102.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 0.83 5.00 ‐3197.170GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 ‐3102.156GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.83 15.00 ‐3014.045GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 0.83 20.00 ‐2932.067NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 ‐2855.563NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 ‐2783.971INITIAL PRICE, $ 0.000 0.000 RATE‐OF‐RETURN, PCT. 0.00 40.00 ‐2653.632INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 ‐2434.21280.00 ‐2255.998100.00 ‐2107.824RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, BASIN TIME : 13:39:19COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐202312‐202412‐2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 1190.0 ‐1190.0 0.0 ‐1190.0 ‐775.312‐2016 0.00 0.00 0.00 0.0 0.0 1190.0 ‐1190.0 0.0 ‐1190.0 ‐704.812‐2017 0.00 0.00 0.00 0.0 0.0 1190.0 ‐1190.0 0.0 ‐1190.0 ‐640.712‐2018 0.00 0.00 0.00 0.0 0.0 1190.0 ‐1190.0 0.0 ‐1190.0 ‐582.512‐2019 0.00 0.00 0.00 0.0 0.0 1190.0 ‐1190.0 0.0 ‐1190.0 ‐529.512‐2020 0.00 0.00 0.00 0.0 0.0 1190.0 ‐1190.0 0.0 ‐1190.0 ‐481.412‐2021 0.00 0.00 0.00 0.0 0.0 1190.0 ‐1190.0 0.0 ‐1190.0 ‐437.612‐2022 0.00 0.00 0.00 0.0 0.0 198.3 ‐198.3 0.0 ‐198.3 ‐69.012‐202312‐202412‐2025S TOT 0.00 0.00 0.00 0.0 0.0 8528.4 ‐8528.4 0.0 ‐8528.4 ‐4220.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 8528.4 ‐8528.4 0.0 ‐8528.4 ‐4220.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 ‐5920.933GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 ‐4220.658GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 11.17 15.00 ‐3080.182GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 11.17 20.00 ‐2295.462NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 ‐1742.964NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 ‐1345.789INITIAL PRICE, $ 0.000 0.000 RATE‐OF‐RETURN, PCT. 0.00 40.00 ‐838.034INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 ‐373.00680.00 ‐189.983100.00 ‐106.539RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, BASIN TIME : 13:39:19COLOMBIA DBS : DEMORIG MOBE FEE AND ELECTRIFICATIONSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐202312‐202412‐2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 7000.0 ‐7000.0 ‐7000.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2019 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2020 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2021 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2022 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐202312‐202412‐2025S TOT 0.00 0.00 0.00 0.0 0.0 0.0 0.0 7000.0 ‐7000.0 ‐7000.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 0.0 0.0 7000.0 ‐7000.0 ‐7000.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 ‐7000.000GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 ‐7000.000GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 11.17 15.00 ‐7000.000GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 11.17 20.00 ‐7000.000NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 ‐7000.000NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 ‐7000.000INITIAL PRICE, $ 0.000 0.000 RATE‐OF‐RETURN, PCT. 0.00 40.00 ‐7000.000INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 ‐7000.00080.00 ‐7000.000100.00 ‐7000.000RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:19COLOMBIA DBS : DEMOTORCAZ‐011 THRU 030 , LOWER MUGRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 384.9 0.0 0.0 307.9 0.0 0.0 22655.8 0.0 0.0 22655.812‐2013 424.3 0.0 0.0 339.5 0.0 0.0 24974.3 0.0 0.0 24974.312‐2014 386.8 0.0 0.0 309.4 0.0 0.0 22762.6 0.0 0.0 22762.612‐2015 352.5 0.0 0.0 282.0 0.0 0.0 20746.8 0.0 0.0 20746.812‐2016 321.3 0.0 0.0 257.0 0.0 0.0 18909.5 0.0 0.0 18909.512‐2017 292.8 0.0 0.0 234.3 0.0 0.0 17234.9 0.0 0.0 17234.912‐2018 266.9 0.0 0.0 213.5 0.0 0.0 15708.6 0.0 0.0 15708.612‐2019 243.3 0.0 0.0 194.6 0.0 0.0 14317.5 0.0 0.0 14317.512‐2020 221.7 0.0 0.0 177.4 0.0 0.0 13049.6 0.0 0.0 13049.612‐2021 202.1 0.0 0.0 161.7 0.0 0.0 11893.9 0.0 0.0 11893.912‐2022 31.9 0.0 0.0 25.5 0.0 0.0 1877.3 0.0 0.0 1877.312‐202312‐202412‐2025S TOT 3128.5 0.0 0.0 2502.8 0.0 0.0 184130.8 0.0 0.0 184130.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3128.5 0.0 0.0 2502.8 0.0 0.0 184130.8 0.0 0.0 184130.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 73.57 0.00 0.00 0.0 0.0 4811.7 17844.1 60560.0 ‐42715.9 ‐38830.512‐2013 73.57 0.00 0.00 0.0 0.0 5304.1 19670.2 0.0 19670.2 15517.012‐2014 73.57 0.00 0.00 0.0 0.0 4834.4 17928.2 0.0 17928.2 12857.112‐2015 73.57 0.00 0.00 0.0 0.0 4406.3 16340.5 0.0 16340.5 10653.212‐2016 73.57 0.00 0.00 0.0 0.0 4016.1 14893.5 0.0 14893.5 8827.112‐2017 73.57 0.00 0.00 0.0 0.0 3660.4 13574.5 0.0 13574.5 7314.012‐2018 73.57 0.00 0.00 0.0 0.0 3336.2 12372.4 0.0 12372.4 6060.212‐2019 73.57 0.00 0.00 0.0 0.0 3040.8 11276.7 0.0 11276.7 5021.412‐2020 73.57 0.00 0.00 0.0 0.0 2771.5 10278.1 0.0 10278.1 4160.712‐2021 73.57 0.00 0.00 0.0 0.0 2526.1 9367.9 0.0 9367.9 3447.512‐2022 73.57 0.00 0.00 0.0 0.0 398.7 1478.6 5600.0 ‐4121.4 ‐1433.112‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 39106.2 145024.6 66160.0 78864.6 33594.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 39106.2 145024.6 66160.0 78864.6 33594.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 51984.766GROSS ULT., MB & MMF 3128.498 0.000 DISCOUNT % 10.00 10.00 33594.430GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.31 15.00 20716.967GROSS RES., MB & MMF 3128.498 0.000 DISCOUNTED PAYOUT, YRS. 4.98 20.00 11518.828NET RES., MB & MMF 2502.798 0.000 UNDISCOUNTED NET/INVEST. 2.19 25.00 4837.619NET REVENUE, M$ 184130.828 0.000 DISCOUNTED NET/INVEST. 1.60 30.00 ‐83.342INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 29.92 40.00 ‐6502.128INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 ‐12262.01480.00 ‐14063.544100.00 ‐14373.843RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:19COLOMBIA DBS : DEMOTORCAZ‐031 THRU 050 , LOWER MUGRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 347.8 0.0 0.0 278.2 0.0 0.0 20468.2 0.0 0.0 20468.212‐2013 427.6 0.0 0.0 342.1 0.0 0.0 25168.0 0.0 0.0 25168.012‐2014 389.8 0.0 0.0 311.8 0.0 0.0 22939.2 0.0 0.0 22939.212‐2015 355.2 0.0 0.0 284.2 0.0 0.0 20907.7 0.0 0.0 20907.712‐2016 323.8 0.0 0.0 259.0 0.0 0.0 19056.2 0.0 0.0 19056.212‐2017 295.1 0.0 0.0 236.1 0.0 0.0 17368.6 0.0 0.0 17368.612‐2018 269.0 0.0 0.0 215.2 0.0 0.0 15830.5 0.0 0.0 15830.512‐2019 245.2 0.0 0.0 196.1 0.0 0.0 14428.6 0.0 0.0 14428.612‐2020 223.4 0.0 0.0 178.8 0.0 0.0 13150.8 0.0 0.0 13150.812‐2021 203.7 0.0 0.0 162.9 0.0 0.0 11986.2 0.0 0.0 11986.212‐2022 32.1 0.0 0.0 25.7 0.0 0.0 1891.9 0.0 0.0 1891.912‐202312‐202412‐2025S TOT 3112.6 0.0 0.0 2490.1 0.0 0.0 183195.8 0.0 0.0 183195.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3112.6 0.0 0.0 2490.1 0.0 0.0 183195.8 0.0 0.0 183195.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 73.57 0.00 0.00 0.0 0.0 4347.1 16121.1 60560.0 ‐44438.9 ‐39941.712‐2013 73.57 0.00 0.00 0.0 0.0 5345.3 19822.8 0.0 19822.8 15637.312‐2014 73.57 0.00 0.00 0.0 0.0 4871.9 18067.3 0.0 18067.3 12956.812‐2015 73.57 0.00 0.00 0.0 0.0 4440.4 16467.3 0.0 16467.3 10735.812‐2016 73.57 0.00 0.00 0.0 0.0 4047.2 15009.0 0.0 15009.0 8895.512‐2017 73.57 0.00 0.00 0.0 0.0 3688.8 13679.8 0.0 13679.8 7370.712‐2018 73.57 0.00 0.00 0.0 0.0 3362.1 12468.4 0.0 12468.4 6107.212‐2019 73.57 0.00 0.00 0.0 0.0 3064.4 11364.2 0.0 11364.2 5060.412‐2020 73.57 0.00 0.00 0.0 0.0 2793.0 10357.8 0.0 10357.8 4192.912‐2021 73.57 0.00 0.00 0.0 0.0 2545.7 9440.5 0.0 9440.5 3474.212‐2022 73.57 0.00 0.00 0.0 0.0 401.8 1490.1 5600.0 ‐4109.9 ‐1429.112‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 38907.6 144288.2 66160.0 78128.2 33060.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 38907.6 144288.2 66160.0 78128.2 33060.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 51334.375GROSS ULT., MB & MMF 3112.611 0.000 DISCOUNT % 10.00 10.00 33060.215GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.40 15.00 20309.555GROSS RES., MB & MMF 3112.611 0.000 DISCOUNTED PAYOUT, YRS. 5.07 20.00 11238.521NET RES., MB & MMF 2490.089 0.000 UNDISCOUNTED NET/INVEST. 2.18 25.00 4679.410NET REVENUE, M$ 183195.828 0.000 DISCOUNTED NET/INVEST. 1.59 30.00 ‐127.059INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 29.87 40.00 ‐6343.018INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 ‐11796.00480.00 ‐13392.690100.00 ‐13567.559RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:19COLOMBIA DBS : DEMOTORCAZ‐051 THRU 070 , LOWER MUGRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 310.3 0.0 0.0 248.2 0.0 0.0 18263.6 0.0 0.0 18263.612‐2013 430.9 0.0 0.0 344.7 0.0 0.0 25363.2 0.0 0.0 25363.212‐2014 392.8 0.0 0.0 314.2 0.0 0.0 23117.1 0.0 0.0 23117.112‐2015 358.0 0.0 0.0 286.4 0.0 0.0 21069.9 0.0 0.0 21069.912‐2016 326.3 0.0 0.0 261.0 0.0 0.0 19204.0 0.0 0.0 19204.012‐2017 297.4 0.0 0.0 237.9 0.0 0.0 17503.3 0.0 0.0 17503.312‐2018 271.1 0.0 0.0 216.8 0.0 0.0 15953.3 0.0 0.0 15953.312‐2019 247.1 0.0 0.0 197.6 0.0 0.0 14540.5 0.0 0.0 14540.512‐2020 225.2 0.0 0.0 180.1 0.0 0.0 13252.8 0.0 0.0 13252.812‐2021 205.2 0.0 0.0 164.2 0.0 0.0 12079.2 0.0 0.0 12079.212‐2022 32.4 0.0 0.0 25.9 0.0 0.0 1906.5 0.0 0.0 1906.512‐202312‐202412‐2025S TOT 3096.6 0.0 0.0 2477.3 0.0 0.0 182253.5 0.0 0.0 182253.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3096.6 0.0 0.0 2477.3 0.0 0.0 182253.5 0.0 0.0 182253.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 73.57 0.00 0.00 0.0 0.0 3878.9 14384.7 60560.0 ‐46175.3 ‐41055.012‐2013 73.57 0.00 0.00 0.0 0.0 5386.7 19976.5 0.0 19976.5 15758.612‐2014 73.57 0.00 0.00 0.0 0.0 4909.7 18207.4 0.0 18207.4 13057.412‐2015 73.57 0.00 0.00 0.0 0.0 4474.9 16595.0 0.0 16595.0 10819.112‐2016 73.57 0.00 0.00 0.0 0.0 4078.6 15125.4 0.0 15125.4 8964.512‐2017 73.57 0.00 0.00 0.0 0.0 3717.4 13785.9 0.0 13785.9 7427.912‐2018 73.57 0.00 0.00 0.0 0.0 3388.2 12565.1 0.0 12565.1 6154.612‐2019 73.57 0.00 0.00 0.0 0.0 3088.2 11452.3 0.0 11452.3 5099.612‐2020 73.57 0.00 0.00 0.0 0.0 2814.7 10438.1 0.0 10438.1 4225.512‐2021 73.57 0.00 0.00 0.0 0.0 2565.4 9513.8 0.0 9513.8 3501.112‐2022 73.57 0.00 0.00 0.0 0.0 404.9 1501.6 5600.0 ‐4098.4 ‐1425.112‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 38707.5 143546.0 66160.0 77386.0 32528.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 38707.5 143546.0 66160.0 77386.0 32528.3OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 50683.324GROSS ULT., MB & MMF 3096.601 0.000 DISCOUNT % 10.00 10.00 32528.268GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.48 15.00 19905.666GROSS RES., MB & MMF 3096.601 0.000 DISCOUNTED PAYOUT, YRS. 5.16 20.00 10961.703NET RES., MB & MMF 2477.281 0.000 UNDISCOUNTED NET/INVEST. 2.17 25.00 4523.644NET REVENUE, M$ 182253.531 0.000 DISCOUNTED NET/INVEST. 1.59 30.00 ‐170.129INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 29.82 40.00 ‐6188.435INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 ‐11347.92380.00 ‐12753.911100.00 ‐12806.528RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:19COLOMBIA DBS : DEMOTORCAZ‐071 THRU 090 , LOWER MUGRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 272.6 0.0 0.0 218.0 0.0 0.0 16041.9 0.0 0.0 16041.912‐2013 434.3 0.0 0.0 347.4 0.0 0.0 25560.0 0.0 0.0 25560.012‐2014 395.8 0.0 0.0 316.7 0.0 0.0 23296.5 0.0 0.0 23296.512‐2015 360.8 0.0 0.0 288.6 0.0 0.0 21233.4 0.0 0.0 21233.412‐2016 328.8 0.0 0.0 263.1 0.0 0.0 19353.0 0.0 0.0 19353.012‐2017 299.7 0.0 0.0 239.8 0.0 0.0 17639.1 0.0 0.0 17639.112‐2018 273.2 0.0 0.0 218.5 0.0 0.0 16077.0 0.0 0.0 16077.012‐2019 249.0 0.0 0.0 199.2 0.0 0.0 14653.3 0.0 0.0 14653.312‐2020 226.9 0.0 0.0 181.5 0.0 0.0 13355.6 0.0 0.0 13355.612‐2021 206.8 0.0 0.0 165.5 0.0 0.0 12172.9 0.0 0.0 12172.912‐2022 32.6 0.0 0.0 26.1 0.0 0.0 1921.3 0.0 0.0 1921.312‐202312‐202412‐2025S TOT 3080.5 0.0 0.0 2464.4 0.0 0.0 181304.0 0.0 0.0 181304.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3080.5 0.0 0.0 2464.4 0.0 0.0 181304.0 0.0 0.0 181304.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 73.57 0.00 0.00 0.0 0.0 3407.0 12634.9 60560.0 ‐47925.1 ‐42170.612‐2013 73.57 0.00 0.00 0.0 0.0 5428.5 20131.5 0.0 20131.5 15880.912‐2014 73.57 0.00 0.00 0.0 0.0 4947.8 18348.7 0.0 18348.7 13158.612‐2015 73.57 0.00 0.00 0.0 0.0 4509.6 16723.8 0.0 16723.8 10903.012‐2016 73.57 0.00 0.00 0.0 0.0 4110.2 15242.7 0.0 15242.7 9034.112‐2017 73.57 0.00 0.00 0.0 0.0 3746.2 13892.9 0.0 13892.9 7485.512‐2018 73.57 0.00 0.00 0.0 0.0 3414.5 12662.6 0.0 12662.6 6202.412‐2019 73.57 0.00 0.00 0.0 0.0 3112.1 11541.2 0.0 11541.2 5139.212‐2020 73.57 0.00 0.00 0.0 0.0 2836.5 10519.1 0.0 10519.1 4258.212‐2021 73.57 0.00 0.00 0.0 0.0 2585.3 9587.6 0.0 9587.6 3528.312‐2022 73.57 0.00 0.00 0.0 0.0 408.1 1513.3 5600.0 ‐4086.7 ‐1421.012‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 38505.8 142798.1 66160.0 76638.1 31998.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 38505.8 142798.1 66160.0 76638.1 31998.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 50031.570GROSS ULT., MB & MMF 3080.468 0.000 DISCOUNT % 10.00 10.00 31998.543GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.56 15.00 19505.250GROSS RES., MB & MMF 3080.468 0.000 DISCOUNTED PAYOUT, YRS. 5.25 20.00 10688.317NET RES., MB & MMF 2464.374 0.000 UNDISCOUNTED NET/INVEST. 2.16 25.00 4370.278NET REVENUE, M$ 181303.953 0.000 DISCOUNTED NET/INVEST. 1.58 30.00 ‐212.575INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 29.77 40.00 ‐6038.265INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 ‐10917.08280.00 ‐12145.677100.00 ‐12088.215RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:20COLOMBIA DBS : DEMOTORCAZ‐091 THRU 110 , LOWER MUGRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 234.5 0.0 0.0 187.6 0.0 0.0 13803.0 0.0 0.0 13803.012‐2013 437.6 0.0 0.0 350.1 0.0 0.0 25758.3 0.0 0.0 25758.312‐2014 398.9 0.0 0.0 319.1 0.0 0.0 23477.2 0.0 0.0 23477.212‐2015 363.6 0.0 0.0 290.9 0.0 0.0 21398.1 0.0 0.0 21398.112‐2016 331.4 0.0 0.0 265.1 0.0 0.0 19503.1 0.0 0.0 19503.112‐2017 302.0 0.0 0.0 241.6 0.0 0.0 17776.0 0.0 0.0 17776.012‐2018 275.3 0.0 0.0 220.2 0.0 0.0 16201.8 0.0 0.0 16201.812‐2019 250.9 0.0 0.0 200.7 0.0 0.0 14767.0 0.0 0.0 14767.012‐2020 228.7 0.0 0.0 182.9 0.0 0.0 13459.2 0.0 0.0 13459.212‐2021 208.4 0.0 0.0 166.7 0.0 0.0 12267.3 0.0 0.0 12267.312‐2022 32.9 0.0 0.0 26.3 0.0 0.0 1936.2 0.0 0.0 1936.212‐202312‐202412‐2025S TOT 3064.2 0.0 0.0 2451.4 0.0 0.0 180347.0 0.0 0.0 180347.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3064.2 0.0 0.0 2451.4 0.0 0.0 180347.0 0.0 0.0 180347.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 73.57 0.00 0.00 0.0 0.0 2931.5 10871.5 60560.0 ‐49688.5 ‐43288.612‐2013 73.57 0.00 0.00 0.0 0.0 5470.6 20287.7 0.0 20287.7 16004.112‐2014 73.57 0.00 0.00 0.0 0.0 4986.1 18491.0 0.0 18491.0 13260.712‐2015 73.57 0.00 0.00 0.0 0.0 4544.6 16853.5 0.0 16853.5 10987.612‐2016 73.57 0.00 0.00 0.0 0.0 4142.1 15361.0 0.0 15361.0 9104.212‐2017 73.57 0.00 0.00 0.0 0.0 3775.3 14000.6 0.0 14000.6 7543.612‐2018 73.57 0.00 0.00 0.0 0.0 3441.0 12760.8 0.0 12760.8 6250.512‐2019 73.57 0.00 0.00 0.0 0.0 3136.2 11630.7 0.0 11630.7 5179.012‐2020 73.57 0.00 0.00 0.0 0.0 2858.5 10600.7 0.0 10600.7 4291.312‐2021 73.57 0.00 0.00 0.0 0.0 2605.4 9661.9 0.0 9661.9 3555.712‐2022 73.57 0.00 0.00 0.0 0.0 411.2 1525.0 5600.0 ‐4075.0 ‐1417.012‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 38302.6 142044.4 66160.0 75884.4 31471.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 38302.6 142044.4 66160.0 75884.4 31471.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 49379.117GROSS ULT., MB & MMF 3064.208 0.000 DISCOUNT % 10.00 10.00 31471.020GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.65 15.00 19108.264GROSS RES., MB & MMF 3064.208 0.000 DISCOUNTED PAYOUT, YRS. 5.33 20.00 10418.298NET RES., MB & MMF 2451.366 0.000 UNDISCOUNTED NET/INVEST. 2.15 25.00 4219.257NET REVENUE, M$ 180347.016 0.000 DISCOUNTED NET/INVEST. 1.58 30.00 ‐254.411INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 29.72 40.00 ‐5892.377INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 ‐10502.81580.00 ‐11566.524100.00 ‐11410.217RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:20COLOMBIA DBS : DEMOTORCAZ‐111 THRU130 , LOWER MUGROSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 196.2 0.0 0.0 156.9 0.0 0.0 11546.7 0.0 0.0 11546.712‐2013 441.0 0.0 0.0 352.8 0.0 0.0 25958.1 0.0 0.0 25958.112‐2014 402.0 0.0 0.0 321.6 0.0 0.0 23659.3 0.0 0.0 23659.312‐2015 366.4 0.0 0.0 293.1 0.0 0.0 21564.1 0.0 0.0 21564.112‐2016 333.9 0.0 0.0 267.2 0.0 0.0 19654.4 0.0 0.0 19654.412‐2017 304.4 0.0 0.0 243.5 0.0 0.0 17913.8 0.0 0.0 17913.812‐2018 277.4 0.0 0.0 221.9 0.0 0.0 16327.4 0.0 0.0 16327.412‐2019 252.8 0.0 0.0 202.3 0.0 0.0 14881.5 0.0 0.0 14881.512‐2020 230.5 0.0 0.0 184.4 0.0 0.0 13563.6 0.0 0.0 13563.612‐2021 210.0 0.0 0.0 168.0 0.0 0.0 12362.5 0.0 0.0 12362.512‐2022 33.2 0.0 0.0 26.5 0.0 0.0 1951.2 0.0 0.0 1951.212‐202312‐202412‐2025S TOT 3047.8 0.0 0.0 2438.3 0.0 0.0 179382.7 0.0 0.0 179382.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3047.8 0.0 0.0 2438.3 0.0 0.0 179382.7 0.0 0.0 179382.7‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 73.57 0.00 0.00 0.0 0.0 2452.3 9094.4 60560.0 ‐51465.6 ‐44409.012‐2013 73.57 0.00 0.00 0.0 0.0 5513.0 20445.0 0.0 20445.0 16128.212‐2014 73.57 0.00 0.00 0.0 0.0 5024.8 18634.5 0.0 18634.5 13363.612‐2015 73.57 0.00 0.00 0.0 0.0 4579.8 16984.2 0.0 16984.2 11072.912‐2016 73.57 0.00 0.00 0.0 0.0 4174.3 15480.1 0.0 15480.1 9174.812‐2017 73.57 0.00 0.00 0.0 0.0 3804.6 14109.3 0.0 14109.3 7602.112‐2018 73.57 0.00 0.00 0.0 0.0 3467.7 12859.8 0.0 12859.8 6299.012‐2019 73.57 0.00 0.00 0.0 0.0 3160.6 11720.9 0.0 11720.9 5219.212‐2020 73.57 0.00 0.00 0.0 0.0 2880.7 10682.9 0.0 10682.9 4324.612‐2021 73.57 0.00 0.00 0.0 0.0 2625.6 9736.9 0.0 9736.9 3583.312‐2022 73.57 0.00 0.00 0.0 0.0 414.4 1536.8 5600.0 ‐4063.2 ‐1412.812‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 38097.8 141284.8 66160.0 75124.9 30945.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 38097.8 141284.8 66160.0 75124.9 30945.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 48725.914GROSS ULT., MB & MMF 3047.823 0.000 DISCOUNT % 10.00 10.00 30945.664GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.73 15.00 18714.650GROSS RES., MB & MMF 3047.823 0.000 DISCOUNTED PAYOUT, YRS. 5.42 20.00 10151.597NET RES., MB & MMF 2438.258 0.000 UNDISCOUNTED NET/INVEST. 2.14 25.00 4070.543NET REVENUE, M$ 179382.656 0.000 DISCOUNTED NET/INVEST. 1.57 30.00 ‐295.648INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 29.66 40.00 ‐5750.658INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 ‐10104.49680.00 ‐11015.062100.00 ‐10770.276RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, BASIN TIME : 13:39:20COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐202312‐202412‐2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2019 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2020 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2021 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2022 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐202312‐202412‐2025S TOT 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 0.000GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 0.000GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 11.17 15.00 0.000GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 11.17 20.00 0.000NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 0.000NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 0.000INITIAL PRICE, $ 0.000 0.000 RATE‐OF‐RETURN, PCT. 0.00 40.00 0.000INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 0.00080.00 0.000100.00 0.000RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:20COLOMBIA DBS : DEMOTORCAZ 6 , RESERVOIR SETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCBOCACHICO BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 72.0 0.0 0.0 57.6 0.0 0.0 4237.1 0.0 0.0 4237.112‐2014 50.2 0.0 0.0 40.1 0.0 0.0 2953.4 0.0 0.0 2953.412‐2015 38.6 0.0 0.0 30.9 0.0 0.0 2271.0 0.0 0.0 2271.012‐2016 31.4 0.0 0.0 25.1 0.0 0.0 1846.3 0.0 0.0 1846.312‐2017 26.4 0.0 0.0 21.2 0.0 0.0 1556.2 0.0 0.0 1556.212‐2018 22.9 0.0 0.0 18.3 0.0 0.0 1345.3 0.0 0.0 1345.312‐2019 20.1 0.0 0.0 16.1 0.0 0.0 1184.9 0.0 0.0 1184.912‐2020 18.0 0.0 0.0 14.4 0.0 0.0 1058.9 0.0 0.0 1058.912‐2021 16.3 0.0 0.0 13.0 0.0 0.0 957.3 0.0 0.0 957.312‐2022 2.6 0.0 0.0 2.1 0.0 0.0 151.0 0.0 0.0 151.012‐202312‐202412‐2025S TOT 298.4 0.0 0.0 238.7 0.0 0.0 17561.5 0.0 0.0 17561.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 298.4 0.0 0.0 238.7 0.0 0.0 17561.5 0.0 0.0 17561.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 1514.0 ‐1514.0 ‐1261.212‐2013 73.57 0.00 0.00 0.0 0.0 899.9 3337.2 1514.0 1823.2 1388.412‐2014 73.57 0.00 0.00 0.0 0.0 627.3 2326.2 0.0 2326.2 1670.912‐2015 73.57 0.00 0.00 0.0 0.0 482.3 1788.7 0.0 1788.7 1167.412‐2016 73.57 0.00 0.00 0.0 0.0 392.1 1454.2 0.0 1454.2 862.512‐2017 73.57 0.00 0.00 0.0 0.0 330.5 1225.7 0.0 1225.7 660.712‐2018 73.57 0.00 0.00 0.0 0.0 285.7 1059.5 0.0 1059.5 519.212‐2019 73.57 0.00 0.00 0.0 0.0 251.7 933.3 0.0 933.3 415.712‐2020 73.57 0.00 0.00 0.0 0.0 224.9 834.0 0.0 834.0 337.712‐2021 73.57 0.00 0.00 0.0 0.0 203.3 754.0 0.0 754.0 277.512‐2022 73.57 0.00 0.00 0.0 0.0 32.1 118.9 280.0 ‐161.1 ‐56.012‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 3729.8 13831.7 3308.0 10523.7 5982.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 3729.8 13831.7 3308.0 10523.7 5982.6OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 7849.829GROSS ULT., MB & MMF 298.380 0.000 DISCOUNT % 10.00 10.00 5982.630GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.83 15.00 4643.521GROSS RES., MB & MMF 298.380 0.000 DISCOUNTED PAYOUT, YRS. 2.91 20.00 3660.348NET RES., MB & MMF 238.704 0.000 UNDISCOUNTED NET/INVEST. 4.18 25.00 2923.465NET REVENUE, M$ 17561.467 0.000 DISCOUNTED NET/INVEST. 3.29 30.00 2361.054INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1581.793INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 762.55880.00 383.562100.00 189.441RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:21COLOMBIA DBS : DEMOTORCAZ 7 , RESERVOIR SETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCBOCACHICO BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 61.9 0.0 0.0 49.6 0.0 0.0 3645.9 0.0 0.0 3645.912‐2014 52.8 0.0 0.0 42.3 0.0 0.0 3109.8 0.0 0.0 3109.812‐2015 40.1 0.0 0.0 32.1 0.0 0.0 2361.8 0.0 0.0 2361.812‐2016 32.4 0.0 0.0 25.9 0.0 0.0 1905.6 0.0 0.0 1905.612‐2017 27.2 0.0 0.0 21.7 0.0 0.0 1598.0 0.0 0.0 1598.012‐2018 23.4 0.0 0.0 18.7 0.0 0.0 1376.3 0.0 0.0 1376.312‐2019 20.5 0.0 0.0 16.4 0.0 0.0 1208.9 0.0 0.0 1208.912‐2020 18.3 0.0 0.0 14.7 0.0 0.0 1078.0 0.0 0.0 1078.012‐2021 16.5 0.0 0.0 13.2 0.0 0.0 972.8 0.0 0.0 972.812‐2022 2.6 0.0 0.0 2.1 0.0 0.0 153.3 0.0 0.0 153.312‐202312‐202412‐2025S TOT 295.8 0.0 0.0 236.7 0.0 0.0 17410.5 0.0 0.0 17410.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 295.8 0.0 0.0 236.7 0.0 0.0 17410.5 0.0 0.0 17410.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 73.57 0.00 0.00 0.0 0.0 774.3 2871.6 3028.0 ‐156.4 ‐222.012‐2014 73.57 0.00 0.00 0.0 0.0 660.5 2449.3 0.0 2449.3 1759.612‐2015 73.57 0.00 0.00 0.0 0.0 501.6 1860.2 0.0 1860.2 1214.112‐2016 73.57 0.00 0.00 0.0 0.0 404.7 1500.9 0.0 1500.9 890.312‐2017 73.57 0.00 0.00 0.0 0.0 339.4 1258.6 0.0 1258.6 678.512‐2018 73.57 0.00 0.00 0.0 0.0 292.3 1084.0 0.0 1084.0 531.212‐2019 73.57 0.00 0.00 0.0 0.0 256.8 952.2 0.0 952.2 424.112‐2020 73.57 0.00 0.00 0.0 0.0 229.0 849.1 0.0 849.1 343.812‐2021 73.57 0.00 0.00 0.0 0.0 206.6 766.2 0.0 766.2 282.012‐2022 73.57 0.00 0.00 0.0 0.0 32.6 120.7 280.0 ‐159.3 ‐55.412‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 3697.7 13712.8 3308.0 10404.8 5846.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 3697.7 13712.8 3308.0 10404.8 5846.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 7716.247GROSS ULT., MB & MMF 295.815 0.000 DISCOUNT % 10.00 10.00 5846.112GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.06 15.00 4510.551GROSS RES., MB & MMF 295.815 0.000 DISCOUNTED PAYOUT, YRS. 3.13 20.00 3534.390NET RES., MB & MMF 236.652 0.000 UNDISCOUNTED NET/INVEST. 4.15 25.00 2806.213NET REVENUE, M$ 17410.479 0.000 DISCOUNTED NET/INVEST. 3.27 30.00 2253.167INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1492.463INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 704.38780.00 347.570100.00 168.710RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:21COLOMBIA DBS : DEMOTORCAZ 8 , RESERVOIR SETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCBOCACHICO BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 21.1 0.0 0.0 16.9 0.0 0.0 1242.3 0.0 0.0 1242.312‐2014 64.9 0.0 0.0 51.9 0.0 0.0 3820.1 0.0 0.0 3820.112‐2015 46.7 0.0 0.0 37.3 0.0 0.0 2746.6 0.0 0.0 2746.612‐2016 36.5 0.0 0.0 29.2 0.0 0.0 2147.4 0.0 0.0 2147.412‐2017 30.0 0.0 0.0 24.0 0.0 0.0 1764.0 0.0 0.0 1764.012‐2018 25.4 0.0 0.0 20.4 0.0 0.0 1497.4 0.0 0.0 1497.412‐2019 22.1 0.0 0.0 17.7 0.0 0.0 1301.2 0.0 0.0 1301.212‐2020 19.6 0.0 0.0 15.6 0.0 0.0 1150.7 0.0 0.0 1150.712‐2021 17.5 0.0 0.0 14.0 0.0 0.0 1031.5 0.0 0.0 1031.512‐2022 2.8 0.0 0.0 2.2 0.0 0.0 162.0 0.0 0.0 162.012‐202312‐202412‐2025S TOT 286.5 0.0 0.0 229.2 0.0 0.0 16863.3 0.0 0.0 16863.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 286.5 0.0 0.0 229.2 0.0 0.0 16863.3 0.0 0.0 16863.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 73.57 0.00 0.00 0.0 0.0 263.8 978.4 3028.0 ‐2049.6 ‐1595.012‐2014 73.57 0.00 0.00 0.0 0.0 811.3 3008.8 0.0 3008.8 2162.712‐2015 73.57 0.00 0.00 0.0 0.0 583.3 2163.3 0.0 2163.3 1412.412‐2016 73.57 0.00 0.00 0.0 0.0 456.1 1691.3 0.0 1691.3 1003.412‐2017 73.57 0.00 0.00 0.0 0.0 374.6 1389.4 0.0 1389.4 749.112‐2018 73.57 0.00 0.00 0.0 0.0 318.0 1179.4 0.0 1179.4 578.012‐2019 73.57 0.00 0.00 0.0 0.0 276.4 1024.9 0.0 1024.9 456.512‐2020 73.57 0.00 0.00 0.0 0.0 244.4 906.3 0.0 906.3 366.912‐2021 73.57 0.00 0.00 0.0 0.0 219.1 812.5 0.0 812.5 299.012‐2022 73.57 0.00 0.00 0.0 0.0 34.4 127.6 280.0 ‐152.4 ‐53.012‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 3581.5 13281.8 3308.0 9973.8 5380.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 3581.5 13281.8 3308.0 9973.8 5380.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 7248.704GROSS ULT., MB & MMF 286.518 0.000 DISCOUNT % 10.00 10.00 5380.034GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.68 15.00 4065.806GROSS RES., MB & MMF 286.518 0.000 DISCOUNTED PAYOUT, YRS. 3.74 20.00 3120.643NET RES., MB & MMF 229.214 0.000 UNDISCOUNTED NET/INVEST. 4.02 25.00 2427.365NET REVENUE, M$ 16863.283 0.000 DISCOUNTED NET/INVEST. 3.21 30.00 1909.893INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1216.142INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 533.12780.00 246.044100.00 112.403RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:21COLOMBIA DBS : DEMOTORCAZ 9 , RESERVOIR SETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCBOCACHICO BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 7.3 0.0 0.0 5.9 0.0 0.0 431.8 0.0 0.0 431.812‐2014 69.5 0.0 0.0 55.6 0.0 0.0 4088.2 0.0 0.0 4088.212‐2015 49.0 0.0 0.0 39.2 0.0 0.0 2881.1 0.0 0.0 2881.112‐2016 37.9 0.0 0.0 30.3 0.0 0.0 2228.2 0.0 0.0 2228.212‐2017 30.9 0.0 0.0 24.7 0.0 0.0 1818.0 0.0 0.0 1818.012‐2018 26.1 0.0 0.0 20.9 0.0 0.0 1536.1 0.0 0.0 1536.112‐2019 22.6 0.0 0.0 18.1 0.0 0.0 1330.2 0.0 0.0 1330.212‐2020 19.9 0.0 0.0 15.9 0.0 0.0 1173.3 0.0 0.0 1173.312‐2021 17.8 0.0 0.0 14.3 0.0 0.0 1049.6 0.0 0.0 1049.612‐2022 2.8 0.0 0.0 2.2 0.0 0.0 164.7 0.0 0.0 164.712‐202312‐202412‐2025S TOT 283.8 0.0 0.0 227.0 0.0 0.0 16701.3 0.0 0.0 16701.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 283.8 0.0 0.0 227.0 0.0 0.0 16701.3 0.0 0.0 16701.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 73.57 0.00 0.00 0.0 0.0 91.7 340.1 3028.0 ‐2687.9 ‐2045.712‐2014 73.57 0.00 0.00 0.0 0.0 868.3 3219.9 0.0 3219.9 2315.012‐2015 73.57 0.00 0.00 0.0 0.0 611.9 2269.2 0.0 2269.2 1481.712‐2016 73.57 0.00 0.00 0.0 0.0 473.2 1755.0 0.0 1755.0 1041.212‐2017 73.57 0.00 0.00 0.0 0.0 386.1 1431.9 0.0 1431.9 772.112‐2018 73.57 0.00 0.00 0.0 0.0 326.2 1209.9 0.0 1209.9 592.912‐2019 73.57 0.00 0.00 0.0 0.0 282.5 1047.7 0.0 1047.7 466.712‐2020 73.57 0.00 0.00 0.0 0.0 249.2 924.1 0.0 924.1 374.212‐2021 73.57 0.00 0.00 0.0 0.0 222.9 826.7 0.0 826.7 304.312‐2022 73.57 0.00 0.00 0.0 0.0 35.0 129.7 280.0 ‐150.3 ‐52.312‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 3547.1 13154.2 3308.0 9846.2 5250.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 3547.1 13154.2 3308.0 9846.2 5250.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 7114.975GROSS ULT., MB & MMF 283.765 0.000 DISCOUNT % 10.00 10.00 5250.041GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.83 15.00 3944.337GROSS RES., MB & MMF 283.765 0.000 DISCOUNTED PAYOUT, YRS. 3.88 20.00 3009.721NET RES., MB & MMF 227.012 0.000 UNDISCOUNTED NET/INVEST. 3.98 25.00 2327.519NET REVENUE, M$ 16701.271 0.000 DISCOUNTED NET/INVEST. 3.19 30.00 1820.856INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1146.556INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 492.19980.00 222.873100.00 100.073RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:21COLOMBIA DBS : DEMOTORCAZ 10 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCBOCACHICO BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 67.0 0.0 0.0 53.6 0.0 0.0 3945.9 0.0 0.0 3945.912‐2015 51.5 0.0 0.0 41.2 0.0 0.0 3029.6 0.0 0.0 3029.612‐2016 39.3 0.0 0.0 31.5 0.0 0.0 2315.5 0.0 0.0 2315.512‐2017 31.9 0.0 0.0 25.5 0.0 0.0 1875.5 0.0 0.0 1875.512‐2018 26.8 0.0 0.0 21.4 0.0 0.0 1576.8 0.0 0.0 1576.812‐2019 23.1 0.0 0.0 18.5 0.0 0.0 1360.6 0.0 0.0 1360.612‐2020 20.3 0.0 0.0 16.3 0.0 0.0 1196.8 0.0 0.0 1196.812‐2021 18.2 0.0 0.0 14.5 0.0 0.0 1068.4 0.0 0.0 1068.412‐2022 2.8 0.0 0.0 2.3 0.0 0.0 167.4 0.0 0.0 167.412‐202312‐202412‐2025S TOT 281.0 0.0 0.0 224.8 0.0 0.0 16536.6 0.0 0.0 16536.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 281.0 0.0 0.0 224.8 0.0 0.0 16536.6 0.0 0.0 16536.6‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 73.57 0.00 0.00 0.0 0.0 838.0 3107.9 2271.0 836.9 525.112‐2015 73.57 0.00 0.00 0.0 0.0 643.4 2386.1 0.0 2386.1 1558.312‐2016 73.57 0.00 0.00 0.0 0.0 491.8 1823.7 0.0 1823.7 1082.112‐2017 73.57 0.00 0.00 0.0 0.0 398.3 1477.2 0.0 1477.2 796.512‐2018 73.57 0.00 0.00 0.0 0.0 334.9 1241.9 0.0 1241.9 608.612‐2019 73.57 0.00 0.00 0.0 0.0 289.0 1071.6 0.0 1071.6 477.412‐2020 73.57 0.00 0.00 0.0 0.0 254.2 942.6 0.0 942.6 381.712‐2021 73.57 0.00 0.00 0.0 0.0 226.9 841.5 0.0 841.5 309.712‐2022 73.57 0.00 0.00 0.0 0.0 35.6 131.9 280.0 ‐148.1 ‐51.512‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 3512.1 13024.5 2551.0 10473.5 5687.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 3512.1 13024.5 2551.0 10473.5 5687.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 7633.711GROSS ULT., MB & MMF 280.967 0.000 DISCOUNT % 10.00 10.00 5687.871GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.73 15.00 4320.085GROSS RES., MB & MMF 280.967 0.000 DISCOUNTED PAYOUT, YRS. 3.76 20.00 3336.625NET RES., MB & MMF 224.773 0.000 UNDISCOUNTED NET/INVEST. 5.11 25.00 2615.161NET REVENUE, M$ 16536.586 0.000 DISCOUNTED NET/INVEST. 4.17 30.00 2076.352INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1352.777INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 635.60880.00 328.560100.00 181.057RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:21COLOMBIA DBS : DEMOTORCAZ‐131 THRU 150 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 796.8 0.0 0.0 637.5 0.0 0.0 46898.9 0.0 0.0 46898.912‐2016 1182.2 0.0 0.0 945.7 0.0 0.0 69578.5 0.0 0.0 69578.512‐2017 872.4 0.0 0.0 697.9 0.0 0.0 51343.7 0.0 0.0 51343.712‐2018 692.1 0.0 0.0 553.6 0.0 0.0 40731.5 0.0 0.0 40731.512‐2019 573.9 0.0 0.0 459.1 0.0 0.0 33775.8 0.0 0.0 33775.812‐2020 490.4 0.0 0.0 392.3 0.0 0.0 28860.1 0.0 0.0 28860.112‐2021 428.2 0.0 0.0 342.5 0.0 0.0 25199.8 0.0 0.0 25199.812‐2022 66.4 0.0 0.0 53.1 0.0 0.0 3906.6 0.0 0.0 3906.612‐202312‐202412‐2025S TOT 5102.2 0.0 0.0 4081.8 0.0 0.0 300294.9 0.0 0.0 300294.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 5102.2 0.0 0.0 4081.8 0.0 0.0 300294.9 0.0 0.0 300294.9‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.57 0.00 0.00 0.0 0.0 9960.5 36938.4 45420.0 ‐8481.6 ‐6184.012‐2016 73.57 0.00 0.00 0.0 0.0 14777.3 54801.2 0.0 54801.2 32546.212‐2017 73.57 0.00 0.00 0.0 0.0 10904.5 40439.2 0.0 40439.2 21817.312‐2018 73.57 0.00 0.00 0.0 0.0 8650.7 32080.9 0.0 32080.9 15727.812‐2019 73.57 0.00 0.00 0.0 0.0 7173.4 26602.4 0.0 26602.4 11853.012‐2020 73.57 0.00 0.00 0.0 0.0 6129.4 22730.7 0.0 22730.7 9205.412‐2021 73.57 0.00 0.00 0.0 0.0 5352.0 19847.8 0.0 19847.8 7306.112‐2022 73.57 0.00 0.00 0.0 0.0 829.7 3076.9 5600.0 ‐2523.1 ‐877.312‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 63777.5 236517.5 51020.0 185497.5 91394.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 63777.5 236517.5 51020.0 185497.5 91394.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 128815.234GROSS ULT., MB & MMF 5102.199 0.000 DISCOUNT % 10.00 10.00 91394.430GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.15 15.00 66089.438GROSS RES., MB & MMF 5102.199 0.000 DISCOUNTED PAYOUT, YRS. 5.19 20.00 48606.035NET RES., MB & MMF 4081.758 0.000 UNDISCOUNTED NET/INVEST. 4.64 25.00 36291.777NET REVENUE, M$ 300294.938 0.000 DISCOUNTED NET/INVEST. 3.89 30.00 27466.633INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 16298.533INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 6424.40480.00 2829.772100.00 1348.060RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:22COLOMBIA DBS : DEMOTORCAZ‐151 THRU 170 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 676.5 0.0 0.0 541.2 0.0 0.0 39818.9 0.0 0.0 39818.912‐2016 1218.4 0.0 0.0 974.7 0.0 0.0 71711.2 0.0 0.0 71711.212‐2017 891.8 0.0 0.0 713.4 0.0 0.0 52486.3 0.0 0.0 52486.312‐2018 704.2 0.0 0.0 563.3 0.0 0.0 41444.0 0.0 0.0 41444.012‐2019 582.1 0.0 0.0 465.7 0.0 0.0 34262.7 0.0 0.0 34262.712‐2020 496.4 0.0 0.0 397.1 0.0 0.0 29214.0 0.0 0.0 29214.012‐2021 432.7 0.0 0.0 346.2 0.0 0.0 25468.7 0.0 0.0 25468.712‐2022 67.0 0.0 0.0 53.6 0.0 0.0 3945.3 0.0 0.0 3945.312‐202312‐202412‐2025S TOT 5069.2 0.0 0.0 4055.3 0.0 0.0 298351.2 0.0 0.0 298351.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 5069.2 0.0 0.0 4055.3 0.0 0.0 298351.2 0.0 0.0 298351.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.57 0.00 0.00 0.0 0.0 8456.9 31362.1 45420.0 ‐14057.9 ‐9583.812‐2016 73.57 0.00 0.00 0.0 0.0 15230.2 56481.0 0.0 56481.0 33546.612‐2017 73.57 0.00 0.00 0.0 0.0 11147.2 41339.1 0.0 41339.1 22303.812‐2018 73.57 0.00 0.00 0.0 0.0 8802.0 32642.0 0.0 32642.0 16003.312‐2019 73.57 0.00 0.00 0.0 0.0 7276.8 26985.9 0.0 26985.9 12024.112‐2020 73.57 0.00 0.00 0.0 0.0 6204.6 23009.5 0.0 23009.5 9318.412‐2021 73.57 0.00 0.00 0.0 0.0 5409.1 20059.6 0.0 20059.6 7384.212‐2022 73.57 0.00 0.00 0.0 0.0 837.9 3107.4 5600.0 ‐2492.6 ‐866.712‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 63364.7 234986.6 51020.0 183966.6 90130.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 63364.7 234986.6 51020.0 183966.6 90130.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 127393.281GROSS ULT., MB & MMF 5069.173 0.000 DISCOUNT % 10.00 10.00 90129.977GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.25 15.00 64990.781GROSS RES., MB & MMF 5069.173 0.000 DISCOUNTED PAYOUT, YRS. 5.29 20.00 47663.570NET RES., MB & MMF 4055.338 0.000 UNDISCOUNTED NET/INVEST. 4.61 25.00 35488.930NET REVENUE, M$ 298351.188 0.000 DISCOUNTED NET/INVEST. 3.87 30.00 26785.139INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 15808.918INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 6168.57880.00 2692.000100.00 1271.608RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:22COLOMBIA DBS : DEMOTORCAZ‐171 THRU 190 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 551.8 0.0 0.0 441.4 0.0 0.0 32474.5 0.0 0.0 32474.512‐2016 1257.0 0.0 0.0 1005.6 0.0 0.0 73981.1 0.0 0.0 73981.112‐2017 912.1 0.0 0.0 729.7 0.0 0.0 53681.4 0.0 0.0 53681.412‐2018 716.7 0.0 0.0 573.4 0.0 0.0 42182.1 0.0 0.0 42182.112‐2019 590.7 0.0 0.0 472.5 0.0 0.0 34764.0 0.0 0.0 34764.012‐2020 502.5 0.0 0.0 402.0 0.0 0.0 29576.8 0.0 0.0 29576.812‐2021 437.4 0.0 0.0 349.9 0.0 0.0 25743.6 0.0 0.0 25743.612‐2022 67.7 0.0 0.0 54.2 0.0 0.0 3984.7 0.0 0.0 3984.712‐202312‐202412‐2025S TOT 5035.8 0.0 0.0 4028.7 0.0 0.0 296388.3 0.0 0.0 296388.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 5035.8 0.0 0.0 4028.7 0.0 0.0 296388.3 0.0 0.0 296388.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.57 0.00 0.00 0.0 0.0 6897.0 25577.5 45420.0 ‐19842.5 ‐13085.512‐2016 73.57 0.00 0.00 0.0 0.0 15712.3 58268.8 0.0 58268.8 34611.612‐2017 73.57 0.00 0.00 0.0 0.0 11401.0 42280.4 0.0 42280.4 22812.812‐2018 73.57 0.00 0.00 0.0 0.0 8958.7 33223.3 0.0 33223.3 16288.812‐2019 73.57 0.00 0.00 0.0 0.0 7383.3 27380.8 0.0 27380.8 12200.312‐2020 73.57 0.00 0.00 0.0 0.0 6281.6 23295.2 0.0 23295.2 9434.312‐2021 73.57 0.00 0.00 0.0 0.0 5467.5 20276.1 0.0 20276.1 7463.912‐2022 73.57 0.00 0.00 0.0 0.0 846.3 3138.4 5600.0 ‐2461.6 ‐855.912‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 62947.8 233440.6 51020.0 182420.6 88870.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 62947.8 233440.6 51020.0 182420.6 88870.3OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 125968.375GROSS ULT., MB & MMF 5035.822 0.000 DISCOUNT % 10.00 10.00 88870.336GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.34 15.00 63901.691GROSS RES., MB & MMF 5035.822 0.000 DISCOUNTED PAYOUT, YRS. 5.38 20.00 46733.359NET RES., MB & MMF 4028.658 0.000 UNDISCOUNTED NET/INVEST. 4.58 25.00 34699.637NET REVENUE, M$ 296388.344 0.000 DISCOUNTED NET/INVEST. 3.85 30.00 26117.584INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 15332.493INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 5922.50080.00 2560.792100.00 1199.439RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:22COLOMBIA DBS : DEMOTORCAZ‐191 THRU 210 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 422.1 0.0 0.0 337.7 0.0 0.0 24845.1 0.0 0.0 24845.112‐2016 1298.1 0.0 0.0 1038.5 0.0 0.0 76402.1 0.0 0.0 76402.112‐2017 933.3 0.0 0.0 746.7 0.0 0.0 54933.0 0.0 0.0 54933.012‐2018 729.7 0.0 0.0 583.8 0.0 0.0 42947.2 0.0 0.0 42947.212‐2019 599.4 0.0 0.0 479.5 0.0 0.0 35280.4 0.0 0.0 35280.412‐2020 508.8 0.0 0.0 407.1 0.0 0.0 29948.9 0.0 0.0 29948.912‐2021 442.2 0.0 0.0 353.7 0.0 0.0 26024.4 0.0 0.0 26024.412‐2022 68.4 0.0 0.0 54.7 0.0 0.0 4025.0 0.0 0.0 4025.012‐202312‐202412‐2025S TOT 5002.1 0.0 0.0 4001.7 0.0 0.0 294405.9 0.0 0.0 294405.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 5002.1 0.0 0.0 4001.7 0.0 0.0 294405.9 0.0 0.0 294405.9‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.57 0.00 0.00 0.0 0.0 5276.7 19568.4 45420.0 ‐25851.6 ‐16698.412‐2016 73.57 0.00 0.00 0.0 0.0 16226.5 60175.6 0.0 60175.6 35747.812‐2017 73.57 0.00 0.00 0.0 0.0 11666.8 43266.2 0.0 43266.2 23345.812‐2018 73.57 0.00 0.00 0.0 0.0 9121.2 33825.9 0.0 33825.9 16584.812‐2019 73.57 0.00 0.00 0.0 0.0 7492.9 27787.4 0.0 27787.4 12381.712‐2020 73.57 0.00 0.00 0.0 0.0 6360.6 23588.2 0.0 23588.2 9553.112‐2021 73.57 0.00 0.00 0.0 0.0 5527.1 20497.3 0.0 20497.3 7545.412‐2022 73.57 0.00 0.00 0.0 0.0 854.8 3170.1 5600.0 ‐2429.9 ‐844.912‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 62526.8 231879.2 51020.0 180859.2 87615.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 62526.8 231879.2 51020.0 180859.2 87615.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 124540.344GROSS ULT., MB & MMF 5002.140 0.000 DISCOUNT % 10.00 10.00 87615.383GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.43 15.00 62822.008GROSS RES., MB & MMF 5002.140 0.000 DISCOUNTED PAYOUT, YRS. 5.47 20.00 45815.184NET RES., MB & MMF 4001.712 0.000 UNDISCOUNTED NET/INVEST. 4.54 25.00 33923.621NET REVENUE, M$ 294405.938 0.000 DISCOUNTED NET/INVEST. 3.83 30.00 25463.654INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 14868.886INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 5685.79480.00 2435.835100.00 1131.315RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:22COLOMBIA DBS : DEMOTORCAZ‐211 THUR 230 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 287.3 0.0 0.0 229.8 0.0 0.0 16907.5 0.0 0.0 16907.512‐2016 1342.1 0.0 0.0 1073.7 0.0 0.0 78990.1 0.0 0.0 78990.112‐2017 955.6 0.0 0.0 764.5 0.0 0.0 56245.0 0.0 0.0 56245.012‐2018 743.2 0.0 0.0 594.5 0.0 0.0 43740.8 0.0 0.0 43740.812‐2019 608.5 0.0 0.0 486.8 0.0 0.0 35812.4 0.0 0.0 35812.412‐2020 515.3 0.0 0.0 412.3 0.0 0.0 30330.4 0.0 0.0 30330.412‐2021 447.0 0.0 0.0 357.6 0.0 0.0 26311.5 0.0 0.0 26311.512‐2022 69.1 0.0 0.0 55.3 0.0 0.0 4066.0 0.0 0.0 4066.012‐202312‐202412‐2025S TOT 4968.1 0.0 0.0 3974.5 0.0 0.0 292403.7 0.0 0.0 292403.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4968.1 0.0 0.0 3974.5 0.0 0.0 292403.7 0.0 0.0 292403.7‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.57 0.00 0.00 0.0 0.0 3590.9 13316.6 45420.0 ‐32103.4 ‐20432.812‐2016 73.57 0.00 0.00 0.0 0.0 16776.1 62214.0 0.0 62214.0 36962.512‐2017 73.57 0.00 0.00 0.0 0.0 11945.5 44299.5 0.0 44299.5 23904.712‐2018 73.57 0.00 0.00 0.0 0.0 9289.8 34451.0 0.0 34451.0 16891.812‐2019 73.57 0.00 0.00 0.0 0.0 7605.9 28206.4 0.0 28206.4 12568.712‐2020 73.57 0.00 0.00 0.0 0.0 6441.7 23888.8 0.0 23888.8 9674.912‐2021 73.57 0.00 0.00 0.0 0.0 5588.1 20723.4 0.0 20723.4 7628.712‐2022 73.57 0.00 0.00 0.0 0.0 863.6 3202.5 5600.0 ‐2397.5 ‐833.612‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 62101.5 230302.1 51020.0 179282.1 86365.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 62101.5 230302.1 51020.0 179282.1 86365.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 123109.031GROSS ULT., MB & MMF 4968.120 0.000 DISCOUNT % 10.00 10.00 86364.969GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.52 15.00 61751.547GROSS RES., MB & MMF 4968.120 0.000 DISCOUNTED PAYOUT, YRS. 5.55 20.00 44908.820NET RES., MB & MMF 3974.496 0.000 UNDISCOUNTED NET/INVEST. 4.51 25.00 33160.613NET REVENUE, M$ 292403.656 0.000 DISCOUNTED NET/INVEST. 3.81 30.00 24823.039INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 14417.738INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 5458.09980.00 2316.830100.00 1067.008RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:22COLOMBIA DBS : DEMOTORCAZ‐231 THRU 250 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 146.7 0.0 0.0 117.4 0.0 0.0 8635.7 0.0 0.0 8635.712‐2016 1389.2 0.0 0.0 1111.4 0.0 0.0 81763.1 0.0 0.0 81763.112‐2017 979.0 0.0 0.0 783.2 0.0 0.0 57622.0 0.0 0.0 57622.012‐2018 757.2 0.0 0.0 605.7 0.0 0.0 44564.6 0.0 0.0 44564.612‐2019 617.8 0.0 0.0 494.2 0.0 0.0 36360.8 0.0 0.0 36360.812‐2020 522.0 0.0 0.0 417.6 0.0 0.0 30721.9 0.0 0.0 30721.912‐2021 452.0 0.0 0.0 361.6 0.0 0.0 26605.0 0.0 0.0 26605.012‐2022 69.8 0.0 0.0 55.8 0.0 0.0 4108.0 0.0 0.0 4108.012‐202312‐202412‐2025S TOT 4933.8 0.0 0.0 3947.0 0.0 0.0 290381.0 0.0 0.0 290381.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4933.8 0.0 0.0 3947.0 0.0 0.0 290381.0 0.0 0.0 290381.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.57 0.00 0.00 0.0 0.0 1834.1 6801.6 45420.0 ‐38618.4 ‐24300.412‐2016 73.57 0.00 0.00 0.0 0.0 17365.1 64398.1 0.0 64398.1 38264.412‐2017 73.57 0.00 0.00 0.0 0.0 12237.9 45384.1 0.0 45384.1 24491.312‐2018 73.57 0.00 0.00 0.0 0.0 9464.8 35099.8 0.0 35099.8 17210.512‐2019 73.57 0.00 0.00 0.0 0.0 7722.4 28638.4 0.0 28638.4 12761.512‐2020 73.57 0.00 0.00 0.0 0.0 6524.8 24197.1 0.0 24197.1 9800.012‐2021 73.57 0.00 0.00 0.0 0.0 5650.4 20954.6 0.0 20954.6 7713.912‐2022 73.57 0.00 0.00 0.0 0.0 872.5 3235.5 5600.0 ‐2364.5 ‐822.212‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 61671.9 228709.1 51020.0 177689.1 85118.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 61671.9 228709.1 51020.0 177689.1 85118.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 121674.258GROSS ULT., MB & MMF 4933.754 0.000 DISCOUNT % 10.00 10.00 85118.945GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.60 15.00 60690.141GROSS RES., MB & MMF 4933.754 0.000 DISCOUNTED PAYOUT, YRS. 5.64 20.00 44014.043NET RES., MB & MMF 3947.002 0.000 UNDISCOUNTED NET/INVEST. 4.48 25.00 32410.354NET REVENUE, M$ 290381.000 0.000 DISCOUNTED NET/INVEST. 3.79 30.00 24195.432INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 13978.695INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 5239.06880.00 2203.491100.00 1006.303RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:22COLOMBIA DBS : DEMOTORCAZ‐251 THRU 270 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 1340.9 0.0 0.0 1072.7 0.0 0.0 78918.6 0.0 0.0 78918.612‐2017 1029.5 0.0 0.0 823.6 0.0 0.0 60591.5 0.0 0.0 60591.512‐2018 786.8 0.0 0.0 629.5 0.0 0.0 46309.8 0.0 0.0 46309.812‐2019 637.3 0.0 0.0 509.9 0.0 0.0 37510.1 0.0 0.0 37510.112‐2020 535.8 0.0 0.0 428.7 0.0 0.0 31536.2 0.0 0.0 31536.212‐2021 462.4 0.0 0.0 369.9 0.0 0.0 27212.3 0.0 0.0 27212.312‐2022 71.3 0.0 0.0 57.0 0.0 0.0 4194.5 0.0 0.0 4194.512‐202312‐202412‐2025S TOT 4864.0 0.0 0.0 3891.2 0.0 0.0 286273.0 0.0 0.0 286273.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4864.0 0.0 0.0 3891.2 0.0 0.0 286273.0 0.0 0.0 286273.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 73.57 0.00 0.00 0.0 0.0 16761.0 62157.7 45420.0 16737.7 8680.012‐2017 73.57 0.00 0.00 0.0 0.0 12868.6 47722.9 0.0 47722.9 25756.512‐2018 73.57 0.00 0.00 0.0 0.0 9835.4 36474.4 0.0 36474.4 17885.712‐2019 73.57 0.00 0.00 0.0 0.0 7966.5 29543.6 0.0 29543.6 13165.412‐2020 73.57 0.00 0.00 0.0 0.0 6697.7 24838.4 0.0 24838.4 10060.012‐2021 73.57 0.00 0.00 0.0 0.0 5779.4 21432.9 0.0 21432.9 7890.212‐2022 73.57 0.00 0.00 0.0 0.0 890.8 3303.7 5600.0 ‐2296.3 ‐798.512‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 60799.5 225473.6 51020.0 174453.6 82639.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 60799.5 225473.6 51020.0 174453.6 82639.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 118793.617GROSS ULT., MB & MMF 4863.957 0.000 DISCOUNT % 10.00 10.00 82639.461GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.73 15.00 58593.789GROSS RES., MB & MMF 4863.957 0.000 DISCOUNTED PAYOUT, YRS. 5.76 20.00 42258.402NET RES., MB & MMF 3891.165 0.000 UNDISCOUNTED NET/INVEST. 4.42 25.00 30947.021NET REVENUE, M$ 286273.000 0.000 DISCOUNTED NET/INVEST. 3.75 30.00 22978.055INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 13135.567INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 4825.66980.00 1992.742100.00 894.904RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:23COLOMBIA DBS : DEMOTORCAZ‐271 THRU 290 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 1238.9 0.0 0.0 991.1 0.0 0.0 72917.6 0.0 0.0 72917.612‐2017 1056.7 0.0 0.0 845.4 0.0 0.0 62195.8 0.0 0.0 62195.812‐2018 802.6 0.0 0.0 642.0 0.0 0.0 47235.3 0.0 0.0 47235.312‐2019 647.6 0.0 0.0 518.0 0.0 0.0 38112.6 0.0 0.0 38112.612‐2020 543.0 0.0 0.0 434.4 0.0 0.0 31959.8 0.0 0.0 31959.812‐2021 467.7 0.0 0.0 374.2 0.0 0.0 27526.5 0.0 0.0 27526.512‐2022 72.0 0.0 0.0 57.6 0.0 0.0 4239.1 0.0 0.0 4239.112‐202312‐202412‐2025S TOT 4828.5 0.0 0.0 3862.8 0.0 0.0 284186.8 0.0 0.0 284186.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4828.5 0.0 0.0 3862.8 0.0 0.0 284186.8 0.0 0.0 284186.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 73.57 0.00 0.00 0.0 0.0 15486.5 57431.2 45420.0 12011.2 5953.912‐2017 73.57 0.00 0.00 0.0 0.0 13209.3 48986.5 0.0 48986.5 26440.212‐2018 73.57 0.00 0.00 0.0 0.0 10032.0 37203.3 0.0 37203.3 18243.812‐2019 73.57 0.00 0.00 0.0 0.0 8094.5 30018.1 0.0 30018.1 13377.212‐2020 73.57 0.00 0.00 0.0 0.0 6787.7 25172.1 0.0 25172.1 10195.412‐2021 73.57 0.00 0.00 0.0 0.0 5846.2 21680.4 0.0 21680.4 7981.412‐2022 73.57 0.00 0.00 0.0 0.0 900.3 3338.8 5600.0 ‐2261.2 ‐786.212‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 60356.4 223830.4 51020.0 172810.4 81405.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 60356.4 223830.4 51020.0 172810.4 81405.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 117347.383GROSS ULT., MB & MMF 4828.511 0.000 DISCOUNT % 10.00 10.00 81405.711GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.79 15.00 57558.496GROSS RES., MB & MMF 4828.511 0.000 DISCOUNTED PAYOUT, YRS. 5.82 20.00 41397.109NET RES., MB & MMF 3862.808 0.000 UNDISCOUNTED NET/INVEST. 4.39 25.00 30233.438NET REVENUE, M$ 284186.781 0.000 DISCOUNTED NET/INVEST. 3.73 30.00 22387.701INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 12730.822INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 4630.67180.00 1894.826100.00 843.837RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:23COLOMBIA DBS : DEMOTORCAZ‐290 THRU 310 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 1133.8 0.0 0.0 907.0 0.0 0.0 66728.1 0.0 0.0 66728.112‐2017 1085.5 0.0 0.0 868.4 0.0 0.0 63888.5 0.0 0.0 63888.512‐2018 818.9 0.0 0.0 655.1 0.0 0.0 48198.9 0.0 0.0 48198.912‐2019 658.1 0.0 0.0 526.5 0.0 0.0 38735.0 0.0 0.0 38735.012‐2020 550.4 0.0 0.0 440.3 0.0 0.0 32395.1 0.0 0.0 32395.112‐2021 473.2 0.0 0.0 378.5 0.0 0.0 27848.1 0.0 0.0 27848.112‐2022 72.8 0.0 0.0 58.2 0.0 0.0 4284.8 0.0 0.0 4284.812‐202312‐202412‐2025S TOT 4792.7 0.0 0.0 3834.2 0.0 0.0 282078.6 0.0 0.0 282078.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4792.7 0.0 0.0 3834.2 0.0 0.0 282078.6 0.0 0.0 282078.6‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 73.57 0.00 0.00 0.0 0.0 14171.9 52556.2 45420.0 7136.2 3165.912‐2017 73.57 0.00 0.00 0.0 0.0 13568.8 50319.7 0.0 50319.7 27161.612‐2018 73.57 0.00 0.00 0.0 0.0 10236.6 37962.3 0.0 37962.3 18616.712‐2019 73.57 0.00 0.00 0.0 0.0 8226.6 30508.3 0.0 30508.3 13596.012‐2020 73.57 0.00 0.00 0.0 0.0 6880.2 25515.0 0.0 25515.0 10334.412‐2021 73.57 0.00 0.00 0.0 0.0 5914.5 21933.7 0.0 21933.7 8074.812‐2022 73.57 0.00 0.00 0.0 0.0 910.0 3374.8 5600.0 ‐2225.2 ‐773.712‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 59908.6 222169.9 51020.0 171149.9 80175.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 59908.6 222169.9 51020.0 171149.9 80175.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 115896.945GROSS ULT., MB & MMF 4792.690 0.000 DISCOUNT % 10.00 10.00 80175.734GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.86 15.00 56531.555GROSS RES., MB & MMF 4792.690 0.000 DISCOUNTED PAYOUT, YRS. 5.90 20.00 40546.547NET RES., MB & MMF 3834.151 0.000 UNDISCOUNTED NET/INVEST. 4.35 25.00 29531.576NET REVENUE, M$ 282078.562 0.000 DISCOUNTED NET/INVEST. 3.71 30.00 21809.197INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 12336.869INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 4443.07480.00 1801.567100.00 795.630RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:23COLOMBIA DBS : DEMOTORCAZ‐311 THRU 330 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 1025.2 0.0 0.0 820.1 0.0 0.0 60337.8 0.0 0.0 60337.812‐2017 1115.9 0.0 0.0 892.7 0.0 0.0 65677.4 0.0 0.0 65677.412‐2018 836.0 0.0 0.0 668.8 0.0 0.0 49203.0 0.0 0.0 49203.012‐2019 669.1 0.0 0.0 535.2 0.0 0.0 39378.2 0.0 0.0 39378.212‐2020 558.0 0.0 0.0 446.4 0.0 0.0 32842.6 0.0 0.0 32842.612‐2021 478.8 0.0 0.0 383.0 0.0 0.0 28177.4 0.0 0.0 28177.412‐2022 73.6 0.0 0.0 58.9 0.0 0.0 4331.4 0.0 0.0 4331.412‐202312‐202412‐2025S TOT 4756.5 0.0 0.0 3805.2 0.0 0.0 279947.7 0.0 0.0 279947.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4756.5 0.0 0.0 3805.2 0.0 0.0 279947.7 0.0 0.0 279947.7‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 73.57 0.00 0.00 0.0 0.0 12814.7 47523.1 45420.0 2103.1 311.012‐2017 73.57 0.00 0.00 0.0 0.0 13948.7 51728.6 0.0 51728.6 27924.112‐2018 73.57 0.00 0.00 0.0 0.0 10449.9 38753.1 0.0 38753.1 19005.312‐2019 73.57 0.00 0.00 0.0 0.0 8363.3 31015.0 0.0 31015.0 13822.212‐2020 73.57 0.00 0.00 0.0 0.0 6975.2 25867.4 0.0 25867.4 10477.312‐2021 73.57 0.00 0.00 0.0 0.0 5984.4 22193.0 0.0 22193.0 8170.412‐2022 73.57 0.00 0.00 0.0 0.0 919.9 3411.5 5600.0 ‐2188.5 ‐761.012‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 59456.1 220491.6 51020.0 169471.6 78949.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 59456.1 220491.6 51020.0 169471.6 78949.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 114442.102GROSS ULT., MB & MMF 4756.484 0.000 DISCOUNT % 10.00 10.00 78949.383GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.96 15.00 55512.801GROSS RES., MB & MMF 4756.484 0.000 DISCOUNTED PAYOUT, YRS. 5.99 20.00 39706.508NET RES., MB & MMF 3805.188 0.000 UNDISCOUNTED NET/INVEST. 4.32 25.00 28841.188NET REVENUE, M$ 279947.656 0.000 DISCOUNTED NET/INVEST. 3.69 30.00 21242.266INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 11953.400INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 4262.59080.00 1712.742100.00 750.120RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:23COLOMBIA DBS : DEMOTORCAZ‐331 THRU 350 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 913.0 0.0 0.0 730.4 0.0 0.0 53733.0 0.0 0.0 53733.012‐2017 1148.1 0.0 0.0 918.5 0.0 0.0 67570.8 0.0 0.0 67570.812‐2018 853.8 0.0 0.0 683.0 0.0 0.0 50250.3 0.0 0.0 50250.312‐2019 680.4 0.0 0.0 544.3 0.0 0.0 40043.3 0.0 0.0 40043.312‐2020 565.8 0.0 0.0 452.7 0.0 0.0 33302.6 0.0 0.0 33302.612‐2021 484.5 0.0 0.0 387.6 0.0 0.0 28514.6 0.0 0.0 28514.612‐2022 74.4 0.0 0.0 59.5 0.0 0.0 4379.0 0.0 0.0 4379.012‐202312‐202412‐2025S TOT 4719.9 0.0 0.0 3775.9 0.0 0.0 277793.8 0.0 0.0 277793.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4719.9 0.0 0.0 3775.9 0.0 0.0 277793.8 0.0 0.0 277793.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 73.57 0.00 0.00 0.0 0.0 11412.0 42321.1 45420.0 ‐3098.9 ‐2616.212‐2017 73.57 0.00 0.00 0.0 0.0 14350.9 53220.0 0.0 53220.0 28731.412‐2018 73.57 0.00 0.00 0.0 0.0 10672.3 39578.0 0.0 39578.0 19410.712‐2019 73.57 0.00 0.00 0.0 0.0 8504.5 31538.8 0.0 31538.8 14056.012‐2020 73.57 0.00 0.00 0.0 0.0 7072.9 26229.7 0.0 26229.7 10624.312‐2021 73.57 0.00 0.00 0.0 0.0 6056.0 22458.6 0.0 22458.6 8268.212‐2022 73.57 0.00 0.00 0.0 0.0 930.0 3449.0 5600.0 ‐2151.0 ‐747.912‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 58998.6 218795.2 51020.0 167775.2 77726.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 58998.6 218795.2 51020.0 167775.2 77726.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 112982.664GROSS ULT., MB & MMF 4719.889 0.000 DISCOUNT % 10.00 10.00 77726.508GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 6.06 15.00 54502.047GROSS RES., MB & MMF 4719.889 0.000 DISCOUNTED PAYOUT, YRS. 6.09 20.00 38876.785NET RES., MB & MMF 3775.911 0.000 UNDISCOUNTED NET/INVEST. 4.29 25.00 28162.027NET REVENUE, M$ 277793.750 0.000 DISCOUNTED NET/INVEST. 3.67 30.00 20686.637INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 11580.116INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 4088.94580.00 1628.137100.00 707.157RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:23COLOMBIA DBS : DEMOTORCAZ‐351 THRU 470 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 796.8 0.0 0.0 637.5 0.0 0.0 46898.9 0.0 0.0 46898.912‐2017 1182.2 0.0 0.0 945.7 0.0 0.0 69578.5 0.0 0.0 69578.512‐2018 872.4 0.0 0.0 697.9 0.0 0.0 51343.7 0.0 0.0 51343.712‐2019 692.1 0.0 0.0 553.6 0.0 0.0 40731.5 0.0 0.0 40731.512‐2020 573.9 0.0 0.0 459.1 0.0 0.0 33775.8 0.0 0.0 33775.812‐2021 490.4 0.0 0.0 392.3 0.0 0.0 28860.1 0.0 0.0 28860.112‐2022 75.2 0.0 0.0 60.2 0.0 0.0 4427.7 0.0 0.0 4427.712‐202312‐202412‐2025S TOT 4682.9 0.0 0.0 3746.3 0.0 0.0 275616.3 0.0 0.0 275616.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4682.9 0.0 0.0 3746.3 0.0 0.0 275616.3 0.0 0.0 275616.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 73.57 0.00 0.00 0.0 0.0 9960.5 36938.4 45420.0 ‐8481.6 ‐5621.812‐2017 73.57 0.00 0.00 0.0 0.0 14777.3 54801.2 0.0 54801.2 29587.412‐2018 73.57 0.00 0.00 0.0 0.0 10904.5 40439.2 0.0 40439.2 19833.912‐2019 73.57 0.00 0.00 0.0 0.0 8650.7 32080.9 0.0 32080.9 14298.012‐2020 73.57 0.00 0.00 0.0 0.0 7173.4 26602.4 0.0 26602.4 10775.512‐2021 73.57 0.00 0.00 0.0 0.0 6129.4 22730.7 0.0 22730.7 8368.512‐2022 73.57 0.00 0.00 0.0 0.0 940.4 3487.4 5600.0 ‐2112.6 ‐734.612‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 58536.2 217080.1 51020.0 166060.1 76506.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 58536.2 217080.1 51020.0 166060.1 76506.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 111518.406GROSS ULT., MB & MMF 4682.893 0.000 DISCOUNT % 10.00 10.00 76506.922GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 6.15 15.00 53499.129GROSS RES., MB & MMF 4682.893 0.000 DISCOUNTED PAYOUT, YRS. 6.19 20.00 38057.164NET RES., MB & MMF 3746.313 0.000 UNDISCOUNTED NET/INVEST. 4.25 25.00 27493.859NET REVENUE, M$ 275616.281 0.000 DISCOUNTED NET/INVEST. 3.64 30.00 20142.043INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 11216.725INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3921.87480.00 1547.551100.00 666.598RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 01/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 13:39:23COLOMBIA DBS : DEMOTORCAZ‐471 THRU 541 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 5183.4 0.0 0.0 4146.7 0.0 0.0 305072.2 0.0 0.0 305072.212‐2018 3613.0 0.0 0.0 2890.4 0.0 0.0 212648.4 0.0 0.0 212648.412‐2019 2778.2 0.0 0.0 2222.6 0.0 0.0 163513.1 0.0 0.0 163513.112‐2020 2258.6 0.0 0.0 1806.9 0.0 0.0 132935.1 0.0 0.0 132935.112‐2021 1903.7 0.0 0.0 1523.0 0.0 0.0 112045.2 0.0 0.0 112045.212‐2022 290.2 0.0 0.0 232.2 0.0 0.0 17080.2 0.0 0.0 17080.212‐202312‐202412‐2025S TOT 16027.2 0.0 0.0 12821.7 0.0 0.0 943294.1 0.0 0.0 943294.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 16027.2 0.0 0.0 12821.7 0.0 0.0 943294.1 0.0 0.0 943294.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.00 0.00 0.00 0.0 0.0 0.0 0.0 80620.5 ‐80620.5 ‐45871.012‐2017 73.57 0.00 0.00 0.0 0.0 64792.1 240280.1 80620.5 159659.6 84298.912‐2018 73.57 0.00 0.00 0.0 0.0 45162.9 167485.5 0.0 167485.5 82170.912‐2019 73.57 0.00 0.00 0.0 0.0 34727.4 128785.7 0.0 128785.7 57408.712‐2020 73.57 0.00 0.00 0.0 0.0 28233.1 104702.0 0.0 104702.0 42415.512‐2021 73.57 0.00 0.00 0.0 0.0 23796.5 88248.7 0.0 88248.7 32492.612‐2022 73.57 0.00 0.00 0.0 0.0 3627.5 13452.7 20160.0 ‐6707.3 ‐2332.112‐202312‐202412‐2025S TOT 73.57 0.00 0.00 0.0 0.0 200339.4 742954.6 181401.0 561553.6 250583.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.57 0.00 0.00 0.0 0.0 200339.4 742954.6 181401.0 561553.6 250583.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 71.0 0.0 LIFE, YRS. 11.17 5.00 371126.094GROSS ULT., MB & MMF 16027.153 0.000 DISCOUNT % 10.00 10.00 250583.484GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 6.50 15.00 172477.359GROSS RES., MB & MMF 16027.153 0.000 DISCOUNTED PAYOUT, YRS. 6.54 20.00 120791.289NET RES., MB & MMF 12821.722 0.000 UNDISCOUNTED NET/INVEST. 4.10 25.00 85930.445NET REVENUE, M$ 943294.062 0.000 DISCOUNTED NET/INVEST. 3.55 30.00 62006.836INITIAL PRICE, $ 73.570 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 33529.652INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 11096.11680.00 4166.183100.00 1716.508RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/25/2011GRAND TOTALS TIME : 10:34:49TOTAL PROVED RESERVES DBS : DEMOSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 14.8 129.8 0.0 11.8 103.8 0.0 838.9 0.0 0.0 838.912‐2012 13.3 116.8 0.0 10.6 93.5 0.0 755.0 0.0 0.0 755.012‐2013 11.9 105.1 0.0 9.6 84.1 0.0 679.5 0.0 0.0 679.512‐2014 3049.3 3740.9 0.0 2439.5 2992.7 0.0 173421.5 0.0 0.0 173421.512‐2015 6953.8 8418.1 0.0 5563.0 6734.5 0.0 395477.0 0.0 0.0 395477.012‐2016 7260.0 8778.2 0.0 5808.0 7022.6 0.0 412891.4 0.0 0.0 412891.412‐2017 5455.2 6605.8 0.0 4364.2 5284.6 0.0 310247.6 0.0 0.0 310247.612‐2018 4099.4 4972.9 0.0 1639.7 1989.1 0.0 116569.5 0.0 0.0 116569.512‐2019 3080.8 3745.2 0.0 1232.3 1498.1 0.0 87605.0 0.0 0.0 87605.012‐2020 2315.5 2822.0 0.0 926.2 1128.8 0.0 65843.9 0.0 0.0 65843.912‐2021 1740.5 2127.7 0.0 696.2 851.1 0.0 49493.8 0.0 0.0 49493.812‐2022 1308.5 1582.1 0.0 523.4 632.9 0.0 37208.4 0.0 0.0 37208.412‐2023 983.8 1175.6 0.0 393.5 470.2 0.0 27976.6 0.0 0.0 27976.612‐2024 396.2 473.2 0.0 158.5 189.3 0.0 11267.4 0.0 0.0 11267.412‐2025S TOT 36683.1 44793.5 0.0 23776.6 29075.3 0.0 1690275.4 0.0 0.0 1690275.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 36683.1 44793.5 0.0 23776.6 29075.3 0.0 1690275.4 0.0 0.0 1690275.4‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.09 0.00 0.00 0.0 0.0 188.0 650.9 3300.0 ‐2649.1 ‐2456.112‐2012 71.09 0.00 0.00 0.0 0.0 188.0 567.0 0.0 567.0 492.212‐2013 71.09 0.00 0.00 0.0 0.0 188.0 491.5 0.0 491.5 387.912‐2014 71.09 0.00 0.00 0.0 0.0 36615.7 136805.8 68510.7 68295.1 46596.912‐2015 71.09 0.00 0.00 0.0 0.0 83470.6 312006.4 71145.7 240860.7 154914.712‐2016 71.09 0.00 0.00 0.0 0.0 87156.6 325734.8 0.0 325734.8 193350.212‐2017 71.09 0.00 0.00 0.0 0.0 65509.2 244738.4 0.0 244738.4 132065.712‐2018 71.09 0.00 0.00 0.0 0.0 24694.8 91874.6 0.0 91874.6 45070.412‐2019 71.09 0.00 0.00 0.0 0.0 18587.6 69017.4 0.0 69017.4 30779.512‐2020 71.09 0.00 0.00 0.0 0.0 13999.8 51844.1 0.0 51844.1 21018.912‐2021 71.09 0.00 0.00 0.0 0.0 10553.3 38940.4 0.0 38940.4 14352.212‐2022 71.09 0.00 0.00 0.0 0.0 7964.2 29244.2 0.0 29244.2 9798.612‐2023 71.09 0.00 0.00 0.0 0.0 6019.1 21957.5 0.0 21957.5 6688.312‐2024 71.09 0.00 0.00 0.0 0.0 2436.4 8831.0 4480.0 4351.0 1252.212‐2025S TOT 71.09 0.00 0.00 0.0 0.0 357571.3 1332704.0 147436.4 1185267.5 654311.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 0.00 0.0 0.0 357571.3 1332704.0 147436.4 1185267.5 654311.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 34.0 0.0 LIFE, YRS. 13.50 5.00 870968.438GROSS ULT., MB & MMF 37338.117 47394.957 DISCOUNT % 10.00 10.00 654311.750GROSS CUM., MB & MMF 655.036 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.02 15.00 500933.531GROSS RES., MB & MMF 36683.078 44793.547 DISCOUNTED PAYOUT, YRS. 3.03 20.00 389829.906NET RES., MB & MMF 23776.562 29075.344 UNDISCOUNTED NET/INVEST. 9.04 25.00 307727.500NET REVENUE, M$ 1690275.375 0.000 DISCOUNTED NET/INVEST. 7.44 30.00 245985.984INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 162326.266INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 78207.12580.00 41586.121100.00 23718.244RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:26BOLIVAR FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 3038.6 3646.3 0.0 2430.9 2917.0 0.0 172809.9 0.0 0.0 172809.912‐2015 6944.1 8333.0 0.0 5555.3 6666.4 0.0 394926.6 0.0 0.0 394926.612‐2016 7251.3 8701.6 0.0 5801.0 6961.3 0.0 412396.1 0.0 0.0 412396.112‐2017 5447.4 6536.8 0.0 4357.9 5229.5 0.0 309801.8 0.0 0.0 309801.812‐2018 4092.3 4910.8 0.0 1636.9 1964.3 0.0 116368.9 0.0 0.0 116368.912‐2019 3074.4 3689.3 0.0 1229.8 1475.7 0.0 87424.5 0.0 0.0 87424.512‐2020 2309.8 2771.8 0.0 923.9 1108.7 0.0 65681.4 0.0 0.0 65681.412‐2021 1735.4 2082.5 0.0 694.2 833.0 0.0 49347.5 0.0 0.0 49347.512‐2022 1303.9 1564.6 0.0 521.5 625.9 0.0 37076.8 0.0 0.0 37076.812‐2023 979.7 1175.6 0.0 391.9 470.2 0.0 27858.1 0.0 0.0 27858.112‐2024 394.3 473.2 0.0 157.7 189.3 0.0 11212.7 0.0 0.0 11212.712‐2025S TOT 36571.1 43885.4 0.0 23701.0 28441.2 0.0 1684904.5 0.0 0.0 1684904.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 36571.1 43885.4 0.0 23701.0 28441.2 0.0 1684904.5 0.0 0.0 1684904.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3300.0 ‐3300.0 ‐3077.612‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 71.09 0.00 0.00 0.0 0.0 36462.9 136347.0 68510.7 67836.3 46268.212‐2015 71.09 0.00 0.00 0.0 0.0 83329.6 311597.0 71145.7 240451.3 154647.712‐2016 71.09 0.00 0.00 0.0 0.0 87015.6 325380.4 0.0 325380.4 193140.212‐2017 71.09 0.00 0.00 0.0 0.0 65368.2 244433.6 0.0 244433.6 131901.412‐2018 71.09 0.00 0.00 0.0 0.0 24553.8 91815.0 0.0 91815.0 45041.112‐2019 71.09 0.00 0.00 0.0 0.0 18446.6 68977.9 0.0 68977.9 30761.912‐2020 71.09 0.00 0.00 0.0 0.0 13858.8 51822.6 0.0 51822.6 21010.212‐2021 71.09 0.00 0.00 0.0 0.0 10412.3 38935.2 0.0 38935.2 14350.312‐2022 71.09 0.00 0.00 0.0 0.0 7823.2 29253.6 0.0 29253.6 9801.712‐2023 71.09 0.00 0.00 0.0 0.0 5878.1 21980.1 0.0 21980.1 6695.212‐2024 71.09 0.00 0.00 0.0 0.0 2365.9 8846.8 4340.0 4506.8 1295.712‐2025S TOT 71.09 0.00 0.00 0.0 0.0 355515.1 1329389.1 147296.4 1182092.8 651835.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 0.00 0.0 0.0 355515.1 1329389.1 147296.4 1182092.8 651835.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 32.0 0.0 LIFE, YRS. 13.50 5.00 868175.500GROSS ULT., MB & MMF 36571.148 43885.379 DISCOUNT % 10.00 10.00 651835.750GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.05 15.00 498718.250GROSS RES., MB & MMF 36571.148 43885.379 DISCOUNTED PAYOUT, YRS. 3.07 20.00 387829.250NET RES., MB & MMF 23701.010 28441.207 UNDISCOUNTED NET/INVEST. 9.03 25.00 305904.531NET REVENUE, M$ 1684904.500 0.000 DISCOUNTED NET/INVEST. 7.41 30.00 244311.438INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 160883.078INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 77063.25880.00 40624.273100.00 22877.812RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:26BOLIVAR FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 231.7 262.3 25.2 185.4 145.2 20.1 13176.6 0.0 1288.5 14465.112‐2014 274.6 310.8 29.8 219.7 172.1 23.9 15615.2 0.0 1527.0 17142.212‐2015 206.5 233.7 22.4 165.2 129.4 18.0 11742.3 0.0 1148.3 12890.512‐2016 2987.4 3381.9 324.7 2389.9 1872.8 259.7 169896.6 0.0 16613.9 186510.612‐2017 3057.9 3461.7 332.3 2446.3 1917.0 265.9 173906.5 0.0 17006.0 190912.612‐2018 2294.4 2597.4 249.4 917.8 719.2 99.7 65243.5 0.0 6380.1 71623.612‐2019 1721.6 1948.9 187.1 688.6 539.6 74.8 48954.1 0.0 4787.1 53741.212‐2020 1291.7 1462.3 140.4 516.7 404.9 56.2 36731.7 0.0 3591.9 40323.612‐2021 964.6 1092.0 104.8 385.8 302.3 41.9 27428.9 0.0 2682.2 30111.112‐2022 699.2 791.5 76.0 279.7 219.2 30.4 19881.4 0.0 1944.2 21825.612‐2023 524.6 593.8 57.0 209.8 164.4 22.8 14916.3 0.0 1458.6 16374.912‐2024 210.9 238.7 22.9 84.4 66.1 9.2 5996.8 0.0 586.4 6583.312‐2025S TOT 14464.8 16375.3 1572.0 8489.1 6652.2 922.6 603489.9 0.0 59014.3 662504.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 14464.8 16375.3 1572.0 8489.1 6652.2 922.6 603489.9 0.0 59014.3 662504.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 71.09 0.00 63.97 0.0 0.0 2780.3 11684.9 13674.4 ‐1989.5 ‐1891.712‐2014 71.09 0.00 63.97 0.0 0.0 3294.8 13847.4 0.0 13847.4 9945.612‐2015 71.09 0.00 63.97 0.0 0.0 2477.6 10412.9 0.0 10412.9 6799.012‐2016 71.09 0.00 63.97 0.0 0.0 35848.2 150662.3 53167.5 97494.8 55989.412‐2017 71.09 0.00 63.97 0.0 0.0 36694.3 154218.3 0.0 154218.3 83220.112‐2018 71.09 0.00 63.97 0.0 0.0 13766.4 57857.2 0.0 57857.2 28382.912‐2019 71.09 0.00 63.97 0.0 0.0 10329.3 43411.9 0.0 43411.9 19360.512‐2020 71.09 0.00 63.97 0.0 0.0 7750.4 32573.2 0.0 32573.2 13206.112‐2021 71.09 0.00 63.97 0.0 0.0 5787.5 24323.6 140.0 24183.6 8916.912‐2022 71.09 0.00 63.97 0.0 0.0 4195.0 17630.6 0.0 17630.6 5907.412‐2023 71.09 0.00 63.97 0.0 0.0 3147.3 13227.6 0.0 13227.6 4029.212‐2024 71.09 0.00 63.97 0.0 0.0 1265.3 5317.9 1540.0 3777.9 1076.412‐2025S TOT 71.09 0.00 63.97 0.0 0.0 127336.5 535167.8 68521.9 466645.9 234941.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 63.97 0.0 0.0 127336.5 535167.8 68521.9 466645.9 234941.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 12.0 0.0 LIFE, YRS. 13.50 5.00 327131.594GROSS ULT., MB & MMF 14464.810 16375.258 DISCOUNT % 10.00 10.00 234941.844GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.14 15.00 172309.984GROSS RES., MB & MMF 14464.810 16375.258 DISCOUNTED PAYOUT, YRS. 3.19 20.00 128714.289NET RES., MB & MMF 8489.097 6652.250 UNDISCOUNTED NET/INVEST. 7.81 25.00 97714.727NET REVENUE, M$ 603489.875 0.000 DISCOUNTED NET/INVEST. 6.37 30.00 75251.453INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 46313.113INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 19719.40080.00 9412.990100.00 4867.860RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011BOLIVAR FIELD, BASIN TIME : 13:39:25COLOMBIA DBS : DEMOOLIVO , RESERVOIRSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 14.8 129.8 0.0 11.8 103.8 0.0 838.9 0.0 0.0 838.912‐2012 13.3 116.8 0.0 10.6 93.5 0.0 755.0 0.0 0.0 755.012‐2013 11.9 105.1 0.0 9.6 84.1 0.0 679.5 0.0 0.0 679.512‐2014 10.8 94.6 0.0 8.6 75.7 0.0 611.5 0.0 0.0 611.512‐2015 9.7 85.2 0.0 7.7 68.1 0.0 550.4 0.0 0.0 550.412‐2016 8.7 76.6 0.0 7.0 61.3 0.0 495.3 0.0 0.0 495.312‐2017 7.8 69.0 0.0 6.3 55.2 0.0 445.8 0.0 0.0 445.812‐2018 7.1 62.1 0.0 2.8 24.8 0.0 200.6 0.0 0.0 200.612‐2019 6.3 55.9 0.0 2.5 22.3 0.0 180.6 0.0 0.0 180.612‐2020 5.7 50.3 0.0 2.3 20.1 0.0 162.5 0.0 0.0 162.512‐2021 5.1 45.3 0.0 2.1 18.1 0.0 146.2 0.0 0.0 146.212‐2022 4.6 17.5 0.0 1.9 7.0 0.0 131.6 0.0 0.0 131.612‐2023 4.2 0.0 0.0 1.7 0.0 0.0 118.5 0.0 0.0 118.512‐2024 1.9 0.0 0.0 0.8 0.0 0.0 54.7 0.0 0.0 54.712‐2025S TOT 111.9 908.2 0.0 75.6 634.1 0.0 5371.1 0.0 0.0 5371.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 111.9 908.2 0.0 75.6 634.1 0.0 5371.1 0.0 0.0 5371.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.09 0.00 0.00 0.0 0.0 0.0 838.9 0.0 838.9 800.812‐2012 71.09 0.00 0.00 0.0 0.0 0.0 755.0 0.0 755.0 655.212‐2013 71.09 0.00 0.00 0.0 0.0 0.0 679.5 0.0 679.5 536.112‐2014 71.09 0.00 0.00 0.0 0.0 0.0 611.5 0.0 611.5 438.612‐2015 71.09 0.00 0.00 0.0 0.0 0.0 550.4 0.0 550.4 358.912‐2016 71.09 0.00 0.00 0.0 0.0 0.0 495.3 0.0 495.3 293.612‐2017 71.09 0.00 0.00 0.0 0.0 0.0 445.8 0.0 445.8 240.212‐2018 71.09 0.00 0.00 0.0 0.0 0.0 200.6 0.0 200.6 98.312‐2019 71.09 0.00 0.00 0.0 0.0 0.0 180.6 0.0 180.6 80.412‐2020 71.09 0.00 0.00 0.0 0.0 0.0 162.5 0.0 162.5 65.812‐2021 71.09 0.00 0.00 0.0 0.0 0.0 146.2 0.0 146.2 53.812‐2022 71.09 0.00 0.00 0.0 0.0 0.0 131.6 0.0 131.6 44.012‐2023 71.09 0.00 0.00 0.0 0.0 0.0 118.5 0.0 118.5 36.012‐2024 71.09 0.00 0.00 0.0 0.0 0.0 54.7 140.0 ‐85.3 ‐23.512‐2025S TOT 71.09 0.00 0.00 0.0 0.0 0.0 5371.1 140.0 5231.1 3678.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 0.00 0.0 0.0 0.0 5371.1 140.0 5231.1 3678.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 13.50 5.00 4328.541GROSS ULT., MB & MMF 766.968 3509.579 DISCOUNT % 10.00 10.00 3678.200GROSS CUM., MB & MMF 655.036 2601.409 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 3194.101GROSS RES., MB & MMF 111.932 908.170 DISCOUNTED PAYOUT, YRS. 0.00 20.00 2823.407NET RES., MB & MMF 75.553 634.136 UNDISCOUNTED NET/INVEST. 38.36 25.00 2532.499NET REVENUE, M$ 5371.074 0.000 DISCOUNTED NET/INVEST. 95.38 30.00 2299.289INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1950.786INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 1521.71680.00 1269.837100.00 1104.560RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:25BOLIVAR FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 14.8 129.8 0.0 11.8 103.8 0.0 838.9 0.0 0.0 838.912‐2012 13.3 116.8 0.0 10.6 93.5 0.0 755.0 0.0 0.0 755.012‐2013 11.9 105.1 0.0 9.6 84.1 0.0 679.5 0.0 0.0 679.512‐2014 10.8 94.6 0.0 8.6 75.7 0.0 611.5 0.0 0.0 611.512‐2015 9.7 85.2 0.0 7.7 68.1 0.0 550.4 0.0 0.0 550.412‐2016 8.7 76.6 0.0 7.0 61.3 0.0 495.3 0.0 0.0 495.312‐2017 7.8 69.0 0.0 6.3 55.2 0.0 445.8 0.0 0.0 445.812‐2018 7.1 62.1 0.0 2.8 24.8 0.0 200.6 0.0 0.0 200.612‐2019 6.3 55.9 0.0 2.5 22.3 0.0 180.6 0.0 0.0 180.612‐2020 5.7 50.3 0.0 2.3 20.1 0.0 162.5 0.0 0.0 162.512‐2021 5.1 45.3 0.0 2.1 18.1 0.0 146.2 0.0 0.0 146.212‐2022 4.6 17.5 0.0 1.9 7.0 0.0 131.6 0.0 0.0 131.612‐2023 4.2 0.0 0.0 1.7 0.0 0.0 118.5 0.0 0.0 118.512‐2024 1.9 0.0 0.0 0.8 0.0 0.0 54.7 0.0 0.0 54.712‐2025S TOT 111.9 908.2 0.0 75.6 634.1 0.0 5371.1 0.0 0.0 5371.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 111.9 908.2 0.0 75.6 634.1 0.0 5371.1 0.0 0.0 5371.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.09 0.00 0.00 0.0 0.0 0.0 838.9 0.0 838.9 800.812‐2012 71.09 0.00 0.00 0.0 0.0 0.0 755.0 0.0 755.0 655.212‐2013 71.09 0.00 0.00 0.0 0.0 0.0 679.5 0.0 679.5 536.112‐2014 71.09 0.00 0.00 0.0 0.0 0.0 611.5 0.0 611.5 438.612‐2015 71.09 0.00 0.00 0.0 0.0 0.0 550.4 0.0 550.4 358.912‐2016 71.09 0.00 0.00 0.0 0.0 0.0 495.3 0.0 495.3 293.612‐2017 71.09 0.00 0.00 0.0 0.0 0.0 445.8 0.0 445.8 240.212‐2018 71.09 0.00 0.00 0.0 0.0 0.0 200.6 0.0 200.6 98.312‐2019 71.09 0.00 0.00 0.0 0.0 0.0 180.6 0.0 180.6 80.412‐2020 71.09 0.00 0.00 0.0 0.0 0.0 162.5 0.0 162.5 65.812‐2021 71.09 0.00 0.00 0.0 0.0 0.0 146.2 0.0 146.2 53.812‐2022 71.09 0.00 0.00 0.0 0.0 0.0 131.6 0.0 131.6 44.012‐2023 71.09 0.00 0.00 0.0 0.0 0.0 118.5 0.0 118.5 36.012‐2024 71.09 0.00 0.00 0.0 0.0 0.0 54.7 140.0 ‐85.3 ‐23.512‐2025S TOT 71.09 0.00 0.00 0.0 0.0 0.0 5371.1 140.0 5231.1 3678.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 0.00 0.0 0.0 0.0 5371.1 140.0 5231.1 3678.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 13.50 5.00 4328.541GROSS ULT., MB & MMF 766.968 3509.579 DISCOUNT % 10.00 10.00 3678.200GROSS CUM., MB & MMF 655.036 2601.409 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 3194.101GROSS RES., MB & MMF 111.932 908.170 DISCOUNTED PAYOUT, YRS. 0.00 20.00 2823.407NET RES., MB & MMF 75.553 634.136 UNDISCOUNTED NET/INVEST. 38.36 25.00 2532.499NET REVENUE, M$ 5371.074 0.000 DISCOUNTED NET/INVEST. 95.38 30.00 2299.289INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1950.786INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 1521.71680.00 1269.837100.00 1104.560RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011BOLIVAR FIELD, BASIN TIME : 13:39:25COLOMBIA DBS : DEMO3D SEISMIC EXPENSES , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐201212‐201312‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3300.0 ‐3300.0 ‐3077.612‐201212‐201312‐201412‐201512‐201612‐201712‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3300.0 ‐3300.0 ‐3077.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3300.0 ‐3300.0 ‐3077.6OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 0.92 5.00 ‐3184.198GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 ‐3077.614GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.92 15.00 ‐2979.145GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 0.92 20.00 ‐2887.855NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 ‐2802.954NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 ‐2723.763INITIAL PRICE, $ 0.000 0.000 RATE‐OF‐RETURN, PCT. 0.00 40.00 ‐2580.259INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 ‐2340.71580.00 ‐2148.156100.00 ‐1989.521RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011BOLIVAR FIELD, BASIN TIME : 13:39:25COLOMBIA DBS : DEMOCATALINA‐04 THRU 15 , ROSA BLANCSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 2924.0 3508.8 0.0 2339.2 2807.0 0.0 166292.5 0.0 0.0 166292.512‐2015 3059.8 3671.7 0.0 2447.8 2937.4 0.0 174014.2 0.0 0.0 174014.212‐2016 2315.9 2779.1 0.0 1852.7 2223.3 0.0 131711.7 0.0 0.0 131711.712‐2017 1752.9 2103.5 0.0 1402.3 1682.8 0.0 99692.9 0.0 0.0 99692.912‐2018 1326.8 1592.2 0.0 530.7 636.9 0.0 37728.9 0.0 0.0 37728.912‐2019 1004.3 1205.1 0.0 401.7 482.0 0.0 28557.1 0.0 0.0 28557.112‐2020 760.1 912.1 0.0 304.0 364.9 0.0 21614.9 0.0 0.0 21614.912‐2021 575.3 690.4 0.0 230.1 276.2 0.0 16360.4 0.0 0.0 16360.412‐2022 435.5 522.6 0.0 174.2 209.0 0.0 12383.2 0.0 0.0 12383.212‐2023 329.6 395.5 0.0 131.8 158.2 0.0 9372.9 0.0 0.0 9372.912‐2024 133.4 160.1 0.0 53.4 64.0 0.0 3793.8 0.0 0.0 3793.812‐2025S TOT 14617.6 17541.1 0.0 9868.1 11841.7 0.0 701522.3 0.0 0.0 701522.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 14617.6 17541.1 0.0 9868.1 11841.7 0.0 701522.3 0.0 0.0 701522.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 71.09 0.00 0.00 0.0 0.0 35087.7 131204.8 63240.6 67964.1 46429.312‐2015 71.09 0.00 0.00 0.0 0.0 36717.0 137297.2 0.0 137297.2 89641.612‐2016 71.09 0.00 0.00 0.0 0.0 27791.2 103920.5 0.0 103920.5 61681.812‐2017 71.09 0.00 0.00 0.0 0.0 21035.2 78657.6 0.0 78657.6 42442.812‐2018 71.09 0.00 0.00 0.0 0.0 7960.8 29768.1 0.0 29768.1 14602.312‐2019 71.09 0.00 0.00 0.0 0.0 6025.5 22531.5 0.0 22531.5 10047.712‐2020 71.09 0.00 0.00 0.0 0.0 4560.7 17054.2 0.0 17054.2 6913.812‐2021 71.09 0.00 0.00 0.0 0.0 3452.0 12908.3 0.0 12908.3 4757.312‐2022 71.09 0.00 0.00 0.0 0.0 2612.9 9770.3 0.0 9770.3 3273.512‐2023 71.09 0.00 0.00 0.0 0.0 1977.7 7395.2 0.0 7395.2 2252.512‐2024 71.09 0.00 0.00 0.0 0.0 800.5 2993.3 1680.0 1313.3 379.512‐2025S TOT 71.09 0.00 0.00 0.0 0.0 148021.3 553500.9 64920.6 488580.3 282421.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 0.00 0.0 0.0 148021.3 553500.9 64920.6 488580.3 282421.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 12.0 0.0 LIFE, YRS. 13.50 5.00 367568.219GROSS ULT., MB & MMF 14617.623 17541.146 DISCOUNT % 10.00 10.00 282421.875GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.48 15.00 220924.109GROSS RES., MB & MMF 14617.623 17541.146 DISCOUNTED PAYOUT, YRS. 3.50 20.00 175501.750NET RES., MB & MMF 9868.087 11841.704 UNDISCOUNTED NET/INVEST. 8.53 25.00 141299.078NET REVENUE, M$ 701522.312 0.000 DISCOUNTED NET/INVEST. 7.00 30.00 115108.219INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 78728.664INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 40493.07080.00 22875.508100.00 13844.713RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011BOLIVAR FIELD, BASIN TIME : 13:39:25COLOMBIA DBS : DEMOCATALINA‐16 , ROSA BLANCA/SALIDASETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 114.6 137.5 0.0 91.7 110.0 0.0 6517.4 0.0 0.0 6517.412‐2015 286.4 343.6 0.0 229.1 274.9 0.0 16285.6 0.0 0.0 16285.612‐2016 216.7 260.1 0.0 173.4 208.1 0.0 12326.6 0.0 0.0 12326.612‐2017 164.1 196.9 0.0 131.2 157.5 0.0 9330.0 0.0 0.0 9330.012‐2018 124.2 149.0 0.0 49.7 59.6 0.0 3531.0 0.0 0.0 3531.012‐2019 94.0 112.8 0.0 37.6 45.1 0.0 2672.6 0.0 0.0 2672.612‐2020 71.1 85.4 0.0 28.5 34.1 0.0 2022.9 0.0 0.0 2022.912‐2021 53.8 64.6 0.0 21.5 25.8 0.0 1531.1 0.0 0.0 1531.112‐2022 40.8 48.9 0.0 16.3 19.6 0.0 1158.9 0.0 0.0 1158.912‐2023 30.8 37.0 0.0 12.3 14.8 0.0 877.2 0.0 0.0 877.212‐2024 12.5 15.0 0.0 5.0 6.0 0.0 355.0 0.0 0.0 355.012‐2025S TOT 1209.0 1450.8 0.0 796.3 955.5 0.0 56608.3 0.0 0.0 56608.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1209.0 1450.8 0.0 796.3 955.5 0.0 56608.3 0.0 0.0 56608.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 71.09 0.00 0.00 0.0 0.0 1375.2 5142.2 5270.1 ‐127.8 ‐161.112‐2015 71.09 0.00 0.00 0.0 0.0 3436.3 12849.3 0.0 12849.3 8389.412‐2016 71.09 0.00 0.00 0.0 0.0 2600.9 9725.7 0.0 9725.7 5772.712‐2017 71.09 0.00 0.00 0.0 0.0 1968.6 7361.4 0.0 7361.4 3972.112‐2018 71.09 0.00 0.00 0.0 0.0 745.0 2785.9 0.0 2785.9 1366.612‐2019 71.09 0.00 0.00 0.0 0.0 563.9 2108.7 0.0 2108.7 940.312‐2020 71.09 0.00 0.00 0.0 0.0 426.8 1596.1 0.0 1596.1 647.012‐2021 71.09 0.00 0.00 0.0 0.0 323.1 1208.1 0.0 1208.1 445.212‐2022 71.09 0.00 0.00 0.0 0.0 244.5 914.4 0.0 914.4 306.412‐2023 71.09 0.00 0.00 0.0 0.0 185.1 692.1 0.0 692.1 210.812‐2024 71.09 0.00 0.00 0.0 0.0 74.9 280.1 140.0 140.1 40.312‐2025S TOT 71.09 0.00 0.00 0.0 0.0 11944.4 44664.0 5410.1 39253.9 21929.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 0.00 0.0 0.0 11944.4 44664.0 5410.1 39253.9 21929.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 13.50 5.00 29024.004GROSS ULT., MB & MMF 1208.979 1450.775 DISCOUNT % 10.00 10.00 21929.703GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.01 15.00 16878.557GROSS RES., MB & MMF 1208.979 1450.775 DISCOUNTED PAYOUT, YRS. 4.02 20.00 13199.796NET RES., MB & MMF 796.291 955.550 UNDISCOUNTED NET/INVEST. 8.26 25.00 10467.531NET REVENUE, M$ 56608.348 0.000 DISCOUNTED NET/INVEST. 6.82 30.00 8403.193INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 5588.964INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 2731.34480.00 1473.888100.00 855.757RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011BOLIVAR FIELD, BASIN TIME : 13:39:25COLOMBIA DBS : DEMOCRISOL‐02 THRU 13 , ROSA BLANCA/SETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 2911.7 3494.1 0.0 2329.4 2795.3 0.0 165596.6 0.0 0.0 165596.612‐2016 3016.6 3619.9 0.0 2413.2 2895.9 0.0 171557.3 0.0 0.0 171557.312‐2017 2256.9 2708.3 0.0 1805.5 2166.6 0.0 128355.1 0.0 0.0 128355.112‐2018 1688.6 2026.3 0.0 675.4 810.5 0.0 48016.1 0.0 0.0 48016.112‐2019 1263.3 1516.0 0.0 505.3 606.4 0.0 35924.5 0.0 0.0 35924.512‐2020 945.2 1134.2 0.0 378.1 453.7 0.0 26877.9 0.0 0.0 26877.912‐2021 707.2 848.6 0.0 282.9 339.4 0.0 20109.4 0.0 0.0 20109.412‐2022 529.1 634.9 0.0 211.6 254.0 0.0 15045.4 0.0 0.0 15045.412‐2023 395.9 475.0 0.0 158.3 190.0 0.0 11256.6 0.0 0.0 11256.612‐2024 158.8 190.6 0.0 63.5 76.2 0.0 4515.8 0.0 0.0 4515.812‐2025S TOT 13873.3 16647.9 0.0 8823.4 10588.1 0.0 627254.8 0.0 0.0 627254.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 13873.3 16647.9 0.0 8823.4 10588.1 0.0 627254.8 0.0 0.0 627254.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 71.09 0.00 0.00 0.0 0.0 34940.9 130655.7 47430.5 83225.2 52445.212‐2016 71.09 0.00 0.00 0.0 0.0 36198.6 135358.7 0.0 135358.7 80349.112‐2017 71.09 0.00 0.00 0.0 0.0 27082.9 101272.2 0.0 101272.2 54650.312‐2018 71.09 0.00 0.00 0.0 0.0 10131.4 37884.7 0.0 37884.7 18585.512‐2019 71.09 0.00 0.00 0.0 0.0 7580.1 28344.5 0.0 28344.5 12641.112‐2020 71.09 0.00 0.00 0.0 0.0 5671.2 21206.7 0.0 21206.7 8598.012‐2021 71.09 0.00 0.00 0.0 0.0 4243.1 15866.3 0.0 15866.3 5848.012‐2022 71.09 0.00 0.00 0.0 0.0 3174.6 11870.8 0.0 11870.8 3977.612‐2023 71.09 0.00 0.00 0.0 0.0 2375.1 8881.5 0.0 8881.5 2705.412‐2024 71.09 0.00 0.00 0.0 0.0 952.8 3563.0 1680.0 1883.0 540.712‐2025S TOT 71.09 0.00 0.00 0.0 0.0 132350.9 494903.9 49110.5 445793.5 240340.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 0.00 0.0 0.0 132350.9 494903.9 49110.5 445793.5 240340.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 12.0 0.0 LIFE, YRS. 13.50 5.00 323723.875GROSS ULT., MB & MMF 13873.270 16647.928 DISCOUNT % 10.00 10.00 240340.844GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.36 15.00 181862.531GROSS RES., MB & MMF 13873.270 16647.928 DISCOUNTED PAYOUT, YRS. 4.38 20.00 139905.391NET RES., MB & MMF 8823.391 10588.070 UNDISCOUNTED NET/INVEST. 10.08 25.00 109198.961NET REVENUE, M$ 627254.812 0.000 DISCOUNTED NET/INVEST. 8.46 30.00 86331.531INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 55777.570INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 25873.73880.00 13342.016100.00 7444.291RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011BOLIVAR FIELD, BASIN TIME : 13:39:25COLOMBIA DBS : DEMOCRISOL‐14 THRU 19 , ROSA BLANCA/SETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 686.3 823.5 0.0 549.0 658.8 0.0 39030.2 0.0 0.0 39030.212‐2016 1702.1 2042.5 0.0 1361.7 1634.0 0.0 96800.5 0.0 0.0 96800.512‐2017 1273.5 1528.1 0.0 1018.8 1222.5 0.0 72423.8 0.0 0.0 72423.812‐2018 952.8 1143.3 0.0 381.1 457.3 0.0 27092.9 0.0 0.0 27092.912‐2019 712.8 855.4 0.0 285.1 342.2 0.0 20270.3 0.0 0.0 20270.312‐2020 533.3 640.0 0.0 213.3 256.0 0.0 15165.7 0.0 0.0 15165.712‐2021 399.0 478.8 0.0 159.6 191.5 0.0 11346.6 0.0 0.0 11346.612‐2022 298.5 358.2 0.0 119.4 143.3 0.0 8489.3 0.0 0.0 8489.312‐2023 223.4 268.0 0.0 89.3 107.2 0.0 6351.5 0.0 0.0 6351.512‐2024 89.6 107.5 0.0 35.8 43.0 0.0 2548.0 0.0 0.0 2548.012‐2025S TOT 6871.3 8245.5 0.0 4213.2 5055.9 0.0 299518.9 0.0 0.0 299518.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 6871.3 8245.5 0.0 4213.2 5055.9 0.0 299518.9 0.0 0.0 299518.9‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 71.09 0.00 0.00 0.0 0.0 8235.4 30794.8 23715.2 7079.6 4171.512‐2016 71.09 0.00 0.00 0.0 0.0 20424.9 76375.6 0.0 76375.6 45336.612‐2017 71.09 0.00 0.00 0.0 0.0 15281.4 57142.4 0.0 57142.4 30836.212‐2018 71.09 0.00 0.00 0.0 0.0 5716.6 21376.3 0.0 21376.3 10486.812‐2019 71.09 0.00 0.00 0.0 0.0 4277.0 15993.2 0.0 15993.2 7132.712‐2020 71.09 0.00 0.00 0.0 0.0 3200.0 11965.8 0.0 11965.8 4851.412‐2021 71.09 0.00 0.00 0.0 0.0 2394.1 8952.5 0.0 8952.5 3299.712‐2022 71.09 0.00 0.00 0.0 0.0 1791.2 6698.1 0.0 6698.1 2244.312‐2023 71.09 0.00 0.00 0.0 0.0 1340.2 5011.3 0.0 5011.3 1526.512‐2024 71.09 0.00 0.00 0.0 0.0 537.6 2010.4 840.0 1170.4 335.212‐2025S TOT 71.09 0.00 0.00 0.0 0.0 63198.5 236320.4 24555.2 211765.1 110220.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 0.00 0.0 0.0 63198.5 236320.4 24555.2 211765.1 110220.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 6.0 0.0 LIFE, YRS. 13.50 5.00 151043.578GROSS ULT., MB & MMF 6871.279 8245.535 DISCOUNT % 10.00 10.00 110220.906GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.77 15.00 82032.188GROSS RES., MB & MMF 6871.279 8245.535 DISCOUNTED PAYOUT, YRS. 4.79 20.00 62110.164NET RES., MB & MMF 4213.235 5055.883 UNDISCOUNTED NET/INVEST. 9.62 25.00 47741.930NET REVENUE, M$ 299518.906 0.000 DISCOUNTED NET/INVEST. 8.11 30.00 37192.270INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 23368.137INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 10305.81380.00 5081.015100.00 2722.571RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011BOLIVAR FIELD, BASIN TIME : 13:39:26COLOMBIA DBS : DEMOCATALINA 2 PROBABLE , ROSA BLANCSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCBOLIVAR BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 231.7 262.3 25.2 185.4 145.2 20.1 13176.6 0.0 1288.5 14465.112‐2014 274.6 310.8 29.8 219.7 172.1 23.9 15615.2 0.0 1527.0 17142.212‐2015 206.5 233.7 22.4 165.2 129.4 18.0 11742.3 0.0 1148.3 12890.512‐2016 155.3 175.8 16.9 124.2 97.3 13.5 8829.9 0.0 863.5 9693.412‐2017 116.8 132.2 12.7 93.4 73.2 10.2 6639.9 0.0 649.3 7289.212‐2018 87.8 99.4 9.5 35.1 27.5 3.8 2496.5 0.0 244.1 2740.612‐2019 66.0 74.7 7.2 26.4 20.7 2.9 1877.3 0.0 183.6 2060.912‐2020 49.6 56.2 5.4 19.9 15.6 2.2 1411.7 0.0 138.0 1549.712‐2021 32.7 37.0 3.6 13.1 10.2 1.4 929.6 0.0 90.9 1020.512‐202212‐202312‐202412‐2025S TOT 1220.9 1382.1 132.7 882.2 691.3 95.9 62719.0 0.0 6133.2 68852.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1220.9 1382.1 132.7 882.2 691.3 95.9 62719.0 0.0 6133.2 68852.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 71.09 0.00 63.97 0.0 0.0 2780.3 11684.9 13674.4 ‐1989.5 ‐1891.712‐2014 71.09 0.00 63.97 0.0 0.0 3294.8 13847.4 0.0 13847.4 9945.612‐2015 71.09 0.00 63.97 0.0 0.0 2477.6 10412.9 0.0 10412.9 6799.012‐2016 71.09 0.00 63.97 0.0 0.0 1863.1 7830.2 0.0 7830.2 4647.912‐2017 71.09 0.00 63.97 0.0 0.0 1401.0 5888.2 0.0 5888.2 3177.312‐2018 71.09 0.00 63.97 0.0 0.0 526.8 2213.9 0.0 2213.9 1086.012‐2019 71.09 0.00 63.97 0.0 0.0 396.1 1664.8 0.0 1664.8 742.412‐2020 71.09 0.00 63.97 0.0 0.0 297.9 1251.9 0.0 1251.9 507.512‐2021 71.09 0.00 63.97 0.0 0.0 196.1 824.4 140.0 684.4 255.812‐202212‐202312‐202412‐2025S TOT 71.09 0.00 63.97 0.0 0.0 13233.7 55618.4 13814.4 41804.1 25269.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 63.97 0.0 0.0 13233.7 55618.4 13814.4 41804.1 25269.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.92 5.00 32239.779GROSS ULT., MB & MMF 1220.884 1382.133 DISCOUNT % 10.00 10.00 25269.854GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.14 15.00 20084.686GROSS RES., MB & MMF 1220.884 1382.133 DISCOUNTED PAYOUT, YRS. 3.19 20.00 16157.084NET RES., MB & MMF 882.247 691.349 UNDISCOUNTED NET/INVEST. 4.03 25.00 13134.589NET REVENUE, M$ 62718.961 0.000 DISCOUNTED NET/INVEST. 3.29 30.00 10775.853INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 7423.058INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 3776.21280.00 2040.762100.00 1137.604RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 01/24/2011BOLIVAR FIELD, BASIN TIME : 13:39:26COLOMBIA DBS : DEMOCATALINA PROB‐17 THRU 27 , ROSASETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 2832.1 3206.1 307.8 2265.7 1775.4 246.2 161066.7 0.0 15750.5 176817.212‐2017 2941.1 3329.6 319.6 2352.9 1843.8 255.7 167266.7 0.0 16356.7 183623.412‐2018 2206.6 2498.0 239.8 882.6 691.7 95.9 62747.0 0.0 6135.9 68882.912‐2019 1655.5 1874.2 179.9 662.2 518.9 72.0 47076.8 0.0 4603.6 51680.312‐2020 1242.1 1406.1 135.0 496.8 389.3 54.0 35320.0 0.0 3453.9 38773.812‐2021 931.9 1055.0 101.3 372.8 292.1 40.5 26499.3 0.0 2591.3 29090.612‐2022 699.2 791.5 76.0 279.7 219.2 30.4 19881.4 0.0 1944.2 21825.612‐2023 524.6 593.8 57.0 209.8 164.4 22.8 14916.3 0.0 1458.6 16374.912‐2024 210.9 238.7 22.9 84.4 66.1 9.2 5996.8 0.0 586.4 6583.312‐2025S TOT 13243.9 14993.1 1439.3 7606.9 5960.9 826.7 540770.9 0.0 52881.1 593652.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 13243.9 14993.1 1439.3 7606.9 5960.9 826.7 540770.9 0.0 52881.1 593652.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 71.09 0.00 63.97 0.0 0.0 33985.1 142832.1 53167.5 89664.6 51341.612‐2017 71.09 0.00 63.97 0.0 0.0 35293.3 148330.1 0.0 148330.1 80042.812‐2018 71.09 0.00 63.97 0.0 0.0 13239.6 55643.3 0.0 55643.3 27296.912‐2019 71.09 0.00 63.97 0.0 0.0 9933.2 41747.1 0.0 41747.1 18618.012‐2020 71.09 0.00 63.97 0.0 0.0 7452.5 31321.3 0.0 31321.3 12698.612‐2021 71.09 0.00 63.97 0.0 0.0 5591.3 23499.2 0.0 23499.2 8661.212‐2022 71.09 0.00 63.97 0.0 0.0 4195.0 17630.6 0.0 17630.6 5907.412‐2023 71.09 0.00 63.97 0.0 0.0 3147.3 13227.6 0.0 13227.6 4029.212‐2024 71.09 0.00 63.97 0.0 0.0 1265.3 5317.9 1540.0 3777.9 1076.412‐2025S TOT 71.09 0.00 63.97 0.0 0.0 114102.8 479549.3 54707.5 424841.8 209672.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.09 0.00 63.97 0.0 0.0 114102.8 479549.3 54707.5 424841.8 209672.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 11.0 0.0 LIFE, YRS. 13.50 5.00 294891.812GROSS ULT., MB & MMF 13243.927 14993.126 DISCOUNT % 10.00 10.00 209671.984GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.37 15.00 152225.297GROSS RES., MB & MMF 13243.927 14993.126 DISCOUNTED PAYOUT, YRS. 5.39 20.00 112557.203NET RES., MB & MMF 7606.851 5960.901 UNDISCOUNTED NET/INVEST. 8.77 25.00 84580.133NET REVENUE, M$ 540770.938 0.000 DISCOUNTED NET/INVEST. 7.40 30.00 64475.605INITIAL PRICE, $ 71.090 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 38890.055INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 15943.18780.00 7372.228100.00 3730.257RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 01/25/2011GRAND TOTALS TIME : 10:34:50TOTAL PROVED RESERVES DBS : DEMOSETTINGS : RED123110SCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 216.3 0.0 0.0 193.6 0.0 0.0 13815.1 0.0 0.0 13815.112‐2012 390.0 0.0 0.0 349.1 0.0 0.0 24912.5 0.0 0.0 24912.512‐2013 470.2 0.0 0.0 420.8 0.0 0.0 30035.0 0.0 0.0 30035.012‐2014 348.7 0.0 0.0 312.1 0.0 0.0 22274.0 0.0 0.0 22274.012‐2015 261.6 0.0 0.0 234.1 0.0 0.0 16707.3 0.0 0.0 16707.312‐2016 198.6 0.0 0.0 177.8 0.0 0.0 12686.4 0.0 0.0 12686.412‐2017 152.8 0.0 0.0 136.7 0.0 0.0 9758.5 0.0 0.0 9758.512‐2018 81.8 0.0 0.0 73.2 0.0 0.0 5222.8 0.0 0.0 5222.812‐2019 57.4 0.0 0.0 51.4 0.0 0.0 3665.0 0.0 0.0 3665.012‐2020 49.9 0.0 0.0 44.6 0.0 0.0 3186.3 0.0 0.0 3186.312‐2021 43.4 0.0 0.0 38.9 0.0 0.0 2774.5 0.0 0.0 2774.512‐2022 36.0 0.0 0.0 32.2 0.0 0.0 2300.5 0.0 0.0 2300.512‐2023 6.2 0.0 0.0 5.6 0.0 0.0 398.2 0.0 0.0 398.212‐202412‐2025S TOT 2312.9 0.0 0.0 2070.0 0.0 0.0 147736.0 0.0 0.0 147736.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 2312.9 0.0 0.0 2070.0 0.0 0.0 147736.0 0.0 0.0 147736.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.37 0.00 0.00 0.0 2518.5 2667.4 8629.2 0.0 8629.2 8243.812‐2012 71.37 0.00 0.00 0.0 4444.4 3248.2 17219.9 6941.6 10278.2 8695.712‐2013 71.37 0.00 0.00 0.0 5235.1 3492.2 21307.7 0.0 21307.7 16839.512‐2014 71.37 0.00 0.00 0.0 3811.1 2975.4 15487.5 0.0 15487.5 11126.812‐2015 71.37 0.00 0.00 0.0 2771.7 2604.1 11331.5 0.0 11331.5 7400.712‐2016 71.37 0.00 0.00 0.0 2036.2 2335.6 8314.6 0.0 8314.6 4936.612‐2017 71.37 0.00 0.00 0.0 1511.6 2140.0 6106.9 0.0 6106.9 3296.212‐2018 71.37 0.00 0.00 0.0 778.7 1825.9 2618.2 1250.0 1368.2 667.412‐2019 71.37 0.00 0.00 0.0 524.5 1721.5 1419.1 0.0 1419.1 632.912‐2020 71.37 0.00 0.00 0.0 435.9 1692.5 1057.9 0.0 1057.9 429.112‐2021 71.37 0.00 0.00 0.0 361.5 1667.7 745.3 0.0 745.3 275.012‐2022 71.37 0.00 0.00 0.0 284.1 1264.0 752.3 0.0 752.3 249.212‐2023 71.37 0.00 0.00 0.0 49.2 24.1 324.9 445.0 ‐120.1 ‐35.112‐202412‐2025S TOT 71.37 0.00 0.00 0.0 24762.4 27658.6 95315.0 8636.6 86678.4 62757.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.37 0.00 0.00 0.0 24762.4 27658.6 95315.0 8636.6 86678.4 62757.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 5.0 0.0 LIFE, YRS. 12.50 5.00 73118.414GROSS ULT., MB & MMF 3453.233 0.000 DISCOUNT % 10.00 10.00 62757.684GROSS CUM., MB & MMF 1140.382 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 54658.391GROSS RES., MB & MMF 2312.851 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 48201.910NET RES., MB & MMF 2070.001 0.000 UNDISCOUNTED NET/INVEST. 11.04 25.00 42967.523NET REVENUE, M$ 147736.016 0.000 DISCOUNTED NET/INVEST. 10.22 30.00 38661.211INITIAL PRICE, $ 71.370 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 32047.842INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 23671.50880.00 18720.592100.00 15521.532RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 01/24/2011BORAL FIELD, LLANOS BASIN TIME : 13:39:28COLOMBIA DBS : DEMOBORAL‐1 , UBAQUE RESERVOIRSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 29.9 0.0 0.0 26.7 0.0 0.0 1907.1 0.0 0.0 1907.112‐2012 21.8 0.0 0.0 19.5 0.0 0.0 1392.2 0.0 0.0 1392.212‐2013 15.9 0.0 0.0 14.2 0.0 0.0 1016.3 0.0 0.0 1016.312‐2014 11.6 0.0 0.0 10.4 0.0 0.0 741.9 0.0 0.0 741.912‐2015 8.5 0.0 0.0 7.6 0.0 0.0 541.6 0.0 0.0 541.612‐2016 6.2 0.0 0.0 5.5 0.0 0.0 395.4 0.0 0.0 395.412‐2017 4.5 0.0 0.0 4.0 0.0 0.0 288.6 0.0 0.0 288.612‐2018 0.9 0.0 0.0 0.8 0.0 0.0 59.0 0.0 0.0 59.012‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 99.3 0.0 0.0 88.9 0.0 0.0 6342.0 0.0 0.0 6342.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 99.3 0.0 0.0 88.9 0.0 0.0 6342.0 0.0 0.0 6342.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.37 0.00 0.00 0.0 347.7 447.8 1111.6 0.0 1111.6 1062.912‐2012 71.37 0.00 0.00 0.0 248.4 326.9 816.9 0.0 816.9 710.112‐2013 71.37 0.00 0.00 0.0 177.1 238.7 600.5 0.0 600.5 474.512‐2014 71.37 0.00 0.00 0.0 126.9 174.2 440.7 0.0 440.7 316.612‐2015 71.37 0.00 0.00 0.0 89.8 127.2 324.6 0.0 324.6 212.012‐2016 71.37 0.00 0.00 0.0 63.5 92.8 239.1 0.0 239.1 141.912‐2017 71.37 0.00 0.00 0.0 44.7 67.8 176.1 0.0 176.1 95.112‐2018 71.37 0.00 0.00 0.0 8.8 13.9 36.4 800.0 ‐763.6 ‐385.612‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 71.37 0.00 0.00 0.0 1106.9 1489.3 3745.8 800.0 2945.8 2627.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.37 0.00 0.00 0.0 1106.9 1489.3 3745.8 800.0 2945.8 2627.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 7.25 5.00 2785.041GROSS ULT., MB & MMF 160.968 0.000 DISCOUNT % 10.00 10.00 2627.466GROSS CUM., MB & MMF 61.682 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 2479.301GROSS RES., MB & MMF 99.286 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 2342.955NET RES., MB & MMF 88.861 0.000 UNDISCOUNTED NET/INVEST. 4.68 25.00 2218.906NET REVENUE, M$ 6342.010 0.000 DISCOUNTED NET/INVEST. 7.50 30.00 2106.678INITIAL PRICE, $ 71.370 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1913.939INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 1626.88280.00 1427.966100.00 1283.742RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:29TILODIRAN FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 186.4 0.0 0.0 166.8 0.0 0.0 11908.0 0.0 0.0 11908.012‐2012 160.0 0.0 0.0 143.2 0.0 0.0 10218.9 0.0 0.0 10218.912‐2013 137.5 0.0 0.0 123.1 0.0 0.0 8783.4 0.0 0.0 8783.412‐2014 118.4 0.0 0.0 106.0 0.0 0.0 7561.8 0.0 0.0 7561.812‐2015 102.1 0.0 0.0 91.4 0.0 0.0 6520.7 0.0 0.0 6520.712‐2016 88.2 0.0 0.0 78.9 0.0 0.0 5632.2 0.0 0.0 5632.212‐2017 76.3 0.0 0.0 68.3 0.0 0.0 4872.7 0.0 0.0 4872.712‐2018 66.1 0.0 0.0 59.2 0.0 0.0 4222.5 0.0 0.0 4222.512‐2019 57.4 0.0 0.0 51.4 0.0 0.0 3665.0 0.0 0.0 3665.012‐2020 49.9 0.0 0.0 44.6 0.0 0.0 3186.3 0.0 0.0 3186.312‐2021 43.4 0.0 0.0 38.9 0.0 0.0 2774.5 0.0 0.0 2774.512‐2022 36.0 0.0 0.0 32.2 0.0 0.0 2300.5 0.0 0.0 2300.512‐2023 6.2 0.0 0.0 5.6 0.0 0.0 398.2 0.0 0.0 398.212‐202412‐2025S TOT 1127.9 0.0 0.0 1009.5 0.0 0.0 72044.7 0.0 0.0 72044.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1127.9 0.0 0.0 1009.5 0.0 0.0 72044.7 0.0 0.0 72044.7‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.37 0.00 0.00 0.0 2170.8 2219.6 7517.6 0.0 7517.6 7180.912‐2012 71.37 0.00 0.00 0.0 1823.1 2117.5 6278.3 0.0 6278.3 5452.112‐2013 71.37 0.00 0.00 0.0 1531.0 2030.8 5221.7 0.0 5221.7 4122.512‐2014 71.37 0.00 0.00 0.0 1293.8 1957.0 4311.0 0.0 4311.0 3094.312‐2015 71.37 0.00 0.00 0.0 1081.8 1894.0 3544.9 0.0 3544.9 2313.212‐2016 71.37 0.00 0.00 0.0 904.0 1840.3 2887.9 0.0 2887.9 1713.312‐2017 71.37 0.00 0.00 0.0 754.8 1794.4 2323.4 0.0 2323.4 1253.312‐2018 71.37 0.00 0.00 0.0 629.6 1755.2 1837.8 0.0 1837.8 901.312‐2019 71.37 0.00 0.00 0.0 524.5 1721.5 1419.1 0.0 1419.1 632.912‐2020 71.37 0.00 0.00 0.0 435.9 1692.5 1057.9 0.0 1057.9 429.112‐2021 71.37 0.00 0.00 0.0 361.5 1667.7 745.3 0.0 745.3 275.012‐2022 71.37 0.00 0.00 0.0 284.1 1264.0 752.3 0.0 752.3 249.212‐2023 71.37 0.00 0.00 0.0 49.2 24.1 324.9 445.0 ‐120.1 ‐35.112‐202412‐2025S TOT 71.37 0.00 0.00 0.0 11843.9 21978.6 38222.2 445.0 37777.2 27581.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.37 0.00 0.00 0.0 11843.9 21978.6 38222.2 445.0 37777.2 27581.9OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 3.0 0.0 LIFE, YRS. 12.50 5.00 31891.242GROSS ULT., MB & MMF 2206.581 0.000 DISCOUNT % 10.00 10.00 27581.877GROSS CUM., MB & MMF 1078.700 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 24325.832GROSS RES., MB & MMF 1127.881 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 21797.656NET RES., MB & MMF 1009.454 0.000 UNDISCOUNTED NET/INVEST. 85.89 25.00 19787.852NET REVENUE, M$ 72044.688 0.000 DISCOUNTED NET/INVEST. 203.41 30.00 18157.236INITIAL PRICE, $ 71.370 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 15681.518INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 12550.76680.00 10656.168100.00 9383.538RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:29TILODIRAN FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 208.2 0.0 0.0 186.4 0.0 0.0 13301.4 0.0 0.0 13301.412‐2013 316.8 0.0 0.0 283.5 0.0 0.0 20235.3 0.0 0.0 20235.312‐2014 218.7 0.0 0.0 195.7 0.0 0.0 13970.3 0.0 0.0 13970.312‐2015 151.0 0.0 0.0 135.1 0.0 0.0 9645.0 0.0 0.0 9645.012‐2016 104.2 0.0 0.0 93.3 0.0 0.0 6658.8 0.0 0.0 6658.812‐2017 72.0 0.0 0.0 64.4 0.0 0.0 4597.2 0.0 0.0 4597.212‐2018 14.7 0.0 0.0 13.2 0.0 0.0 941.3 0.0 0.0 941.312‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 1085.7 0.0 0.0 971.7 0.0 0.0 69349.3 0.0 0.0 69349.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1085.7 0.0 0.0 971.7 0.0 0.0 69349.3 0.0 0.0 69349.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 71.37 0.00 0.00 0.0 2373.0 803.8 10124.6 6941.6 3183.0 2533.512‐2013 71.37 0.00 0.00 0.0 3527.0 1222.8 15485.5 0.0 15485.5 12242.512‐2014 71.37 0.00 0.00 0.0 2390.3 844.2 10735.8 0.0 10735.8 7715.912‐2015 71.37 0.00 0.00 0.0 1600.1 582.8 7462.0 0.0 7462.0 4875.512‐2016 71.37 0.00 0.00 0.0 1068.7 402.4 5187.7 0.0 5187.7 3081.412‐2017 71.37 0.00 0.00 0.0 712.1 277.8 3607.3 0.0 3607.3 1947.912‐2018 71.37 0.00 0.00 0.0 140.3 56.9 744.1 450.0 294.1 151.712‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 71.37 0.00 0.00 0.0 11811.6 4190.7 53347.0 7391.6 45955.3 32548.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.37 0.00 0.00 0.0 11811.6 4190.7 53347.0 7391.6 45955.3 32548.3OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 7.33 5.00 38442.129GROSS ULT., MB & MMF 1085.684 0.000 DISCOUNT % 10.00 10.00 32548.340GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.69 15.00 27853.258GROSS RES., MB & MMF 1085.684 0.000 DISCOUNTED PAYOUT, YRS. 1.70 20.00 24061.299NET RES., MB & MMF 971.687 0.000 UNDISCOUNTED NET/INVEST. 7.22 25.00 20960.766NET REVENUE, M$ 69349.305 0.000 DISCOUNTED NET/INVEST. 6.19 30.00 18397.297INITIAL PRICE, $ 71.370 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 14452.386INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 9493.85880.00 6636.458100.00 4854.251RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 01/24/2011COUNTRY OF COLOMBIA TIME : 13:39:30TILODIRAN FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 143.1 0.0 0.0 128.0 0.0 0.0 9138.4 0.0 0.0 9138.412‐2012 337.0 0.0 0.0 301.6 0.0 0.0 21524.2 0.0 0.0 21524.212‐2013 232.6 0.0 0.0 208.2 0.0 0.0 14860.1 0.0 0.0 14860.112‐2014 160.6 0.0 0.0 143.7 0.0 0.0 10259.3 0.0 0.0 10259.312‐2015 110.9 0.0 0.0 99.2 0.0 0.0 7083.0 0.0 0.0 7083.012‐2016 76.6 0.0 0.0 68.5 0.0 0.0 4890.0 0.0 0.0 4890.012‐2017 25.0 0.0 0.0 22.3 0.0 0.0 1594.3 0.0 0.0 1594.312‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 1085.7 0.0 0.0 971.7 0.0 0.0 69349.3 0.0 0.0 69349.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1085.7 0.0 0.0 971.7 0.0 0.0 69349.3 0.0 0.0 69349.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.37 0.00 0.00 0.0 1665.9 552.2 6920.2 6941.6 ‐21.4 ‐179.812‐2012 71.37 0.00 0.00 0.0 3839.9 1300.7 16383.6 0.0 16383.6 14247.812‐2013 71.37 0.00 0.00 0.0 2590.1 898.0 11372.0 0.0 11372.0 8990.512‐2014 71.37 0.00 0.00 0.0 1755.4 620.0 7884.0 0.0 7884.0 5666.312‐2015 71.37 0.00 0.00 0.0 1175.1 428.0 5479.9 0.0 5479.9 3580.412‐2016 71.37 0.00 0.00 0.0 784.9 295.5 3809.7 0.0 3809.7 2262.912‐2017 71.37 0.00 0.00 0.0 247.0 96.3 1251.0 480.0 771.0 431.912‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 71.37 0.00 0.00 0.0 12058.2 4190.7 53100.4 7421.6 45678.7 35000.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.37 0.00 0.00 0.0 12058.2 4190.7 53100.4 7421.6 45678.7 35000.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 6.50 5.00 39782.957GROSS ULT., MB & MMF 1085.684 0.000 DISCOUNT % 10.00 10.00 34999.973GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.00 15.00 31065.447GROSS RES., MB & MMF 1085.684 0.000 DISCOUNTED PAYOUT, YRS. 1.01 20.00 27788.379NET RES., MB & MMF 971.687 0.000 UNDISCOUNTED NET/INVEST. 7.15 25.00 25028.320NET REVENUE, M$ 69349.305 0.000 DISCOUNTED NET/INVEST. 6.12 30.00 22680.266INITIAL PRICE, $ 71.370 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 18919.852INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 13834.49580.00 10615.368100.00 8429.005RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 01/24/2011TILODIRAN FIELD, LLANOS BASIN TIME : 13:39:28COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐202312‐202412‐2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐1430.712‐2012 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐1300.712‐2013 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐1182.412‐2014 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐1074.912‐2015 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐977.212‐2016 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐888.412‐2017 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐807.612‐2018 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐734.212‐2019 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐667.412‐2020 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐606.812‐2021 0.00 0.00 0.00 0.0 0.0 1500.0 ‐1500.0 0.0 ‐1500.0 ‐551.612‐2022 0.00 0.00 0.00 0.0 0.0 1125.0 ‐1125.0 0.0 ‐1125.0 ‐380.512‐202312‐202412‐2025S TOT 0.00 0.00 0.00 0.0 0.0 17624.9 ‐17624.9 0.0 ‐17624.9 ‐10602.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 17624.9 ‐17624.9 0.0 ‐17624.9 ‐10602.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.92 5.00 ‐13414.394GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 ‐10602.455GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 11.92 15.00 ‐8655.136GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 11.92 20.00 ‐7261.353NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 ‐6233.572NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 ‐5455.082INITIAL PRICE, $ 0.000 0.000 RATE‐OF‐RETURN, PCT. 0.00 40.00 ‐4372.326INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 ‐3178.49780.00 ‐2549.126100.00 ‐2163.105RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 01/24/2011TILODIRAN FIELD, LLANOS BASIN TIME : 13:39:29COLOMBIA DBS : DEMOTILODIRAN‐2 , RESERVOIRSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 111.4 0.0 0.0 99.7 0.0 0.0 7118.5 0.0 0.0 7118.512‐2012 92.5 0.0 0.0 82.8 0.0 0.0 5908.4 0.0 0.0 5908.412‐2013 76.8 0.0 0.0 68.7 0.0 0.0 4903.9 0.0 0.0 4903.912‐2014 63.7 0.0 0.0 57.0 0.0 0.0 4070.3 0.0 0.0 4070.312‐2015 52.9 0.0 0.0 47.3 0.0 0.0 3378.3 0.0 0.0 3378.312‐2016 43.9 0.0 0.0 39.3 0.0 0.0 2804.0 0.0 0.0 2804.012‐2017 36.4 0.0 0.0 32.6 0.0 0.0 2327.3 0.0 0.0 2327.312‐2018 30.2 0.0 0.0 27.1 0.0 0.0 1931.7 0.0 0.0 1931.712‐2019 25.1 0.0 0.0 22.5 0.0 0.0 1603.3 0.0 0.0 1603.312‐2020 20.8 0.0 0.0 18.6 0.0 0.0 1330.7 0.0 0.0 1330.712‐2021 17.3 0.0 0.0 15.5 0.0 0.0 1104.5 0.0 0.0 1104.512‐2022 14.4 0.0 0.0 12.8 0.0 0.0 916.7 0.0 0.0 916.712‐2023 6.2 0.0 0.0 5.6 0.0 0.0 398.2 0.0 0.0 398.212‐202412‐2025S TOT 591.7 0.0 0.0 529.6 0.0 0.0 37795.9 0.0 0.0 37795.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 591.7 0.0 0.0 529.6 0.0 0.0 37795.9 0.0 0.0 37795.9‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.37 0.00 0.00 0.0 1297.7 430.2 5390.6 0.0 5390.6 5149.312‐2012 71.37 0.00 0.00 0.0 1054.1 357.0 4497.3 0.0 4497.3 3905.412‐2013 71.37 0.00 0.00 0.0 854.8 296.3 3752.8 0.0 3752.8 2962.612‐2014 71.37 0.00 0.00 0.0 696.4 246.0 3127.9 0.0 3127.9 2244.812‐2015 71.37 0.00 0.00 0.0 560.5 204.2 2613.7 0.0 2613.7 1705.312‐2016 71.37 0.00 0.00 0.0 450.0 169.4 2184.5 0.0 2184.5 1295.712‐2017 71.37 0.00 0.00 0.0 360.5 140.6 1826.2 0.0 1826.2 984.712‐2018 71.37 0.00 0.00 0.0 288.0 116.7 1526.9 0.0 1526.9 748.512‐2019 71.37 0.00 0.00 0.0 229.4 96.9 1277.0 0.0 1277.0 569.012‐2020 71.37 0.00 0.00 0.0 182.0 80.4 1068.3 0.0 1068.3 432.812‐2021 71.37 0.00 0.00 0.0 143.9 66.7 893.8 0.0 893.8 329.212‐2022 71.37 0.00 0.00 0.0 113.2 55.4 748.1 0.0 748.1 250.512‐2023 71.37 0.00 0.00 0.0 49.2 24.1 324.9 445.0 ‐120.1 ‐35.112‐202412‐2025S TOT 71.37 0.00 0.00 0.0 6279.8 2284.0 29232.2 445.0 28787.2 20542.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.37 0.00 0.00 0.0 6279.8 2284.0 29232.2 445.0 28787.2 20542.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 12.50 5.00 23991.482GROSS ULT., MB & MMF 1413.498 0.000 DISCOUNT % 10.00 10.00 20542.498GROSS CUM., MB & MMF 821.792 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 17977.176GROSS RES., MB & MMF 591.706 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 16012.261NET RES., MB & MMF 529.577 0.000 UNDISCOUNTED NET/INVEST. 65.69 25.00 14468.336NET REVENUE, M$ 37795.902 0.000 DISCOUNTED NET/INVEST. 151.75 30.00 13228.042INITIAL PRICE, $ 71.370 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 11366.588INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 9049.32080.00 7665.042100.00 6741.546RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 01/24/2011TILODIRAN FIELD, LLANOS BASIN TIME : 13:39:29COLOMBIA DBS : DEMOTILODIRAN‐3 , RESERVOIRSETTINGS : RED123110PROVED PRODUCINGSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 75.0 0.0 0.0 67.1 0.0 0.0 4789.5 0.0 0.0 4789.512‐2012 67.5 0.0 0.0 60.4 0.0 0.0 4310.6 0.0 0.0 4310.612‐2013 60.7 0.0 0.0 54.4 0.0 0.0 3879.5 0.0 0.0 3879.512‐2014 54.7 0.0 0.0 48.9 0.0 0.0 3491.5 0.0 0.0 3491.512‐2015 49.2 0.0 0.0 44.0 0.0 0.0 3142.4 0.0 0.0 3142.412‐2016 44.3 0.0 0.0 39.6 0.0 0.0 2828.2 0.0 0.0 2828.212‐2017 39.8 0.0 0.0 35.7 0.0 0.0 2545.3 0.0 0.0 2545.312‐2018 35.9 0.0 0.0 32.1 0.0 0.0 2290.8 0.0 0.0 2290.812‐2019 32.3 0.0 0.0 28.9 0.0 0.0 2061.7 0.0 0.0 2061.712‐2020 29.0 0.0 0.0 26.0 0.0 0.0 1855.6 0.0 0.0 1855.612‐2021 26.1 0.0 0.0 23.4 0.0 0.0 1670.0 0.0 0.0 1670.012‐2022 21.7 0.0 0.0 19.4 0.0 0.0 1383.7 0.0 0.0 1383.712‐202312‐202412‐2025S TOT 536.2 0.0 0.0 479.9 0.0 0.0 34248.8 0.0 0.0 34248.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 536.2 0.0 0.0 479.9 0.0 0.0 34248.8 0.0 0.0 34248.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.37 0.00 0.00 0.0 873.1 289.4 3627.0 0.0 3627.0 3462.312‐2012 71.37 0.00 0.00 0.0 769.0 260.5 3281.1 0.0 3281.1 2847.412‐2013 71.37 0.00 0.00 0.0 676.2 234.4 2968.9 0.0 2968.9 2342.212‐2014 71.37 0.00 0.00 0.0 597.4 211.0 2683.2 0.0 2683.2 1924.412‐2015 71.37 0.00 0.00 0.0 521.3 189.9 2431.2 0.0 2431.2 1585.212‐2016 71.37 0.00 0.00 0.0 453.9 170.9 2203.3 0.0 2203.3 1306.012‐2017 71.37 0.00 0.00 0.0 394.3 153.8 1997.3 0.0 1997.3 1076.212‐2018 71.37 0.00 0.00 0.0 341.6 138.4 1810.8 0.0 1810.8 887.112‐2019 71.37 0.00 0.00 0.0 295.0 124.6 1642.1 0.0 1642.1 731.312‐2020 71.37 0.00 0.00 0.0 253.8 112.1 1489.6 0.0 1489.6 603.112‐2021 71.37 0.00 0.00 0.0 217.6 100.9 1351.5 0.0 1351.5 497.412‐2022 71.37 0.00 0.00 0.0 170.9 83.6 1129.2 0.0 1129.2 379.212‐202312‐202412‐2025S TOT 71.37 0.00 0.00 0.0 5564.2 2069.6 26615.0 0.0 26615.0 17641.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.37 0.00 0.00 0.0 5564.2 2069.6 26615.0 0.0 26615.0 17641.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.92 5.00 21314.154GROSS ULT., MB & MMF 793.083 0.000 DISCOUNT % 10.00 10.00 17641.834GROSS CUM., MB & MMF 256.908 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 15003.791GROSS RES., MB & MMF 536.175 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 13046.748NET RES., MB & MMF 479.876 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 11553.088NET REVENUE, M$ 34248.781 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 10384.276INITIAL PRICE, $ 71.370 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 8687.256INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 6679.94380.00 5540.251100.00 4805.097RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 01/24/2011TILODIRAN FIELD, LLANOS BASIN TIME : 13:39:29COLOMBIA DBS : DEMOTILODIRAN‐6 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 208.2 0.0 0.0 186.4 0.0 0.0 13301.4 0.0 0.0 13301.412‐2013 316.8 0.0 0.0 283.5 0.0 0.0 20235.3 0.0 0.0 20235.312‐2014 218.7 0.0 0.0 195.7 0.0 0.0 13970.3 0.0 0.0 13970.312‐2015 151.0 0.0 0.0 135.1 0.0 0.0 9645.0 0.0 0.0 9645.012‐2016 104.2 0.0 0.0 93.3 0.0 0.0 6658.8 0.0 0.0 6658.812‐2017 72.0 0.0 0.0 64.4 0.0 0.0 4597.2 0.0 0.0 4597.212‐2018 14.7 0.0 0.0 13.2 0.0 0.0 941.3 0.0 0.0 941.312‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 1085.7 0.0 0.0 971.7 0.0 0.0 69349.3 0.0 0.0 69349.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1085.7 0.0 0.0 971.7 0.0 0.0 69349.3 0.0 0.0 69349.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 71.37 0.00 0.00 0.0 2373.0 803.8 10124.6 6941.6 3183.0 2533.512‐2013 71.37 0.00 0.00 0.0 3527.0 1222.8 15485.5 0.0 15485.5 12242.512‐2014 71.37 0.00 0.00 0.0 2390.3 844.2 10735.8 0.0 10735.8 7715.912‐2015 71.37 0.00 0.00 0.0 1600.1 582.8 7462.0 0.0 7462.0 4875.512‐2016 71.37 0.00 0.00 0.0 1068.7 402.4 5187.7 0.0 5187.7 3081.412‐2017 71.37 0.00 0.00 0.0 712.1 277.8 3607.3 0.0 3607.3 1947.912‐2018 71.37 0.00 0.00 0.0 140.3 56.9 744.1 450.0 294.1 151.712‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 71.37 0.00 0.00 0.0 11811.6 4190.7 53347.0 7391.6 45955.3 32548.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.37 0.00 0.00 0.0 11811.6 4190.7 53347.0 7391.6 45955.3 32548.3OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 7.33 5.00 38442.129GROSS ULT., MB & MMF 1085.684 0.000 DISCOUNT % 10.00 10.00 32548.340GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.69 15.00 27853.258GROSS RES., MB & MMF 1085.684 0.000 DISCOUNTED PAYOUT, YRS. 1.70 20.00 24061.299NET RES., MB & MMF 971.687 0.000 UNDISCOUNTED NET/INVEST. 7.22 25.00 20960.766NET REVENUE, M$ 69349.305 0.000 DISCOUNTED NET/INVEST. 6.19 30.00 18397.297INITIAL PRICE, $ 71.370 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 14452.386INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 9493.85880.00 6636.458100.00 4854.251RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 01/24/2011TILODIRAN FIELD, LLANOS BASIN TIME : 13:39:29COLOMBIA DBS : DEMOTILODIRAN‐4 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 143.1 0.0 0.0 128.0 0.0 0.0 9138.4 0.0 0.0 9138.412‐2012 337.0 0.0 0.0 301.6 0.0 0.0 21524.2 0.0 0.0 21524.212‐2013 232.6 0.0 0.0 208.2 0.0 0.0 14860.1 0.0 0.0 14860.112‐2014 160.6 0.0 0.0 143.7 0.0 0.0 10259.3 0.0 0.0 10259.312‐2015 110.9 0.0 0.0 99.2 0.0 0.0 7083.0 0.0 0.0 7083.012‐2016 76.6 0.0 0.0 68.5 0.0 0.0 4890.0 0.0 0.0 4890.012‐2017 25.0 0.0 0.0 22.3 0.0 0.0 1594.3 0.0 0.0 1594.312‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 1085.7 0.0 0.0 971.7 0.0 0.0 69349.3 0.0 0.0 69349.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1085.7 0.0 0.0 971.7 0.0 0.0 69349.3 0.0 0.0 69349.3‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 71.37 0.00 0.00 0.0 1665.9 552.2 6920.2 6941.6 ‐21.4 ‐179.812‐2012 71.37 0.00 0.00 0.0 3839.9 1300.7 16383.6 0.0 16383.6 14247.812‐2013 71.37 0.00 0.00 0.0 2590.1 898.0 11372.0 0.0 11372.0 8990.512‐2014 71.37 0.00 0.00 0.0 1755.4 620.0 7884.0 0.0 7884.0 5666.312‐2015 71.37 0.00 0.00 0.0 1175.1 428.0 5479.9 0.0 5479.9 3580.412‐2016 71.37 0.00 0.00 0.0 784.9 295.5 3809.7 0.0 3809.7 2262.912‐2017 71.37 0.00 0.00 0.0 247.0 96.3 1251.0 480.0 771.0 431.912‐201812‐201912‐202012‐202112‐202212‐202312‐202412‐2025S TOT 71.37 0.00 0.00 0.0 12058.2 4190.7 53100.4 7421.6 45678.7 35000.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 71.37 0.00 0.00 0.0 12058.2 4190.7 53100.4 7421.6 45678.7 35000.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 6.50 5.00 39782.957GROSS ULT., MB & MMF 1085.684 0.000 DISCOUNT % 10.00 10.00 34999.973GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.00 15.00 31065.447GROSS RES., MB & MMF 1085.684 0.000 DISCOUNTED PAYOUT, YRS. 1.01 20.00 27788.379NET RES., MB & MMF 971.687 0.000 UNDISCOUNTED NET/INVEST. 7.15 25.00 25028.320NET REVENUE, M$ 69349.305 0.000 DISCOUNTED NET/INVEST. 6.12 30.00 22680.266INITIAL PRICE, $ 71.370 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 18919.852INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 13834.49580.00 10615.368100.00 8429.005RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011COUNTRY OF PERU TIME : 13:39:33BRETANA FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 56.7 0.0 0.0 21.5 0.0 0.0 1580.3 0.0 0.0 1580.312‐2012 972.5 0.0 0.0 369.6 0.0 0.0 27118.4 0.0 0.0 27118.412‐2013 2384.2 0.0 0.0 903.7 0.0 0.0 66314.5 0.0 0.0 66314.512‐2014 3192.1 0.0 0.0 1205.5 0.0 0.0 88457.1 0.0 0.0 88457.112‐2015 1986.0 0.0 0.0 754.1 0.0 0.0 55333.8 0.0 0.0 55333.812‐2016 1275.5 0.0 0.0 484.7 0.0 0.0 35567.8 0.0 0.0 35567.812‐2017 883.4 0.0 0.0 335.7 0.0 0.0 24632.1 0.0 0.0 24632.112‐2018 618.3 0.0 0.0 235.0 0.0 0.0 17241.4 0.0 0.0 17241.412‐2019 432.8 0.0 0.0 164.5 0.0 0.0 12069.0 0.0 0.0 12069.012‐2020 303.0 0.0 0.0 115.1 0.0 0.0 8448.3 0.0 0.0 8448.312‐2021 208.3 0.0 0.0 79.1 0.0 0.0 5807.5 0.0 0.0 5807.512‐2022 120.8 0.0 0.0 45.9 0.0 0.0 3368.1 0.0 0.0 3368.112‐2023 45.1 0.0 0.0 17.1 0.0 0.0 1256.5 0.0 0.0 1256.512‐2024 1.7 0.0 0.0 0.6 0.0 0.0 47.1 0.0 0.0 47.112‐2025S TOT 12480.3 0.0 0.0 4732.1 0.0 0.0 347242.1 0.0 0.0 347242.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 12480.3 0.0 0.0 4732.1 0.0 0.0 347242.1 0.0 0.0 347242.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 73.38 0.00 0.00 0.0 0.0 90.7 1489.7 0.0 1489.7 1359.612‐2012 73.38 0.00 0.00 0.0 0.0 1556.0 25562.4 15720.0 9842.4 8423.512‐2013 73.38 0.00 0.00 0.0 0.0 3814.7 62499.7 18800.0 43699.7 34323.212‐2014 73.38 0.00 0.00 0.0 0.0 5645.3 82811.9 12800.0 70011.9 50047.212‐2015 73.38 0.00 0.00 0.0 0.0 3744.6 51589.2 0.0 51589.2 33743.812‐2016 73.38 0.00 0.00 0.0 0.0 2359.9 33207.9 0.0 33207.9 19726.912‐2017 73.38 0.00 0.00 0.0 0.0 1626.8 23005.2 0.0 23005.2 12421.012‐2018 73.38 0.00 0.00 0.0 0.0 1138.7 16102.8 0.0 16102.8 7903.812‐2019 73.38 0.00 0.00 0.0 0.0 797.1 11271.9 0.0 11271.9 5029.712‐2020 73.38 0.00 0.00 0.0 0.0 557.9 7890.4 0.0 7890.4 3200.712‐2021 73.38 0.00 0.00 0.0 0.0 384.5 5423.1 200.0 5223.1 1927.512‐2022 73.38 0.00 0.00 0.0 0.0 229.1 3139.0 1000.0 2139.0 719.812‐2023 73.38 0.00 0.00 0.0 0.0 97.2 1159.3 1000.0 159.3 53.012‐2024 73.38 0.00 0.00 0.0 0.0 6.1 41.0 200.0 ‐159.0 ‐45.712‐2025S TOT 73.38 0.00 0.00 0.0 0.0 22048.6 325193.5 49720.0 275473.5 178834.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 22048.6 325193.5 49720.0 275473.5 178834.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 12.0 0.0 LIFE, YRS. 13.17 5.00 219776.484GROSS ULT., MB & MMF 12480.330 0.000 DISCOUNT % 10.00 10.00 178834.094GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 147984.828GROSS RES., MB & MMF 12480.330 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 124238.188NET RES., MB & MMF 4732.107 0.000 UNDISCOUNTED NET/INVEST. 6.54 25.00 105615.773NET REVENUE, M$ 347242.062 0.000 DISCOUNTED NET/INVEST. 5.66 30.00 90772.297INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 68941.906INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 43349.41080.00 29625.867100.00 21489.988RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011COUNTRY OF PERU TIME : 13:39:35BRETANA FIELD DBS : DEMOSUMMARYSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 297.2 0.0 0.0 110.4 0.0 0.0 8104.3 0.0 0.0 8104.312‐2015 2164.8 0.0 0.0 806.4 0.0 0.0 59177.0 0.0 0.0 59177.012‐2016 2666.3 0.0 0.0 998.8 0.0 0.0 73291.0 0.0 0.0 73291.012‐2017 1504.1 0.0 0.0 569.2 0.0 0.0 41768.6 0.0 0.0 41768.612‐2018 965.5 0.0 0.0 366.9 0.0 0.0 26921.3 0.0 0.0 26921.312‐2019 669.2 0.0 0.0 254.3 0.0 0.0 18661.0 0.0 0.0 18661.012‐2020 468.4 0.0 0.0 178.0 0.0 0.0 13062.3 0.0 0.0 13062.312‐2021 327.9 0.0 0.0 124.6 0.0 0.0 9143.6 0.0 0.0 9143.612‐2022 229.5 0.0 0.0 87.2 0.0 0.0 6400.5 0.0 0.0 6400.512‐2023 160.7 0.0 0.0 61.1 0.0 0.0 4480.4 0.0 0.0 4480.412‐2024 112.5 0.0 0.0 42.7 0.0 0.0 3136.3 0.0 0.0 3136.312‐2025 69.8 0.0 0.0 26.5 0.0 0.0 1946.0 0.0 0.0 1946.0S TOT 9635.9 0.0 0.0 3626.2 0.0 0.0 266092.3 0.0 0.0 266092.3AFTER 22.1 0.0 0.0 8.4 0.0 0.0 615.1 0.0 0.0 615.1TOTAL 9658.0 0.0 0.0 3634.6 0.0 0.0 266707.4 0.0 0.0 266707.4‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 73.38 0.00 0.00 0.0 0.0 475.5 7628.7 10000.0 ‐2371.3 ‐1711.912‐2015 73.38 0.00 0.00 0.0 0.0 3463.7 55713.3 22800.0 32913.3 21201.012‐2016 73.38 0.00 0.00 0.0 0.0 4266.0 69025.0 8800.0 60225.0 35638.512‐2017 73.38 0.00 0.00 0.0 0.0 2406.5 39362.0 0.0 39362.0 21278.812‐2018 73.38 0.00 0.00 0.0 0.0 1544.7 25376.6 0.0 25376.6 12458.412‐2019 73.38 0.00 0.00 0.0 0.0 1070.8 17590.3 0.0 17590.3 7849.012‐2020 73.38 0.00 0.00 0.0 0.0 749.5 12312.8 0.0 12312.8 4994.712‐2021 73.38 0.00 0.00 0.0 0.0 524.7 8618.9 0.0 8618.9 3178.412‐2022 73.38 0.00 0.00 0.0 0.0 367.3 6033.3 0.0 6033.3 2022.612‐2023 73.38 0.00 0.00 0.0 0.0 257.1 4223.3 0.0 4223.3 1287.112‐2024 73.38 0.00 0.00 0.0 0.0 180.0 2956.3 0.0 2956.3 819.112‐2025 73.38 0.00 0.00 0.0 0.0 111.7 1834.3 800.0 1034.3 264.3S TOT 73.38 0.00 0.00 0.0 0.0 15417.5 250674.8 42400.0 208274.8 109280.1AFTER 73.38 0.00 0.00 0.0 0.0 35.3 579.9 1200.0 ‐620.1 ‐139.3TOTAL 73.38 0.00 0.00 0.0 0.0 15452.8 251254.6 43600.0 207654.6 109140.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 10.0 0.0 LIFE, YRS. 16.08 5.00 148731.047GROSS ULT., MB & MMF 9658.003 0.000 DISCOUNT % 10.00 10.00 109140.844GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.07 15.00 81771.516GROSS RES., MB & MMF 9658.003 0.000 DISCOUNTED PAYOUT, YRS. 4.08 20.00 62378.406NET RES., MB & MMF 3634.607 0.000 UNDISCOUNTED NET/INVEST. 5.76 25.00 48339.078NET REVENUE, M$ 266707.438 0.000 DISCOUNTED NET/INVEST. 4.93 30.00 37982.484INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 24301.697INITIAL N.I., PCT. 37.160 0.000 INITIAL W.I., PCT. 40.000 60.00 11133.74380.00 5703.776100.00 3172.584RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011COUNTRY OF PERU TIME : 13:39:44BRETANA FIELD DBS : DEMOSUMMARYSETTINGS : RED123110POSSIBLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 558.4 0.0 0.0 205.8 0.0 0.0 15101.0 0.0 0.0 15101.012‐2017 2402.4 0.0 0.0 890.6 0.0 0.0 65354.2 0.0 0.0 65354.212‐2018 3518.2 0.0 0.0 1307.9 0.0 0.0 95976.4 0.0 0.0 95976.412‐2019 4057.4 0.0 0.0 1512.1 0.0 0.0 110959.9 0.0 0.0 110959.912‐2020 4833.1 0.0 0.0 1799.8 0.0 0.0 132072.8 0.0 0.0 132072.812‐2021 4497.3 0.0 0.0 1681.1 0.0 0.0 123359.1 0.0 0.0 123359.112‐2022 4821.1 0.0 0.0 1802.1 0.0 0.0 132239.5 0.0 0.0 132239.512‐2023 5007.5 0.0 0.0 1872.2 0.0 0.0 137383.3 0.0 0.0 137383.312‐2024 5212.7 0.0 0.0 1948.5 0.0 0.0 142981.4 0.0 0.0 142981.412‐2025 4202.0 0.0 0.0 1578.6 0.0 0.0 115839.6 0.0 0.0 115839.6S TOT 39110.3 0.0 0.0 14598.9 0.0 0.0 1071267.2 0.0 0.0 1071267.2AFTER 5985.1 0.0 0.0 2265.6 0.0 0.0 166246.7 0.0 0.0 166246.7TOTAL 45095.4 0.0 0.0 16864.5 0.0 0.0 1237514.0 0.0 0.0 1237514.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 73.38 0.00 0.00 0.0 0.0 893.4 14207.6 14000.0 207.6 20.812‐2017 73.38 0.00 0.00 0.0 0.0 3843.9 61510.4 24400.0 37110.4 19824.412‐2018 73.38 0.00 0.00 0.0 0.0 5629.2 90347.3 22400.0 67947.3 33148.112‐2019 73.38 0.00 0.00 0.0 0.0 6491.9 104468.0 24400.0 80068.0 35571.912‐2020 73.38 0.00 0.00 0.0 0.0 7733.0 124339.8 22800.0 101539.8 40968.912‐2021 73.38 0.00 0.00 0.0 0.0 7195.7 116163.4 20800.0 95363.4 35030.812‐2022 73.38 0.00 0.00 0.0 0.0 7713.7 124525.8 22800.0 101725.8 33967.312‐2023 73.38 0.00 0.00 0.0 0.0 8012.1 129371.3 25400.0 103971.3 31600.812‐2024 73.38 0.00 0.00 0.0 0.0 8340.3 134641.1 24000.0 110641.1 30559.112‐2025 73.38 0.00 0.00 0.0 0.0 6723.3 109116.3 5000.0 104116.3 26230.6S TOT 73.38 0.00 0.00 0.0 0.0 62576.4 1008690.8 206000.0 802690.9 286922.7AFTER 73.38 0.00 0.00 0.0 0.0 9576.2 156670.5 7000.0 149670.4 31041.3TOTAL 73.38 0.00 0.00 0.0 0.0 72152.6 1165361.2 213000.0 952361.4 317964.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 49.0 0.0 LIFE, YRS. 21.17 5.00 537782.562GROSS ULT., MB & MMF 45095.391 0.000 DISCOUNT % 10.00 10.00 317964.000GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.99 15.00 195724.578GROSS RES., MB & MMF 45095.391 0.000 DISCOUNTED PAYOUT, YRS. 6.00 20.00 124812.875NET RES., MB & MMF 16864.455 0.000 UNDISCOUNTED NET/INVEST. 5.47 25.00 82103.430NET REVENUE, M$ 1237514.000 0.000 DISCOUNTED NET/INVEST. 4.75 30.00 55506.902INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 27204.742INITIAL N.I., PCT. 36.856 0.000 INITIAL W.I., PCT. 40.000 60.00 8104.17580.00 2961.397100.00 1247.992RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:31PERU DBS : DEMOBRETANA 02 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 56.7 0.0 0.0 21.5 0.0 0.0 1580.3 0.0 0.0 1580.312‐2012 400.8 0.0 0.0 152.3 0.0 0.0 11176.0 0.0 0.0 11176.012‐2013 196.7 0.0 0.0 74.6 0.0 0.0 5470.5 0.0 0.0 5470.512‐2014 124.7 0.0 0.0 47.1 0.0 0.0 3454.8 0.0 0.0 3454.812‐2015 86.6 0.0 0.0 32.9 0.0 0.0 2414.0 0.0 0.0 2414.012‐2016 60.6 0.0 0.0 23.0 0.0 0.0 1691.1 0.0 0.0 1691.112‐2017 42.5 0.0 0.0 16.1 0.0 0.0 1183.8 0.0 0.0 1183.812‐2018 29.7 0.0 0.0 11.3 0.0 0.0 828.6 0.0 0.0 828.612‐2019 20.8 0.0 0.0 7.9 0.0 0.0 580.0 0.0 0.0 580.012‐2020 14.6 0.0 0.0 5.5 0.0 0.0 406.0 0.0 0.0 406.012‐2021 6.4 0.0 0.0 2.4 0.0 0.0 178.0 0.0 0.0 178.012‐202212‐202312‐202412‐2025S TOT 1040.0 0.0 0.0 394.7 0.0 0.0 28963.2 0.0 0.0 28963.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.7 0.0 0.0 28963.2 0.0 0.0 28963.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 73.38 0.00 0.00 0.0 0.0 90.7 1489.7 0.0 1489.7 1359.612‐2012 73.38 0.00 0.00 0.0 0.0 641.3 10534.7 0.0 10534.7 9199.912‐2013 73.38 0.00 0.00 0.0 0.0 314.7 5155.8 0.0 5155.8 4081.412‐2014 73.38 0.00 0.00 0.0 0.0 199.5 3255.3 0.0 3255.3 2339.912‐2015 73.38 0.00 0.00 0.0 0.0 138.6 2275.3 0.0 2275.3 1486.512‐2016 73.38 0.00 0.00 0.0 0.0 97.0 1594.1 0.0 1594.1 946.712‐2017 73.38 0.00 0.00 0.0 0.0 67.9 1115.8 0.0 1115.8 602.512‐2018 73.38 0.00 0.00 0.0 0.0 47.5 781.1 0.0 781.1 383.412‐2019 73.38 0.00 0.00 0.0 0.0 33.3 546.8 0.0 546.8 244.012‐2020 73.38 0.00 0.00 0.0 0.0 23.3 382.7 0.0 382.7 155.312‐2021 73.38 0.00 0.00 0.0 0.0 10.2 167.8 200.0 ‐32.2 ‐10.612‐202212‐202312‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27299.1 200.0 27099.1 20788.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27299.1 200.0 27099.1 20788.6OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 10.58 5.00 23563.863GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 20788.559GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 18561.205GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 16739.332NET RES., MB & MMF 394.701 0.000 UNDISCOUNTED NET/INVEST. 136.50 25.00 15224.522NET REVENUE, M$ 28963.189 0.000 DISCOUNTED NET/INVEST. 283.76 30.00 13947.028INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 11914.938INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 9167.90980.00 7405.255100.00 6183.109RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:31PERU DBS : DEMOBRETANA 03 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 268.9 0.0 0.0 102.2 0.0 0.0 7499.3 0.0 0.0 7499.312‐2013 283.5 0.0 0.0 107.5 0.0 0.0 7885.9 0.0 0.0 7885.912‐2014 159.5 0.0 0.0 60.2 0.0 0.0 4420.3 0.0 0.0 4420.312‐2015 106.7 0.0 0.0 40.5 0.0 0.0 2973.8 0.0 0.0 2973.812‐2016 74.7 0.0 0.0 28.4 0.0 0.0 2082.2 0.0 0.0 2082.212‐2017 52.3 0.0 0.0 19.9 0.0 0.0 1457.6 0.0 0.0 1457.612‐2018 36.6 0.0 0.0 13.9 0.0 0.0 1020.3 0.0 0.0 1020.312‐2019 25.6 0.0 0.0 9.7 0.0 0.0 714.2 0.0 0.0 714.212‐2020 17.9 0.0 0.0 6.8 0.0 0.0 499.9 0.0 0.0 499.912‐2021 12.6 0.0 0.0 4.8 0.0 0.0 350.0 0.0 0.0 350.012‐2022 1.7 0.0 0.0 0.6 0.0 0.0 47.1 0.0 0.0 47.112‐202312‐202412‐2025S TOT 1040.0 0.0 0.0 394.5 0.0 0.0 28950.6 0.0 0.0 28950.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.5 0.0 0.0 28950.6 0.0 0.0 28950.6‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 73.38 0.00 0.00 0.0 0.0 430.3 7069.0 5720.0 1349.0 1018.912‐2013 73.38 0.00 0.00 0.0 0.0 453.6 7432.3 0.0 7432.3 5891.112‐2014 73.38 0.00 0.00 0.0 0.0 255.2 4165.0 0.0 4165.0 2995.512‐2015 73.38 0.00 0.00 0.0 0.0 170.8 2803.0 0.0 2803.0 1831.212‐2016 73.38 0.00 0.00 0.0 0.0 119.5 1962.8 0.0 1962.8 1165.712‐2017 73.38 0.00 0.00 0.0 0.0 83.6 1373.9 0.0 1373.9 741.812‐2018 73.38 0.00 0.00 0.0 0.0 58.5 961.8 0.0 961.8 472.112‐2019 73.38 0.00 0.00 0.0 0.0 41.0 673.2 0.0 673.2 300.412‐2020 73.38 0.00 0.00 0.0 0.0 28.7 471.3 0.0 471.3 191.212‐2021 73.38 0.00 0.00 0.0 0.0 20.1 329.9 0.0 329.9 121.712‐2022 73.38 0.00 0.00 0.0 0.0 2.7 44.4 200.0 ‐155.6 ‐54.112‐202312‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27286.6 5920.0 21366.6 14675.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27286.6 5920.0 21366.6 14675.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 17563.713GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 14675.533GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.81 15.00 12432.395GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 1.83 20.00 10656.268NET RES., MB & MMF 394.530 0.000 UNDISCOUNTED NET/INVEST. 4.61 25.00 9226.209NET REVENUE, M$ 28950.596 0.000 DISCOUNTED NET/INVEST. 3.91 30.00 8057.899INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 6282.274INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 4081.36080.00 2823.501100.00 2040.972RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:31PERU DBS : DEMOBRETANA 04 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 195.3 0.0 0.0 74.2 0.0 0.0 5445.6 0.0 0.0 5445.612‐2013 322.0 0.0 0.0 122.0 0.0 0.0 8955.6 0.0 0.0 8955.612‐2014 172.8 0.0 0.0 65.2 0.0 0.0 4787.4 0.0 0.0 4787.412‐2015 113.4 0.0 0.0 43.1 0.0 0.0 3160.5 0.0 0.0 3160.512‐2016 79.2 0.0 0.0 30.1 0.0 0.0 2209.8 0.0 0.0 2209.812‐2017 55.5 0.0 0.0 21.1 0.0 0.0 1546.8 0.0 0.0 1546.812‐2018 38.8 0.0 0.0 14.8 0.0 0.0 1082.8 0.0 0.0 1082.812‐2019 27.2 0.0 0.0 10.3 0.0 0.0 758.0 0.0 0.0 758.012‐2020 19.0 0.0 0.0 7.2 0.0 0.0 530.6 0.0 0.0 530.612‐2021 13.3 0.0 0.0 5.1 0.0 0.0 371.4 0.0 0.0 371.412‐2022 3.5 0.0 0.0 1.3 0.0 0.0 97.1 0.0 0.0 97.112‐202312‐202412‐2025S TOT 1040.0 0.0 0.0 394.5 0.0 0.0 28945.4 0.0 0.0 28945.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.5 0.0 0.0 28945.4 0.0 0.0 28945.4‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 73.38 0.00 0.00 0.0 0.0 312.5 5133.1 4000.0 1133.1 888.612‐2013 73.38 0.00 0.00 0.0 0.0 515.2 8440.4 0.0 8440.4 6693.812‐2014 73.38 0.00 0.00 0.0 0.0 276.4 4511.0 0.0 4511.0 3245.012‐2015 73.38 0.00 0.00 0.0 0.0 181.5 2979.0 0.0 2979.0 1946.312‐2016 73.38 0.00 0.00 0.0 0.0 126.8 2083.0 0.0 2083.0 1237.112‐2017 73.38 0.00 0.00 0.0 0.0 88.8 1458.1 0.0 1458.1 787.212‐2018 73.38 0.00 0.00 0.0 0.0 62.1 1020.7 0.0 1020.7 501.012‐2019 73.38 0.00 0.00 0.0 0.0 43.5 714.5 0.0 714.5 318.812‐2020 73.38 0.00 0.00 0.0 0.0 30.4 500.1 0.0 500.1 202.912‐2021 73.38 0.00 0.00 0.0 0.0 21.3 350.1 0.0 350.1 129.112‐2022 73.38 0.00 0.00 0.0 0.0 5.6 91.6 200.0 ‐108.4 ‐36.812‐202312‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27281.4 4200.0 23081.4 15913.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27281.4 4200.0 23081.4 15913.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.33 5.00 19005.551GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 15912.982GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.78 15.00 13512.529GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 1.79 20.00 11612.427NET RES., MB & MMF 394.460 0.000 UNDISCOUNTED NET/INVEST. 6.50 25.00 10082.675NET REVENUE, M$ 28945.449 0.000 DISCOUNTED NET/INVEST. 5.55 30.00 8832.793INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 6932.376INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 4573.09480.00 3220.189100.00 2374.725RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:31PERU DBS : DEMOBRETANA 05 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 107.5 0.0 0.0 40.8 0.0 0.0 2997.5 0.0 0.0 2997.512‐2013 371.0 0.0 0.0 140.6 0.0 0.0 10317.8 0.0 0.0 10317.812‐2014 188.1 0.0 0.0 71.0 0.0 0.0 5212.1 0.0 0.0 5212.112‐2015 120.7 0.0 0.0 45.8 0.0 0.0 3364.2 0.0 0.0 3364.212‐2016 84.1 0.0 0.0 32.0 0.0 0.0 2345.1 0.0 0.0 2345.112‐2017 58.9 0.0 0.0 22.4 0.0 0.0 1641.6 0.0 0.0 1641.612‐2018 41.2 0.0 0.0 15.7 0.0 0.0 1149.1 0.0 0.0 1149.112‐2019 28.8 0.0 0.0 11.0 0.0 0.0 804.4 0.0 0.0 804.412‐2020 20.2 0.0 0.0 7.7 0.0 0.0 563.1 0.0 0.0 563.112‐2021 14.1 0.0 0.0 5.4 0.0 0.0 394.1 0.0 0.0 394.112‐2022 5.4 0.0 0.0 2.0 0.0 0.0 150.2 0.0 0.0 150.212‐202312‐202412‐2025S TOT 1040.0 0.0 0.0 394.4 0.0 0.0 28939.2 0.0 0.0 28939.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.4 0.0 0.0 28939.2 0.0 0.0 28939.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 73.38 0.00 0.00 0.0 0.0 172.0 2825.5 4000.0 ‐1174.5 ‐1017.812‐2013 73.38 0.00 0.00 0.0 0.0 593.5 9724.3 0.0 9724.3 7717.112‐2014 73.38 0.00 0.00 0.0 0.0 300.9 4911.2 0.0 4911.2 3533.812‐2015 73.38 0.00 0.00 0.0 0.0 193.2 3171.0 0.0 3171.0 2071.912‐2016 73.38 0.00 0.00 0.0 0.0 134.6 2210.6 0.0 2210.6 1312.912‐2017 73.38 0.00 0.00 0.0 0.0 94.2 1547.4 0.0 1547.4 835.512‐2018 73.38 0.00 0.00 0.0 0.0 65.9 1083.2 0.0 1083.2 531.712‐2019 73.38 0.00 0.00 0.0 0.0 46.2 758.2 0.0 758.2 338.312‐2020 73.38 0.00 0.00 0.0 0.0 32.3 530.8 0.0 530.8 215.312‐2021 73.38 0.00 0.00 0.0 0.0 22.6 371.5 0.0 371.5 137.012‐2022 73.38 0.00 0.00 0.0 0.0 8.6 141.6 200.0 ‐58.4 ‐18.912‐202312‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27275.1 4200.0 23075.1 15656.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27275.1 4200.0 23075.1 15656.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.50 5.00 18845.799GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 15656.782GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.12 15.00 13196.377GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 2.13 20.00 11260.191NET RES., MB & MMF 394.374 0.000 UNDISCOUNTED NET/INVEST. 6.49 25.00 9710.233NET REVENUE, M$ 28939.178 0.000 DISCOUNTED NET/INVEST. 5.55 30.00 8450.833INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 6550.796INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 4225.82980.00 2917.553100.00 2113.927RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:32PERU DBS : DEMOBRETANA 06 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 435.3 0.0 0.0 165.0 0.0 0.0 12107.6 0.0 0.0 12107.612‐2014 206.0 0.0 0.0 77.8 0.0 0.0 5708.5 0.0 0.0 5708.512‐2015 128.8 0.0 0.0 48.9 0.0 0.0 3588.9 0.0 0.0 3588.912‐2016 89.3 0.0 0.0 33.9 0.0 0.0 2488.7 0.0 0.0 2488.712‐2017 62.5 0.0 0.0 23.7 0.0 0.0 1742.1 0.0 0.0 1742.112‐2018 43.7 0.0 0.0 16.6 0.0 0.0 1219.5 0.0 0.0 1219.512‐2019 30.6 0.0 0.0 11.6 0.0 0.0 853.6 0.0 0.0 853.612‐2020 21.4 0.0 0.0 8.1 0.0 0.0 597.5 0.0 0.0 597.512‐2021 15.0 0.0 0.0 5.7 0.0 0.0 418.3 0.0 0.0 418.312‐2022 7.4 0.0 0.0 2.8 0.0 0.0 206.5 0.0 0.0 206.512‐202312‐202412‐2025S TOT 1040.0 0.0 0.0 394.3 0.0 0.0 28931.4 0.0 0.0 28931.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.3 0.0 0.0 28931.4 0.0 0.0 28931.4‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 2000.0 ‐2000.0 ‐1666.112‐2013 73.38 0.00 0.00 0.0 0.0 696.5 11411.1 2000.0 9411.1 7410.412‐2014 73.38 0.00 0.00 0.0 0.0 329.6 5378.9 0.0 5378.9 3871.512‐2015 73.38 0.00 0.00 0.0 0.0 206.1 3382.8 0.0 3382.8 2210.612‐2016 73.38 0.00 0.00 0.0 0.0 142.8 2345.9 0.0 2345.9 1393.312‐2017 73.38 0.00 0.00 0.0 0.0 100.0 1642.2 0.0 1642.2 886.612‐2018 73.38 0.00 0.00 0.0 0.0 70.0 1149.5 0.0 1149.5 564.212‐2019 73.38 0.00 0.00 0.0 0.0 49.0 804.7 0.0 804.7 359.012‐2020 73.38 0.00 0.00 0.0 0.0 34.3 563.3 0.0 563.3 228.512‐2021 73.38 0.00 0.00 0.0 0.0 24.0 394.3 0.0 394.3 145.412‐2022 73.38 0.00 0.00 0.0 0.0 11.9 194.7 200.0 ‐5.3 ‐0.112‐202312‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27267.3 4200.0 23067.3 15403.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27267.3 4200.0 23067.3 15403.3OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 11.67 5.00 18685.936GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 15403.341GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.21 15.00 12886.336GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 2.22 20.00 10917.427NET RES., MB & MMF 394.268 0.000 UNDISCOUNTED NET/INVEST. 6.49 25.00 9350.403NET REVENUE, M$ 28931.367 0.000 DISCOUNTED NET/INVEST. 5.55 30.00 8084.308INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 6189.250INITIAL N.I., PCT. 37.904 0.000 INITIAL W.I., PCT. 40.000 60.00 3904.14180.00 2642.702100.00 1881.217RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:32PERU DBS : DEMOBRETANA 07 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 332.0 0.0 0.0 125.8 0.0 0.0 9234.6 0.0 0.0 9234.612‐2014 252.6 0.0 0.0 95.4 0.0 0.0 6999.3 0.0 0.0 6999.312‐2015 148.0 0.0 0.0 56.2 0.0 0.0 4122.5 0.0 0.0 4122.512‐2016 100.5 0.0 0.0 38.2 0.0 0.0 2803.0 0.0 0.0 2803.012‐2017 70.4 0.0 0.0 26.7 0.0 0.0 1962.1 0.0 0.0 1962.112‐2018 49.3 0.0 0.0 18.7 0.0 0.0 1373.4 0.0 0.0 1373.412‐2019 34.5 0.0 0.0 13.1 0.0 0.0 961.4 0.0 0.0 961.412‐2020 24.1 0.0 0.0 9.2 0.0 0.0 673.0 0.0 0.0 673.012‐2021 16.9 0.0 0.0 6.4 0.0 0.0 471.1 0.0 0.0 471.112‐2022 11.8 0.0 0.0 4.5 0.0 0.0 329.8 0.0 0.0 329.812‐202312‐202412‐2025S TOT 1040.0 0.0 0.0 394.3 0.0 0.0 28930.2 0.0 0.0 28930.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.3 0.0 0.0 28930.2 0.0 0.0 28930.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 73.38 0.00 0.00 0.0 0.0 531.2 8703.4 4000.0 4703.4 3561.112‐2014 73.38 0.00 0.00 0.0 0.0 404.1 6595.1 0.0 6595.1 4750.212‐2015 73.38 0.00 0.00 0.0 0.0 236.7 3885.8 0.0 3885.8 2540.112‐2016 73.38 0.00 0.00 0.0 0.0 160.8 2642.2 0.0 2642.2 1569.212‐2017 73.38 0.00 0.00 0.0 0.0 112.6 1849.5 0.0 1849.5 998.612‐2018 73.38 0.00 0.00 0.0 0.0 78.8 1294.6 0.0 1294.6 635.512‐2019 73.38 0.00 0.00 0.0 0.0 55.2 906.2 0.0 906.2 404.412‐2020 73.38 0.00 0.00 0.0 0.0 38.6 634.4 0.0 634.4 257.312‐2021 73.38 0.00 0.00 0.0 0.0 27.0 444.1 0.0 444.1 163.812‐2022 73.38 0.00 0.00 0.0 0.0 18.9 310.8 200.0 110.8 40.012‐202312‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27266.1 4200.0 23066.1 14920.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27266.1 4200.0 23066.1 14920.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 12.00 5.00 18383.045GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 14920.087GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.46 15.00 12298.136GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 2.47 20.00 10272.064NET RES., MB & MMF 394.251 0.000 UNDISCOUNTED NET/INVEST. 6.49 25.00 8678.551NET REVENUE, M$ 28930.156 0.000 DISCOUNTED NET/INVEST. 5.55 30.00 7405.789INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 5531.186INITIAL N.I., PCT. 37.904 0.000 INITIAL W.I., PCT. 40.000 60.00 3336.87580.00 2171.613100.00 1492.436RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:32PERU DBS : DEMOBRETANA 08 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 233.6 0.0 0.0 88.6 0.0 0.0 6498.1 0.0 0.0 6498.112‐2014 301.7 0.0 0.0 113.9 0.0 0.0 8359.3 0.0 0.0 8359.312‐2015 165.9 0.0 0.0 63.0 0.0 0.0 4622.4 0.0 0.0 4622.412‐2016 110.0 0.0 0.0 41.8 0.0 0.0 3067.6 0.0 0.0 3067.612‐2017 76.9 0.0 0.0 29.2 0.0 0.0 2145.1 0.0 0.0 2145.112‐2018 53.8 0.0 0.0 20.5 0.0 0.0 1501.5 0.0 0.0 1501.512‐2019 37.7 0.0 0.0 14.3 0.0 0.0 1051.1 0.0 0.0 1051.112‐2020 26.4 0.0 0.0 10.0 0.0 0.0 735.8 0.0 0.0 735.812‐2021 18.5 0.0 0.0 7.0 0.0 0.0 515.0 0.0 0.0 515.012‐2022 12.9 0.0 0.0 4.9 0.0 0.0 360.5 0.0 0.0 360.512‐2023 2.6 0.0 0.0 1.0 0.0 0.0 71.8 0.0 0.0 71.812‐202412‐2025S TOT 1040.0 0.0 0.0 394.2 0.0 0.0 28928.2 0.0 0.0 28928.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.2 0.0 0.0 28928.2 0.0 0.0 28928.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 73.38 0.00 0.00 0.0 0.0 373.8 6124.3 4800.0 1324.3 918.812‐2014 73.38 0.00 0.00 0.0 0.0 482.7 7876.6 0.0 7876.6 5677.212‐2015 73.38 0.00 0.00 0.0 0.0 265.4 4357.0 0.0 4357.0 2849.012‐2016 73.38 0.00 0.00 0.0 0.0 176.0 2891.6 0.0 2891.6 1717.412‐2017 73.38 0.00 0.00 0.0 0.0 123.1 2022.0 0.0 2022.0 1091.712‐2018 73.38 0.00 0.00 0.0 0.0 86.2 1415.4 0.0 1415.4 694.712‐2019 73.38 0.00 0.00 0.0 0.0 60.3 990.8 0.0 990.8 442.112‐2020 73.38 0.00 0.00 0.0 0.0 42.2 693.5 0.0 693.5 281.312‐2021 73.38 0.00 0.00 0.0 0.0 29.6 485.5 0.0 485.5 179.012‐2022 73.38 0.00 0.00 0.0 0.0 20.7 339.8 0.0 339.8 113.912‐2023 73.38 0.00 0.00 0.0 0.0 4.1 67.6 200.0 ‐132.4 ‐41.412‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27264.1 5000.0 22264.1 13923.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27264.1 5000.0 22264.1 13923.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 12.25 5.00 17442.787GROSS ULT., MB & MMF 1040.027 0.000 DISCOUNT % 10.00 10.00 13923.793GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.78 15.00 11293.278GROSS RES., MB & MMF 1040.027 0.000 DISCOUNTED PAYOUT, YRS. 2.80 20.00 9285.932NET RES., MB & MMF 394.225 0.000 UNDISCOUNTED NET/INVEST. 5.45 25.00 7726.463NET REVENUE, M$ 28928.195 0.000 DISCOUNTED NET/INVEST. 4.62 30.00 6495.854INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 4714.044INITIAL N.I., PCT. 37.904 0.000 INITIAL W.I., PCT. 40.000 60.00 2694.21880.00 1667.005100.00 1092.061RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:32PERU DBS : DEMOBRETANA 09 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 153.4 0.0 0.0 58.2 0.0 0.0 4268.0 0.0 0.0 4268.012‐2014 344.9 0.0 0.0 130.3 0.0 0.0 9557.8 0.0 0.0 9557.812‐2015 180.1 0.0 0.0 68.4 0.0 0.0 5019.0 0.0 0.0 5019.012‐2016 117.0 0.0 0.0 44.5 0.0 0.0 3262.6 0.0 0.0 3262.612‐2017 81.6 0.0 0.0 31.0 0.0 0.0 2276.4 0.0 0.0 2276.412‐2018 57.1 0.0 0.0 21.7 0.0 0.0 1593.5 0.0 0.0 1593.512‐2019 40.0 0.0 0.0 15.2 0.0 0.0 1115.5 0.0 0.0 1115.512‐2020 28.0 0.0 0.0 10.6 0.0 0.0 780.8 0.0 0.0 780.812‐2021 19.6 0.0 0.0 7.4 0.0 0.0 546.6 0.0 0.0 546.612‐2022 13.7 0.0 0.0 5.2 0.0 0.0 382.6 0.0 0.0 382.612‐2023 4.4 0.0 0.0 1.7 0.0 0.0 123.3 0.0 0.0 123.312‐202412‐2025S TOT 1040.0 0.0 0.0 394.2 0.0 0.0 28926.0 0.0 0.0 28926.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.2 0.0 0.0 28926.0 0.0 0.0 28926.0‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 73.38 0.00 0.00 0.0 0.0 245.5 4022.5 4000.0 22.5 ‐29.912‐2014 73.38 0.00 0.00 0.0 0.0 551.9 9006.0 0.0 9006.0 6495.112‐2015 73.38 0.00 0.00 0.0 0.0 288.2 4730.8 0.0 4730.8 3094.112‐2016 73.38 0.00 0.00 0.0 0.0 187.2 3075.4 0.0 3075.4 1826.712‐2017 73.38 0.00 0.00 0.0 0.0 130.6 2145.8 0.0 2145.8 1158.612‐2018 73.38 0.00 0.00 0.0 0.0 91.4 1502.1 0.0 1502.1 737.312‐2019 73.38 0.00 0.00 0.0 0.0 64.0 1051.4 0.0 1051.4 469.212‐2020 73.38 0.00 0.00 0.0 0.0 44.8 736.0 0.0 736.0 298.612‐2021 73.38 0.00 0.00 0.0 0.0 31.4 515.2 0.0 515.2 190.012‐2022 73.38 0.00 0.00 0.0 0.0 22.0 360.6 0.0 360.6 120.912‐2023 73.38 0.00 0.00 0.0 0.0 7.1 116.2 200.0 ‐83.8 ‐25.412‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27262.0 4200.0 23062.0 14335.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27262.0 4200.0 23062.0 14335.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 12.42 5.00 18008.949GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 14335.114GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.99 15.00 11598.503GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 3.00 20.00 9516.902NET RES., MB & MMF 394.195 0.000 UNDISCOUNTED NET/INVEST. 6.49 25.00 7904.510NET REVENUE, M$ 28926.037 0.000 DISCOUNTED NET/INVEST. 5.55 30.00 6635.581INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 4804.751INITIAL N.I., PCT. 37.904 0.000 INITIAL W.I., PCT. 40.000 60.00 2741.22980.00 1698.233100.00 1116.798RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:32PERU DBS : DEMOBRETANA 10 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 56.7 0.0 0.0 21.5 0.0 0.0 1576.4 0.0 0.0 1576.412‐2014 400.8 0.0 0.0 151.4 0.0 0.0 11106.6 0.0 0.0 11106.612‐2015 196.7 0.0 0.0 74.7 0.0 0.0 5480.0 0.0 0.0 5480.012‐2016 124.7 0.0 0.0 47.4 0.0 0.0 3476.4 0.0 0.0 3476.412‐2017 86.6 0.0 0.0 32.9 0.0 0.0 2415.9 0.0 0.0 2415.912‐2018 60.6 0.0 0.0 23.0 0.0 0.0 1691.1 0.0 0.0 1691.112‐2019 42.5 0.0 0.0 16.1 0.0 0.0 1183.8 0.0 0.0 1183.812‐2020 29.7 0.0 0.0 11.3 0.0 0.0 828.6 0.0 0.0 828.612‐2021 20.8 0.0 0.0 7.9 0.0 0.0 580.0 0.0 0.0 580.012‐2022 14.6 0.0 0.0 5.5 0.0 0.0 406.0 0.0 0.0 406.012‐2023 6.4 0.0 0.0 2.4 0.0 0.0 178.0 0.0 0.0 178.012‐202412‐2025S TOT 1040.0 0.0 0.0 394.2 0.0 0.0 28922.8 0.0 0.0 28922.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.2 0.0 0.0 28922.8 0.0 0.0 28922.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 73.38 0.00 0.00 0.0 0.0 90.7 1485.7 4000.0 ‐2514.3 ‐1920.712‐2014 73.38 0.00 0.00 0.0 0.0 641.3 10465.3 0.0 10465.3 7553.212‐2015 73.38 0.00 0.00 0.0 0.0 314.7 5165.4 0.0 5165.4 3379.312‐2016 73.38 0.00 0.00 0.0 0.0 199.5 3276.9 0.0 3276.9 1946.612‐2017 73.38 0.00 0.00 0.0 0.0 138.6 2277.2 0.0 2277.2 1229.512‐2018 73.38 0.00 0.00 0.0 0.0 97.0 1594.1 0.0 1594.1 782.412‐2019 73.38 0.00 0.00 0.0 0.0 67.9 1115.8 0.0 1115.8 497.912‐2020 73.38 0.00 0.00 0.0 0.0 47.5 781.1 0.0 781.1 316.812‐2021 73.38 0.00 0.00 0.0 0.0 33.3 546.8 0.0 546.8 201.612‐2022 73.38 0.00 0.00 0.0 0.0 23.3 382.7 0.0 382.7 128.312‐2023 73.38 0.00 0.00 0.0 0.0 10.2 167.8 200.0 ‐32.2 ‐8.712‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27258.8 4200.0 23058.8 14106.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27258.8 4200.0 23058.8 14106.3OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 12.58 5.00 17860.029GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 14106.305GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.24 15.00 11328.747GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 3.25 20.00 9229.541NET RES., MB & MMF 394.151 0.000 UNDISCOUNTED NET/INVEST. 6.49 25.00 7613.595NET REVENUE, M$ 28922.812 0.000 DISCOUNTED NET/INVEST. 5.55 30.00 6349.506INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 4540.859INITIAL N.I., PCT. 37.904 0.000 INITIAL W.I., PCT. 40.000 60.00 2533.31280.00 1538.718100.00 994.159RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:33PERU DBS : DEMOBRETANA 11 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 411.8 0.0 0.0 155.5 0.0 0.0 11412.3 0.0 0.0 11412.312‐2015 216.1 0.0 0.0 82.1 0.0 0.0 6021.9 0.0 0.0 6021.912‐2016 133.2 0.0 0.0 50.6 0.0 0.0 3713.6 0.0 0.0 3713.612‐2017 91.9 0.0 0.0 34.9 0.0 0.0 2563.8 0.0 0.0 2563.812‐2018 64.4 0.0 0.0 24.5 0.0 0.0 1794.7 0.0 0.0 1794.712‐2019 45.1 0.0 0.0 17.1 0.0 0.0 1256.3 0.0 0.0 1256.312‐2020 31.5 0.0 0.0 12.0 0.0 0.0 879.4 0.0 0.0 879.412‐2021 22.1 0.0 0.0 8.4 0.0 0.0 615.6 0.0 0.0 615.612‐2022 15.5 0.0 0.0 5.9 0.0 0.0 430.9 0.0 0.0 430.912‐2023 8.5 0.0 0.0 3.2 0.0 0.0 236.0 0.0 0.0 236.012‐202412‐2025S TOT 1040.0 0.0 0.0 394.2 0.0 0.0 28924.5 0.0 0.0 28924.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.2 0.0 0.0 28924.5 0.0 0.0 28924.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 73.38 0.00 0.00 0.0 0.0 658.9 10753.4 4000.0 6753.4 4731.712‐2015 73.38 0.00 0.00 0.0 0.0 345.8 5676.1 0.0 5676.1 3714.612‐2016 73.38 0.00 0.00 0.0 0.0 213.1 3500.5 0.0 3500.5 2079.712‐2017 73.38 0.00 0.00 0.0 0.0 147.1 2416.7 0.0 2416.7 1304.812‐2018 73.38 0.00 0.00 0.0 0.0 103.0 1691.7 0.0 1691.7 830.312‐2019 73.38 0.00 0.00 0.0 0.0 72.1 1184.2 0.0 1184.2 528.412‐2020 73.38 0.00 0.00 0.0 0.0 50.5 828.9 0.0 828.9 336.312‐2021 73.38 0.00 0.00 0.0 0.0 35.3 580.3 0.0 580.3 214.012‐2022 73.38 0.00 0.00 0.0 0.0 24.7 406.2 0.0 406.2 136.212‐2023 73.38 0.00 0.00 0.0 0.0 13.5 222.5 200.0 22.5 8.712‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27260.4 4200.0 23060.4 13884.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27260.4 4200.0 23060.4 13884.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 12.75 5.00 17716.490GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 13884.705GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.37 15.00 11068.331GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 3.39 20.00 8953.515NET RES., MB & MMF 394.174 0.000 UNDISCOUNTED NET/INVEST. 6.49 25.00 7335.703NET REVENUE, M$ 28924.465 0.000 DISCOUNTED NET/INVEST. 5.55 30.00 6077.793INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 4293.039INITIAL N.I., PCT. 37.764 0.000 INITIAL W.I., PCT. 40.000 60.00 2342.16780.00 1394.855100.00 885.453RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:33PERU DBS : DEMOBRETANA 12 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 360.4 0.0 0.0 136.1 0.0 0.0 9986.1 0.0 0.0 9986.112‐2015 239.3 0.0 0.0 90.9 0.0 0.0 6667.0 0.0 0.0 6667.012‐2016 142.7 0.0 0.0 54.2 0.0 0.0 3979.8 0.0 0.0 3979.812‐2017 97.6 0.0 0.0 37.1 0.0 0.0 2720.9 0.0 0.0 2720.912‐2018 68.3 0.0 0.0 26.0 0.0 0.0 1904.6 0.0 0.0 1904.612‐2019 47.8 0.0 0.0 18.2 0.0 0.0 1333.2 0.0 0.0 1333.212‐2020 33.5 0.0 0.0 12.7 0.0 0.0 933.3 0.0 0.0 933.312‐2021 23.4 0.0 0.0 8.9 0.0 0.0 653.3 0.0 0.0 653.312‐2022 16.4 0.0 0.0 6.2 0.0 0.0 457.3 0.0 0.0 457.312‐2023 10.7 0.0 0.0 4.1 0.0 0.0 297.6 0.0 0.0 297.612‐202412‐2025S TOT 1040.0 0.0 0.0 394.3 0.0 0.0 28932.9 0.0 0.0 28932.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.3 0.0 0.0 28932.9 0.0 0.0 28932.9‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 73.38 0.00 0.00 0.0 0.0 576.6 9409.5 4000.0 5409.5 3746.412‐2015 73.38 0.00 0.00 0.0 0.0 382.9 6284.1 0.0 6284.1 4113.912‐2016 73.38 0.00 0.00 0.0 0.0 228.4 3751.4 0.0 3751.4 2229.112‐2017 73.38 0.00 0.00 0.0 0.0 156.1 2564.7 0.0 2564.7 1384.712‐2018 73.38 0.00 0.00 0.0 0.0 109.3 1795.3 0.0 1795.3 881.212‐2019 73.38 0.00 0.00 0.0 0.0 76.5 1256.7 0.0 1256.7 560.812‐2020 73.38 0.00 0.00 0.0 0.0 53.5 879.7 0.0 879.7 356.912‐2021 73.38 0.00 0.00 0.0 0.0 37.5 615.8 0.0 615.8 227.112‐2022 73.38 0.00 0.00 0.0 0.0 26.2 431.1 0.0 431.1 144.512‐2023 73.38 0.00 0.00 0.0 0.0 17.1 280.5 200.0 80.5 26.912‐202412‐2025S TOT 73.38 0.00 0.00 0.0 0.0 1664.0 27268.8 4200.0 23068.8 13671.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1664.0 27268.8 4200.0 23068.8 13671.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 12.92 5.00 17579.871GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 13671.546GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.43 15.00 10818.192GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 3.44 20.00 8689.481NET RES., MB & MMF 394.288 0.000 UNDISCOUNTED NET/INVEST. 6.49 25.00 7071.224NET REVENUE, M$ 28932.869 0.000 DISCOUNTED NET/INVEST. 5.55 30.00 5820.585INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 4061.000INITIAL N.I., PCT. 37.764 0.000 INITIAL W.I., PCT. 40.000 60.00 2166.89780.00 1265.427100.00 789.326RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:33PERU DBS : DEMOBRETANA‐13 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 268.9 0.0 0.0 101.6 0.0 0.0 7452.8 0.0 0.0 7452.812‐2015 283.5 0.0 0.0 107.7 0.0 0.0 7899.6 0.0 0.0 7899.612‐2016 159.5 0.0 0.0 60.6 0.0 0.0 4447.9 0.0 0.0 4447.912‐2017 106.7 0.0 0.0 40.6 0.0 0.0 2976.1 0.0 0.0 2976.112‐2018 74.7 0.0 0.0 28.4 0.0 0.0 2082.2 0.0 0.0 2082.212‐2019 52.3 0.0 0.0 19.9 0.0 0.0 1457.6 0.0 0.0 1457.612‐2020 36.6 0.0 0.0 13.9 0.0 0.0 1020.3 0.0 0.0 1020.312‐2021 25.6 0.0 0.0 9.7 0.0 0.0 714.2 0.0 0.0 714.212‐2022 17.9 0.0 0.0 6.8 0.0 0.0 499.9 0.0 0.0 499.912‐2023 12.6 0.0 0.0 4.8 0.0 0.0 350.0 0.0 0.0 350.012‐2024 1.7 0.0 0.0 0.6 0.0 0.0 47.1 0.0 0.0 47.112‐2025S TOT 1040.0 0.0 0.0 394.5 0.0 0.0 28947.7 0.0 0.0 28947.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.5 0.0 0.0 28947.7 0.0 0.0 28947.7‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 73.38 0.00 0.00 0.0 0.0 968.2 6484.6 4800.0 1684.6 1107.712‐2015 73.38 0.00 0.00 0.0 0.0 1020.7 6879.0 0.0 6879.0 4506.212‐2016 73.38 0.00 0.00 0.0 0.0 574.2 3873.6 0.0 3873.6 2302.412‐2017 73.38 0.00 0.00 0.0 0.0 384.2 2591.9 0.0 2591.9 1399.412‐2018 73.38 0.00 0.00 0.0 0.0 268.8 1813.4 0.0 1813.4 890.112‐2019 73.38 0.00 0.00 0.0 0.0 188.2 1269.4 0.0 1269.4 566.412‐2020 73.38 0.00 0.00 0.0 0.0 131.7 888.6 0.0 888.6 360.412‐2021 73.38 0.00 0.00 0.0 0.0 92.2 622.0 0.0 622.0 229.412‐2022 73.38 0.00 0.00 0.0 0.0 64.5 435.4 0.0 435.4 146.012‐2023 73.38 0.00 0.00 0.0 0.0 45.2 304.8 0.0 304.8 92.912‐2024 73.38 0.00 0.00 0.0 0.0 6.1 41.0 200.0 ‐159.0 ‐45.712‐2025S TOT 73.38 0.00 0.00 0.0 0.0 3744.1 25203.6 5000.0 20203.6 11555.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 3744.1 25203.6 5000.0 20203.6 11555.3OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 13.17 5.00 15120.456GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 11555.337GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.74 15.00 8990.815GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 3.76 20.00 7105.094NET RES., MB & MMF 394.491 0.000 UNDISCOUNTED NET/INVEST. 5.04 25.00 5691.688NET REVENUE, M$ 28947.729 0.000 DISCOUNTED NET/INVEST. 4.31 30.00 4614.326INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 3127.391INITIAL N.I., PCT. 37.764 0.000 INITIAL W.I., PCT. 40.000 60.00 1582.38580.00 880.818100.00 525.805RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:33PERU DBS : DEMOBRETANA‐14 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 191.0 0.0 0.0 71.0 0.0 0.0 5209.5 0.0 0.0 5209.512‐2015 300.4 0.0 0.0 111.9 0.0 0.0 8210.8 0.0 0.0 8210.812‐2016 155.8 0.0 0.0 58.4 0.0 0.0 4283.3 0.0 0.0 4283.312‐2017 100.9 0.0 0.0 38.2 0.0 0.0 2803.1 0.0 0.0 2803.112‐2018 70.4 0.0 0.0 26.8 0.0 0.0 1963.1 0.0 0.0 1963.112‐2019 49.3 0.0 0.0 18.7 0.0 0.0 1374.2 0.0 0.0 1374.212‐2020 34.5 0.0 0.0 13.1 0.0 0.0 961.9 0.0 0.0 961.912‐2021 24.1 0.0 0.0 9.2 0.0 0.0 673.4 0.0 0.0 673.412‐2022 16.9 0.0 0.0 6.4 0.0 0.0 471.3 0.0 0.0 471.312‐2023 11.8 0.0 0.0 4.5 0.0 0.0 329.9 0.0 0.0 329.912‐2024 8.3 0.0 0.0 3.1 0.0 0.0 231.0 0.0 0.0 231.012‐2025 2.3 0.0 0.0 0.9 0.0 0.0 63.2 0.0 0.0 63.2S TOT 965.8 0.0 0.0 362.2 0.0 0.0 26574.8 0.0 0.0 26574.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 965.8 0.0 0.0 362.2 0.0 0.0 26574.8 0.0 0.0 26574.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 73.38 0.00 0.00 0.0 0.0 305.7 4903.8 4000.0 903.8 575.412‐2015 73.38 0.00 0.00 0.0 0.0 480.6 7730.2 0.0 7730.2 5068.612‐2016 73.38 0.00 0.00 0.0 0.0 249.3 4034.0 0.0 4034.0 2398.612‐2017 73.38 0.00 0.00 0.0 0.0 161.5 2641.6 0.0 2641.6 1426.412‐2018 73.38 0.00 0.00 0.0 0.0 112.6 1850.5 0.0 1850.5 908.312‐2019 73.38 0.00 0.00 0.0 0.0 78.9 1295.3 0.0 1295.3 578.012‐2020 73.38 0.00 0.00 0.0 0.0 55.2 906.7 0.0 906.7 367.812‐2021 73.38 0.00 0.00 0.0 0.0 38.6 634.7 0.0 634.7 234.112‐2022 73.38 0.00 0.00 0.0 0.0 27.0 444.3 0.0 444.3 149.012‐2023 73.38 0.00 0.00 0.0 0.0 18.9 311.0 0.0 311.0 94.812‐2024 73.38 0.00 0.00 0.0 0.0 13.3 217.7 0.0 217.7 60.312‐2025 73.38 0.00 0.00 0.0 0.0 3.6 59.6 200.0 ‐140.4 ‐35.6S TOT 73.38 0.00 0.00 0.0 0.0 1545.3 25029.6 4200.0 20829.6 11825.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1545.3 25029.6 4200.0 20829.6 11825.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 14.42 5.00 15524.496GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 11825.722GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.82 15.00 9177.336GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 3.83 20.00 7237.065NET RES., MB & MMF 362.154 0.000 UNDISCOUNTED NET/INVEST. 5.96 25.00 5787.055NET REVENUE, M$ 26574.830 0.000 DISCOUNTED NET/INVEST. 5.10 30.00 4684.465INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 3166.960INITIAL N.I., PCT. 37.160 0.000 INITIAL W.I., PCT. 40.000 60.00 1596.59780.00 886.574100.00 528.440RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:33PERU DBS : DEMOBRETANA‐15 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 106.2 0.0 0.0 39.4 0.0 0.0 2894.8 0.0 0.0 2894.812‐2015 349.8 0.0 0.0 130.3 0.0 0.0 9562.2 0.0 0.0 9562.212‐2016 170.3 0.0 0.0 63.8 0.0 0.0 4680.1 0.0 0.0 4680.112‐2017 107.6 0.0 0.0 40.7 0.0 0.0 2987.6 0.0 0.0 2987.612‐2018 74.7 0.0 0.0 28.4 0.0 0.0 2083.4 0.0 0.0 2083.412‐2019 52.3 0.0 0.0 19.9 0.0 0.0 1458.4 0.0 0.0 1458.412‐2020 36.6 0.0 0.0 13.9 0.0 0.0 1020.9 0.0 0.0 1020.912‐2021 25.6 0.0 0.0 9.7 0.0 0.0 714.6 0.0 0.0 714.612‐2022 17.9 0.0 0.0 6.8 0.0 0.0 500.2 0.0 0.0 500.212‐2023 12.6 0.0 0.0 4.8 0.0 0.0 350.2 0.0 0.0 350.212‐2024 8.8 0.0 0.0 3.3 0.0 0.0 245.1 0.0 0.0 245.112‐2025 3.5 0.0 0.0 1.3 0.0 0.0 96.2 0.0 0.0 96.2S TOT 965.8 0.0 0.0 362.4 0.0 0.0 26593.5 0.0 0.0 26593.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 965.8 0.0 0.0 362.4 0.0 0.0 26593.5 0.0 0.0 26593.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 73.38 0.00 0.00 0.0 0.0 169.9 2724.9 4000.0 ‐1275.1 ‐910.412‐2015 73.38 0.00 0.00 0.0 0.0 559.7 9002.5 0.0 9002.5 5907.312‐2016 73.38 0.00 0.00 0.0 0.0 272.4 4407.7 0.0 4407.7 2621.512‐2017 73.38 0.00 0.00 0.0 0.0 172.1 2815.5 0.0 2815.5 1520.512‐2018 73.38 0.00 0.00 0.0 0.0 119.5 1963.8 0.0 1963.8 963.912‐2019 73.38 0.00 0.00 0.0 0.0 83.7 1374.7 0.0 1374.7 613.412‐2020 73.38 0.00 0.00 0.0 0.0 58.6 962.3 0.0 962.3 390.312‐2021 73.38 0.00 0.00 0.0 0.0 41.0 673.6 0.0 673.6 248.412‐2022 73.38 0.00 0.00 0.0 0.0 28.7 471.5 0.0 471.5 158.112‐2023 73.38 0.00 0.00 0.0 0.0 20.1 330.1 0.0 330.1 100.612‐2024 73.38 0.00 0.00 0.0 0.0 14.1 231.0 0.0 231.0 64.012‐2025 73.38 0.00 0.00 0.0 0.0 5.5 90.7 200.0 ‐109.3 ‐26.9S TOT 73.38 0.00 0.00 0.0 0.0 1545.3 25048.3 4200.0 20848.3 11650.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1545.3 25048.3 4200.0 20848.3 11650.7OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 14.58 5.00 15413.253GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 11650.726GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.14 15.00 8975.074GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 4.15 20.00 7027.732NET RES., MB & MMF 362.408 0.000 UNDISCOUNTED NET/INVEST. 5.96 25.00 5581.693NET REVENUE, M$ 26593.533 0.000 DISCOUNTED NET/INVEST. 5.11 30.00 4488.888INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 2997.596INITIAL N.I., PCT. 37.160 0.000 INITIAL W.I., PCT. 40.000 60.00 1478.04080.00 804.825100.00 471.384RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:34PERU DBS : DEMOBRETANA‐16 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 416.3 0.0 0.0 155.1 0.0 0.0 11381.0 0.0 0.0 11381.012‐2016 187.2 0.0 0.0 70.1 0.0 0.0 5147.1 0.0 0.0 5147.112‐2017 115.0 0.0 0.0 43.5 0.0 0.0 3192.6 0.0 0.0 3192.612‐2018 79.3 0.0 0.0 30.1 0.0 0.0 2211.0 0.0 0.0 2211.012‐2019 55.5 0.0 0.0 21.1 0.0 0.0 1547.7 0.0 0.0 1547.712‐2020 38.9 0.0 0.0 14.8 0.0 0.0 1083.4 0.0 0.0 1083.412‐2021 27.2 0.0 0.0 10.3 0.0 0.0 758.4 0.0 0.0 758.412‐2022 19.0 0.0 0.0 7.2 0.0 0.0 530.9 0.0 0.0 530.912‐2023 13.3 0.0 0.0 5.1 0.0 0.0 371.6 0.0 0.0 371.612‐2024 9.3 0.0 0.0 3.5 0.0 0.0 260.1 0.0 0.0 260.112‐2025 4.7 0.0 0.0 1.8 0.0 0.0 131.3 0.0 0.0 131.3S TOT 965.8 0.0 0.0 362.7 0.0 0.0 26614.9 0.0 0.0 26614.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 965.8 0.0 0.0 362.7 0.0 0.0 26614.9 0.0 0.0 26614.9‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 2000.0 ‐2000.0 ‐1376.912‐2015 73.38 0.00 0.00 0.0 0.0 666.1 10714.8 2000.0 8714.8 5671.612‐2016 73.38 0.00 0.00 0.0 0.0 299.6 4847.5 0.0 4847.5 2884.012‐2017 73.38 0.00 0.00 0.0 0.0 183.9 3008.6 0.0 3008.6 1625.012‐2018 73.38 0.00 0.00 0.0 0.0 126.9 2084.1 0.0 2084.1 1023.012‐2019 73.38 0.00 0.00 0.0 0.0 88.8 1458.9 0.0 1458.9 651.012‐2020 73.38 0.00 0.00 0.0 0.0 62.2 1021.2 0.0 1021.2 414.312‐2021 73.38 0.00 0.00 0.0 0.0 43.5 714.9 0.0 714.9 263.612‐2022 73.38 0.00 0.00 0.0 0.0 30.5 500.4 0.0 500.4 167.812‐2023 73.38 0.00 0.00 0.0 0.0 21.3 350.3 0.0 350.3 106.812‐2024 73.38 0.00 0.00 0.0 0.0 14.9 245.2 0.0 245.2 67.912‐2025 73.38 0.00 0.00 0.0 0.0 7.5 123.7 200.0 ‐76.3 ‐17.8S TOT 73.38 0.00 0.00 0.0 0.0 1545.3 25069.6 4200.0 20869.6 11480.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1545.3 25069.6 4200.0 20869.6 11480.2OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 14.75 5.00 15304.994GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 11480.161GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.23 15.00 8778.827GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 4.24 20.00 6825.777NET RES., MB & MMF 362.699 0.000 UNDISCOUNTED NET/INVEST. 5.97 25.00 5384.750NET REVENUE, M$ 26614.877 0.000 DISCOUNTED NET/INVEST. 5.11 30.00 4302.446INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 2838.016INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 1368.71480.00 730.882100.00 420.665RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:34PERU DBS : DEMOBRETANA‐17 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 371.6 0.0 0.0 138.4 0.0 0.0 10158.0 0.0 0.0 10158.012‐2016 207.5 0.0 0.0 77.7 0.0 0.0 5703.9 0.0 0.0 5703.912‐2017 123.3 0.0 0.0 46.6 0.0 0.0 3422.9 0.0 0.0 3422.912‐2018 84.1 0.0 0.0 32.0 0.0 0.0 2346.4 0.0 0.0 2346.412‐2019 58.9 0.0 0.0 22.4 0.0 0.0 1642.5 0.0 0.0 1642.512‐2020 41.2 0.0 0.0 15.7 0.0 0.0 1149.7 0.0 0.0 1149.712‐2021 28.9 0.0 0.0 11.0 0.0 0.0 804.8 0.0 0.0 804.812‐2022 20.2 0.0 0.0 7.7 0.0 0.0 563.4 0.0 0.0 563.412‐2023 14.1 0.0 0.0 5.4 0.0 0.0 394.4 0.0 0.0 394.412‐2024 9.9 0.0 0.0 3.8 0.0 0.0 276.1 0.0 0.0 276.112‐2025 6.0 0.0 0.0 2.3 0.0 0.0 168.4 0.0 0.0 168.4S TOT 965.8 0.0 0.0 362.9 0.0 0.0 26630.5 0.0 0.0 26630.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 965.8 0.0 0.0 362.9 0.0 0.0 26630.5 0.0 0.0 26630.5‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.38 0.00 0.00 0.0 0.0 594.6 9563.5 4000.0 5563.5 3517.712‐2016 73.38 0.00 0.00 0.0 0.0 332.0 5371.9 0.0 5371.9 3197.212‐2017 73.38 0.00 0.00 0.0 0.0 197.2 3225.7 0.0 3225.7 1742.512‐2018 73.38 0.00 0.00 0.0 0.0 134.6 2211.8 0.0 2211.8 1085.612‐2019 73.38 0.00 0.00 0.0 0.0 94.2 1548.2 0.0 1548.2 690.812‐2020 73.38 0.00 0.00 0.0 0.0 66.0 1083.8 0.0 1083.8 439.612‐2021 73.38 0.00 0.00 0.0 0.0 46.2 758.6 0.0 758.6 279.812‐2022 73.38 0.00 0.00 0.0 0.0 32.3 531.0 0.0 531.0 178.012‐2023 73.38 0.00 0.00 0.0 0.0 22.6 371.7 0.0 371.7 113.312‐2024 73.38 0.00 0.00 0.0 0.0 15.8 260.2 0.0 260.2 72.112‐2025 73.38 0.00 0.00 0.0 0.0 9.7 158.8 200.0 ‐41.2 ‐8.4S TOT 73.38 0.00 0.00 0.0 0.0 1545.3 25085.2 4200.0 20885.2 11308.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.38 0.00 0.00 0.0 0.0 1545.3 25085.2 4200.0 20885.2 11308.3OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 14.92 5.00 15192.811GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 11308.253GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.42 15.00 8583.692GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 4.43 20.00 6626.971NET RES., MB & MMF 362.912 0.000 UNDISCOUNTED NET/INVEST. 5.97 25.00 5192.520NET REVENUE, M$ 26630.451 0.000 DISCOUNTED NET/INVEST. 5.11 30.00 4121.854INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 2685.542INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 1266.67880.00 663.244100.00 375.087RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:34PERU DBS : DEMOBRETANA‐18 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 292.0 0.0 0.0 108.8 0.0 0.0 7981.4 0.0 0.0 7981.412‐2016 246.3 0.0 0.0 92.3 0.0 0.0 6770.6 0.0 0.0 6770.612‐2017 137.9 0.0 0.0 52.2 0.0 0.0 3828.4 0.0 0.0 3828.412‐2018 92.1 0.0 0.0 35.0 0.0 0.0 2566.8 0.0 0.0 2566.812‐2019 64.4 0.0 0.0 24.5 0.0 0.0 1795.7 0.0 0.0 1795.712‐2020 45.1 0.0 0.0 17.1 0.0 0.0 1257.0 0.0 0.0 1257.012‐2021 31.6 0.0 0.0 12.0 0.0 0.0 879.9 0.0 0.0 879.912‐2022 22.1 0.0 0.0 8.4 0.0 0.0 615.9 0.0 0.0 615.912‐2023 15.5 0.0 0.0 5.9 0.0 0.0 431.1 0.0 0.0 431.112‐2024 10.8 0.0 0.0 4.1 0.0 0.0 301.8 0.0 0.0 301.812‐2025 7.6 0.0 0.0 2.9 0.0 0.0 211.3 0.0 0.0 211.3S TOT 965.2 0.0 0.0 363.0 0.0 0.0 26639.9 0.0 0.0 26639.9AFTER 0.6 0.0 0.0 0.2 0.0 0.0 17.3 0.0 0.0 17.3TOTAL 965.8 0.0 0.0 363.3 0.0 0.0 26657.1 0.0 0.0 26657.1‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.38 0.00 0.00 0.0 0.0 467.2 7514.2 4800.0 2714.2 1637.212‐2016 73.38 0.00 0.00 0.0 0.0 394.1 6376.5 0.0 6376.5 3797.612‐2017 73.38 0.00 0.00 0.0 0.0 220.6 3607.8 0.0 3607.8 1949.512‐2018 73.38 0.00 0.00 0.0 0.0 147.3 2419.6 0.0 2419.6 1187.612‐2019 73.38 0.00 0.00 0.0 0.0 103.0 1692.6 0.0 1692.6 755.312‐2020 73.38 0.00 0.00 0.0 0.0 72.1 1184.8 0.0 1184.8 480.612‐2021 73.38 0.00 0.00 0.0 0.0 50.5 829.4 0.0 829.4 305.912‐2022 73.38 0.00 0.00 0.0 0.0 35.3 580.6 0.0 580.6 194.612‐2023 73.38 0.00 0.00 0.0 0.0 24.7 406.4 0.0 406.4 123.912‐2024 73.38 0.00 0.00 0.0 0.0 17.3 284.5 0.0 284.5 78.812‐2025 73.38 0.00 0.00 0.0 0.0 12.1 199.1 0.0 199.1 50.2S TOT 73.38 0.00 0.00 0.0 0.0 1544.3 25095.6 4800.0 20295.6 10561.2AFTER 73.38 0.00 0.00 0.0 0.0 1.0 16.3 200.0 ‐183.7 ‐43.6TOTAL 73.38 0.00 0.00 0.0 0.0 1545.3 25111.8 5000.0 20111.8 10517.5OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 15.17 5.00 14374.605GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 10517.529GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.64 15.00 7851.553GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 4.66 20.00 5964.148NET RES., MB & MMF 363.275 0.000 UNDISCOUNTED NET/INVEST. 5.02 25.00 4599.793NET REVENUE, M$ 26657.109 0.000 DISCOUNTED NET/INVEST. 4.26 30.00 3595.347INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 2273.476INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 1013.39180.00 503.129100.00 270.427RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:34PERU DBS : DEMOBRETANA‐19 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 227.7 0.0 0.0 84.8 0.0 0.0 6223.2 0.0 0.0 6223.212‐2016 280.2 0.0 0.0 104.9 0.0 0.0 7700.8 0.0 0.0 7700.812‐2017 149.4 0.0 0.0 56.5 0.0 0.0 4148.7 0.0 0.0 4148.712‐2018 97.8 0.0 0.0 37.2 0.0 0.0 2728.4 0.0 0.0 2728.412‐2019 68.3 0.0 0.0 26.0 0.0 0.0 1905.6 0.0 0.0 1905.612‐2020 47.8 0.0 0.0 18.2 0.0 0.0 1334.0 0.0 0.0 1334.012‐2021 33.5 0.0 0.0 12.7 0.0 0.0 933.8 0.0 0.0 933.812‐2022 23.4 0.0 0.0 8.9 0.0 0.0 653.6 0.0 0.0 653.612‐2023 16.4 0.0 0.0 6.2 0.0 0.0 457.5 0.0 0.0 457.512‐2024 11.5 0.0 0.0 4.4 0.0 0.0 320.3 0.0 0.0 320.312‐2025 8.0 0.0 0.0 3.1 0.0 0.0 224.2 0.0 0.0 224.2S TOT 964.1 0.0 0.0 362.9 0.0 0.0 26630.2 0.0 0.0 26630.2AFTER 1.7 0.0 0.0 0.6 0.0 0.0 47.4 0.0 0.0 47.4TOTAL 965.8 0.0 0.0 363.6 0.0 0.0 26677.7 0.0 0.0 26677.7‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.38 0.00 0.00 0.0 0.0 364.3 5859.0 4000.0 1859.0 1122.912‐2016 73.38 0.00 0.00 0.0 0.0 448.2 7252.6 0.0 7252.6 4321.712‐2017 73.38 0.00 0.00 0.0 0.0 239.0 3909.7 0.0 3909.7 2113.112‐2018 73.38 0.00 0.00 0.0 0.0 156.6 2571.9 0.0 2571.9 1262.512‐2019 73.38 0.00 0.00 0.0 0.0 109.3 1796.3 0.0 1796.3 801.512‐2020 73.38 0.00 0.00 0.0 0.0 76.5 1257.4 0.0 1257.4 510.112‐2021 73.38 0.00 0.00 0.0 0.0 53.6 880.2 0.0 880.2 324.612‐2022 73.38 0.00 0.00 0.0 0.0 37.5 616.1 0.0 616.1 206.612‐2023 73.38 0.00 0.00 0.0 0.0 26.3 431.3 0.0 431.3 131.412‐2024 73.38 0.00 0.00 0.0 0.0 18.4 301.9 0.0 301.9 83.612‐2025 73.38 0.00 0.00 0.0 0.0 12.9 211.3 0.0 211.3 53.2S TOT 73.38 0.00 0.00 0.0 0.0 1542.6 25087.7 4000.0 21087.7 10931.3AFTER 73.38 0.00 0.00 0.0 0.0 2.7 44.7 200.0 ‐155.3 ‐36.2TOTAL 73.38 0.00 0.00 0.0 0.0 1545.3 25132.4 4200.0 20932.4 10895.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 15.33 5.00 14922.606GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 10895.092GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.68 15.00 8119.070GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 4.70 20.00 6158.585NET RES., MB & MMF 363.555 0.000 UNDISCOUNTED NET/INVEST. 5.98 25.00 4744.470NET REVENUE, M$ 26677.686 0.000 DISCOUNTED NET/INVEST. 5.12 30.00 3705.371INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 2341.021INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 1044.57780.00 520.810100.00 281.909RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:34PERU DBS : DEMOBRETANA‐20 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 150.8 0.0 0.0 56.2 0.0 0.0 4121.6 0.0 0.0 4121.612‐2016 323.4 0.0 0.0 121.1 0.0 0.0 8889.3 0.0 0.0 8889.312‐2017 162.8 0.0 0.0 61.6 0.0 0.0 4519.8 0.0 0.0 4519.812‐2018 104.2 0.0 0.0 39.6 0.0 0.0 2905.0 0.0 0.0 2905.012‐2019 72.5 0.0 0.0 27.6 0.0 0.0 2022.4 0.0 0.0 2022.412‐2020 50.8 0.0 0.0 19.3 0.0 0.0 1415.7 0.0 0.0 1415.712‐2021 35.5 0.0 0.0 13.5 0.0 0.0 991.0 0.0 0.0 991.012‐2022 24.9 0.0 0.0 9.5 0.0 0.0 693.7 0.0 0.0 693.712‐2023 17.4 0.0 0.0 6.6 0.0 0.0 485.6 0.0 0.0 485.612‐2024 12.2 0.0 0.0 4.6 0.0 0.0 339.9 0.0 0.0 339.912‐2025 8.5 0.0 0.0 3.2 0.0 0.0 237.9 0.0 0.0 237.9S TOT 962.9 0.0 0.0 362.8 0.0 0.0 26621.7 0.0 0.0 26621.7AFTER 2.9 0.0 0.0 1.1 0.0 0.0 79.5 0.0 0.0 79.5TOTAL 965.8 0.0 0.0 363.9 0.0 0.0 26701.2 0.0 0.0 26701.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.38 0.00 0.00 0.0 0.0 241.2 3880.4 4000.0 ‐119.6 ‐113.912‐2016 73.38 0.00 0.00 0.0 0.0 517.4 8371.9 0.0 8371.9 4992.112‐2017 73.38 0.00 0.00 0.0 0.0 260.4 4259.4 0.0 4259.4 2302.712‐2018 73.38 0.00 0.00 0.0 0.0 166.7 2738.3 0.0 2738.3 1344.312‐2019 73.38 0.00 0.00 0.0 0.0 116.0 1906.3 0.0 1906.3 850.612‐2020 73.38 0.00 0.00 0.0 0.0 81.2 1334.4 0.0 1334.4 541.312‐2021 73.38 0.00 0.00 0.0 0.0 56.9 934.1 0.0 934.1 344.512‐2022 73.38 0.00 0.00 0.0 0.0 39.8 653.9 0.0 653.9 219.212‐2023 73.38 0.00 0.00 0.0 0.0 27.9 457.7 0.0 457.7 139.512‐2024 73.38 0.00 0.00 0.0 0.0 19.5 320.4 0.0 320.4 88.812‐2025 73.38 0.00 0.00 0.0 0.0 13.7 224.3 0.0 224.3 56.5S TOT 73.38 0.00 0.00 0.0 0.0 1540.7 25081.0 4000.0 21081.0 10765.5AFTER 73.38 0.00 0.00 0.0 0.0 4.6 74.9 200.0 ‐125.1 ‐28.4TOTAL 73.38 0.00 0.00 0.0 0.0 1545.3 25155.9 4200.0 20955.9 10737.1OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 15.50 5.00 14819.600GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 10737.113GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.01 15.00 7942.816GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 5.02 20.00 5982.672NET RES., MB & MMF 363.876 0.000 UNDISCOUNTED NET/INVEST. 5.99 25.00 4577.956NET REVENUE, M$ 26701.221 0.000 DISCOUNTED NET/INVEST. 5.13 30.00 3552.214INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 2216.915INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 967.57880.00 473.103100.00 251.656RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:34PERU DBS : DEMOBRETANA‐21 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 56.3 0.0 0.0 21.0 0.0 0.0 1538.8 0.0 0.0 1538.812‐2016 380.4 0.0 0.0 142.5 0.0 0.0 10457.4 0.0 0.0 10457.412‐2017 178.4 0.0 0.0 67.5 0.0 0.0 4954.0 0.0 0.0 4954.012‐2018 111.2 0.0 0.0 42.2 0.0 0.0 3100.0 0.0 0.0 3100.012‐2019 77.0 0.0 0.0 29.2 0.0 0.0 2146.2 0.0 0.0 2146.212‐2020 53.9 0.0 0.0 20.5 0.0 0.0 1502.4 0.0 0.0 1502.412‐2021 37.7 0.0 0.0 14.3 0.0 0.0 1051.7 0.0 0.0 1051.712‐2022 26.4 0.0 0.0 10.0 0.0 0.0 736.2 0.0 0.0 736.212‐2023 18.5 0.0 0.0 7.0 0.0 0.0 515.3 0.0 0.0 515.312‐2024 12.9 0.0 0.0 4.9 0.0 0.0 360.7 0.0 0.0 360.712‐2025 9.1 0.0 0.0 3.4 0.0 0.0 252.5 0.0 0.0 252.5S TOT 961.7 0.0 0.0 362.7 0.0 0.0 26615.2 0.0 0.0 26615.2AFTER 4.1 0.0 0.0 1.5 0.0 0.0 113.5 0.0 0.0 113.5TOTAL 965.8 0.0 0.0 364.3 0.0 0.0 26728.7 0.0 0.0 26728.7‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 73.38 0.00 0.00 0.0 0.0 90.1 1448.8 4000.0 ‐2551.2 ‐1610.312‐2016 73.38 0.00 0.00 0.0 0.0 608.7 9848.8 0.0 9848.8 5877.712‐2017 73.38 0.00 0.00 0.0 0.0 285.4 4668.6 0.0 4668.6 2524.712‐2018 73.38 0.00 0.00 0.0 0.0 177.9 2922.1 0.0 2922.1 1434.712‐2019 73.38 0.00 0.00 0.0 0.0 123.2 2023.1 0.0 2023.1 902.712‐2020 73.38 0.00 0.00 0.0 0.0 86.2 1416.2 0.0 1416.2 574.512‐2021 73.38 0.00 0.00 0.0 0.0 60.3 991.3 0.0 991.3 365.612‐2022 73.38 0.00 0.00 0.0 0.0 42.2 693.9 0.0 693.9 232.612‐2023 73.38 0.00 0.00 0.0 0.0 29.6 485.7 0.0 485.7 148.012‐2024 73.38 0.00 0.00 0.0 0.0 20.7 340.0 0.0 340.0 94.212‐2025 73.38 0.00 0.00 0.0 0.0 14.5 238.0 0.0 238.0 59.9S TOT 73.38 0.00 0.00 0.0 0.0 1538.8 25076.4 4000.0 21076.4 10604.3AFTER 73.38 0.00 0.00 0.0 0.0 6.5 107.0 200.0 ‐93.0 ‐20.4TOTAL 73.38 0.00 0.00 0.0 0.0 1545.3 25183.4 4200.0 20983.4 10584.0OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 15.67 5.00 14720.442GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 10583.965GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.26 15.00 7772.463GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 5.27 20.00 5813.489NET RES., MB & MMF 364.250 0.000 UNDISCOUNTED NET/INVEST. 6.00 25.00 4418.696NET REVENUE, M$ 26728.684 0.000 DISCOUNTED NET/INVEST. 5.14 30.00 3406.563INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 2100.218INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 896.69680.00 430.016100.00 224.800RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:35PERU DBS : DEMOBRETANA‐22 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 394.7 0.0 0.0 147.8 0.0 0.0 10849.1 0.0 0.0 10849.112‐2017 196.9 0.0 0.0 74.5 0.0 0.0 5468.3 0.0 0.0 5468.312‐2018 119.0 0.0 0.0 45.2 0.0 0.0 3317.8 0.0 0.0 3317.812‐2019 81.7 0.0 0.0 31.0 0.0 0.0 2277.7 0.0 0.0 2277.712‐2020 57.2 0.0 0.0 21.7 0.0 0.0 1594.4 0.0 0.0 1594.412‐2021 40.0 0.0 0.0 15.2 0.0 0.0 1116.1 0.0 0.0 1116.112‐2022 28.0 0.0 0.0 10.6 0.0 0.0 781.2 0.0 0.0 781.212‐2023 19.6 0.0 0.0 7.5 0.0 0.0 546.9 0.0 0.0 546.912‐2024 13.7 0.0 0.0 5.2 0.0 0.0 382.8 0.0 0.0 382.812‐2025 9.6 0.0 0.0 3.7 0.0 0.0 268.0 0.0 0.0 268.0S TOT 960.4 0.0 0.0 362.5 0.0 0.0 26602.2 0.0 0.0 26602.2AFTER 5.4 0.0 0.0 2.0 0.0 0.0 149.6 0.0 0.0 149.6TOTAL 965.8 0.0 0.0 364.6 0.0 0.0 26751.8 0.0 0.0 26751.8‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 73.38 0.00 0.00 0.0 0.0 631.5 10217.6 4000.0 6217.6 3595.812‐2017 73.38 0.00 0.00 0.0 0.0 315.1 5153.2 0.0 5153.2 2787.712‐2018 73.38 0.00 0.00 0.0 0.0 190.4 3127.4 0.0 3127.4 1535.712‐2019 73.38 0.00 0.00 0.0 0.0 130.7 2147.0 0.0 2147.0 958.012‐2020 73.38 0.00 0.00 0.0 0.0 91.5 1502.9 0.0 1502.9 609.612‐2021 73.38 0.00 0.00 0.0 0.0 64.0 1052.0 0.0 1052.0 388.012‐2022 73.38 0.00 0.00 0.0 0.0 44.8 736.4 0.0 736.4 246.912‐2023 73.38 0.00 0.00 0.0 0.0 31.4 515.5 0.0 515.5 157.112‐2024 73.38 0.00 0.00 0.0 0.0 22.0 360.8 0.0 360.8 100.012‐2025 73.38 0.00 0.00 0.0 0.0 15.4 252.6 0.0 252.6 63.6S TOT 73.38 0.00 0.00 0.0 0.0 1536.7 25065.5 4000.0 21065.5 10442.4AFTER 73.38 0.00 0.00 0.0 0.0 8.6 141.0 200.0 ‐59.0 ‐12.0TOTAL 73.38 0.00 0.00 0.0 0.0 1545.3 25206.5 4200.0 21006.5 10430.4OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 15.83 5.00 14618.628GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 10430.446GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.39 15.00 7603.769GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 5.41 20.00 5647.517NET RES., MB & MMF 364.566 0.000 UNDISCOUNTED NET/INVEST. 6.00 25.00 4263.723NET REVENUE, M$ 26751.822 0.000 DISCOUNTED NET/INVEST. 5.14 30.00 3265.875INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1988.993INITIAL N.I., PCT. 37.460 0.000 INITIAL W.I., PCT. 40.000 60.00 830.68380.00 390.684100.00 200.715RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 01/24/2011BRETANA FIELD, BASIN TIME : 13:39:35PERU DBS : DEMOBRETANA‐23 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPEDSCENARIO : RED123110 UNESCR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010‐‐END‐‐ GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO‐YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE‐‐‐‐‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐‐MMCF‐‐‐ ‐‐‐MBBLS‐‐‐ ‐‐‐MBBLS‐‐ ‐‐‐‐MMCF‐‐ ‐‐‐‐MBBLS‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐M$‐‐‐‐12‐2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 320.5 0.0 0.0 120.0 0.0 0.0 8809.3 0.0 0.0 8809.312‐2017 232.0 0.0 0.0 87.8 0.0 0.0 6443.3 0.0 0.0 6443.312‐2018 132.7 0.0 0.0 50.4 0.0 0.0 3699.3 0.0 0.0 3699.312‐2019 89.3 0.0 0.0 33.9 0.0 0.0 2490.7 0.0 0.0 2490.712‐2020 62.5 0.0 0.0 23.8 0.0 0.0 1743.1 0.0 0.0 1743.112‐2021 43.8 0.0 0.0 16.6 0.0 0.0 1220.2 0.0 0.0 1220.212‐2022 30.6 0.0 0.0 11.6 0.0 0.0 854.1 0.0 0.0 854.112‐2023 21.4 0.0 0.0 8.1 0.0 0.0 597.9 0.0 0.0 597.912‐2024 15.0 0.0 0.0 5.7 0.0 0.0 418.5 0.0 0.0 418.512‐2025 10.5 0.0 0.0 4.0 0.0 0.0 293.0 0.0 0.0 293.0S TOT 958.3 0.0 0.0 362.1 0.0 0.0 26569.3 0.0 0.0 26569.3AFTER 7.5 0.0 0.0 2.8 0.0 0.0 207.9 0.0 0.0 207.9TOTAL 965.8 0.0 0.0 364.9 0.0 0.0 26777.2 0.0 0.0 26777.2‐‐END‐‐ NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO‐YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW‐‐‐‐‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐M$‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐ ‐‐‐‐‐M$‐‐‐‐ ‐‐‐‐‐M$‐‐‐‐12‐2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012‐2016 73.38 0.00 0.00 0.0 0.0 512.8 8296.5 4800.0 3496.5 1952.212‐2017 73.38 0.00 0.00 0.0 0.0 371.2 6072.1 0.0 6072.1 3286.712‐2018 73.38 0.00 0.00 0.0 0.0 212.3 3487.1 0.0 3487.1 1712.812‐2019 73.38 0.00 0.00 0.0 0.0 142.9 2347.8 0.0 2347.8 1047.612‐2020 73.38 0.00 0.00 0.0 0.0 100.0 1643.1 0.0 1643.1 666.512‐2021 73.38 0.00 0.00 0.0 0.0 70.0 1150.1 0.0 1150.1 424.112‐2022 73.38 0.00 0.00 0.0 0.0 49.0 805.1 0.0 805.1 269.912‐2023 73.38 0.00 0.00 0.0 0.0 34.3 563.6 0.0 563.6 171.812‐2024 73.38 0.00 0.00 0.0 0.0 24.0 394.5 0.0 394.5 109.312‐2025 73.38 0.00 0.00 0.0 0.0 16.8 276.1 0.0 276.1 69.6S TOT 73.38 0.00 0.00 0.0 0.0 1533.4 25036.0 4800.0 20236.0 9710.5AFTER 73.38 0.00 0.00 0.0 0.0 11.9 196.0 200.0 ‐4.0 1.3TOTAL 73.38 0.00 0.00 0.0 0.0 1545.3 25231.9 5000.0 20231.9 9711.8OIL GAS P.W. % P.W., M$‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐GROSS WELLS 1.0 0.0 LIFE, YRS. 16.08 5.00 13839.596GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 9711.830GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.58 15.00 6966.912GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 5.60 20.00 5094.458NET RES., MB & MMF 364.912 0.000 UNDISCOUNTED NET/INVEST. 5.05 25.00 3788.425NET REVENUE, M$ 26777.211 0.000 DISCOUNTED NET/INVEST. 4.30 30.00 2859.459INITIAL PRICE, $ 73.380 0.000 RATE‐OF‐RETURN, PCT. 100.00 40.00 1692.963INITIAL N.I., PCT. 37.460 0.000 INITIAL W.I., PCT. 40.000 60.00 670.79080.00 300.508100.00 147.501RALPH E. DAVIS ASSOCIATES, INC.F‐1529

FORECAST PRICE WELLECONOMICSFORECAST PRICEWELL ECONOMICSRALPH E. DAVIS ASSOCIATES, INC.Texas Registered Engineering Firm F-1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011GRAND TOTAL TIME : 11:05:53TOTAL 2P RESERVES DBS : DEMOPROVED + PROBABLESETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 597.9 129.8 0.0 490.4 103.8 0.0 33227.7 0.0 0.0 33227.712-2012 3983.4 116.8 0.0 2885.5 93.5 0.0 203872.2 0.0 0.0 203872.212-2013 6908.3 367.4 25.2 4655.2 229.4 20.1 342297.9 0.0 0.0 342297.912-2014 10731.3 4051.7 29.8 7211.9 3130.3 23.9 542659.8 0.0 0.0 542659.812-2015 17604.3 8651.9 22.4 12398.1 6829.9 18.0 962592.0 0.0 0.0 962592.012-2016 31325.3 12160.1 324.7 23400.3 8864.7 259.7 1891841.2 0.0 0.0 1891841.212-2017 30878.7 10067.5 332.3 23661.4 7174.0 265.9 1963482.5 0.0 0.0 1963482.512-2018 23203.8 7570.3 249.4 15271.8 2708.3 99.7 1302921.2 0.0 0.0 1302921.212-2019 18304.8 5694.1 187.1 12195.7 2037.7 74.8 1065422.5 0.0 0.0 1065422.512-2020 14869.6 4284.4 140.4 10072.3 1533.7 56.2 902590.9 0.0 0.0 902590.912-2021 12053.3 3219.7 104.8 8328.7 1153.4 41.9 762713.0 0.0 0.0 762713.012-2022 3753.9 2373.6 76.0 2051.8 852.0 30.4 191012.8 0.0 0.0 191012.812-2023 1731.9 1769.5 57.0 692.4 634.7 22.8 65194.1 0.0 0.0 65194.112-2024 731.9 711.9 22.9 291.1 255.4 9.2 28130.8 0.0 0.0 28130.812-2025 79.5 0.0 0.0 31.0 0.0 0.0 3163.8 0.0 0.0 3163.8S TOT 176758.0 61168.8 1572.0 123637.6 35600.7 922.6 10261122.0 0.0 0.0 10261122.0AFTER 48.1 0.0 0.0 20.4 0.0 0.0 2154.4 0.0 0.0 2154.4TOTAL 176806.1 61168.8 1572.0 123658.0 35600.7 922.6 10263277.0 0.0 0.0 10263277.0--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.76 0.00 0.00 0.0 4383.1 6955.3 21889.3 26606.2 -4716.9 -4670.312-2012 70.65 0.00 0.00 0.0 9301.7 38631.0 155939.5 467994.5 -312055.0 -275900.812-2013 73.53 0.00 0.00 0.0 9325.0 64406.6 268566.2 54060.1 214506.1 168629.112-2014 75.25 0.00 0.00 0.0 6958.5 111026.0 424675.2 109900.4 314775.0 223016.412-2015 77.64 0.00 0.00 0.0 5195.4 215623.4 741773.2 458521.6 283251.6 183380.712-2016 80.85 0.00 0.00 0.0 3918.1 450723.8 1437199.4 537121.9 900077.6 528026.412-2017 82.98 0.00 0.00 0.0 2544.0 489626.8 1471311.9 107123.0 1364188.8 733732.812-2018 85.32 0.00 0.00 0.0 1173.5 335193.3 966554.8 1939.5 964615.2 473115.112-2019 87.36 0.00 0.00 0.0 824.4 283449.0 781149.1 0.0 781149.1 348199.912-2020 89.61 0.00 0.00 0.0 717.6 247876.5 653996.8 0.0 653996.8 264965.812-2021 91.58 0.00 0.00 0.0 623.8 215823.5 546265.8 5759.3 540506.4 198984.312-2022 93.10 0.00 0.00 0.0 515.4 53874.9 136622.6 213542.8 -76920.3 -27502.612-2023 94.15 0.00 0.00 0.0 91.3 17701.1 47401.7 3306.5 44095.2 13440.812-2024 96.63 0.00 0.00 0.0 0.0 7554.6 20576.2 11963.3 8612.8 2464.512-2025 102.04 0.00 0.00 0.0 0.0 494.3 2669.5 1629.7 1039.8 269.2S TOT 82.99 0.00 0.00 0.0 45571.7 2538960.2 7676590.5 1999469.0 5677122.0 2830151.5AFTER 105.84 0.00 0.00 0.0 0.0 735.4 1419.0 3524.9 -2105.9 -443.5TOTAL 83.00 0.00 0.00 0.0 45571.7 2539695.5 7678009.5 2002993.9 5675016.0 2829708.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 539.0 0.0 LIFE, YRS. 18.17 5.00 3965275.750GROSS ULT., MB & MMF 182496.000 63770.219 DISCOUNT % 10.00 10.00 2829708.000GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.32 15.00 2055922.125GROSS RES., MB & MMF 176806.125 61168.812 DISCOUNTED PAYOUT, YRS. 3.50 20.00 1516457.000NET RES., MB & MMF 123657.969 35600.734 UNDISCOUNTED NET/INVEST. 3.83 25.00 1132579.250NET REVENUE, M$ 10263276.000 0.000 DISCOUNTED NET/INVEST. 3.15 30.00 854355.500INITIAL PRICE, $ 77.356 0.000 RATE-OF-RETURN, PCT. 94.35 40.00 496053.844INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 86.303 60.00 167583.90680.00 41669.176100.00 -12189.130RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011GRAND TOTAL TIME : 13:54:58TOTAL PROVED RESERVES DBS : DEMOFORECAST PRICING CASESETTINGS : RED123110R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 454.8 129.8 0.0 362.4 103.8 0.0 24906.2 0.0 0.0 24906.212-2012 3454.3 116.8 0.0 2414.8 93.5 0.0 170217.8 0.0 0.0 170217.812-2013 5769.4 105.1 0.0 3678.7 84.1 0.0 268435.8 0.0 0.0 268435.812-2014 9227.3 3740.9 0.0 6082.4 2958.2 0.0 454703.6 0.0 0.0 454703.612-2015 11598.4 8418.1 0.0 8474.6 6700.4 0.0 652340.4 0.0 0.0 652340.412-2016 10910.4 8778.2 0.0 8179.4 6991.9 0.0 653609.4 0.0 0.0 653609.412-2017 8468.0 6605.8 0.0 6388.3 5257.1 0.0 523816.5 0.0 0.0 523816.512-2018 6596.3 4972.9 0.0 3328.9 1989.1 0.0 281252.1 0.0 0.0 281252.112-2019 5205.3 3745.2 0.0 2702.4 1498.1 0.0 234018.1 0.0 0.0 234018.112-2020 4155.0 2822.0 0.0 2227.9 1128.8 0.0 198082.0 0.0 0.0 198082.012-2021 3255.8 2127.7 0.0 1815.3 851.1 0.0 165064.1 0.0 0.0 165064.112-2022 1673.8 1582.1 0.0 763.7 632.9 0.0 70529.1 0.0 0.0 70529.112-2023 1046.7 1175.6 0.0 421.5 470.2 0.0 39643.0 0.0 0.0 39643.012-2024 408.5 473.2 0.0 164.0 189.3 0.0 15817.8 0.0 0.0 15817.812-2025 9.8 0.0 0.0 4.5 0.0 0.0 490.6 0.0 0.0 490.6S TOT 72233.7 44793.5 0.0 47008.9 28948.5 0.0 3752927.0 0.0 0.0 3752927.0AFTER 26.0 0.0 0.0 12.0 0.0 0.0 1309.3 0.0 0.0 1309.3TOTAL 72259.7 44793.5 0.0 47020.8 28948.5 0.0 3754236.5 0.0 0.0 3754236.5--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 68.73 0.00 0.00 0.0 2638.1 6381.4 15886.8 19468.4 -3581.6 -3456.912-2012 70.49 0.00 0.00 0.0 4990.2 34387.9 130839.7 424688.6 -293848.9 -260391.912-2013 72.97 0.00 0.00 0.0 6238.5 50279.2 211918.1 21681.3 190236.9 149979.312-2014 74.76 0.00 0.00 0.0 4764.1 93872.2 356067.2 95258.2 260809.1 184329.712-2015 76.98 0.00 0.00 0.0 3648.6 151570.9 497120.9 87959.7 409161.2 264648.712-2016 79.91 0.00 0.00 0.0 2828.0 157244.9 493536.5 360.3 493176.2 292700.212-2017 82.00 0.00 0.00 0.0 2186.8 130859.7 390770.1 -2010.0 392780.1 211901.512-2018 84.49 0.00 0.00 0.0 1173.5 73082.4 206996.2 1939.5 205056.7 100544.212-2019 86.60 0.00 0.00 0.0 824.4 63842.4 169351.2 0.0 169351.2 75488.212-2020 88.91 0.00 0.00 0.0 717.6 56593.2 140771.2 0.0 140771.2 57040.712-2021 90.93 0.00 0.00 0.0 623.8 49035.6 115404.7 1775.4 113629.4 41834.812-2022 92.35 0.00 0.00 0.0 515.4 21154.7 48859.1 61115.2 -12256.1 -4694.712-2023 94.04 0.00 0.00 0.0 91.3 11369.5 28182.2 3306.5 24875.7 7584.812-2024 96.44 0.00 0.00 0.0 0.0 4753.6 11064.2 8999.8 2064.3 620.212-2025 109.37 0.00 0.00 0.0 0.0 156.6 334.1 0.0 334.1 84.3S TOT 79.83 0.00 0.00 0.0 31240.2 904584.1 2817102.2 724542.9 2092559.6 1118213.1AFTER 109.37 0.00 0.00 0.0 0.0 585.5 723.8 966.6 -242.7 -21.4TOTAL 79.84 0.00 0.00 0.0 31240.2 905169.6 2817826.0 725509.4 2092316.9 1118191.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 190.0 0.0 LIFE, YRS. 18.17 5.00 1516595.125GROSS ULT., MB & MMF 77949.625 47394.957 DISCOUNT % 10.00 10.00 1118191.625GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.41 15.00 835489.750GROSS RES., MB & MMF 72259.742 44793.547 DISCOUNTED PAYOUT, YRS. 3.62 20.00 630470.000NET RES., MB & MMF 47020.844 28948.488 UNDISCOUNTED NET/INVEST. 3.88 25.00 478942.375NET REVENUE, M$ 3754236.250 0.000 DISCOUNTED NET/INVEST. 2.99 30.00 365081.812INITIAL PRICE, $ 73.004 0.000 RATE-OF-RETURN, PCT. 77.99 40.00 211258.719INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 79.070 60.00 58624.14880.00 -5113.452100.00 -33700.957RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011GRAND TOTAL TIME : 15:06:59PROVED PRODUCING RESERVES DBS : DEMOFORECAST PRICING CASESETTINGS : RED123110SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 388.6 129.8 0.0 332.5 103.8 0.0 22834.5 0.0 0.0 22834.512-2012 335.5 116.8 0.0 287.0 93.5 0.0 20522.2 0.0 0.0 20522.212-2013 290.7 105.1 0.0 248.7 84.1 0.0 18505.5 0.0 0.0 18505.512-2014 252.7 94.6 0.0 212.2 41.2 0.0 16450.6 0.0 0.0 16450.612-2015 220.3 85.2 0.0 183.5 34.1 0.0 14767.7 0.0 0.0 14767.712-2016 189.7 76.6 0.0 151.3 30.7 0.0 12631.2 0.0 0.0 12631.212-2017 164.2 69.0 0.0 128.8 27.6 0.0 11024.1 0.0 0.0 11024.112-2018 141.1 62.1 0.0 92.1 24.8 0.0 7968.3 0.0 0.0 7968.312-2019 123.9 55.9 0.0 78.7 22.3 0.0 6964.1 0.0 0.0 6964.112-2020 109.6 50.3 0.0 69.3 20.1 0.0 6288.2 0.0 0.0 6288.212-2021 70.0 45.3 0.0 50.3 18.1 0.0 4592.4 0.0 0.0 4592.412-2022 54.0 17.5 0.0 40.2 7.0 0.0 3752.6 0.0 0.0 3752.612-2023 21.9 0.0 0.0 12.5 0.0 0.0 1236.0 0.0 0.0 1236.012-2024 12.5 0.0 0.0 5.6 0.0 0.0 595.6 0.0 0.0 595.612-2025 9.8 0.0 0.0 4.5 0.0 0.0 490.6 0.0 0.0 490.6S TOT 2384.5 908.2 0.0 1897.3 507.3 0.0 148623.5 0.0 0.0 148623.5AFTER 26.0 0.0 0.0 12.0 0.0 0.0 1309.3 0.0 0.0 1309.3TOTAL 2410.5 908.2 0.0 1909.3 507.3 0.0 149932.8 0.0 0.0 149932.8--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 68.67 0.00 0.00 0.0 2638.1 5642.3 14554.2 0.0 14554.2 13902.412-2012 71.50 0.00 0.00 0.0 2325.8 5467.5 12728.9 0.0 12728.9 11053.712-2013 74.42 0.00 0.00 0.0 2035.5 5342.3 11127.7 0.0 11127.7 8785.112-2014 77.51 0.00 0.00 0.0 1776.1 5259.4 9415.1 0.0 9415.1 6758.712-2015 80.49 0.00 0.00 0.0 1542.3 4990.8 8234.6 0.0 8234.6 5375.712-2016 83.50 0.00 0.00 0.0 1343.7 4810.1 6477.4 360.3 6117.1 3625.412-2017 85.58 0.00 0.00 0.0 1156.6 4735.8 5131.7 -2010.0 7141.7 3842.112-2018 86.51 0.00 0.00 0.0 962.0 3777.9 3228.4 800.0 2428.4 1182.012-2019 88.46 0.00 0.00 0.0 824.4 3748.5 2391.2 0.0 2391.2 1067.012-2020 90.73 0.00 0.00 0.0 717.6 3835.6 1735.0 0.0 1735.0 704.412-2021 91.31 0.00 0.00 0.0 623.8 3044.6 924.0 651.6 272.5 90.712-2022 93.41 0.00 0.00 0.0 515.4 2319.9 917.3 1665.5 -748.2 -242.912-2023 98.52 0.00 0.00 0.0 91.3 149.4 995.2 1466.2 -470.9 -143.512-2024 105.49 0.00 0.00 0.0 0.0 102.2 493.4 269.4 224.0 61.912-2025 109.37 0.00 0.00 0.0 0.0 156.6 334.1 0.0 334.1 84.3S TOT 78.33 0.00 0.00 0.0 16552.3 53382.8 78688.3 3202.9 75485.4 56146.9AFTER 109.37 0.00 0.00 0.0 0.0 585.5 723.8 966.6 -242.7 -21.4TOTAL 78.53 0.00 0.00 0.0 16552.3 53968.4 79412.1 4169.5 75242.7 56125.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 16.0 0.0 LIFE, YRS. 18.17 5.00 64396.305GROSS ULT., MB & MMF 7440.760 3509.579 DISCOUNT % 10.00 10.00 56125.469GROSS CUM., MB & MMF 5030.261 2601.409 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 49695.000GROSS RES., MB & MMF 2410.500 908.170 DISCOUNTED PAYOUT, YRS. 0.00 20.00 44599.223NET RES., MB & MMF 1909.283 507.280 UNDISCOUNTED NET/INVEST. 19.05 25.00 40488.973NET REVENUE, M$ 149932.844 0.000 DISCOUNTED NET/INVEST. 54.78 30.00 37119.816INITIAL PRICE, $ 69.073 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 31956.961INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 96.257 60.00 25382.25680.00 21407.699100.00 18752.641RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011GRAND TOTAL TIME : 11:05:41TOTAL PROVED NON-PRODUCING RESERVES DBS : DEMOFORECAST PRICING CASESETTINGS : RED123110R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 3.5 0.0 0.0 3.3 0.0 0.0 246.8 0.0 0.0 246.812-2012 5.2 0.0 0.0 4.8 0.0 0.0 372.3 0.0 0.0 372.312-2013 1.3 0.0 0.0 1.2 0.0 0.0 95.8 0.0 0.0 95.812-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 10.0 0.0 0.0 9.2 0.0 0.0 714.9 0.0 0.0 714.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 10.0 0.0 0.0 9.2 0.0 0.0 714.9 0.0 0.0 714.9--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 62.4 184.4 0.0 184.4 171.812-2012 78.28 0.00 0.00 0.0 0.0 94.2 278.1 0.0 278.1 242.012-2013 81.08 0.00 0.00 0.0 0.0 24.2 71.6 412.9 -341.4 -275.012-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 77.68 0.00 0.00 0.0 0.0 180.9 534.1 412.9 121.1 138.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 77.68 0.00 0.00 0.0 0.0 180.9 534.1 412.9 121.1 138.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 2.33 5.00 131.216GROSS ULT., MB & MMF 669.620 0.000 DISCOUNT % 10.00 10.00 138.836GROSS CUM., MB & MMF 659.616 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 144.525GROSS RES., MB & MMF 10.004 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 148.693NET RES., MB & MMF 9.203 0.000 UNDISCOUNTED NET/INVEST. 1.29 25.00 151.658NET REVENUE, M$ 714.926 0.000 DISCOUNTED NET/INVEST. 1.42 30.00 153.664INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 155.537INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 154.03380.00 149.116100.00 142.919RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011GRAND TOTAL TIME : 15:17:12PROVED UNDEVELOPED RESERVES DBS : DEMOFORECAST PRICING CASESETTINGS : RED123110SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 62.7 0.0 0.0 26.6 0.0 0.0 1824.8 0.0 0.0 1824.812-2012 3113.6 0.0 0.0 2123.0 0.0 0.0 149323.4 0.0 0.0 149323.412-2013 5477.4 0.0 0.0 3428.9 0.0 0.0 249834.6 0.0 0.0 249834.612-2014 8974.6 3646.3 0.0 5870.1 2917.0 0.0 438253.0 0.0 0.0 438253.012-2015 11378.1 8333.0 0.0 8291.1 6666.4 0.0 637572.7 0.0 0.0 637572.712-2016 10720.7 8701.6 0.0 8028.2 6961.3 0.0 640978.2 0.0 0.0 640978.212-2017 8303.8 6536.8 0.0 6259.5 5229.5 0.0 512792.4 0.0 0.0 512792.412-2018 6455.2 4910.8 0.0 3236.8 1964.3 0.0 273283.8 0.0 0.0 273283.812-2019 5081.4 3689.3 0.0 2623.7 1475.7 0.0 227054.0 0.0 0.0 227054.012-2020 4045.3 2771.8 0.0 2158.6 1108.7 0.0 191793.8 0.0 0.0 191793.812-2021 3185.9 2082.5 0.0 1765.0 833.0 0.0 160471.7 0.0 0.0 160471.712-2022 1619.8 1564.6 0.0 723.5 625.9 0.0 66776.5 0.0 0.0 66776.512-2023 1024.7 1175.6 0.0 409.0 470.2 0.0 38407.0 0.0 0.0 38407.012-2024 396.0 473.2 0.0 158.4 189.3 0.0 15222.2 0.0 0.0 15222.212-2025S TOT 69839.2 43885.4 0.0 45102.4 28441.2 0.0 3603588.2 0.0 0.0 3603588.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 69839.2 43885.4 0.0 45102.4 28441.2 0.0 3603588.2 0.0 0.0 3603588.2--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 68.63 0.00 0.00 0.0 0.0 676.7 1148.2 19468.4 -18320.2 -17531.112-2012 70.34 0.00 0.00 0.0 2664.4 28826.2 117832.8 424688.6 -306855.9 -271687.612-2013 72.86 0.00 0.00 0.0 4203.0 44912.7 200718.8 21268.3 179450.5 141469.212-2014 74.66 0.00 0.00 0.0 2988.1 88612.8 346652.2 95258.2 251394.0 177571.012-2015 76.90 0.00 0.00 0.0 2106.3 146580.1 488886.3 87959.7 400926.6 259272.912-2016 79.84 0.00 0.00 0.0 1484.4 152434.7 487059.1 0.0 487059.1 289074.812-2017 81.92 0.00 0.00 0.0 1030.2 126123.9 385638.4 0.0 385638.4 208059.412-2018 84.43 0.00 0.00 0.0 211.5 69304.5 203767.8 1139.5 202628.3 99362.212-2019 86.54 0.00 0.00 0.0 0.0 60093.9 166960.1 0.0 166960.1 74421.212-2020 88.85 0.00 0.00 0.0 0.0 52757.6 139036.2 0.0 139036.2 56336.312-2021 90.92 0.00 0.00 0.0 0.0 45990.9 114480.7 1123.8 113356.9 41744.212-2022 92.29 0.00 0.00 0.0 0.0 18834.8 47941.8 59449.8 -11508.0 -4451.812-2023 93.91 0.00 0.00 0.0 0.0 11220.0 27187.0 1840.3 25346.7 7728.312-2024 96.12 0.00 0.00 0.0 0.0 4651.4 10570.8 8730.4 1840.4 558.312-2025S TOT 79.90 0.00 0.00 0.0 14687.8 851020.4 2737880.0 720927.1 2016953.1 1061927.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 79.90 0.00 0.00 0.0 14687.8 851020.4 2737880.0 720927.1 2016953.1 1061927.4OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 173.0 0.0 LIFE, YRS. 13.50 5.00 1452067.500GROSS ULT., MB & MMF 69839.234 43885.379 DISCOUNT % 10.00 10.00 1061927.375GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.58 15.00 785650.188GROSS RES., MB & MMF 69839.234 43885.379 DISCOUNTED PAYOUT, YRS. 3.83 20.00 585722.125NET RES., MB & MMF 45102.359 28441.207 UNDISCOUNTED NET/INVEST. 3.80 25.00 438301.719NET REVENUE, M$ 3603588.250 0.000 DISCOUNTED NET/INVEST. 2.90 30.00 327808.375INITIAL PRICE, $ 73.079 0.000 RATE-OF-RETURN, PCT. 69.16 40.00 179146.219INITIAL N.I., PCT. 42.439 80.000 INITIAL W.I., PCT. 78.749 60.00 33087.85280.00 -26670.270100.00 -52596.504RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011COUNTRY OF COLOMBIA TIME : 11:05:50GRAND TOTAL DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLE SCENARIO : 51-101FORECAST PRICING CASER E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 541.2 129.8 0.0 468.9 103.8 0.0 31784.7 0.0 0.0 31784.712-2012 3010.9 116.8 0.0 2516.0 93.5 0.0 178113.8 0.0 0.0 178113.812-2013 4524.1 367.4 25.2 3751.5 229.4 20.1 276778.7 0.0 0.0 276778.712-2014 7242.0 4051.7 29.8 5896.0 3130.3 23.9 443440.2 0.0 0.0 443440.212-2015 13453.5 8651.9 22.4 10837.6 6829.9 18.0 840403.4 0.0 0.0 840403.412-2016 27383.5 12160.1 324.7 21916.8 8864.7 259.7 1771084.9 0.0 0.0 1771084.912-2017 28491.2 10067.5 332.3 22756.6 7174.0 265.9 1888014.9 0.0 0.0 1888014.912-2018 21620.0 7570.3 249.4 14669.9 2708.3 99.7 1251524.5 0.0 0.0 1251524.512-2019 17202.8 5694.1 187.1 11777.0 2037.7 74.8 1028821.1 0.0 0.0 1028821.112-2020 14098.2 4284.4 140.4 9779.1 1533.7 56.2 876325.5 0.0 0.0 876325.512-2021 11517.1 3219.7 104.8 8124.9 1153.4 41.9 744029.2 0.0 0.0 744029.212-2022 3403.6 2373.6 76.0 1918.7 852.0 30.4 178512.5 0.0 0.0 178512.512-2023 1526.2 1769.5 57.0 614.2 634.7 22.8 57680.9 0.0 0.0 57680.912-2024 617.7 711.9 22.9 247.7 255.4 9.2 23862.0 0.0 0.0 23862.012-2025 9.8 0.0 0.0 4.5 0.0 0.0 490.6 0.0 0.0 490.6S TOT 154641.8 61168.8 1572.0 115279.3 35600.7 922.6 9590868.0 0.0 0.0 9590868.0AFTER 26.0 0.0 0.0 12.0 0.0 0.0 1309.3 0.0 0.0 1309.3TOTAL 154667.8 61168.8 1572.0 115291.3 35600.7 922.6 9592178.0 0.0 0.0 9592178.0--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.79 0.00 0.00 0.0 4383.1 6860.4 20541.2 26606.2 -6065.0 -5900.812-2012 70.79 0.00 0.00 0.0 9301.7 36948.4 131863.6 450961.2 -319097.5 -281932.212-2013 73.78 0.00 0.00 0.0 9325.0 60098.0 207355.6 32791.7 174563.9 137252.212-2014 75.21 0.00 0.00 0.0 6958.5 103766.5 332715.2 82880.9 249834.3 176613.012-2015 77.55 0.00 0.00 0.0 5195.4 206661.1 628547.0 430169.4 198377.6 128199.712-2016 80.81 0.00 0.00 0.0 3918.1 442089.5 1325077.2 525796.6 799280.7 468325.712-2017 82.97 0.00 0.00 0.0 2544.0 484108.9 1401362.0 107123.0 1294239.0 695934.612-2018 85.31 0.00 0.00 0.0 1173.5 331337.5 919013.7 1939.5 917074.2 449776.412-2019 87.36 0.00 0.00 0.0 824.4 280630.8 747366.0 0.0 747366.0 333125.012-2020 89.61 0.00 0.00 0.0 717.6 245805.1 629802.9 0.0 629802.9 255151.212-2021 91.57 0.00 0.00 0.0 623.8 214311.3 529094.0 5425.5 523668.5 192773.012-2022 93.04 0.00 0.00 0.0 515.4 52833.8 125163.4 211794.4 -86631.0 -30761.612-2023 93.91 0.00 0.00 0.0 91.3 17052.0 40537.6 1466.2 39071.4 11903.412-2024 96.32 0.00 0.00 0.0 0.0 7196.6 16665.4 11584.7 5080.7 1489.212-2025 109.37 0.00 0.00 0.0 0.0 156.6 334.1 0.0 334.1 84.3S TOT 83.20 0.00 0.00 0.0 45571.7 2489856.8 7055439.5 1888539.4 5166899.0 2532033.5AFTER 109.37 0.00 0.00 0.0 0.0 585.5 723.8 966.6 -242.7 -21.4TOTAL 83.20 0.00 0.00 0.0 45571.7 2490442.2 7056163.5 1889505.9 5166656.5 2532012.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 517.0 0.0 LIFE, YRS. 18.17 5.00 3580987.500GROSS ULT., MB & MMF 160357.703 63770.219 DISCOUNT % 10.00 10.00 2532012.000GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.60 15.00 1820387.500GROSS RES., MB & MMF 154667.828 61168.812 DISCOUNTED PAYOUT, YRS. 3.85 20.00 1326659.125NET RES., MB & MMF 115291.266 35600.734 UNDISCOUNTED NET/INVEST. 3.73 25.00 977169.562NET REVENUE, M$ 9592178.000 0.000 DISCOUNTED NET/INVEST. 3.04 30.00 725300.125INITIAL PRICE, $ 78.109 0.000 RATE-OF-RETURN, PCT. 83.06 40.00 403795.750INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 99.970 60.00 114843.99280.00 8071.134100.00 -35302.199RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011COUNTRY OF COLOMBIA TIME : 14:27:04GRAND TOTAL DBS : DEMOTOTAL PROVED RESERVESSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 398.1 129.8 0.0 340.8 103.8 0.0 23463.2 0.0 0.0 23463.212-2012 2481.8 116.8 0.0 2045.2 93.5 0.0 144459.4 0.0 0.0 144459.412-2013 3385.2 105.1 0.0 2775.0 84.1 0.0 202916.6 0.0 0.0 202916.612-2014 6035.2 3740.9 0.0 4876.9 2958.2 0.0 363811.4 0.0 0.0 363811.412-2015 9612.4 8418.1 0.0 7720.5 6700.4 0.0 593296.5 0.0 0.0 593296.512-2016 9634.9 8778.2 0.0 7694.7 6991.9 0.0 614154.3 0.0 0.0 614154.312-2017 7584.6 6605.8 0.0 6052.6 5257.1 0.0 495821.0 0.0 0.0 495821.012-2018 5978.0 4972.9 0.0 3093.9 1989.1 0.0 261186.4 0.0 0.0 261186.412-2019 4772.4 3745.2 0.0 2537.9 1498.1 0.0 219643.2 0.0 0.0 219643.212-2020 3852.0 2822.0 0.0 2112.8 1128.8 0.0 187766.3 0.0 0.0 187766.312-2021 3047.6 2127.7 0.0 1736.2 851.1 0.0 157806.6 0.0 0.0 157806.612-2022 1553.0 1582.1 0.0 717.8 632.9 0.0 66219.2 0.0 0.0 66219.212-2023 1001.6 1175.6 0.0 404.4 470.2 0.0 37997.4 0.0 0.0 37997.412-2024 406.8 473.2 0.0 163.4 189.3 0.0 15754.6 0.0 0.0 15754.612-2025 9.8 0.0 0.0 4.5 0.0 0.0 490.6 0.0 0.0 490.6S TOT 59753.4 44793.5 0.0 42276.8 28948.5 0.0 3384787.0 0.0 0.0 3384787.0AFTER 26.0 0.0 0.0 12.0 0.0 0.0 1309.3 0.0 0.0 1309.3TOTAL 59779.4 44793.5 0.0 42288.7 28948.5 0.0 3386096.5 0.0 0.0 3386096.5--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 68.84 0.00 0.00 0.0 2638.1 6286.6 14538.6 19468.4 -4929.7 -4687.412-2012 70.63 0.00 0.00 0.0 4990.2 32705.3 106763.9 407655.3 -300891.4 -266423.312-2013 73.12 0.00 0.00 0.0 6238.5 45970.6 150707.6 412.9 150294.6 118602.512-2014 74.60 0.00 0.00 0.0 4764.1 87185.4 271861.8 80246.6 191615.2 134897.612-2015 76.85 0.00 0.00 0.0 3648.6 146926.1 442721.9 87959.7 354762.2 229065.912-2016 79.81 0.00 0.00 0.0 2828.0 154169.5 457156.8 360.3 456796.5 271088.412-2017 81.92 0.00 0.00 0.0 2186.8 128633.3 365001.0 -2010.0 367010.9 197987.812-2018 84.42 0.00 0.00 0.0 1173.5 71446.2 188566.8 1939.5 186627.3 91498.112-2019 86.54 0.00 0.00 0.0 824.4 62639.8 156179.0 0.0 156179.0 69610.312-2020 88.87 0.00 0.00 0.0 717.6 55709.3 131339.5 0.0 131339.5 53214.612-2021 90.89 0.00 0.00 0.0 623.8 48396.2 108786.7 1441.6 107345.1 39515.512-2022 92.25 0.00 0.00 0.0 515.4 20755.0 44948.8 59366.8 -14418.0 -5422.812-2023 93.96 0.00 0.00 0.0 91.3 11191.8 26714.3 1466.2 25248.1 7692.012-2024 96.43 0.00 0.00 0.0 0.0 4742.1 11012.5 8621.2 2391.3 714.212-2025 109.37 0.00 0.00 0.0 0.0 156.6 334.1 0.0 334.1 84.3S TOT 80.06 0.00 0.00 0.0 31240.2 876913.6 2476633.0 666928.4 1809704.9 937437.6AFTER 109.37 0.00 0.00 0.0 0.0 585.5 723.8 966.6 -242.7 -21.4TOTAL 80.07 0.00 0.00 0.0 31240.2 877499.1 2477356.8 667895.0 1809462.1 937416.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 178.0 0.0 LIFE, YRS. 18.17 5.00 1292734.250GROSS ULT., MB & MMF 65469.273 47394.957 DISCOUNT % 10.00 10.00 937416.250GROSS CUM., MB & MMF 5689.876 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.81 15.00 686966.438GROSS RES., MB & MMF 59779.395 44793.547 DISCOUNTED PAYOUT, YRS. 4.08 20.00 506614.562NET RES., MB & MMF 42288.734 28948.488 UNDISCOUNTED NET/INVEST. 3.71 25.00 374311.938NET REVENUE, M$ 3386096.250 0.000 DISCOUNTED NET/INVEST. 2.81 30.00 275684.438INITIAL PRICE, $ 73.513 0.000 RATE-OF-RETURN, PCT. 65.60 40.00 144084.484INITIAL N.I., PCT. 75.424 80.000 INITIAL W.I., PCT. 99.897 60.00 17139.31280.00 -33053.551100.00 -53722.293RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011COUNTRY OF COLOMBIA TIME : 14:44:58GRAND TOTAL DBS : DEMOTOTAL PROBABLE RESERVESSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 143.1 0.0 0.0 128.0 0.0 0.0 8321.5 0.0 0.0 8321.512-2012 529.1 0.0 0.0 470.7 0.0 0.0 33654.4 0.0 0.0 33654.412-2013 1138.9 262.3 25.2 976.5 145.2 20.1 73862.1 0.0 0.0 73862.112-2014 1206.8 310.8 29.8 1019.1 172.1 23.9 79628.9 0.0 0.0 79628.912-2015 3841.1 233.7 22.4 3117.0 129.4 18.0 247106.9 0.0 0.0 247106.912-2016 17748.6 3381.9 324.7 14222.1 1872.8 259.7 1156930.5 0.0 0.0 1156930.512-2017 20906.6 3461.7 332.3 16703.9 1917.0 265.9 1392193.9 0.0 0.0 1392193.912-2018 15642.1 2597.4 249.4 11576.0 719.2 99.7 990338.2 0.0 0.0 990338.212-2019 12430.3 1948.9 187.1 9239.0 539.6 74.8 809178.1 0.0 0.0 809178.112-2020 10246.2 1462.3 140.4 7666.4 404.9 56.2 688559.2 0.0 0.0 688559.212-2021 8469.5 1092.0 104.8 6388.8 302.3 41.9 586222.4 0.0 0.0 586222.412-2022 1850.6 791.5 76.0 1200.8 219.2 30.4 112293.3 0.0 0.0 112293.312-2023 524.6 593.8 57.0 209.8 164.4 22.8 19683.5 0.0 0.0 19683.512-2024 210.9 238.7 22.9 84.4 66.1 9.2 8107.4 0.0 0.0 8107.412-2025S TOT 94888.4 16375.3 1572.0 73002.5 6652.2 922.6 6206080.5 0.0 0.0 6206080.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 94888.4 16375.3 1572.0 73002.5 6652.2 922.6 6206080.5 0.0 0.0 6206080.5--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 1745.0 573.9 6002.6 7137.9 -1135.3 -1213.412-2012 71.50 0.00 0.00 0.0 4311.5 4243.1 25099.8 43305.9 -18206.2 -15508.812-2013 75.64 0.00 0.00 0.0 3086.6 14127.4 56648.1 32378.8 24269.3 18649.812-2014 78.14 0.00 0.00 0.0 2194.3 16581.0 60853.5 2634.3 58219.1 41715.412-2015 79.28 0.00 0.00 0.0 1546.8 59735.0 185825.2 342209.8 -156384.6 -100866.212-2016 81.35 0.00 0.00 0.0 1090.1 287920.0 867920.6 525436.4 342484.2 197237.412-2017 83.35 0.00 0.00 0.0 357.3 355475.7 1036360.8 109133.0 927227.8 497946.912-2018 85.55 0.00 0.00 0.0 0.0 259891.4 730446.8 0.0 730446.8 358278.412-2019 87.58 0.00 0.00 0.0 0.0 217991.0 591187.1 0.0 591187.1 263514.612-2020 89.82 0.00 0.00 0.0 0.0 190095.8 498463.5 0.0 498463.5 201936.712-2021 91.76 0.00 0.00 0.0 0.0 165915.2 420307.3 3984.0 416323.4 153257.412-2022 93.51 0.00 0.00 0.0 0.0 32078.8 80214.6 152427.6 -72213.0 -25338.712-2023 93.81 0.00 0.00 0.0 0.0 5860.2 13823.3 0.0 13823.3 4211.412-2024 96.11 0.00 0.00 0.0 0.0 2454.5 5652.9 2963.5 2689.4 775.012-2025S TOT 85.01 0.00 0.00 0.0 14331.6 1612942.9 4578806.0 1221611.1 3357194.8 1594595.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.01 0.00 0.00 0.0 14331.6 1612942.9 4578806.0 1221611.1 3357194.8 1594595.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 339.0 0.0 LIFE, YRS. 13.50 5.00 2288253.500GROSS ULT., MB & MMF 94888.391 16375.258 DISCOUNT % 10.00 10.00 1594595.875GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.80 15.00 1133421.250GROSS RES., MB & MMF 94888.391 16375.258 DISCOUNTED PAYOUT, YRS. 2.90 20.00 820044.438NET RES., MB & MMF 73002.516 6652.250 UNDISCOUNTED NET/INVEST. 3.75 25.00 602857.562NET REVENUE, M$ 6206080.500 0.000 DISCOUNTED NET/INVEST. 3.21 30.00 449615.625INITIAL PRICE, $ 80.171 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 259711.297INITIAL N.I., PCT. 89.500 80.000 INITIAL W.I., PCT. 100.000 60.00 97704.68880.00 41124.684100.00 18420.088RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011COUNTRY OF PERU TIME : 11:05:53GRAND TOTAL DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLE SCENARIO : 51-101FORECAST PRICING CASER E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 56.7 0.0 0.0 21.5 0.0 0.0 1442.9 0.0 0.0 1442.912-2012 972.5 0.0 0.0 369.6 0.0 0.0 25758.5 0.0 0.0 25758.512-2013 2384.2 0.0 0.0 903.7 0.0 0.0 65519.2 0.0 0.0 65519.212-2014 3489.3 0.0 0.0 1315.9 0.0 0.0 99219.6 0.0 0.0 99219.612-2015 4150.8 0.0 0.0 1560.5 0.0 0.0 122188.6 0.0 0.0 122188.612-2016 3941.8 0.0 0.0 1483.5 0.0 0.0 120756.4 0.0 0.0 120756.412-2017 2387.5 0.0 0.0 904.9 0.0 0.0 75467.6 0.0 0.0 75467.612-2018 1583.8 0.0 0.0 601.8 0.0 0.0 51396.8 0.0 0.0 51396.812-2019 1102.1 0.0 0.0 418.8 0.0 0.0 36601.3 0.0 0.0 36601.312-2020 771.4 0.0 0.0 293.1 0.0 0.0 26265.3 0.0 0.0 26265.312-2021 536.2 0.0 0.0 203.7 0.0 0.0 18683.8 0.0 0.0 18683.812-2022 350.3 0.0 0.0 133.1 0.0 0.0 12500.3 0.0 0.0 12500.312-2023 205.7 0.0 0.0 78.2 0.0 0.0 7513.2 0.0 0.0 7513.212-2024 114.2 0.0 0.0 43.4 0.0 0.0 4268.8 0.0 0.0 4268.812-2025 69.8 0.0 0.0 26.5 0.0 0.0 2673.1 0.0 0.0 2673.1S TOT 22116.3 0.0 0.0 8358.3 0.0 0.0 670255.5 0.0 0.0 670255.5AFTER 22.1 0.0 0.0 8.4 0.0 0.0 845.0 0.0 0.0 845.0TOTAL 22138.3 0.0 0.0 8366.7 0.0 0.0 671100.5 0.0 0.0 671100.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.00 0.00 0.00 0.0 0.0 94.8 1348.1 0.0 1348.1 1230.412-2012 69.70 0.00 0.00 0.0 0.0 1682.6 24075.8 17033.3 7042.5 6031.412-2013 72.50 0.00 0.00 0.0 0.0 4308.6 61210.6 21268.3 39942.2 31376.912-2014 75.40 0.00 0.00 0.0 0.0 7259.5 91960.1 27019.4 64940.6 46403.412-2015 78.30 0.00 0.00 0.0 0.0 8962.3 113226.3 28352.2 84874.0 55181.012-2016 81.40 0.00 0.00 0.0 0.0 8634.2 112122.2 11325.3 100796.9 59700.712-2017 83.40 0.00 0.00 0.0 0.0 5517.8 69949.8 0.0 69949.8 37798.112-2018 85.40 0.00 0.00 0.0 0.0 3855.8 47541.0 0.0 47541.0 23338.612-2019 87.40 0.00 0.00 0.0 0.0 2818.2 33783.1 0.0 33783.1 15075.012-2020 89.60 0.00 0.00 0.0 0.0 2071.4 24193.9 0.0 24193.9 9814.612-2021 91.70 0.00 0.00 0.0 0.0 1512.2 17171.7 333.8 16837.9 6211.312-2022 93.90 0.00 0.00 0.0 0.0 1041.1 11459.2 1748.5 9710.7 3259.012-2023 96.10 0.00 0.00 0.0 0.0 649.1 6864.1 1840.3 5023.8 1537.412-2024 98.40 0.00 0.00 0.0 0.0 358.0 3910.8 378.7 3532.1 975.312-2025 100.80 0.00 0.00 0.0 0.0 337.7 2335.4 1629.7 705.7 185.0S TOT 80.19 0.00 0.00 0.0 0.0 49103.5 621152.0 110929.6 510222.4 298118.0AFTER 100.80 0.00 0.00 0.0 0.0 149.9 695.1 2558.3 -1863.2 -422.1TOTAL 80.21 0.00 0.00 0.0 0.0 49253.3 621847.2 113487.9 508359.2 297696.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 22.0 0.0 LIFE, YRS. 16.08 5.00 384288.125GROSS ULT., MB & MMF 22138.338 0.000 DISCOUNT % 10.00 10.00 297695.938GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 235534.719GROSS RES., MB & MMF 22138.338 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 189797.938NET RES., MB & MMF 8366.714 0.000 UNDISCOUNTED NET/INVEST. 5.48 25.00 155409.656NET REVENUE, M$ 671100.562 0.000 DISCOUNTED NET/INVEST. 4.79 30.00 129055.445INITIAL PRICE, $ 74.908 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 92258.117INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 52739.90680.00 33598.043100.00 23113.070RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011COUNTRY OF PERU TIME : 11:05:51GRAND TOTAL DBS : DEMOTOTAL PROVED UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 56.7 0.0 0.0 21.5 0.0 0.0 1442.9 0.0 0.0 1442.912-2012 972.5 0.0 0.0 369.6 0.0 0.0 25758.5 0.0 0.0 25758.512-2013 2384.2 0.0 0.0 903.7 0.0 0.0 65519.2 0.0 0.0 65519.212-2014 3192.1 0.0 0.0 1205.5 0.0 0.0 90892.2 0.0 0.0 90892.212-2015 1986.0 0.0 0.0 754.1 0.0 0.0 59043.8 0.0 0.0 59043.812-2016 1275.5 0.0 0.0 484.7 0.0 0.0 39455.1 0.0 0.0 39455.112-2017 883.4 0.0 0.0 335.7 0.0 0.0 27995.6 0.0 0.0 27995.612-2018 618.3 0.0 0.0 235.0 0.0 0.0 20065.6 0.0 0.0 20065.612-2019 432.8 0.0 0.0 164.5 0.0 0.0 14374.9 0.0 0.0 14374.912-2020 303.0 0.0 0.0 115.1 0.0 0.0 10315.7 0.0 0.0 10315.712-2021 208.3 0.0 0.0 79.1 0.0 0.0 7257.5 0.0 0.0 7257.512-2022 120.8 0.0 0.0 45.9 0.0 0.0 4309.9 0.0 0.0 4309.912-2023 45.1 0.0 0.0 17.1 0.0 0.0 1645.6 0.0 0.0 1645.612-2024 1.7 0.0 0.0 0.6 0.0 0.0 63.2 0.0 0.0 63.212-2025S TOT 12480.3 0.0 0.0 4732.1 0.0 0.0 368139.8 0.0 0.0 368139.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 12480.3 0.0 0.0 4732.1 0.0 0.0 368139.8 0.0 0.0 368139.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.00 0.00 0.00 0.0 0.0 94.8 1348.1 0.0 1348.1 1230.412-2012 69.70 0.00 0.00 0.0 0.0 1682.6 24075.8 17033.3 7042.5 6031.412-2013 72.50 0.00 0.00 0.0 0.0 4308.6 61210.6 21268.3 39942.2 31376.912-2014 75.40 0.00 0.00 0.0 0.0 6686.7 84205.5 15011.6 69193.9 49432.112-2015 78.30 0.00 0.00 0.0 0.0 4644.8 54399.0 0.0 54399.0 35582.712-2016 81.40 0.00 0.00 0.0 0.0 3075.4 36379.7 0.0 36379.7 21611.812-2017 83.40 0.00 0.00 0.0 0.0 2226.4 25769.1 0.0 25769.1 13913.712-2018 85.40 0.00 0.00 0.0 0.0 1636.2 18429.4 0.0 18429.4 9046.112-2019 87.40 0.00 0.00 0.0 0.0 1202.6 13172.3 0.0 13172.3 5877.912-2020 89.60 0.00 0.00 0.0 0.0 883.9 9431.8 0.0 9431.8 3826.112-2021 91.70 0.00 0.00 0.0 0.0 639.4 6618.1 333.8 6284.2 2319.312-2022 93.90 0.00 0.00 0.0 0.0 399.6 3910.3 1748.5 2161.8 728.112-2023 96.10 0.00 0.00 0.0 0.0 177.6 1468.0 1840.3 -372.3 -107.212-2024 98.40 0.00 0.00 0.0 0.0 11.5 51.7 378.7 -327.0 -94.012-2025S TOT 77.80 0.00 0.00 0.0 0.0 27670.4 340469.3 57614.5 282854.8 180775.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 77.80 0.00 0.00 0.0 0.0 27670.4 340469.3 57614.5 282854.8 180775.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 12.0 0.0 LIFE, YRS. 13.17 5.00 223860.703GROSS ULT., MB & MMF 12480.330 0.000 DISCOUNT % 10.00 10.00 180775.469GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 148523.234GROSS RES., MB & MMF 12480.330 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 123855.469NET RES., MB & MMF 4732.107 0.000 UNDISCOUNTED NET/INVEST. 5.91 25.00 104630.438NET REVENUE, M$ 368139.781 0.000 DISCOUNTED NET/INVEST. 5.14 30.00 89397.414INITIAL PRICE, $ 72.067 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 67174.250INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 41484.82480.00 27940.098100.00 20021.340RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011COUNTRY OF PERU TIME : 11:05:53GRAND TOTAL DBS : DEMOTOTAL PROBABLE UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 297.2 0.0 0.0 110.4 0.0 0.0 8327.4 0.0 0.0 8327.412-2015 2164.8 0.0 0.0 806.4 0.0 0.0 63144.7 0.0 0.0 63144.712-2016 2666.3 0.0 0.0 998.8 0.0 0.0 81301.3 0.0 0.0 81301.312-2017 1504.1 0.0 0.0 569.2 0.0 0.0 47472.1 0.0 0.0 47472.112-2018 965.5 0.0 0.0 366.9 0.0 0.0 31331.2 0.0 0.0 31331.212-2019 669.2 0.0 0.0 254.3 0.0 0.0 22226.4 0.0 0.0 22226.412-2020 468.4 0.0 0.0 178.0 0.0 0.0 15949.6 0.0 0.0 15949.612-2021 327.9 0.0 0.0 124.6 0.0 0.0 11426.4 0.0 0.0 11426.412-2022 229.5 0.0 0.0 87.2 0.0 0.0 8190.4 0.0 0.0 8190.412-2023 160.7 0.0 0.0 61.1 0.0 0.0 5867.6 0.0 0.0 5867.612-2024 112.5 0.0 0.0 42.7 0.0 0.0 4205.6 0.0 0.0 4205.612-2025 69.8 0.0 0.0 26.5 0.0 0.0 2673.1 0.0 0.0 2673.1S TOT 9635.9 0.0 0.0 3626.2 0.0 0.0 302115.8 0.0 0.0 302115.8AFTER 22.1 0.0 0.0 8.4 0.0 0.0 845.0 0.0 0.0 845.0TOTAL 9658.0 0.0 0.0 3634.6 0.0 0.0 302960.8 0.0 0.0 302960.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 75.40 0.00 0.00 0.0 0.0 572.8 7754.6 12007.9 -4253.3 -3028.712-2015 78.30 0.00 0.00 0.0 0.0 4317.5 58827.3 28352.2 30475.1 19598.212-2016 81.40 0.00 0.00 0.0 0.0 5558.8 75742.4 11325.3 64417.2 38088.912-2017 83.40 0.00 0.00 0.0 0.0 3291.4 44180.6 0.0 44180.6 23884.412-2018 85.40 0.00 0.00 0.0 0.0 2219.5 29111.6 0.0 29111.6 14292.512-2019 87.40 0.00 0.00 0.0 0.0 1615.6 20610.8 0.0 20610.8 9197.112-2020 89.60 0.00 0.00 0.0 0.0 1187.4 14762.2 0.0 14762.2 5988.412-2021 91.70 0.00 0.00 0.0 0.0 872.8 10553.6 0.0 10553.6 3892.012-2022 93.90 0.00 0.00 0.0 0.0 641.5 7548.9 0.0 7548.9 2530.812-2023 96.10 0.00 0.00 0.0 0.0 471.5 5396.1 0.0 5396.1 1644.612-2024 98.40 0.00 0.00 0.0 0.0 346.5 3859.1 0.0 3859.1 1069.212-2025 100.80 0.00 0.00 0.0 0.0 337.7 2335.4 1629.7 705.7 185.0S TOT 83.31 0.00 0.00 0.0 0.0 21433.1 280682.7 53315.1 227367.6 117342.5AFTER 100.80 0.00 0.00 0.0 0.0 149.9 695.1 2558.3 -1863.2 -422.1TOTAL 83.35 0.00 0.00 0.0 0.0 21582.9 281377.8 55873.4 225504.4 116920.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 10.0 0.0 LIFE, YRS. 16.08 5.00 160427.438GROSS ULT., MB & MMF 9658.003 0.000 DISCOUNT % 10.00 10.00 116920.477GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.14 15.00 87011.492GROSS RES., MB & MMF 9658.003 0.000 DISCOUNTED PAYOUT, YRS. 4.15 20.00 65942.461NET RES., MB & MMF 3634.607 0.000 UNDISCOUNTED NET/INVEST. 5.04 25.00 50779.223NET REVENUE, M$ 302960.781 0.000 DISCOUNTED NET/INVEST. 4.36 30.00 39658.031INITIAL PRICE, $ 78.340 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 25083.871INITIAL N.I., PCT. 37.160 0.000 INITIAL W.I., PCT. 40.000 60.00 11255.08480.00 5657.945100.00 3091.730RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN A BLOCK TIME : 11:05:42BLOCK SUMMARY DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLE SCENARIO : 51-101FORECAST PRICING CASER E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 126.6 0.0 0.0 99.6 0.0 0.0 7527.5 0.0 0.0 7527.512-2012 305.4 0.0 0.0 252.1 0.0 0.0 19732.8 0.0 0.0 19732.812-2013 476.6 0.0 0.0 397.5 0.0 0.0 32231.4 0.0 0.0 32231.412-2014 441.6 0.0 0.0 368.7 0.0 0.0 30962.0 0.0 0.0 30962.012-2015 400.2 0.0 0.0 334.4 0.0 0.0 29053.5 0.0 0.0 29053.512-2016 362.4 0.0 0.0 303.1 0.0 0.0 27275.0 0.0 0.0 27275.012-2017 327.4 0.0 0.0 274.0 0.0 0.0 25201.2 0.0 0.0 25201.212-2018 296.3 0.0 0.0 214.6 0.0 0.0 20168.4 0.0 0.0 20168.412-2019 268.9 0.0 0.0 192.1 0.0 0.0 18436.0 0.0 0.0 18436.012-2020 244.1 0.0 0.0 174.5 0.0 0.0 17136.4 0.0 0.0 17136.412-2021 31.7 0.0 0.0 19.5 0.0 0.0 1957.9 0.0 0.0 1957.912-2022 12.5 0.0 0.0 5.8 0.0 0.0 590.3 0.0 0.0 590.312-2023 11.5 0.0 0.0 5.3 0.0 0.0 554.8 0.0 0.0 554.812-2024 10.6 0.0 0.0 4.9 0.0 0.0 521.6 0.0 0.0 521.612-2025 9.8 0.0 0.0 4.5 0.0 0.0 490.6 0.0 0.0 490.6S TOT 3325.7 0.0 0.0 2650.6 0.0 0.0 231839.3 0.0 0.0 231839.3AFTER 26.0 0.0 0.0 12.0 0.0 0.0 1309.3 0.0 0.0 1309.3TOTAL 3351.7 0.0 0.0 2662.6 0.0 0.0 233148.7 0.0 0.0 233148.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 2427.0 5100.5 5751.6 -651.0 -415.212-2012 78.28 0.00 0.00 0.0 0.0 5901.2 13831.7 23720.8 -9889.2 -8569.912-2013 81.08 0.00 0.00 0.0 0.0 9524.6 22706.8 6526.2 16180.6 12593.912-2014 83.98 0.00 0.00 0.0 0.0 9353.4 21608.5 0.0 21608.5 15500.212-2015 86.88 0.00 0.00 0.0 0.0 9004.2 20049.3 0.0 20049.3 13074.412-2016 89.98 0.00 0.00 0.0 0.0 8677.0 18598.1 0.0 18598.1 11026.112-2017 91.98 0.00 0.00 0.0 0.0 8360.3 16840.8 -2010.0 18850.8 10150.012-2018 93.98 0.00 0.00 0.0 0.0 6684.8 13483.6 0.0 13483.6 6609.812-2019 95.98 0.00 0.00 0.0 0.0 6314.9 12121.0 0.0 12121.0 5398.812-2020 98.18 0.00 0.00 0.0 0.0 6085.8 11050.5 0.0 11050.5 4474.612-2021 100.28 0.00 0.00 0.0 0.0 601.0 1356.9 3722.0 -2365.1 -922.212-2022 102.47 0.00 0.00 0.0 0.0 109.5 480.8 0.0 480.8 160.912-2023 104.67 0.00 0.00 0.0 0.0 105.8 449.0 0.0 449.0 136.612-2024 106.97 0.00 0.00 0.0 0.0 102.2 419.4 0.0 419.4 116.012-2025 109.37 0.00 0.00 0.0 0.0 156.6 334.1 0.0 334.1 84.3S TOT 87.47 0.00 0.00 0.0 0.0 73408.3 158431.0 37710.6 120720.4 69418.2AFTER 109.37 0.00 0.00 0.0 0.0 585.5 723.8 966.6 -242.7 -21.4TOTAL 87.57 0.00 0.00 0.0 0.0 73993.8 159154.8 38677.1 120477.7 69396.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 14.0 0.0 LIFE, YRS. 18.17 5.00 90500.117GROSS ULT., MB & MMF 6773.403 0.000 DISCOUNT % 10.00 10.00 69396.758GROSS CUM., MB & MMF 3421.722 0.000 UNDISCOUNTED PAYOUT, YRS. 2.65 15.00 54180.707GROSS RES., MB & MMF 3351.681 0.000 DISCOUNTED PAYOUT, YRS. 2.71 20.00 42970.617NET RES., MB & MMF 2662.575 0.000 UNDISCOUNTED NET/INVEST. 4.11 25.00 34551.395NET REVENUE, M$ 233148.703 0.000 DISCOUNTED NET/INVEST. 3.20 30.00 28118.861INITIAL PRICE, $ 77.595 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 19203.877INITIAL N.I., PCT. 71.507 0.000 INITIAL W.I., PCT. 97.472 60.00 9845.16080.00 5526.255100.00 3314.512RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN A BLOCK TIME : 13:54:55BLOCK SUMMARY DBS : DEMOTOTAL PROVED RESERVESSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 126.6 0.0 0.0 99.6 0.0 0.0 7527.5 0.0 0.0 7527.512-2012 177.3 0.0 0.0 143.8 0.0 0.0 11255.2 0.0 0.0 11255.212-2013 155.9 0.0 0.0 126.4 0.0 0.0 10251.3 0.0 0.0 10251.312-2014 139.0 0.0 0.0 112.9 0.0 0.0 9484.1 0.0 0.0 9484.112-2015 125.1 0.0 0.0 101.9 0.0 0.0 8853.1 0.0 0.0 8853.112-2016 112.3 0.0 0.0 91.7 0.0 0.0 8255.0 0.0 0.0 8255.012-2017 100.1 0.0 0.0 81.8 0.0 0.0 7525.3 0.0 0.0 7525.312-2018 89.6 0.0 0.0 39.9 0.0 0.0 3749.4 0.0 0.0 3749.412-2019 81.0 0.0 0.0 33.3 0.0 0.0 3191.3 0.0 0.0 3191.312-2020 73.2 0.0 0.0 30.1 0.0 0.0 2959.4 0.0 0.0 2959.412-2021 18.2 0.0 0.0 8.1 0.0 0.0 812.3 0.0 0.0 812.312-2022 12.5 0.0 0.0 5.8 0.0 0.0 590.3 0.0 0.0 590.312-2023 11.5 0.0 0.0 5.3 0.0 0.0 554.8 0.0 0.0 554.812-2024 10.6 0.0 0.0 4.9 0.0 0.0 521.6 0.0 0.0 521.612-2025 9.8 0.0 0.0 4.5 0.0 0.0 490.6 0.0 0.0 490.6S TOT 1242.6 0.0 0.0 890.0 0.0 0.0 76021.2 0.0 0.0 76021.2AFTER 26.0 0.0 0.0 12.0 0.0 0.0 1309.3 0.0 0.0 1309.3TOTAL 1268.7 0.0 0.0 902.0 0.0 0.0 77330.6 0.0 0.0 77330.6--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 2427.0 5100.5 5751.6 -651.0 -415.212-2012 78.28 0.00 0.00 0.0 0.0 3541.1 7714.1 0.0 7714.1 6696.912-2013 81.08 0.00 0.00 0.0 0.0 3374.3 6877.0 412.9 6464.1 5095.612-2014 83.98 0.00 0.00 0.0 0.0 3265.6 6218.4 0.0 6218.4 4461.312-2015 86.88 0.00 0.00 0.0 0.0 3192.9 5660.2 0.0 5660.2 3691.812-2016 89.98 0.00 0.00 0.0 0.0 3129.6 5125.5 0.0 5125.5 3039.712-2017 91.98 0.00 0.00 0.0 0.0 3064.9 4460.3 -2010.0 6470.3 3478.112-2018 93.98 0.00 0.00 0.0 0.0 1629.9 2119.4 0.0 2119.4 1042.412-2019 95.98 0.00 0.00 0.0 0.0 1489.6 1701.7 0.0 1701.7 758.312-2020 98.18 0.00 0.00 0.0 0.0 1479.7 1479.7 0.0 1479.7 599.512-2021 100.27 0.00 0.00 0.0 0.0 226.7 585.6 708.6 -123.0 -56.512-2022 102.47 0.00 0.00 0.0 0.0 109.5 480.8 0.0 480.8 160.912-2023 104.67 0.00 0.00 0.0 0.0 105.8 449.0 0.0 449.0 136.612-2024 106.97 0.00 0.00 0.0 0.0 102.2 419.4 0.0 419.4 116.012-2025 109.37 0.00 0.00 0.0 0.0 156.6 334.1 0.0 334.1 84.3S TOT 85.41 0.00 0.00 0.0 0.0 27295.4 48725.8 4863.1 43862.8 28889.5AFTER 109.37 0.00 0.00 0.0 0.0 585.5 723.8 966.6 -242.7 -21.4TOTAL 85.73 0.00 0.00 0.0 0.0 27880.9 49449.7 5829.6 43620.0 28868.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 9.0 0.0 LIFE, YRS. 18.17 5.00 35066.809GROSS ULT., MB & MMF 4690.392 0.000 DISCOUNT % 10.00 10.00 28868.100GROSS CUM., MB & MMF 3421.722 0.000 UNDISCOUNTED PAYOUT, YRS. 1.08 15.00 24256.373GROSS RES., MB & MMF 1268.669 0.000 DISCOUNTED PAYOUT, YRS. 1.06 20.00 20742.035NET RES., MB & MMF 902.014 0.000 UNDISCOUNTED NET/INVEST. 8.48 25.00 18006.170NET REVENUE, M$ 77330.594 0.000 DISCOUNTED NET/INVEST. 6.80 30.00 15835.846INITIAL PRICE, $ 75.577 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 12652.704INITIAL N.I., PCT. 71.507 0.000 INITIAL W.I., PCT. 93.196 60.00 8901.76280.00 6845.429100.00 5585.755RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN A BLOCK TIME : 11:05:41LOS HATOS FIELD SUMMARY DBS : DEMOTOTAL PROVED PRODUCINGSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 31.3 0.0 0.0 28.8 0.0 0.0 2178.8 0.0 0.0 2178.812-2012 28.8 0.0 0.0 26.5 0.0 0.0 2076.1 0.0 0.0 2076.112-2013 26.5 0.0 0.0 24.4 0.0 0.0 1978.3 0.0 0.0 1978.312-2014 24.4 0.0 0.0 22.5 0.0 0.0 1885.2 0.0 0.0 1885.212-2015 22.5 0.0 0.0 20.7 0.0 0.0 1794.3 0.0 0.0 1794.312-2016 20.7 0.0 0.0 19.0 0.0 0.0 1709.6 0.0 0.0 1709.612-2017 19.0 0.0 0.0 17.5 0.0 0.0 1607.8 0.0 0.0 1607.812-2018 17.5 0.0 0.0 8.7 0.0 0.0 821.1 0.0 0.0 821.112-2019 16.1 0.0 0.0 7.4 0.0 0.0 710.0 0.0 0.0 710.012-2020 14.8 0.0 0.0 6.8 0.0 0.0 668.2 0.0 0.0 668.212-2021 13.6 0.0 0.0 6.3 0.0 0.0 627.9 0.0 0.0 627.912-2022 12.5 0.0 0.0 5.8 0.0 0.0 590.3 0.0 0.0 590.312-2023 11.5 0.0 0.0 5.3 0.0 0.0 554.8 0.0 0.0 554.812-2024 10.6 0.0 0.0 4.9 0.0 0.0 521.6 0.0 0.0 521.612-2025 9.8 0.0 0.0 4.5 0.0 0.0 490.6 0.0 0.0 490.6S TOT 279.6 0.0 0.0 209.0 0.0 0.0 18214.6 0.0 0.0 18214.6AFTER 26.0 0.0 0.0 12.0 0.0 0.0 1309.3 0.0 0.0 1309.3TOTAL 305.6 0.0 0.0 220.9 0.0 0.0 19523.9 0.0 0.0 19523.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.57 0.00 0.00 0.0 0.0 320.4 1858.4 0.0 1858.4 1773.812-2012 78.27 0.00 0.00 0.0 0.0 309.5 1766.6 0.0 1766.6 1532.912-2013 81.07 0.00 0.00 0.0 0.0 299.0 1679.4 0.0 1679.4 1324.812-2014 83.97 0.00 0.00 0.0 0.0 288.8 1596.4 0.0 1596.4 1144.812-2015 86.87 0.00 0.00 0.0 0.0 279.0 1515.3 0.0 1515.3 987.912-2016 89.97 0.00 0.00 0.0 0.0 269.5 1440.1 0.0 1440.1 853.512-2017 91.97 0.00 0.00 0.0 0.0 260.3 1347.5 0.0 1347.5 726.012-2018 93.97 0.00 0.00 0.0 0.0 136.4 684.7 0.0 684.7 336.512-2019 95.97 0.00 0.00 0.0 0.0 121.5 588.6 0.0 588.6 262.112-2020 98.17 0.00 0.00 0.0 0.0 117.3 550.9 0.0 550.9 223.012-2021 100.27 0.00 0.00 0.0 0.0 113.4 514.5 0.0 514.5 189.412-2022 102.47 0.00 0.00 0.0 0.0 109.5 480.8 0.0 480.8 160.912-2023 104.67 0.00 0.00 0.0 0.0 105.8 449.0 0.0 449.0 136.612-2024 106.97 0.00 0.00 0.0 0.0 102.2 419.4 0.0 419.4 116.012-2025 109.37 0.00 0.00 0.0 0.0 156.6 334.1 0.0 334.1 84.3S TOT 87.16 0.00 0.00 0.0 0.0 2989.1 15225.5 0.0 15225.5 9852.4AFTER 109.37 0.00 0.00 0.0 0.0 585.5 723.8 966.6 -242.7 -21.4TOTAL 88.36 0.00 0.00 0.0 0.0 3574.6 15949.3 966.6 14982.7 9831.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 18.17 5.00 11936.326GROSS ULT., MB & MMF 547.329 0.000 DISCOUNT % 10.00 10.00 9830.967GROSS CUM., MB & MMF 241.726 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 8326.173GROSS RES., MB & MMF 305.603 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 7214.767NET RES., MB & MMF 220.947 0.000 UNDISCOUNTED NET/INVEST. 16.50 25.00 6369.009NET REVENUE, M$ 19523.902 0.000 DISCOUNTED NET/INVEST. 58.00 30.00 5708.226INITIAL PRICE, $ 75.570 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 4749.429INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3615.28180.00 2972.752100.00 2560.501RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011LOS HATOS FIELD, LLANOS BASIN TIME : 11:05:40COLOMBIA DBS : DEMOHATOS , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 31.3 0.0 0.0 28.8 0.0 0.0 2178.8 0.0 0.0 2178.812-2012 28.8 0.0 0.0 26.5 0.0 0.0 2076.1 0.0 0.0 2076.112-2013 26.5 0.0 0.0 24.4 0.0 0.0 1978.3 0.0 0.0 1978.312-2014 24.4 0.0 0.0 22.5 0.0 0.0 1885.2 0.0 0.0 1885.212-2015 22.5 0.0 0.0 20.7 0.0 0.0 1794.3 0.0 0.0 1794.312-2016 20.7 0.0 0.0 19.0 0.0 0.0 1709.6 0.0 0.0 1709.612-2017 19.0 0.0 0.0 17.5 0.0 0.0 1607.8 0.0 0.0 1607.812-2018 17.5 0.0 0.0 8.7 0.0 0.0 821.1 0.0 0.0 821.112-2019 16.1 0.0 0.0 7.4 0.0 0.0 710.0 0.0 0.0 710.012-2020 14.8 0.0 0.0 6.8 0.0 0.0 668.2 0.0 0.0 668.212-2021 13.6 0.0 0.0 6.3 0.0 0.0 627.9 0.0 0.0 627.912-2022 12.5 0.0 0.0 5.8 0.0 0.0 590.3 0.0 0.0 590.312-2023 11.5 0.0 0.0 5.3 0.0 0.0 554.8 0.0 0.0 554.812-2024 10.6 0.0 0.0 4.9 0.0 0.0 521.6 0.0 0.0 521.612-2025 9.8 0.0 0.0 4.5 0.0 0.0 490.6 0.0 0.0 490.6S TOT 279.6 0.0 0.0 209.0 0.0 0.0 18214.6 0.0 0.0 18214.6AFTER 26.0 0.0 0.0 12.0 0.0 0.0 1309.3 0.0 0.0 1309.3TOTAL 305.6 0.0 0.0 220.9 0.0 0.0 19523.9 0.0 0.0 19523.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.57 0.00 0.00 0.0 0.0 320.4 1858.4 0.0 1858.4 1773.812-2012 78.27 0.00 0.00 0.0 0.0 309.5 1766.6 0.0 1766.6 1532.912-2013 81.07 0.00 0.00 0.0 0.0 299.0 1679.4 0.0 1679.4 1324.812-2014 83.97 0.00 0.00 0.0 0.0 288.8 1596.4 0.0 1596.4 1144.812-2015 86.87 0.00 0.00 0.0 0.0 279.0 1515.3 0.0 1515.3 987.912-2016 89.97 0.00 0.00 0.0 0.0 269.5 1440.1 0.0 1440.1 853.512-2017 91.97 0.00 0.00 0.0 0.0 260.3 1347.5 0.0 1347.5 726.012-2018 93.97 0.00 0.00 0.0 0.0 136.4 684.7 0.0 684.7 336.512-2019 95.97 0.00 0.00 0.0 0.0 121.5 588.6 0.0 588.6 262.112-2020 98.17 0.00 0.00 0.0 0.0 117.3 550.9 0.0 550.9 223.012-2021 100.27 0.00 0.00 0.0 0.0 113.4 514.5 0.0 514.5 189.412-2022 102.47 0.00 0.00 0.0 0.0 109.5 480.8 0.0 480.8 160.912-2023 104.67 0.00 0.00 0.0 0.0 105.8 449.0 0.0 449.0 136.612-2024 106.97 0.00 0.00 0.0 0.0 102.2 419.4 0.0 419.4 116.012-2025 109.37 0.00 0.00 0.0 0.0 156.6 334.1 0.0 334.1 84.3S TOT 87.16 0.00 0.00 0.0 0.0 2989.1 15225.5 0.0 15225.5 9852.4AFTER 109.37 0.00 0.00 0.0 0.0 585.5 723.8 966.6 -242.7 -21.4TOTAL 88.36 0.00 0.00 0.0 0.0 3574.6 15949.3 966.6 14982.7 9831.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 18.17 5.00 11936.326GROSS ULT., MB & MMF 547.329 0.000 DISCOUNT % 10.00 10.00 9830.967GROSS CUM., MB & MMF 241.726 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 8326.173GROSS RES., MB & MMF 305.603 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 7214.767NET RES., MB & MMF 220.947 0.000 UNDISCOUNTED NET/INVEST. 16.50 25.00 6369.009NET REVENUE, M$ 19523.902 0.000 DISCOUNTED NET/INVEST. 58.00 30.00 5708.226INITIAL PRICE, $ 75.570 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 4749.429INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3615.28180.00 2972.752100.00 2560.501RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN A BLOCK TIME : 11:05:42PALO BLANCO FIELD SUMMARY DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLE SCENARIO : 51-101FORECAST PRICING CASER E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 95.3 0.0 0.0 70.8 0.0 0.0 5348.7 0.0 0.0 5348.712-2012 276.6 0.0 0.0 225.6 0.0 0.0 17656.7 0.0 0.0 17656.712-2013 450.1 0.0 0.0 373.1 0.0 0.0 30253.0 0.0 0.0 30253.012-2014 417.2 0.0 0.0 346.2 0.0 0.0 29076.8 0.0 0.0 29076.812-2015 377.7 0.0 0.0 313.8 0.0 0.0 27259.3 0.0 0.0 27259.312-2016 341.8 0.0 0.0 284.1 0.0 0.0 25565.4 0.0 0.0 25565.412-2017 308.4 0.0 0.0 256.5 0.0 0.0 23593.3 0.0 0.0 23593.312-2018 278.8 0.0 0.0 205.9 0.0 0.0 19347.3 0.0 0.0 19347.312-2019 252.8 0.0 0.0 184.7 0.0 0.0 17725.9 0.0 0.0 17725.912-2020 229.3 0.0 0.0 167.7 0.0 0.0 16468.2 0.0 0.0 16468.212-2021 18.1 0.0 0.0 13.3 0.0 0.0 1330.0 0.0 0.0 1330.012-202212-202312-202412-2025S TOT 3046.1 0.0 0.0 2441.6 0.0 0.0 213624.8 0.0 0.0 213624.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3046.1 0.0 0.0 2441.6 0.0 0.0 213624.8 0.0 0.0 213624.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 2106.6 3242.1 5751.6 -2509.4 -2189.012-2012 78.28 0.00 0.00 0.0 0.0 5591.7 12065.1 23720.8 -11655.8 -10102.812-2013 81.08 0.00 0.00 0.0 0.0 9225.6 21027.5 6526.2 14501.3 11269.212-2014 83.98 0.00 0.00 0.0 0.0 9064.6 20012.2 0.0 20012.2 14355.312-2015 86.88 0.00 0.00 0.0 0.0 8725.2 18534.1 0.0 18534.1 12086.512-2016 89.98 0.00 0.00 0.0 0.0 8407.5 17158.0 0.0 17158.0 10172.512-2017 91.98 0.00 0.00 0.0 0.0 8100.0 15493.3 -2010.0 17503.3 9424.012-2018 93.98 0.00 0.00 0.0 0.0 6548.5 12798.9 0.0 12798.9 6273.312-2019 95.98 0.00 0.00 0.0 0.0 6193.5 11532.5 0.0 11532.5 5136.712-2020 98.18 0.00 0.00 0.0 0.0 5968.5 10499.7 0.0 10499.7 4251.612-2021 100.28 0.00 0.00 0.0 0.0 487.7 842.4 3722.0 -2879.7 -1111.512-202212-202312-202412-2025S TOT 87.49 0.00 0.00 0.0 0.0 70419.2 143205.5 37710.6 105495.0 59565.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 87.49 0.00 0.00 0.0 0.0 70419.2 143205.5 37710.6 105495.0 59565.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 13.0 0.0 LIFE, YRS. 10.08 5.00 78563.789GROSS ULT., MB & MMF 6226.075 0.000 DISCOUNT % 10.00 10.00 59565.793GROSS CUM., MB & MMF 3179.997 0.000 UNDISCOUNTED PAYOUT, YRS. 2.98 15.00 45854.535GROSS RES., MB & MMF 3046.078 0.000 DISCOUNTED PAYOUT, YRS. 3.07 20.00 35755.848NET RES., MB & MMF 2441.628 0.000 UNDISCOUNTED NET/INVEST. 3.80 25.00 28182.389NET REVENUE, M$ 213624.781 0.000 DISCOUNTED NET/INVEST. 2.90 30.00 22410.637INITIAL PRICE, $ 77.729 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 14454.446INITIAL N.I., PCT. 63.986 0.000 INITIAL W.I., PCT. 97.310 60.00 6229.87980.00 2553.503100.00 754.011RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN A BLOCK TIME : 11:05:41PALO BLANCO FIELD SUMMARY DBS : DEMOTOTAL PROVED PRODUCINGSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 85.7 0.0 0.0 62.5 0.0 0.0 4720.0 0.0 0.0 4720.012-2012 74.9 0.0 0.0 54.7 0.0 0.0 4281.4 0.0 0.0 4281.412-2013 65.5 0.0 0.0 47.9 0.0 0.0 3886.9 0.0 0.0 3886.912-2014 57.3 0.0 0.0 42.1 0.0 0.0 3531.6 0.0 0.0 3531.612-2015 50.2 0.0 0.0 36.9 0.0 0.0 3207.5 0.0 0.0 3207.512-2016 43.7 0.0 0.0 32.2 0.0 0.0 2894.5 0.0 0.0 2894.512-2017 37.1 0.0 0.0 27.2 0.0 0.0 2501.5 0.0 0.0 2501.512-2018 31.9 0.0 0.0 12.7 0.0 0.0 1192.4 0.0 0.0 1192.412-2019 28.1 0.0 0.0 10.3 0.0 0.0 988.2 0.0 0.0 988.212-2020 24.7 0.0 0.0 9.1 0.0 0.0 893.3 0.0 0.0 893.312-2021 1.9 0.0 0.0 0.7 0.0 0.0 71.1 0.0 0.0 71.112-202212-202312-202412-2025S TOT 501.0 0.0 0.0 336.2 0.0 0.0 28168.4 0.0 0.0 28168.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 501.0 0.0 0.0 336.2 0.0 0.0 28168.4 0.0 0.0 28168.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 1937.9 2782.1 0.0 2782.1 2658.012-2012 78.28 0.00 0.00 0.0 0.0 1889.2 2392.2 0.0 2392.2 2077.912-2013 81.08 0.00 0.00 0.0 0.0 1851.5 2035.4 0.0 2035.4 1607.412-2014 83.98 0.00 0.00 0.0 0.0 1823.9 1707.6 0.0 1707.6 1226.212-2015 86.88 0.00 0.00 0.0 0.0 1805.9 1401.6 0.0 1401.6 915.212-2016 89.98 0.00 0.00 0.0 0.0 1795.2 1099.3 0.0 1099.3 653.312-2017 91.98 0.00 0.00 0.0 0.0 1781.2 720.3 -2010.0 2730.3 1462.812-2018 93.98 0.00 0.00 0.0 0.0 960.1 232.4 0.0 232.4 114.812-2019 95.98 0.00 0.00 0.0 0.0 895.5 92.7 0.0 92.7 41.712-2020 98.18 0.00 0.00 0.0 0.0 908.1 -14.8 0.0 -14.8 -5.612-2021 100.28 0.00 0.00 0.0 0.0 76.4 -5.3 407.2 -412.5 -159.012-202212-202312-202412-2025S TOT 83.78 0.00 0.00 0.0 0.0 15724.9 12443.5 -1602.8 14046.3 10592.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 83.78 0.00 0.00 0.0 0.0 15724.9 12443.5 -1602.8 14046.3 10592.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 6.0 0.0 LIFE, YRS. 10.08 5.00 12101.730GROSS ULT., MB & MMF 3021.368 0.000 DISCOUNT % 10.00 10.00 10592.664GROSS CUM., MB & MMF 2520.381 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 9402.500GROSS RES., MB & MMF 500.988 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 8449.262NET RES., MB & MMF 336.216 0.000 UNDISCOUNTED NET/INVEST. -7.76 25.00 7674.634NET REVENUE, M$ 28168.443 0.000 DISCOUNTED NET/INVEST. -10.56 30.00 7036.582INITIAL PRICE, $ 75.577 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 6055.359INITIAL N.I., PCT. 63.986 0.000 INITIAL W.I., PCT. 85.780 60.00 4805.20080.00 4052.560100.00 3551.948RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN A BLOCK TIME : 11:05:41PALO BLANCO FIELD SUMMARY DBS : DEMOTOTAL PROVED NON-PRODUCINGSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 3.5 0.0 0.0 3.3 0.0 0.0 246.8 0.0 0.0 246.812-2012 5.2 0.0 0.0 4.8 0.0 0.0 372.3 0.0 0.0 372.312-2013 1.3 0.0 0.0 1.2 0.0 0.0 95.8 0.0 0.0 95.812-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 10.0 0.0 0.0 9.2 0.0 0.0 714.9 0.0 0.0 714.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 10.0 0.0 0.0 9.2 0.0 0.0 714.9 0.0 0.0 714.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 62.4 184.4 0.0 184.4 171.812-2012 78.28 0.00 0.00 0.0 0.0 94.2 278.1 0.0 278.1 242.012-2013 81.08 0.00 0.00 0.0 0.0 24.2 71.6 412.9 -341.4 -275.012-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 77.68 0.00 0.00 0.0 0.0 180.9 534.1 412.9 121.1 138.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 77.68 0.00 0.00 0.0 0.0 180.9 534.1 412.9 121.1 138.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 2.33 5.00 131.216GROSS ULT., MB & MMF 669.620 0.000 DISCOUNT % 10.00 10.00 138.836GROSS CUM., MB & MMF 659.616 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 144.525GROSS RES., MB & MMF 10.004 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 148.693NET RES., MB & MMF 9.203 0.000 UNDISCOUNTED NET/INVEST. 1.29 25.00 151.658NET REVENUE, M$ 714.926 0.000 DISCOUNTED NET/INVEST. 1.42 30.00 153.664INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 155.537INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 154.03380.00 149.116100.00 142.919RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN A BLOCK TIME : 11:05:42PALO BLANCO FIELD SUMMARY DBS : DEMOTOTAL PROVED UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 6.0 0.0 0.0 5.1 0.0 0.0 381.9 0.0 0.0 381.912-2012 68.4 0.0 0.0 57.8 0.0 0.0 4525.4 0.0 0.0 4525.412-2013 62.6 0.0 0.0 52.9 0.0 0.0 4290.3 0.0 0.0 4290.312-2014 57.3 0.0 0.0 48.4 0.0 0.0 4067.3 0.0 0.0 4067.312-2015 52.4 0.0 0.0 44.3 0.0 0.0 3851.3 0.0 0.0 3851.312-2016 48.0 0.0 0.0 40.6 0.0 0.0 3650.9 0.0 0.0 3650.912-2017 43.9 0.0 0.0 37.1 0.0 0.0 3415.9 0.0 0.0 3415.912-2018 40.2 0.0 0.0 18.5 0.0 0.0 1735.8 0.0 0.0 1735.812-2019 36.8 0.0 0.0 15.6 0.0 0.0 1493.1 0.0 0.0 1493.112-2020 33.7 0.0 0.0 14.2 0.0 0.0 1397.9 0.0 0.0 1397.912-2021 2.7 0.0 0.0 1.1 0.0 0.0 113.4 0.0 0.0 113.412-202212-202312-202412-2025S TOT 452.1 0.0 0.0 335.6 0.0 0.0 28923.3 0.0 0.0 28923.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 452.1 0.0 0.0 335.6 0.0 0.0 28923.3 0.0 0.0 28923.3--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 106.3 275.6 5751.6 -5476.0 -5018.812-2012 78.28 0.00 0.00 0.0 0.0 1248.2 3277.2 0.0 3277.2 2844.112-2013 81.08 0.00 0.00 0.0 0.0 1199.6 3090.7 0.0 3090.7 2438.412-2014 83.98 0.00 0.00 0.0 0.0 1152.9 2914.4 0.0 2914.4 2090.312-2015 86.88 0.00 0.00 0.0 0.0 1108.0 2743.3 0.0 2743.3 1788.712-2016 89.98 0.00 0.00 0.0 0.0 1064.8 2586.0 0.0 2586.0 1532.912-2017 91.98 0.00 0.00 0.0 0.0 1023.4 2392.5 0.0 2392.5 1289.312-2018 93.98 0.00 0.00 0.0 0.0 533.5 1202.4 0.0 1202.4 591.112-2019 95.98 0.00 0.00 0.0 0.0 472.6 1020.5 0.0 1020.5 454.512-2020 98.18 0.00 0.00 0.0 0.0 454.2 943.7 0.0 943.7 382.112-2021 100.28 0.00 0.00 0.0 0.0 37.0 76.3 301.3 -225.0 -86.912-202212-202312-202412-2025S TOT 86.17 0.00 0.00 0.0 0.0 8400.6 20522.8 6052.9 14469.8 8305.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 86.17 0.00 0.00 0.0 0.0 8400.6 20522.8 6052.9 14469.8 8305.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 10897.537GROSS ULT., MB & MMF 452.075 0.000 DISCOUNT % 10.00 10.00 8305.637GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.71 15.00 6383.179GROSS RES., MB & MMF 452.075 0.000 DISCOUNTED PAYOUT, YRS. 2.89 20.00 4929.314NET RES., MB & MMF 335.647 0.000 UNDISCOUNTED NET/INVEST. 3.39 25.00 3810.868NET REVENUE, M$ 28923.322 0.000 DISCOUNTED NET/INVEST. 2.54 30.00 2937.375INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 68.53 40.00 1692.379INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 327.24880.00 -328.998100.00 -669.614RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN A BLOCK TIME : 11:05:42PALO BLANCO FIELD SUMMARY DBS : DEMOTOTAL PROBABLE UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 128.1 0.0 0.0 108.3 0.0 0.0 8477.6 0.0 0.0 8477.612-2013 320.7 0.0 0.0 271.1 0.0 0.0 21980.1 0.0 0.0 21980.112-2014 302.6 0.0 0.0 255.8 0.0 0.0 21477.9 0.0 0.0 21477.912-2015 275.1 0.0 0.0 232.5 0.0 0.0 20200.4 0.0 0.0 20200.412-2016 250.1 0.0 0.0 211.4 0.0 0.0 19020.0 0.0 0.0 19020.012-2017 227.4 0.0 0.0 192.2 0.0 0.0 17675.9 0.0 0.0 17675.912-2018 206.7 0.0 0.0 174.7 0.0 0.0 16419.0 0.0 0.0 16419.012-2019 187.9 0.0 0.0 158.8 0.0 0.0 15244.6 0.0 0.0 15244.612-2020 170.8 0.0 0.0 144.4 0.0 0.0 14177.0 0.0 0.0 14177.012-2021 13.5 0.0 0.0 11.4 0.0 0.0 1145.6 0.0 0.0 1145.612-202212-202312-202412-2025S TOT 2083.0 0.0 0.0 1760.6 0.0 0.0 155818.1 0.0 0.0 155818.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 2083.0 0.0 0.0 1760.6 0.0 0.0 155818.1 0.0 0.0 155818.1--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 2360.1 6117.5 23720.8 -17603.3 -15266.812-2013 81.08 0.00 0.00 0.0 0.0 6150.3 15829.8 6113.3 9716.5 7498.312-2014 83.98 0.00 0.00 0.0 0.0 6087.8 15390.1 0.0 15390.1 11038.812-2015 86.88 0.00 0.00 0.0 0.0 5811.3 14389.1 0.0 14389.1 9382.612-2016 89.98 0.00 0.00 0.0 0.0 5547.4 13472.6 0.0 13472.6 7986.412-2017 91.98 0.00 0.00 0.0 0.0 5295.4 12380.5 0.0 12380.5 6671.812-2018 93.98 0.00 0.00 0.0 0.0 5054.9 11364.1 0.0 11364.1 5567.412-2019 95.98 0.00 0.00 0.0 0.0 4825.3 10419.3 0.0 10419.3 4640.512-2020 98.18 0.00 0.00 0.0 0.0 4606.2 9570.8 0.0 9570.8 3875.112-2021 100.28 0.00 0.00 0.0 0.0 374.3 771.3 3013.4 -2242.2 -865.612-202212-202312-202412-2025S TOT 88.50 0.00 0.00 0.0 0.0 46112.9 109705.2 32847.5 76857.7 40528.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 88.50 0.00 0.00 0.0 0.0 46112.9 109705.2 32847.5 76857.7 40528.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 5.0 0.0 LIFE, YRS. 10.08 5.00 55433.305GROSS ULT., MB & MMF 2083.011 0.000 DISCOUNT % 10.00 10.00 40528.656GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.51 15.00 29924.332GROSS RES., MB & MMF 2083.011 0.000 DISCOUNTED PAYOUT, YRS. 3.70 20.00 22228.578NET RES., MB & MMF 1760.561 0.000 UNDISCOUNTED NET/INVEST. 3.34 25.00 16545.229NET REVENUE, M$ 155818.109 0.000 DISCOUNTED NET/INVEST. 2.52 30.00 12283.015INITIAL PRICE, $ 78.840 0.000 RATE-OF-RETURN, PCT. 66.87 40.00 6551.172INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 943.39980.00 -1319.175100.00 -2271.243RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:41COLOMBIA DBS : DEMOCAJARO , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 20.2 0.0 0.0 9.3 0.0 0.0 702.5 0.0 0.0 702.512-2012 17.2 0.0 0.0 7.9 0.0 0.0 618.5 0.0 0.0 618.512-2013 14.6 0.0 0.0 6.7 0.0 0.0 544.5 0.0 0.0 544.512-2014 12.4 0.0 0.0 5.7 0.0 0.0 479.4 0.0 0.0 479.412-2015 10.5 0.0 0.0 4.9 0.0 0.0 421.6 0.0 0.0 421.612-2016 9.0 0.0 0.0 4.1 0.0 0.0 371.1 0.0 0.0 371.112-2017 7.6 0.0 0.0 3.5 0.0 0.0 322.5 0.0 0.0 322.512-2018 6.5 0.0 0.0 1.6 0.0 0.0 152.6 0.0 0.0 152.612-2019 5.5 0.0 0.0 1.3 0.0 0.0 121.6 0.0 0.0 121.612-2020 4.7 0.0 0.0 1.1 0.0 0.0 105.7 0.0 0.0 105.712-2021 0.4 0.0 0.0 0.1 0.0 0.0 8.2 0.0 0.0 8.212-202212-202312-202412-2025S TOT 108.6 0.0 0.0 46.2 0.0 0.0 3848.2 0.0 0.0 3848.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 108.6 0.0 0.0 46.2 0.0 0.0 3848.2 0.0 0.0 3848.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.57 0.00 0.00 0.0 0.0 247.9 454.7 0.0 454.7 434.312-2012 78.27 0.00 0.00 0.0 0.0 221.2 397.3 0.0 397.3 345.012-2013 81.07 0.00 0.00 0.0 0.0 197.4 347.1 0.0 347.1 274.012-2014 83.97 0.00 0.00 0.0 0.0 176.2 303.2 0.0 303.2 217.612-2015 86.87 0.00 0.00 0.0 0.0 157.3 264.3 0.0 264.3 172.412-2016 89.97 0.00 0.00 0.0 0.0 140.4 230.8 0.0 230.8 136.912-2017 91.97 0.00 0.00 0.0 0.0 125.3 197.2 0.0 197.2 106.312-2018 93.97 0.00 0.00 0.0 0.0 60.8 91.8 0.0 91.8 45.112-2019 95.97 0.00 0.00 0.0 0.0 49.9 71.7 0.0 71.7 31.912-2020 98.17 0.00 0.00 0.0 0.0 44.5 61.2 0.0 61.2 24.812-2021 100.27 0.00 0.00 0.0 0.0 3.5 4.7 130.3 -125.6 -48.412-202212-202312-202412-2025S TOT 83.37 0.00 0.00 0.0 0.0 1424.4 2423.8 130.3 2293.5 1740.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 83.37 0.00 0.00 0.0 0.0 1424.4 2423.8 130.3 2293.5 1740.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 1982.302GROSS ULT., MB & MMF 641.851 0.000 DISCOUNT % 10.00 10.00 1740.029GROSS CUM., MB & MMF 533.286 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 1548.254GROSS RES., MB & MMF 108.564 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 1394.054NET RES., MB & MMF 46.158 0.000 UNDISCOUNTED NET/INVEST. 18.60 25.00 1268.249NET REVENUE, M$ 3848.184 0.000 DISCOUNTED NET/INVEST. 35.63 30.00 1164.218INITIAL PRICE, $ 75.570 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1003.382INITIAL N.I., PCT. 46.000 0.000 INITIAL W.I., PCT. 50.000 60.00 796.68380.00 671.223100.00 587.433RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:41COLOMBIA DBS : DEMOESTERO-1 , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 40.3 0.0 0.0 32.2 0.0 0.0 2434.3 0.0 0.0 2434.312-2012 36.2 0.0 0.0 29.0 0.0 0.0 2269.1 0.0 0.0 2269.112-2013 32.6 0.0 0.0 26.1 0.0 0.0 2115.3 0.0 0.0 2115.312-2014 29.3 0.0 0.0 23.5 0.0 0.0 1971.8 0.0 0.0 1971.812-2015 26.4 0.0 0.0 21.1 0.0 0.0 1835.9 0.0 0.0 1835.912-2016 23.8 0.0 0.0 19.0 0.0 0.0 1711.3 0.0 0.0 1711.312-2017 21.4 0.0 0.0 17.1 0.0 0.0 1574.4 0.0 0.0 1574.412-2018 19.3 0.0 0.0 8.4 0.0 0.0 787.2 0.0 0.0 787.212-2019 17.3 0.0 0.0 6.9 0.0 0.0 665.4 0.0 0.0 665.412-2020 15.6 0.0 0.0 6.2 0.0 0.0 612.6 0.0 0.0 612.612-2021 1.2 0.0 0.0 0.5 0.0 0.0 49.2 0.0 0.0 49.212-202212-202312-202412-2025S TOT 263.5 0.0 0.0 190.1 0.0 0.0 16026.5 0.0 0.0 16026.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 263.5 0.0 0.0 190.1 0.0 0.0 16026.5 0.0 0.0 16026.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 411.6 2022.7 0.0 2022.7 1931.112-2012 78.28 0.00 0.00 0.0 0.0 388.9 1880.2 0.0 1880.2 1631.812-2013 81.08 0.00 0.00 0.0 0.0 367.5 1747.7 0.0 1747.7 1379.012-2014 83.98 0.00 0.00 0.0 0.0 347.3 1624.5 0.0 1624.5 1165.212-2015 86.88 0.00 0.00 0.0 0.0 328.2 1507.7 0.0 1507.7 983.112-2016 89.98 0.00 0.00 0.0 0.0 310.2 1401.1 0.0 1401.1 830.612-2017 91.98 0.00 0.00 0.0 0.0 293.1 1281.3 0.0 1281.3 690.512-2018 93.98 0.00 0.00 0.0 0.0 150.3 636.8 0.0 636.8 313.112-2019 95.98 0.00 0.00 0.0 0.0 130.9 534.5 0.0 534.5 238.012-2020 98.18 0.00 0.00 0.0 0.0 123.7 488.9 0.0 488.9 197.912-2021 100.28 0.00 0.00 0.0 0.0 10.0 39.2 276.9 -237.7 -91.712-202212-202312-202412-2025S TOT 84.32 0.00 0.00 0.0 0.0 2861.8 13164.7 276.9 12887.8 9268.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 84.32 0.00 0.00 0.0 0.0 2861.8 13164.7 276.9 12887.8 9268.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 10816.259GROSS ULT., MB & MMF 1934.560 0.000 DISCOUNT % 10.00 10.00 9268.653GROSS CUM., MB & MMF 1671.108 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 8084.766GROSS RES., MB & MMF 263.452 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 7159.732NET RES., MB & MMF 190.070 0.000 UNDISCOUNTED NET/INVEST. 47.54 25.00 6423.142NET REVENUE, M$ 16026.524 0.000 DISCOUNTED NET/INVEST. 87.82 30.00 5826.576INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 4927.092INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3813.19480.00 3161.091100.00 2736.038RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:41COLOMBIA DBS : DEMOESTERO-2M , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 2.8 0.0 0.0 2.6 0.0 0.0 194.9 0.0 0.0 194.912-2012 2.4 0.0 0.0 2.2 0.0 0.0 171.6 0.0 0.0 171.612-2013 2.0 0.0 0.0 1.9 0.0 0.0 151.0 0.0 0.0 151.012-2014 1.7 0.0 0.0 1.6 0.0 0.0 133.0 0.0 0.0 133.012-2015 1.5 0.0 0.0 1.3 0.0 0.0 116.9 0.0 0.0 116.912-2016 1.0 0.0 0.0 0.9 0.0 0.0 78.8 0.0 0.0 78.812-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 11.3 0.0 0.0 10.4 0.0 0.0 846.2 0.0 0.0 846.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 11.3 0.0 0.0 10.4 0.0 0.0 846.2 0.0 0.0 846.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 11.5 183.4 0.0 183.4 175.212-2012 78.28 0.00 0.00 0.0 0.0 10.2 161.3 0.0 161.3 140.112-2013 81.08 0.00 0.00 0.0 0.0 9.1 141.9 0.0 141.9 112.012-2014 83.98 0.00 0.00 0.0 0.0 8.1 124.8 0.0 124.8 89.612-2015 86.88 0.00 0.00 0.0 0.0 7.3 109.7 0.0 109.7 71.512-2016 89.98 0.00 0.00 0.0 0.0 4.9 73.8 0.0 73.8 44.312-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 81.07 0.00 0.00 0.0 0.0 51.2 795.0 0.0 795.0 632.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.07 0.00 0.00 0.0 0.0 51.2 795.0 0.0 795.0 632.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 5.75 5.00 705.190GROSS ULT., MB & MMF 76.284 0.000 DISCOUNT % 10.00 10.00 632.674GROSS CUM., MB & MMF 64.938 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 573.301GROSS RES., MB & MMF 11.346 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 524.063NET RES., MB & MMF 10.438 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 482.754NET REVENUE, M$ 846.179 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 447.731INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 391.863INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 316.62280.00 268.935100.00 236.267RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:41COLOMBIA DBS : DEMOESTERO-2U , RESERVOIRSETTINGS : RED123110PROVED NON-PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 3.5 0.0 0.0 3.3 0.0 0.0 246.8 0.0 0.0 246.812-2012 5.2 0.0 0.0 4.8 0.0 0.0 372.3 0.0 0.0 372.312-2013 1.3 0.0 0.0 1.2 0.0 0.0 95.8 0.0 0.0 95.812-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 10.0 0.0 0.0 9.2 0.0 0.0 714.9 0.0 0.0 714.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 10.0 0.0 0.0 9.2 0.0 0.0 714.9 0.0 0.0 714.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 62.4 184.4 0.0 184.4 171.812-2012 78.28 0.00 0.00 0.0 0.0 94.2 278.1 0.0 278.1 242.012-2013 81.08 0.00 0.00 0.0 0.0 24.2 71.6 412.9 -341.4 -275.012-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 77.68 0.00 0.00 0.0 0.0 180.9 534.1 412.9 121.1 138.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 77.68 0.00 0.00 0.0 0.0 180.9 534.1 412.9 121.1 138.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 2.33 5.00 131.216GROSS ULT., MB & MMF 669.620 0.000 DISCOUNT % 10.00 10.00 138.836GROSS CUM., MB & MMF 659.616 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 144.525GROSS RES., MB & MMF 10.004 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 148.693NET RES., MB & MMF 9.203 0.000 UNDISCOUNTED NET/INVEST. 1.29 25.00 151.658NET REVENUE, M$ 714.926 0.000 DISCOUNTED NET/INVEST. 1.42 30.00 153.664INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 155.537INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 154.03380.00 149.116100.00 142.919RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:41COLOMBIA DBS : DEMOESTERO-5A , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 19.2 0.0 0.0 15.4 0.0 0.0 1163.4 0.0 0.0 1163.412-2012 16.4 0.0 0.0 13.1 0.0 0.0 1024.2 0.0 0.0 1024.212-2013 13.9 0.0 0.0 11.1 0.0 0.0 901.7 0.0 0.0 901.712-2014 11.8 0.0 0.0 9.5 0.0 0.0 793.9 0.0 0.0 793.912-2015 10.0 0.0 0.0 8.0 0.0 0.0 698.1 0.0 0.0 698.112-2016 8.5 0.0 0.0 6.8 0.0 0.0 614.6 0.0 0.0 614.612-2017 7.3 0.0 0.0 5.8 0.0 0.0 534.0 0.0 0.0 534.012-2018 6.2 0.0 0.0 2.7 0.0 0.0 252.7 0.0 0.0 252.712-2019 5.2 0.0 0.0 2.1 0.0 0.0 201.3 0.0 0.0 201.312-2020 4.5 0.0 0.0 1.8 0.0 0.0 175.0 0.0 0.0 175.012-2021 0.3 0.0 0.0 0.1 0.0 0.0 13.6 0.0 0.0 13.612-202212-202312-202412-2025S TOT 103.4 0.0 0.0 76.4 0.0 0.0 6372.6 0.0 0.0 6372.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 103.4 0.0 0.0 76.4 0.0 0.0 6372.6 0.0 0.0 6372.6--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 334.3 829.1 0.0 829.1 792.012-2012 78.28 0.00 0.00 0.0 0.0 298.4 725.9 0.0 725.9 630.312-2013 81.08 0.00 0.00 0.0 0.0 266.3 635.4 0.0 635.4 501.612-2014 83.98 0.00 0.00 0.0 0.0 237.7 556.2 0.0 556.2 399.212-2015 86.88 0.00 0.00 0.0 0.0 212.1 486.0 0.0 486.0 317.112-2016 89.98 0.00 0.00 0.0 0.0 189.3 425.3 0.0 425.3 252.212-2017 91.98 0.00 0.00 0.0 0.0 169.0 365.0 0.0 365.0 196.812-2018 93.98 0.00 0.00 0.0 0.0 82.0 170.7 0.0 170.7 84.012-2019 95.98 0.00 0.00 0.0 0.0 67.3 134.0 0.0 134.0 59.712-2020 98.18 0.00 0.00 0.0 0.0 60.1 115.0 0.0 115.0 46.612-2021 100.28 0.00 0.00 0.0 0.0 4.7 8.9 0.0 8.9 3.412-202212-202312-202412-2025S TOT 83.38 0.00 0.00 0.0 0.0 1921.2 4451.5 0.0 4451.5 3282.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 83.38 0.00 0.00 0.0 0.0 1921.2 4451.5 0.0 4451.5 3282.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 3784.370GROSS ULT., MB & MMF 319.318 0.000 DISCOUNT % 10.00 10.00 3282.848GROSS CUM., MB & MMF 215.955 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 2896.361GROSS RES., MB & MMF 103.363 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 2591.959NET RES., MB & MMF 76.428 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 2347.552NET REVENUE, M$ 6372.636 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 2147.945INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1843.376INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 1457.99280.00 1226.546100.00 1072.664RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:41COLOMBIA DBS : DEMOESTERO-5A(MIRADOR) , MIRADOR RESSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 3.2 0.0 0.0 3.0 0.0 0.0 224.9 0.0 0.0 224.912-2012 2.7 0.0 0.0 2.5 0.0 0.0 198.0 0.0 0.0 198.012-2013 2.3 0.0 0.0 2.1 0.0 0.0 174.3 0.0 0.0 174.312-2014 2.0 0.0 0.0 1.8 0.0 0.0 153.4 0.0 0.0 153.412-2015 1.7 0.0 0.0 1.6 0.0 0.0 134.9 0.0 0.0 134.912-2016 1.4 0.0 0.0 1.3 0.0 0.0 118.8 0.0 0.0 118.812-2017 0.8 0.0 0.0 0.8 0.0 0.0 70.7 0.0 0.0 70.712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 14.3 0.0 0.0 13.1 0.0 0.0 1074.9 0.0 0.0 1074.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 14.3 0.0 0.0 13.1 0.0 0.0 1074.9 0.0 0.0 1074.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 56.2 168.7 0.0 168.7 161.112-2012 78.28 0.00 0.00 0.0 0.0 50.1 147.8 0.0 147.8 128.412-2013 81.08 0.00 0.00 0.0 0.0 44.8 129.5 0.0 129.5 102.312-2014 83.98 0.00 0.00 0.0 0.0 39.9 113.5 0.0 113.5 81.412-2015 86.88 0.00 0.00 0.0 0.0 35.7 99.3 0.0 99.3 64.812-2016 89.98 0.00 0.00 0.0 0.0 31.8 87.0 0.0 87.0 51.612-2017 91.98 0.00 0.00 0.0 0.0 19.3 51.4 -2010.0 2061.4 1101.312-201812-201912-202012-202112-202212-202312-202412-2025S TOT 81.92 0.00 0.00 0.0 0.0 277.8 797.1 -2010.0 2807.1 1690.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.92 0.00 0.00 0.0 0.0 277.8 797.1 -2010.0 2807.1 1690.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 6.67 5.00 2154.609GROSS ULT., MB & MMF 49.356 0.000 DISCOUNT % 10.00 10.00 1690.856GROSS CUM., MB & MMF 35.093 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 1355.021GROSS RES., MB & MMF 14.263 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 1107.531NET RES., MB & MMF 13.122 0.000 UNDISCOUNTED NET/INVEST. -0.40 25.00 922.138NET REVENUE, M$ 1074.923 0.000 DISCOUNTED NET/INVEST. -0.58 30.00 781.109INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 587.080INITIAL N.I., PCT. 92.000 0.000 INITIAL W.I., PCT. 100.000 60.00 385.17980.00 290.507100.00 238.786RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:42COLOMBIA DBS : DEMOESTERO-06 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 6.0 0.0 0.0 5.1 0.0 0.0 381.9 0.0 0.0 381.912-2012 68.4 0.0 0.0 57.8 0.0 0.0 4525.4 0.0 0.0 4525.412-2013 62.6 0.0 0.0 52.9 0.0 0.0 4290.3 0.0 0.0 4290.312-2014 57.3 0.0 0.0 48.4 0.0 0.0 4067.3 0.0 0.0 4067.312-2015 52.4 0.0 0.0 44.3 0.0 0.0 3851.3 0.0 0.0 3851.312-2016 48.0 0.0 0.0 40.6 0.0 0.0 3650.9 0.0 0.0 3650.912-2017 43.9 0.0 0.0 37.1 0.0 0.0 3415.9 0.0 0.0 3415.912-2018 40.2 0.0 0.0 18.5 0.0 0.0 1735.8 0.0 0.0 1735.812-2019 36.8 0.0 0.0 15.6 0.0 0.0 1493.1 0.0 0.0 1493.112-2020 33.7 0.0 0.0 14.2 0.0 0.0 1397.9 0.0 0.0 1397.912-2021 2.7 0.0 0.0 1.1 0.0 0.0 113.4 0.0 0.0 113.412-202212-202312-202412-2025S TOT 452.1 0.0 0.0 335.6 0.0 0.0 28923.3 0.0 0.0 28923.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 452.1 0.0 0.0 335.6 0.0 0.0 28923.3 0.0 0.0 28923.3--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 106.3 275.6 5751.6 -5476.0 -5018.812-2012 78.28 0.00 0.00 0.0 0.0 1248.2 3277.2 0.0 3277.2 2844.112-2013 81.08 0.00 0.00 0.0 0.0 1199.6 3090.7 0.0 3090.7 2438.412-2014 83.98 0.00 0.00 0.0 0.0 1152.9 2914.4 0.0 2914.4 2090.312-2015 86.88 0.00 0.00 0.0 0.0 1108.0 2743.3 0.0 2743.3 1788.712-2016 89.98 0.00 0.00 0.0 0.0 1064.8 2586.0 0.0 2586.0 1532.912-2017 91.98 0.00 0.00 0.0 0.0 1023.4 2392.5 0.0 2392.5 1289.312-2018 93.98 0.00 0.00 0.0 0.0 533.5 1202.4 0.0 1202.4 591.112-2019 95.98 0.00 0.00 0.0 0.0 472.6 1020.5 0.0 1020.5 454.512-2020 98.18 0.00 0.00 0.0 0.0 454.2 943.7 0.0 943.7 382.112-2021 100.28 0.00 0.00 0.0 0.0 37.0 76.3 301.3 -225.0 -86.912-202212-202312-202412-2025S TOT 86.17 0.00 0.00 0.0 0.0 8400.6 20522.8 6052.9 14469.8 8305.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 86.17 0.00 0.00 0.0 0.0 8400.6 20522.8 6052.9 14469.8 8305.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 10897.537GROSS ULT., MB & MMF 452.075 0.000 DISCOUNT % 10.00 10.00 8305.637GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.71 15.00 6383.179GROSS RES., MB & MMF 452.075 0.000 DISCOUNTED PAYOUT, YRS. 2.89 20.00 4929.314NET RES., MB & MMF 335.647 0.000 UNDISCOUNTED NET/INVEST. 3.39 25.00 3810.868NET REVENUE, M$ 28923.322 0.000 DISCOUNTED NET/INVEST. 2.54 30.00 2937.375INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 68.53 40.00 1692.379INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 327.24880.00 -328.998100.00 -669.614RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:42COLOMBIA DBS : DEMOESTERO-07 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 57.7 0.0 0.0 48.8 0.0 0.0 3816.2 0.0 0.0 3816.212-2013 63.4 0.0 0.0 53.6 0.0 0.0 4347.1 0.0 0.0 4347.112-2014 57.7 0.0 0.0 48.7 0.0 0.0 4093.4 0.0 0.0 4093.412-2015 52.4 0.0 0.0 44.3 0.0 0.0 3850.0 0.0 0.0 3850.012-2016 47.7 0.0 0.0 40.3 0.0 0.0 3625.0 0.0 0.0 3625.012-2017 43.3 0.0 0.0 36.6 0.0 0.0 3368.8 0.0 0.0 3368.812-2018 39.4 0.0 0.0 33.3 0.0 0.0 3129.3 0.0 0.0 3129.312-2019 35.8 0.0 0.0 30.3 0.0 0.0 2905.4 0.0 0.0 2905.412-2020 32.6 0.0 0.0 27.5 0.0 0.0 2702.0 0.0 0.0 2702.012-2021 2.6 0.0 0.0 2.2 0.0 0.0 218.3 0.0 0.0 218.312-202212-202312-202412-2025S TOT 432.6 0.0 0.0 365.6 0.0 0.0 32055.6 0.0 0.0 32055.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 432.6 0.0 0.0 365.6 0.0 0.0 32055.6 0.0 0.0 32055.6--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 1057.0 2759.3 5822.1 -3062.9 -2834.612-2013 81.08 0.00 0.00 0.0 0.0 1215.5 3131.7 0.0 3131.7 2470.912-2014 83.98 0.00 0.00 0.0 0.0 1160.3 2933.2 0.0 2933.2 2103.912-2015 86.88 0.00 0.00 0.0 0.0 1107.6 2742.4 0.0 2742.4 1788.212-2016 89.98 0.00 0.00 0.0 0.0 1057.3 2567.7 0.0 2567.7 1522.112-2017 91.98 0.00 0.00 0.0 0.0 1009.2 2359.6 0.0 2359.6 1271.612-2018 93.98 0.00 0.00 0.0 0.0 963.4 2165.9 0.0 2165.9 1061.112-2019 95.98 0.00 0.00 0.0 0.0 919.6 1985.8 0.0 1985.8 884.412-2020 98.18 0.00 0.00 0.0 0.0 877.9 1824.1 0.0 1824.1 738.612-2021 100.28 0.00 0.00 0.0 0.0 71.3 147.0 602.7 -455.7 -175.912-202212-202312-202412-2025S TOT 87.68 0.00 0.00 0.0 0.0 9439.0 22616.5 6424.8 16191.7 8830.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 87.68 0.00 0.00 0.0 0.0 9439.0 22616.5 6424.8 16191.7 8830.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 11873.317GROSS ULT., MB & MMF 432.562 0.000 DISCOUNT % 10.00 10.00 8830.203GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.98 15.00 6634.612GROSS RES., MB & MMF 432.562 0.000 DISCOUNTED PAYOUT, YRS. 3.17 20.00 5017.074NET RES., MB & MMF 365.601 0.000 UNDISCOUNTED NET/INVEST. 3.52 25.00 3803.184NET REVENUE, M$ 32055.557 0.000 DISCOUNTED NET/INVEST. 2.62 30.00 2877.216INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 67.91 40.00 1598.969INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 275.95280.00 -311.563100.00 -591.718RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:42COLOMBIA DBS : DEMOESTERO-08 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 40.9 0.0 0.0 34.5 0.0 0.0 2703.0 0.0 0.0 2703.012-2013 65.0 0.0 0.0 54.9 0.0 0.0 4451.9 0.0 0.0 4451.912-2014 59.1 0.0 0.0 49.9 0.0 0.0 4192.1 0.0 0.0 4192.112-2015 53.7 0.0 0.0 45.4 0.0 0.0 3942.8 0.0 0.0 3942.812-2016 48.8 0.0 0.0 41.3 0.0 0.0 3712.4 0.0 0.0 3712.412-2017 44.4 0.0 0.0 37.5 0.0 0.0 3450.0 0.0 0.0 3450.012-2018 40.3 0.0 0.0 34.1 0.0 0.0 3204.7 0.0 0.0 3204.712-2019 36.7 0.0 0.0 31.0 0.0 0.0 2975.5 0.0 0.0 2975.512-2020 33.3 0.0 0.0 28.2 0.0 0.0 2767.1 0.0 0.0 2767.112-2021 2.6 0.0 0.0 2.2 0.0 0.0 223.6 0.0 0.0 223.612-202212-202312-202412-2025S TOT 424.8 0.0 0.0 359.0 0.0 0.0 31623.0 0.0 0.0 31623.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 424.8 0.0 0.0 359.0 0.0 0.0 31623.0 0.0 0.0 31623.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 753.3 1949.7 5893.6 -3943.9 -3491.712-2013 81.08 0.00 0.00 0.0 0.0 1244.8 3207.1 0.0 3207.1 2530.412-2014 83.98 0.00 0.00 0.0 0.0 1188.2 3003.9 0.0 3003.9 2154.612-2015 86.88 0.00 0.00 0.0 0.0 1134.3 2808.5 0.0 2808.5 1831.312-2016 89.98 0.00 0.00 0.0 0.0 1082.7 2629.6 0.0 2629.6 1558.812-2017 91.98 0.00 0.00 0.0 0.0 1033.6 2416.4 0.0 2416.4 1302.212-2018 93.98 0.00 0.00 0.0 0.0 986.6 2218.1 0.0 2218.1 1086.712-2019 95.98 0.00 0.00 0.0 0.0 941.8 2033.7 0.0 2033.7 905.712-2020 98.18 0.00 0.00 0.0 0.0 899.0 1868.0 0.0 1868.0 756.412-2021 100.28 0.00 0.00 0.0 0.0 73.1 150.5 602.7 -452.1 -174.612-202212-202312-202412-2025S TOT 88.08 0.00 0.00 0.0 0.0 9337.4 22285.6 6496.3 15789.3 8459.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 88.08 0.00 0.00 0.0 0.0 9337.4 22285.6 6496.3 15789.3 8459.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 11478.407GROSS ULT., MB & MMF 424.772 0.000 DISCOUNT % 10.00 10.00 8459.797GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.25 15.00 6297.105GROSS RES., MB & MMF 424.772 0.000 DISCOUNTED PAYOUT, YRS. 3.45 20.00 4715.951NET RES., MB & MMF 359.017 0.000 UNDISCOUNTED NET/INVEST. 3.43 25.00 3539.145NET REVENUE, M$ 31623.000 0.000 DISCOUNTED NET/INVEST. 2.57 30.00 2649.402INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 67.23 40.00 1438.118INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 222.36680.00 -289.117100.00 -515.973RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:42COLOMBIA DBS : DEMOESTERO-09 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 23.6 0.0 0.0 20.0 0.0 0.0 1562.9 0.0 0.0 1562.912-2013 66.5 0.0 0.0 56.2 0.0 0.0 4559.2 0.0 0.0 4559.212-2014 60.5 0.0 0.0 51.1 0.0 0.0 4293.1 0.0 0.0 4293.112-2015 55.0 0.0 0.0 46.5 0.0 0.0 4037.8 0.0 0.0 4037.812-2016 50.0 0.0 0.0 42.3 0.0 0.0 3801.8 0.0 0.0 3801.812-2017 45.4 0.0 0.0 38.4 0.0 0.0 3533.2 0.0 0.0 3533.212-2018 41.3 0.0 0.0 34.9 0.0 0.0 3281.9 0.0 0.0 3281.912-2019 37.6 0.0 0.0 31.7 0.0 0.0 3047.2 0.0 0.0 3047.212-2020 34.1 0.0 0.0 28.9 0.0 0.0 2833.8 0.0 0.0 2833.812-2021 2.7 0.0 0.0 2.3 0.0 0.0 229.0 0.0 0.0 229.012-202212-202312-202412-2025S TOT 416.8 0.0 0.0 352.3 0.0 0.0 31180.0 0.0 0.0 31180.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 416.8 0.0 0.0 352.3 0.0 0.0 31180.0 0.0 0.0 31180.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 438.3 1124.7 5965.9 -4841.2 -4145.212-2013 81.08 0.00 0.00 0.0 0.0 1274.8 3284.4 0.0 3284.4 2591.412-2014 83.98 0.00 0.00 0.0 0.0 1216.9 3076.3 0.0 3076.3 2206.512-2015 86.88 0.00 0.00 0.0 0.0 1161.6 2876.2 0.0 2876.2 1875.512-2016 89.98 0.00 0.00 0.0 0.0 1108.8 2693.0 0.0 2693.0 1596.412-2017 91.98 0.00 0.00 0.0 0.0 1058.5 2474.7 0.0 2474.7 1333.612-2018 93.98 0.00 0.00 0.0 0.0 1010.4 2271.5 0.0 2271.5 1112.912-2019 95.98 0.00 0.00 0.0 0.0 964.5 2082.7 0.0 2082.7 927.612-2020 98.18 0.00 0.00 0.0 0.0 920.7 1913.1 0.0 1913.1 774.612-2021 100.28 0.00 0.00 0.0 0.0 74.8 154.2 602.7 -448.5 -173.212-202212-202312-202412-2025S TOT 88.51 0.00 0.00 0.0 0.0 9229.3 21950.7 6568.6 15382.1 8100.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 88.51 0.00 0.00 0.0 0.0 9229.3 21950.7 6568.6 15382.1 8100.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 11087.697GROSS ULT., MB & MMF 416.795 0.000 DISCOUNT % 10.00 10.00 8100.043GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.51 15.00 5974.653GROSS RES., MB & MMF 416.795 0.000 DISCOUNTED PAYOUT, YRS. 3.70 20.00 4432.670NET RES., MB & MMF 352.275 0.000 UNDISCOUNTED NET/INVEST. 3.34 25.00 3294.466NET REVENUE, M$ 31180.021 0.000 DISCOUNTED NET/INVEST. 2.52 30.00 2441.476INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 66.67 40.00 1296.069INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 180.69480.00 -263.920100.00 -446.705RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:42COLOMBIA DBS : DEMOESTERO-10 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 6.0 0.0 0.0 5.1 0.0 0.0 395.4 0.0 0.0 395.412-2013 68.1 0.0 0.0 57.6 0.0 0.0 4669.1 0.0 0.0 4669.112-2014 61.9 0.0 0.0 52.4 0.0 0.0 4396.6 0.0 0.0 4396.612-2015 56.3 0.0 0.0 47.6 0.0 0.0 4135.1 0.0 0.0 4135.112-2016 51.2 0.0 0.0 43.3 0.0 0.0 3893.5 0.0 0.0 3893.512-2017 46.5 0.0 0.0 39.3 0.0 0.0 3618.3 0.0 0.0 3618.312-2018 42.3 0.0 0.0 35.8 0.0 0.0 3361.1 0.0 0.0 3361.112-2019 38.5 0.0 0.0 32.5 0.0 0.0 3120.6 0.0 0.0 3120.612-2020 35.0 0.0 0.0 29.6 0.0 0.0 2902.1 0.0 0.0 2902.112-2021 2.8 0.0 0.0 2.3 0.0 0.0 234.5 0.0 0.0 234.512-202212-202312-202412-2025S TOT 408.6 0.0 0.0 345.4 0.0 0.0 30726.4 0.0 0.0 30726.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 408.6 0.0 0.0 345.4 0.0 0.0 30726.4 0.0 0.0 30726.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 111.6 283.8 6039.1 -5755.3 -4795.312-2013 81.08 0.00 0.00 0.0 0.0 1305.5 3363.6 0.0 3363.6 2653.912-2014 83.98 0.00 0.00 0.0 0.0 1246.2 3150.4 0.0 3150.4 2259.712-2015 86.88 0.00 0.00 0.0 0.0 1189.6 2945.5 0.0 2945.5 1920.712-2016 89.98 0.00 0.00 0.0 0.0 1135.6 2757.9 0.0 2757.9 1634.912-2017 91.98 0.00 0.00 0.0 0.0 1084.0 2534.3 0.0 2534.3 1365.812-2018 93.98 0.00 0.00 0.0 0.0 1034.8 2326.3 0.0 2326.3 1139.712-2019 95.98 0.00 0.00 0.0 0.0 987.8 2132.9 0.0 2132.9 949.912-2020 98.18 0.00 0.00 0.0 0.0 942.9 1959.2 0.0 1959.2 793.312-2021 100.28 0.00 0.00 0.0 0.0 76.6 157.9 602.7 -444.8 -171.712-202212-202312-202412-2025S TOT 88.97 0.00 0.00 0.0 0.0 9114.5 21611.9 6641.8 14970.1 7750.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 88.97 0.00 0.00 0.0 0.0 9114.5 21611.9 6641.8 14970.1 7750.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 10701.124GROSS ULT., MB & MMF 408.625 0.000 DISCOUNT % 10.00 10.00 7750.669GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.76 15.00 5666.691GROSS RES., MB & MMF 408.625 0.000 DISCOUNTED PAYOUT, YRS. 3.95 20.00 4166.343NET RES., MB & MMF 345.370 0.000 UNDISCOUNTED NET/INVEST. 3.25 25.00 3067.949NET REVENUE, M$ 30726.365 0.000 DISCOUNTED NET/INVEST. 2.47 30.00 2251.971INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 66.26 40.00 1170.992INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 149.10880.00 -236.999100.00 -383.643RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, LLANOS BASIN TIME : 11:05:42COLOMBIA DBS : DEMOESTERO-11 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 57.7 0.0 0.0 48.8 0.0 0.0 3952.7 0.0 0.0 3952.712-2014 63.4 0.0 0.0 53.6 0.0 0.0 4502.6 0.0 0.0 4502.612-2015 57.7 0.0 0.0 48.7 0.0 0.0 4234.8 0.0 0.0 4234.812-2016 52.4 0.0 0.0 44.3 0.0 0.0 3987.3 0.0 0.0 3987.312-2017 47.7 0.0 0.0 40.3 0.0 0.0 3705.6 0.0 0.0 3705.612-2018 43.3 0.0 0.0 36.6 0.0 0.0 3442.1 0.0 0.0 3442.112-2019 39.4 0.0 0.0 33.3 0.0 0.0 3195.9 0.0 0.0 3195.912-2020 35.8 0.0 0.0 30.3 0.0 0.0 2972.0 0.0 0.0 2972.012-2021 2.8 0.0 0.0 2.4 0.0 0.0 240.2 0.0 0.0 240.212-202212-202312-202412-2025S TOT 400.3 0.0 0.0 338.3 0.0 0.0 30233.2 0.0 0.0 30233.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 400.3 0.0 0.0 338.3 0.0 0.0 30233.2 0.0 0.0 30233.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 81.08 0.00 0.00 0.0 0.0 1109.8 2842.9 6113.3 -3270.3 -2748.212-2014 83.98 0.00 0.00 0.0 0.0 1276.2 3226.4 0.0 3226.4 2314.212-2015 86.88 0.00 0.00 0.0 0.0 1218.3 3016.5 0.0 3016.5 1967.012-2016 89.98 0.00 0.00 0.0 0.0 1162.9 2824.4 0.0 2824.4 1674.312-2017 91.98 0.00 0.00 0.0 0.0 1110.1 2595.4 0.0 2595.4 1398.712-2018 93.98 0.00 0.00 0.0 0.0 1059.7 2382.4 0.0 2382.4 1167.112-2019 95.98 0.00 0.00 0.0 0.0 1011.6 2184.3 0.0 2184.3 972.812-2020 98.18 0.00 0.00 0.0 0.0 965.6 2006.4 0.0 2006.4 812.412-2021 100.28 0.00 0.00 0.0 0.0 78.5 161.7 602.7 -441.0 -170.312-202212-202312-202412-2025S TOT 89.37 0.00 0.00 0.0 0.0 8992.8 21240.4 6715.9 14524.5 7387.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 89.37 0.00 0.00 0.0 0.0 8992.8 21240.4 6715.9 14524.5 7387.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 10292.761GROSS ULT., MB & MMF 400.258 0.000 DISCOUNT % 10.00 10.00 7387.941GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.01 15.00 5351.273GROSS RES., MB & MMF 400.258 0.000 DISCOUNTED PAYOUT, YRS. 4.22 20.00 3896.540NET RES., MB & MMF 338.298 0.000 UNDISCOUNTED NET/INVEST. 3.16 25.00 2840.485NET REVENUE, M$ 30233.150 0.000 DISCOUNTED NET/INVEST. 2.42 30.00 2062.950INITIAL PRICE, $ 81.080 0.000 RATE-OF-RETURN, PCT. 65.54 40.00 1047.024INITIAL N.I., PCT. 84.520 0.000 INITIAL W.I., PCT. 100.000 60.00 115.28080.00 -217.577100.00 -333.204RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN A BLOCK DATE : 03/24/2011PALO BLANCO FIELD, BASIN TIME : 11:05:41COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-202212-202312-202412-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 876.5 -876.5 0.0 -876.5 -835.712-2012 0.00 0.00 0.00 0.0 0.0 920.3 -920.3 0.0 -920.3 -797.712-2013 0.00 0.00 0.00 0.0 0.0 966.3 -966.3 0.0 -966.3 -761.412-2014 0.00 0.00 0.00 0.0 0.0 1014.6 -1014.6 0.0 -1014.6 -726.812-2015 0.00 0.00 0.00 0.0 0.0 1065.4 -1065.4 0.0 -1065.4 -693.812-2016 0.00 0.00 0.00 0.0 0.0 1118.6 -1118.6 0.0 -1118.6 -662.212-2017 0.00 0.00 0.00 0.0 0.0 1174.6 -1174.6 0.0 -1174.6 -632.112-2018 0.00 0.00 0.00 0.0 0.0 666.9 -666.9 0.0 -666.9 -327.412-2019 0.00 0.00 0.00 0.0 0.0 647.5 -647.5 0.0 -647.5 -288.012-2020 0.00 0.00 0.00 0.0 0.0 679.8 -679.8 0.0 -679.8 -274.912-2021 0.00 0.00 0.00 0.0 0.0 58.2 -58.2 0.0 -58.2 -22.312-202212-202312-202412-2025S TOT 0.00 0.00 0.00 0.0 0.0 9188.6 -9188.6 0.0 -9188.6 -6022.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 9188.6 -9188.6 0.0 -9188.6 -6022.4OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 -7341.002GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 -6022.397GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 10.08 15.00 -5055.203GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 10.08 20.00 -4328.078NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 -3769.200NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 -3330.997INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 -2697.434INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 -1964.47080.00 -1565.743100.00 -1319.239RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN B BLOCK TIME : 13:54:55BLOCK SUMMARY DBS : DEMOTOTAL PROVED RESERVESSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 23.0 0.0 0.0 21.8 0.0 0.0 1651.3 0.0 0.0 1651.312-2012 138.8 0.0 0.0 131.9 0.0 0.0 10325.1 0.0 0.0 10325.112-2013 136.6 0.0 0.0 129.7 0.0 0.0 10519.8 0.0 0.0 10519.812-2014 118.7 0.0 0.0 112.8 0.0 0.0 9469.8 0.0 0.0 9469.812-2015 103.2 0.0 0.0 90.3 0.0 0.0 7847.3 0.0 0.0 7847.312-2016 89.7 0.0 0.0 42.6 0.0 0.0 3834.3 0.0 0.0 3834.312-2017 78.0 0.0 0.0 37.1 0.0 0.0 3408.6 0.0 0.0 3408.612-2018 67.9 0.0 0.0 32.2 0.0 0.0 3029.4 0.0 0.0 3029.412-2019 59.0 0.0 0.0 28.0 0.0 0.0 2691.7 0.0 0.0 2691.712-2020 51.4 0.0 0.0 24.4 0.0 0.0 2396.1 0.0 0.0 2396.112-2021 4.0 0.0 0.0 1.9 0.0 0.0 189.0 0.0 0.0 189.012-202212-202312-202412-2025S TOT 870.3 0.0 0.0 652.8 0.0 0.0 55362.5 0.0 0.0 55362.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 870.3 0.0 0.0 652.8 0.0 0.0 55362.5 0.0 0.0 55362.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 447.9 1203.4 0.0 1203.4 1149.212-2012 78.28 0.00 0.00 0.0 0.0 1343.0 8982.1 11620.9 -2638.7 -2678.612-2013 81.08 0.00 0.00 0.0 0.0 1389.7 9130.1 0.0 9130.1 7205.812-2014 83.98 0.00 0.00 0.0 0.0 1311.1 8158.7 0.0 8158.7 5853.812-2015 86.88 0.00 0.00 0.0 0.0 1140.4 6706.8 0.0 6706.8 4389.612-2016 89.98 0.00 0.00 0.0 0.0 590.4 3244.0 0.0 3244.0 1923.612-2017 91.98 0.00 0.00 0.0 0.0 563.8 2844.8 0.0 2844.8 1533.612-2018 93.98 0.00 0.00 0.0 0.0 540.9 2488.5 0.0 2488.5 1219.612-2019 95.98 0.00 0.00 0.0 0.0 521.3 2170.4 0.0 2170.4 967.012-2020 98.18 0.00 0.00 0.0 0.0 504.9 1891.2 0.0 1891.2 766.012-2021 100.28 0.00 0.00 0.0 0.0 41.4 147.6 733.0 -585.4 -225.912-202212-202312-202412-2025S TOT 84.81 0.00 0.00 0.0 0.0 8394.8 46967.6 12353.9 34613.8 22103.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 84.81 0.00 0.00 0.0 0.0 8394.8 46967.6 12353.9 34613.8 22103.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 4.0 0.0 LIFE, YRS. 10.08 5.00 27426.076GROSS ULT., MB & MMF 1126.781 0.000 DISCOUNT % 10.00 10.00 22103.564GROSS CUM., MB & MMF 256.506 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 18071.703GROSS RES., MB & MMF 870.275 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 14956.316NET RES., MB & MMF 652.820 0.000 UNDISCOUNTED NET/INVEST. 3.80 25.00 12506.949NET REVENUE, M$ 55362.473 0.000 DISCOUNTED NET/INVEST. 3.06 30.00 10551.666INITIAL PRICE, $ 77.885 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 7674.663INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 4315.97080.00 2543.799100.00 1522.952RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN B BLOCK TIME : 11:05:44CANACABARE FIELD SUMMARY DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLE SCENARIO : 51-101FORECAST PRICING CASER E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 23.0 0.0 0.0 21.8 0.0 0.0 1651.3 0.0 0.0 1651.312-2012 202.9 0.0 0.0 192.7 0.0 0.0 15087.5 0.0 0.0 15087.512-2013 328.1 0.0 0.0 311.7 0.0 0.0 25268.6 0.0 0.0 25268.612-2014 283.3 0.0 0.0 269.1 0.0 0.0 22602.7 0.0 0.0 22602.712-2015 244.7 0.0 0.0 224.8 0.0 0.0 19527.3 0.0 0.0 19527.312-2016 211.4 0.0 0.0 144.6 0.0 0.0 13006.7 0.0 0.0 13006.712-2017 182.6 0.0 0.0 86.7 0.0 0.0 7978.2 0.0 0.0 7978.212-2018 157.8 0.0 0.0 74.9 0.0 0.0 7043.2 0.0 0.0 7043.212-2019 136.3 0.0 0.0 64.8 0.0 0.0 6215.8 0.0 0.0 6215.812-2020 117.8 0.0 0.0 56.0 0.0 0.0 5495.1 0.0 0.0 5495.112-2021 9.1 0.0 0.0 4.3 0.0 0.0 431.8 0.0 0.0 431.812-202212-202312-202412-2025S TOT 1896.9 0.0 0.0 1451.4 0.0 0.0 124308.3 0.0 0.0 124308.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1896.9 0.0 0.0 1451.4 0.0 0.0 124308.3 0.0 0.0 124308.3--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 447.9 1203.4 0.0 1203.4 1149.212-2012 78.28 0.00 0.00 0.0 0.0 1831.4 13256.2 29543.5 -16287.4 -14327.112-2013 81.08 0.00 0.00 0.0 0.0 2900.0 22368.6 0.0 22368.6 17654.312-2014 83.98 0.00 0.00 0.0 0.0 2674.5 19928.3 0.0 19928.3 14298.512-2015 86.88 0.00 0.00 0.0 0.0 2371.1 17156.2 0.0 17156.2 11205.512-2016 89.98 0.00 0.00 0.0 0.0 1567.7 11438.9 0.0 11438.9 6806.812-2017 91.98 0.00 0.00 0.0 0.0 1065.2 6912.9 0.0 6912.9 3726.612-2018 93.98 0.00 0.00 0.0 0.0 993.5 6049.7 0.0 6049.7 2964.812-2019 95.98 0.00 0.00 0.0 0.0 929.9 5285.9 0.0 5285.9 2355.012-2020 98.18 0.00 0.00 0.0 0.0 873.7 4621.5 0.0 4621.5 1871.812-2021 100.28 0.00 0.00 0.0 0.0 70.5 361.3 1466.0 -1104.7 -426.412-202212-202312-202412-2025S TOT 85.65 0.00 0.00 0.0 0.0 15725.4 108582.9 31009.5 77573.4 47279.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.65 0.00 0.00 0.0 0.0 15725.4 108582.9 31009.5 77573.4 47279.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 7.0 0.0 LIFE, YRS. 10.08 5.00 60075.223GROSS ULT., MB & MMF 2153.436 0.000 DISCOUNT % 10.00 10.00 47279.047GROSS CUM., MB & MMF 256.506 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 37714.090GROSS RES., MB & MMF 1896.929 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 30426.027NET RES., MB & MMF 1451.412 0.000 UNDISCOUNTED NET/INVEST. 3.50 25.00 24778.779NET REVENUE, M$ 124308.266 0.000 DISCOUNTED NET/INVEST. 2.80 30.00 20337.787INITIAL PRICE, $ 78.107 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 13947.913INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 6818.34680.00 3300.736100.00 1412.469RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN B BLOCK TIME : 11:05:43CANACABARE FIELD SUMMARY DBS : DEMOTOTAL PROVED PRODUCINGSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 23.0 0.0 0.0 21.8 0.0 0.0 1651.3 0.0 0.0 1651.312-2012 20.7 0.0 0.0 19.7 0.0 0.0 1539.2 0.0 0.0 1539.212-2013 18.6 0.0 0.0 17.7 0.0 0.0 1434.9 0.0 0.0 1434.912-2014 16.8 0.0 0.0 15.9 0.0 0.0 1337.6 0.0 0.0 1337.612-2015 15.1 0.0 0.0 13.2 0.0 0.0 1146.1 0.0 0.0 1146.112-2016 13.6 0.0 0.0 6.5 0.0 0.0 580.4 0.0 0.0 580.412-2017 12.2 0.0 0.0 5.8 0.0 0.0 534.0 0.0 0.0 534.012-2018 11.0 0.0 0.0 5.2 0.0 0.0 491.0 0.0 0.0 491.012-2019 9.9 0.0 0.0 4.7 0.0 0.0 451.3 0.0 0.0 451.312-2020 8.9 0.0 0.0 4.2 0.0 0.0 415.5 0.0 0.0 415.512-2021 0.7 0.0 0.0 0.3 0.0 0.0 33.4 0.0 0.0 33.412-202212-202312-202412-2025S TOT 150.5 0.0 0.0 115.1 0.0 0.0 9614.7 0.0 0.0 9614.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 150.5 0.0 0.0 115.1 0.0 0.0 9614.7 0.0 0.0 9614.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 164.6 1486.7 0.0 1486.7 1419.312-2012 78.28 0.00 0.00 0.0 0.0 155.5 1383.7 0.0 1383.7 1200.912-2013 81.08 0.00 0.00 0.0 0.0 147.0 1287.9 0.0 1287.9 1016.112-2014 83.98 0.00 0.00 0.0 0.0 138.9 1198.7 0.0 1198.7 859.812-2015 86.88 0.00 0.00 0.0 0.0 120.6 1025.5 0.0 1025.5 671.012-2016 89.98 0.00 0.00 0.0 0.0 62.0 518.4 0.0 518.4 307.312-2017 91.98 0.00 0.00 0.0 0.0 58.6 475.4 0.0 475.4 256.212-2018 93.98 0.00 0.00 0.0 0.0 55.4 435.7 0.0 435.7 213.412-2019 95.98 0.00 0.00 0.0 0.0 52.3 399.0 0.0 399.0 177.712-2020 98.18 0.00 0.00 0.0 0.0 49.5 366.1 0.0 366.1 148.212-2021 100.28 0.00 0.00 0.0 0.0 4.0 29.4 244.3 -214.9 -82.912-202212-202312-202412-2025S TOT 83.55 0.00 0.00 0.0 0.0 1008.3 8606.5 244.3 8362.1 6186.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 83.55 0.00 0.00 0.0 0.0 1008.3 8606.5 244.3 8362.1 6186.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 7122.857GROSS ULT., MB & MMF 406.998 0.000 DISCOUNT % 10.00 10.00 6186.939GROSS CUM., MB & MMF 256.506 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 5462.716GROSS RES., MB & MMF 150.492 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 4890.143NET RES., MB & MMF 115.076 0.000 UNDISCOUNTED NET/INVEST. 35.22 25.00 4428.805NET REVENUE, M$ 9614.737 0.000 DISCOUNTED NET/INVEST. 66.68 30.00 4050.817INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 3471.675INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 2734.22280.00 2288.945100.00 1992.305RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN B BLOCK TIME : 11:05:43CANACABARE FIELD SUMMARY DBS : DEMOTOTAL PROVED UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 118.1 0.0 0.0 112.2 0.0 0.0 8785.9 0.0 0.0 8785.912-2013 117.9 0.0 0.0 112.0 0.0 0.0 9084.9 0.0 0.0 9084.912-2014 101.9 0.0 0.0 96.8 0.0 0.0 8132.3 0.0 0.0 8132.312-2015 88.1 0.0 0.0 77.1 0.0 0.0 6701.1 0.0 0.0 6701.112-2016 76.1 0.0 0.0 36.2 0.0 0.0 3253.9 0.0 0.0 3253.912-2017 65.8 0.0 0.0 31.3 0.0 0.0 2874.6 0.0 0.0 2874.612-2018 56.9 0.0 0.0 27.0 0.0 0.0 2538.4 0.0 0.0 2538.412-2019 49.1 0.0 0.0 23.3 0.0 0.0 2240.4 0.0 0.0 2240.412-2020 42.5 0.0 0.0 20.2 0.0 0.0 1980.6 0.0 0.0 1980.612-2021 3.3 0.0 0.0 1.6 0.0 0.0 155.6 0.0 0.0 155.612-202212-202312-202412-2025S TOT 719.8 0.0 0.0 537.7 0.0 0.0 45747.7 0.0 0.0 45747.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 719.8 0.0 0.0 537.7 0.0 0.0 45747.7 0.0 0.0 45747.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 283.3 -283.3 0.0 -283.3 -270.112-2012 78.28 0.00 0.00 0.0 0.0 1187.4 7598.4 11620.9 -4022.5 -3879.512-2013 81.08 0.00 0.00 0.0 0.0 1242.7 7842.2 0.0 7842.2 6189.612-2014 83.98 0.00 0.00 0.0 0.0 1172.2 6960.1 0.0 6960.1 4994.012-2015 86.88 0.00 0.00 0.0 0.0 1019.9 5681.3 0.0 5681.3 3718.612-2016 89.98 0.00 0.00 0.0 0.0 528.4 2725.5 0.0 2725.5 1616.312-2017 91.98 0.00 0.00 0.0 0.0 505.2 2369.4 0.0 2369.4 1277.412-2018 93.98 0.00 0.00 0.0 0.0 485.5 2052.8 0.0 2052.8 1006.112-2019 95.98 0.00 0.00 0.0 0.0 469.0 1771.4 0.0 1771.4 789.312-2020 98.18 0.00 0.00 0.0 0.0 455.4 1525.2 0.0 1525.2 617.812-2021 100.28 0.00 0.00 0.0 0.0 37.4 118.2 488.7 -370.5 -143.012-202212-202312-202412-2025S TOT 85.07 0.00 0.00 0.0 0.0 7386.5 38361.2 12109.5 26251.7 15916.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.07 0.00 0.00 0.0 0.0 7386.5 38361.2 12109.5 26251.7 15916.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 3.0 0.0 LIFE, YRS. 10.08 5.00 20303.219GROSS ULT., MB & MMF 719.783 0.000 DISCOUNT % 10.00 10.00 15916.626GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.55 15.00 12608.987GROSS RES., MB & MMF 719.783 0.000 DISCOUNTED PAYOUT, YRS. 2.67 20.00 10066.174NET RES., MB & MMF 537.745 0.000 UNDISCOUNTED NET/INVEST. 3.17 25.00 8078.144NET REVENUE, M$ 45747.730 0.000 DISCOUNTED NET/INVEST. 2.50 30.00 6500.849INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 86.16 40.00 4202.988INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 1581.74880.00 254.855100.00 -469.353RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011ALCARAVAN B BLOCK TIME : 11:05:43CANACABARE FIELD SUMMARY DBS : DEMOTOTAL PROBABLE UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 64.0 0.0 0.0 60.8 0.0 0.0 4762.4 0.0 0.0 4762.412-2013 191.5 0.0 0.0 181.9 0.0 0.0 14748.9 0.0 0.0 14748.912-2014 164.6 0.0 0.0 156.4 0.0 0.0 13132.9 0.0 0.0 13132.912-2015 141.5 0.0 0.0 134.4 0.0 0.0 11680.1 0.0 0.0 11680.112-2016 121.7 0.0 0.0 101.9 0.0 0.0 9172.3 0.0 0.0 9172.312-2017 104.6 0.0 0.0 49.7 0.0 0.0 4569.5 0.0 0.0 4569.512-2018 89.9 0.0 0.0 42.7 0.0 0.0 4013.8 0.0 0.0 4013.812-2019 77.3 0.0 0.0 36.7 0.0 0.0 3524.0 0.0 0.0 3524.012-2020 66.5 0.0 0.0 31.6 0.0 0.0 3099.0 0.0 0.0 3099.012-2021 5.1 0.0 0.0 2.4 0.0 0.0 242.8 0.0 0.0 242.812-202212-202312-202412-2025S TOT 1026.7 0.0 0.0 798.6 0.0 0.0 68945.8 0.0 0.0 68945.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1026.7 0.0 0.0 798.6 0.0 0.0 68945.8 0.0 0.0 68945.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 488.4 4274.0 17922.7 -13648.6 -11648.412-2013 81.08 0.00 0.00 0.0 0.0 1510.4 13238.5 0.0 13238.5 10448.512-2014 83.98 0.00 0.00 0.0 0.0 1363.4 11769.5 0.0 11769.5 8444.712-2015 86.88 0.00 0.00 0.0 0.0 1230.7 10449.4 0.0 10449.4 6815.912-2016 89.98 0.00 0.00 0.0 0.0 977.3 8195.0 0.0 8195.0 4883.212-2017 91.98 0.00 0.00 0.0 0.0 501.4 4068.1 0.0 4068.1 2193.012-2018 93.98 0.00 0.00 0.0 0.0 452.6 3561.2 0.0 3561.2 1745.212-2019 95.98 0.00 0.00 0.0 0.0 408.5 3115.5 0.0 3115.5 1388.012-2020 98.18 0.00 0.00 0.0 0.0 368.8 2730.2 0.0 2730.2 1105.812-2021 100.28 0.00 0.00 0.0 0.0 29.1 213.7 733.0 -519.3 -200.512-202212-202312-202412-2025S TOT 86.33 0.00 0.00 0.0 0.0 7330.5 61615.3 18655.7 42959.6 25175.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 86.33 0.00 0.00 0.0 0.0 7330.5 61615.3 18655.7 42959.6 25175.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 3.0 0.0 LIFE, YRS. 10.08 5.00 32649.148GROSS ULT., MB & MMF 1026.654 0.000 DISCOUNT % 10.00 10.00 25175.482GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.03 15.00 19642.383GROSS RES., MB & MMF 1026.654 0.000 DISCOUNTED PAYOUT, YRS. 3.14 20.00 15469.712NET RES., MB & MMF 798.592 0.000 UNDISCOUNTED NET/INVEST. 3.30 25.00 12271.832NET REVENUE, M$ 68945.781 0.000 DISCOUNTED NET/INVEST. 2.62 30.00 9786.122INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 96.94 40.00 6273.250INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 2502.37680.00 756.936100.00 -110.483RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 03/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 11:05:42COLOMBIA DBS : DEMOCANACABARE- 1 , CARBONERA (C7) RSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 23.0 0.0 0.0 21.8 0.0 0.0 1651.3 0.0 0.0 1651.312-2012 20.7 0.0 0.0 19.7 0.0 0.0 1539.2 0.0 0.0 1539.212-2013 18.6 0.0 0.0 17.7 0.0 0.0 1434.9 0.0 0.0 1434.912-2014 16.8 0.0 0.0 15.9 0.0 0.0 1337.6 0.0 0.0 1337.612-2015 15.1 0.0 0.0 13.2 0.0 0.0 1146.1 0.0 0.0 1146.112-2016 13.6 0.0 0.0 6.5 0.0 0.0 580.4 0.0 0.0 580.412-2017 12.2 0.0 0.0 5.8 0.0 0.0 534.0 0.0 0.0 534.012-2018 11.0 0.0 0.0 5.2 0.0 0.0 491.0 0.0 0.0 491.012-2019 9.9 0.0 0.0 4.7 0.0 0.0 451.3 0.0 0.0 451.312-2020 8.9 0.0 0.0 4.2 0.0 0.0 415.5 0.0 0.0 415.512-2021 0.7 0.0 0.0 0.3 0.0 0.0 33.4 0.0 0.0 33.412-202212-202312-202412-2025S TOT 150.5 0.0 0.0 115.1 0.0 0.0 9614.7 0.0 0.0 9614.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 150.5 0.0 0.0 115.1 0.0 0.0 9614.7 0.0 0.0 9614.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 75.58 0.00 0.00 0.0 0.0 164.6 1486.7 0.0 1486.7 1419.312-2012 78.28 0.00 0.00 0.0 0.0 155.5 1383.7 0.0 1383.7 1200.912-2013 81.08 0.00 0.00 0.0 0.0 147.0 1287.9 0.0 1287.9 1016.112-2014 83.98 0.00 0.00 0.0 0.0 138.9 1198.7 0.0 1198.7 859.812-2015 86.88 0.00 0.00 0.0 0.0 120.6 1025.5 0.0 1025.5 671.012-2016 89.98 0.00 0.00 0.0 0.0 62.0 518.4 0.0 518.4 307.312-2017 91.98 0.00 0.00 0.0 0.0 58.6 475.4 0.0 475.4 256.212-2018 93.98 0.00 0.00 0.0 0.0 55.4 435.7 0.0 435.7 213.412-2019 95.98 0.00 0.00 0.0 0.0 52.3 399.0 0.0 399.0 177.712-2020 98.18 0.00 0.00 0.0 0.0 49.5 366.1 0.0 366.1 148.212-2021 100.28 0.00 0.00 0.0 0.0 4.0 29.4 244.3 -214.9 -82.912-202212-202312-202412-2025S TOT 83.55 0.00 0.00 0.0 0.0 1008.3 8606.5 244.3 8362.1 6186.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 83.55 0.00 0.00 0.0 0.0 1008.3 8606.5 244.3 8362.1 6186.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 7122.857GROSS ULT., MB & MMF 406.998 0.000 DISCOUNT % 10.00 10.00 6186.939GROSS CUM., MB & MMF 256.506 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 5462.716GROSS RES., MB & MMF 150.492 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 4890.143NET RES., MB & MMF 115.076 0.000 UNDISCOUNTED NET/INVEST. 35.22 25.00 4428.805NET REVENUE, M$ 9614.737 0.000 DISCOUNTED NET/INVEST. 66.68 30.00 4050.817INITIAL PRICE, $ 75.580 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 3471.675INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 2734.22280.00 2288.945100.00 1992.305RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 03/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 11:05:43COLOMBIA DBS : DEMOCANACABARE-02 , CARBONERA (C7) RSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 67.0 0.0 0.0 63.6 0.0 0.0 4982.0 0.0 0.0 4982.012-2013 57.9 0.0 0.0 55.0 0.0 0.0 4459.6 0.0 0.0 4459.612-2014 50.0 0.0 0.0 47.5 0.0 0.0 3992.0 0.0 0.0 3992.012-2015 43.2 0.0 0.0 37.9 0.0 0.0 3289.5 0.0 0.0 3289.512-2016 37.4 0.0 0.0 17.8 0.0 0.0 1597.3 0.0 0.0 1597.312-2017 32.3 0.0 0.0 15.3 0.0 0.0 1411.1 0.0 0.0 1411.112-2018 27.9 0.0 0.0 13.3 0.0 0.0 1246.0 0.0 0.0 1246.012-2019 24.1 0.0 0.0 11.5 0.0 0.0 1099.8 0.0 0.0 1099.812-2020 20.8 0.0 0.0 9.9 0.0 0.0 972.2 0.0 0.0 972.212-2021 1.6 0.0 0.0 0.8 0.0 0.0 76.4 0.0 0.0 76.412-202212-202312-202412-2025S TOT 362.3 0.0 0.0 272.5 0.0 0.0 23125.9 0.0 0.0 23125.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 362.3 0.0 0.0 272.5 0.0 0.0 23125.9 0.0 0.0 23125.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 503.3 4478.7 5775.0 -1296.3 -1361.812-2013 81.08 0.00 0.00 0.0 0.0 456.7 4002.9 0.0 4002.9 3159.212-2014 83.98 0.00 0.00 0.0 0.0 414.4 3577.5 0.0 3577.5 2566.812-2015 86.88 0.00 0.00 0.0 0.0 346.0 2943.5 0.0 2943.5 1926.512-2016 89.98 0.00 0.00 0.0 0.0 170.6 1426.7 0.0 1426.7 845.912-2017 91.98 0.00 0.00 0.0 0.0 154.8 1256.3 0.0 1256.3 677.212-2018 93.98 0.00 0.00 0.0 0.0 140.5 1105.5 0.0 1105.5 541.812-2019 95.98 0.00 0.00 0.0 0.0 127.5 972.3 0.0 972.3 433.112-2020 98.18 0.00 0.00 0.0 0.0 115.7 856.5 0.0 856.5 346.912-2021 100.28 0.00 0.00 0.0 0.0 9.1 67.3 244.3 -177.1 -68.412-202212-202312-202412-2025S TOT 84.86 0.00 0.00 0.0 0.0 2438.7 20687.2 6019.3 14667.9 9067.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 84.86 0.00 0.00 0.0 0.0 2438.7 20687.2 6019.3 14667.9 9067.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 11446.121GROSS ULT., MB & MMF 362.327 0.000 DISCOUNT % 10.00 10.00 9067.229GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.32 15.00 7269.696GROSS RES., MB & MMF 362.327 0.000 DISCOUNTED PAYOUT, YRS. 2.43 20.00 5883.905NET RES., MB & MMF 272.518 0.000 UNDISCOUNTED NET/INVEST. 3.44 25.00 4796.705NET REVENUE, M$ 23125.916 0.000 DISCOUNTED NET/INVEST. 2.70 30.00 3930.638INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 99.39 40.00 2660.310INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 1187.85780.00 421.470100.00 -11.389RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 03/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 11:05:43COLOMBIA DBS : DEMOCANACABARE-03 , CARBONERA (C7) RSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 51.2 0.0 0.0 48.6 0.0 0.0 3803.8 0.0 0.0 3803.812-2013 60.0 0.0 0.0 57.0 0.0 0.0 4625.3 0.0 0.0 4625.312-2014 51.9 0.0 0.0 49.3 0.0 0.0 4140.3 0.0 0.0 4140.312-2015 44.8 0.0 0.0 39.3 0.0 0.0 3411.7 0.0 0.0 3411.712-2016 38.8 0.0 0.0 18.4 0.0 0.0 1656.6 0.0 0.0 1656.612-2017 33.5 0.0 0.0 15.9 0.0 0.0 1463.5 0.0 0.0 1463.512-2018 28.9 0.0 0.0 13.8 0.0 0.0 1292.3 0.0 0.0 1292.312-2019 25.0 0.0 0.0 11.9 0.0 0.0 1140.6 0.0 0.0 1140.612-2020 21.6 0.0 0.0 10.3 0.0 0.0 1008.4 0.0 0.0 1008.412-2021 1.7 0.0 0.0 0.8 0.0 0.0 79.2 0.0 0.0 79.212-202212-202312-202412-2025S TOT 357.5 0.0 0.0 265.2 0.0 0.0 22621.8 0.0 0.0 22621.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 357.5 0.0 0.0 265.2 0.0 0.0 22621.8 0.0 0.0 22621.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 386.7 3417.1 5845.9 -2428.7 -2259.912-2013 81.08 0.00 0.00 0.0 0.0 473.7 4151.6 0.0 4151.6 3276.612-2014 83.98 0.00 0.00 0.0 0.0 429.8 3710.5 0.0 3710.5 2662.212-2015 86.88 0.00 0.00 0.0 0.0 358.8 3052.8 0.0 3052.8 1998.012-2016 89.98 0.00 0.00 0.0 0.0 177.0 1479.7 0.0 1479.7 877.412-2017 91.98 0.00 0.00 0.0 0.0 160.6 1302.9 0.0 1302.9 702.412-2018 93.98 0.00 0.00 0.0 0.0 145.7 1146.6 0.0 1146.6 561.912-2019 95.98 0.00 0.00 0.0 0.0 132.2 1008.4 0.0 1008.4 449.212-2020 98.18 0.00 0.00 0.0 0.0 120.0 888.4 0.0 888.4 359.812-2021 100.28 0.00 0.00 0.0 0.0 9.5 69.8 244.3 -174.6 -67.412-202212-202312-202412-2025S TOT 85.29 0.00 0.00 0.0 0.0 2394.0 20227.8 6090.2 14137.6 8560.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.29 0.00 0.00 0.0 0.0 2394.0 20227.8 6090.2 14137.6 8560.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 10918.826GROSS ULT., MB & MMF 357.456 0.000 DISCOUNT % 10.00 10.00 8560.113GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.59 15.00 6792.032GROSS RES., MB & MMF 357.456 0.000 DISCOUNTED PAYOUT, YRS. 2.69 20.00 5440.290NET RES., MB & MMF 265.227 0.000 UNDISCOUNTED NET/INVEST. 3.32 25.00 4388.947NET REVENUE, M$ 22621.818 0.000 DISCOUNTED NET/INVEST. 2.62 30.00 3558.885INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 97.51 40.00 2357.531INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 1002.60080.00 326.143100.00 -38.857RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 03/24/2011CANACABARE FIELD, BASIN TIME : 11:05:43COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-202212-202312-202412-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 283.3 -283.3 0.0 -283.3 -270.112-2012 0.00 0.00 0.00 0.0 0.0 297.5 -297.5 0.0 -297.5 -257.812-2013 0.00 0.00 0.00 0.0 0.0 312.3 -312.3 0.0 -312.3 -246.112-2014 0.00 0.00 0.00 0.0 0.0 327.9 -327.9 0.0 -327.9 -234.912-2015 0.00 0.00 0.00 0.0 0.0 315.1 -315.1 0.0 -315.1 -205.912-2016 0.00 0.00 0.00 0.0 0.0 180.8 -180.8 0.0 -180.8 -107.012-2017 0.00 0.00 0.00 0.0 0.0 189.8 -189.8 0.0 -189.8 -102.212-2018 0.00 0.00 0.00 0.0 0.0 199.3 -199.3 0.0 -199.3 -97.512-2019 0.00 0.00 0.00 0.0 0.0 209.3 -209.3 0.0 -209.3 -93.112-2020 0.00 0.00 0.00 0.0 0.0 219.7 -219.7 0.0 -219.7 -88.912-2021 0.00 0.00 0.00 0.0 0.0 18.8 -18.8 0.0 -18.8 -7.212-202212-202312-202412-2025S TOT 0.00 0.00 0.00 0.0 0.0 2553.8 -2553.8 0.0 -2553.8 -1710.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 2553.8 -2553.8 0.0 -2553.8 -1710.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 -2061.730GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 -1710.716GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 10.08 15.00 -1452.741GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 10.08 20.00 -1258.021NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 -1107.508NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 -988.674INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 -814.851INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 -608.70980.00 -492.758100.00 -419.108RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 03/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 11:05:43COLOMBIA DBS : DEMOCANACABARE-04 , CARBONERA (C7) RSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 34.7 0.0 0.0 32.9 0.0 0.0 2578.5 0.0 0.0 2578.512-2013 62.0 0.0 0.0 58.9 0.0 0.0 4772.3 0.0 0.0 4772.312-2014 53.3 0.0 0.0 50.6 0.0 0.0 4249.4 0.0 0.0 4249.412-2015 45.8 0.0 0.0 43.5 0.0 0.0 3779.3 0.0 0.0 3779.312-2016 39.4 0.0 0.0 33.0 0.0 0.0 2967.9 0.0 0.0 2967.912-2017 33.8 0.0 0.0 16.1 0.0 0.0 1478.6 0.0 0.0 1478.612-2018 29.1 0.0 0.0 13.8 0.0 0.0 1298.7 0.0 0.0 1298.712-2019 25.0 0.0 0.0 11.9 0.0 0.0 1140.3 0.0 0.0 1140.312-2020 21.5 0.0 0.0 10.2 0.0 0.0 1002.7 0.0 0.0 1002.712-2021 1.6 0.0 0.0 0.8 0.0 0.0 78.6 0.0 0.0 78.612-202212-202312-202412-2025S TOT 346.1 0.0 0.0 271.7 0.0 0.0 23346.2 0.0 0.0 23346.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 346.1 0.0 0.0 271.7 0.0 0.0 23346.2 0.0 0.0 23346.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 263.8 2314.7 5917.6 -3602.9 -3169.412-2013 81.08 0.00 0.00 0.0 0.0 488.7 4283.5 0.0 4283.5 3380.812-2014 83.98 0.00 0.00 0.0 0.0 441.1 3808.2 0.0 3808.2 2732.412-2015 86.88 0.00 0.00 0.0 0.0 398.2 3381.1 0.0 3381.1 2205.412-2016 89.98 0.00 0.00 0.0 0.0 316.2 2651.6 0.0 2651.6 1580.012-2017 91.98 0.00 0.00 0.0 0.0 162.2 1316.3 0.0 1316.3 709.612-2018 93.98 0.00 0.00 0.0 0.0 146.4 1152.3 0.0 1152.3 564.712-2019 95.98 0.00 0.00 0.0 0.0 132.2 1008.1 0.0 1008.1 449.112-2020 98.18 0.00 0.00 0.0 0.0 119.3 883.4 0.0 883.4 357.812-2021 100.28 0.00 0.00 0.0 0.0 9.4 69.2 244.3 -175.2 -67.612-202212-202312-202412-2025S TOT 85.94 0.00 0.00 0.0 0.0 2477.7 20868.5 6161.9 14706.6 8742.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.94 0.00 0.00 0.0 0.0 2477.7 20868.5 6161.9 14706.6 8742.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 11257.521GROSS ULT., MB & MMF 346.144 0.000 DISCOUNT % 10.00 10.00 8742.885GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.84 15.00 6869.952GROSS RES., MB & MMF 346.144 0.000 DISCOUNTED PAYOUT, YRS. 2.94 20.00 5448.746NET RES., MB & MMF 271.653 0.000 UNDISCOUNTED NET/INVEST. 3.39 25.00 4352.627NET REVENUE, M$ 23346.180 0.000 DISCOUNTED NET/INVEST. 2.67 30.00 3495.093INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 97.68 40.00 2271.603INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 932.91680.00 295.162100.00 -31.923RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 03/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 11:05:43COLOMBIA DBS : DEMOCANACABARE-05 , CARBONERA (C7) RSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 23.4 0.0 0.0 22.2 0.0 0.0 1740.6 0.0 0.0 1740.612-2013 63.5 0.0 0.0 60.4 0.0 0.0 4894.0 0.0 0.0 4894.012-2014 54.6 0.0 0.0 51.9 0.0 0.0 4357.8 0.0 0.0 4357.812-2015 47.0 0.0 0.0 44.6 0.0 0.0 3875.7 0.0 0.0 3875.712-2016 40.4 0.0 0.0 33.8 0.0 0.0 3043.6 0.0 0.0 3043.612-2017 34.7 0.0 0.0 16.5 0.0 0.0 1516.3 0.0 0.0 1516.312-2018 29.8 0.0 0.0 14.2 0.0 0.0 1331.9 0.0 0.0 1331.912-2019 25.6 0.0 0.0 12.2 0.0 0.0 1169.4 0.0 0.0 1169.412-2020 22.1 0.0 0.0 10.5 0.0 0.0 1028.3 0.0 0.0 1028.312-2021 1.7 0.0 0.0 0.8 0.0 0.0 80.6 0.0 0.0 80.612-202212-202312-202412-2025S TOT 342.8 0.0 0.0 267.0 0.0 0.0 23038.2 0.0 0.0 23038.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 342.8 0.0 0.0 267.0 0.0 0.0 23038.2 0.0 0.0 23038.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 178.8 1561.8 5965.9 -4404.2 -3778.112-2013 81.08 0.00 0.00 0.0 0.0 501.2 4392.9 0.0 4392.9 3467.112-2014 83.98 0.00 0.00 0.0 0.0 452.4 3905.4 0.0 3905.4 2802.212-2015 86.88 0.00 0.00 0.0 0.0 408.4 3467.4 0.0 3467.4 2261.712-2016 89.98 0.00 0.00 0.0 0.0 324.3 2719.3 0.0 2719.3 1620.412-2017 91.98 0.00 0.00 0.0 0.0 166.4 1349.9 0.0 1349.9 727.712-2018 93.98 0.00 0.00 0.0 0.0 150.2 1181.7 0.0 1181.7 579.112-2019 95.98 0.00 0.00 0.0 0.0 135.6 1033.8 0.0 1033.8 460.612-2020 98.18 0.00 0.00 0.0 0.0 122.4 906.0 0.0 906.0 366.912-2021 100.28 0.00 0.00 0.0 0.0 9.6 70.9 244.3 -173.4 -67.012-202212-202312-202412-2025S TOT 86.27 0.00 0.00 0.0 0.0 2449.2 20589.0 6210.3 14378.7 8440.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 86.27 0.00 0.00 0.0 0.0 2449.2 20589.0 6210.3 14378.7 8440.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 10937.301GROSS ULT., MB & MMF 342.824 0.000 DISCOUNT % 10.00 10.00 8440.591GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.00 15.00 6590.593GROSS RES., MB & MMF 342.824 0.000 DISCOUNTED PAYOUT, YRS. 3.11 20.00 5194.288NET RES., MB & MMF 267.040 0.000 UNDISCOUNTED NET/INVEST. 3.32 25.00 4123.302NET REVENUE, M$ 23038.191 0.000 DISCOUNTED NET/INVEST. 2.63 30.00 3290.161INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 96.93 40.00 2111.448INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 843.68280.00 255.449100.00 -37.444RALPH E. DAVIS ASSOCIATES, INC.F‐1529

ALCARAVAN B BLOCK DATE : 03/24/2011CANACABARE FIELD, LLANOS BASIN TIME : 11:05:43COLOMBIA DBS : DEMOCANACABARE-06 , CARBONERA (C7) RSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 6.0 0.0 0.0 5.7 0.0 0.0 443.4 0.0 0.0 443.412-2013 66.0 0.0 0.0 62.7 0.0 0.0 5082.6 0.0 0.0 5082.612-2014 56.7 0.0 0.0 53.9 0.0 0.0 4525.7 0.0 0.0 4525.712-2015 48.8 0.0 0.0 46.3 0.0 0.0 4025.0 0.0 0.0 4025.012-2016 41.9 0.0 0.0 35.1 0.0 0.0 3160.8 0.0 0.0 3160.812-2017 36.0 0.0 0.0 17.1 0.0 0.0 1574.7 0.0 0.0 1574.712-2018 31.0 0.0 0.0 14.7 0.0 0.0 1383.2 0.0 0.0 1383.212-2019 26.6 0.0 0.0 12.7 0.0 0.0 1214.4 0.0 0.0 1214.412-2020 22.9 0.0 0.0 10.9 0.0 0.0 1067.9 0.0 0.0 1067.912-2021 1.8 0.0 0.0 0.8 0.0 0.0 83.7 0.0 0.0 83.712-202212-202312-202412-2025S TOT 337.7 0.0 0.0 259.9 0.0 0.0 22561.4 0.0 0.0 22561.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 337.7 0.0 0.0 259.9 0.0 0.0 22561.4 0.0 0.0 22561.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 78.28 0.00 0.00 0.0 0.0 45.8 397.6 6039.1 -5641.6 -4700.912-2013 81.08 0.00 0.00 0.0 0.0 520.5 4562.1 0.0 4562.1 3600.612-2014 83.98 0.00 0.00 0.0 0.0 469.8 4055.9 0.0 4055.9 2910.112-2015 86.88 0.00 0.00 0.0 0.0 424.1 3600.9 0.0 3600.9 2348.812-2016 89.98 0.00 0.00 0.0 0.0 336.8 2824.1 0.0 2824.1 1682.812-2017 91.98 0.00 0.00 0.0 0.0 172.8 1401.9 0.0 1401.9 755.712-2018 93.98 0.00 0.00 0.0 0.0 156.0 1227.2 0.0 1227.2 601.412-2019 95.98 0.00 0.00 0.0 0.0 140.8 1073.6 0.0 1073.6 478.312-2020 98.18 0.00 0.00 0.0 0.0 127.1 940.9 0.0 940.9 381.112-2021 100.28 0.00 0.00 0.0 0.0 10.0 73.7 244.3 -170.7 -65.912-202212-202312-202412-2025S TOT 86.81 0.00 0.00 0.0 0.0 2403.7 20157.7 6283.5 13874.3 7992.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 86.81 0.00 0.00 0.0 0.0 2403.7 20157.7 6283.5 13874.3 7992.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.08 5.00 10454.325GROSS ULT., MB & MMF 337.686 0.000 DISCOUNT % 10.00 10.00 7992.006GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.27 15.00 6181.838GROSS RES., MB & MMF 337.686 0.000 DISCOUNTED PAYOUT, YRS. 3.38 20.00 4826.678NET RES., MB & MMF 259.899 0.000 UNDISCOUNTED NET/INVEST. 3.21 25.00 3795.903NET REVENUE, M$ 22561.414 0.000 DISCOUNTED NET/INVEST. 2.56 30.00 3000.868INITIAL PRICE, $ 78.280 0.000 RATE-OF-RETURN, PCT. 95.96 40.00 1890.200INITIAL N.I., PCT. 95.000 0.000 INITIAL W.I., PCT. 100.000 60.00 725.77780.00 206.326100.00 -41.117RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BOCACHICO BLOCK TIME : 11:05:47TORCAZ FIELD SUMMARY DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLE SCENARIO : 51-101FORECAST PRICING CASER E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 17.5 0.0 0.0 14.0 0.0 0.0 940.8 0.0 0.0 940.812-2012 1762.3 0.0 0.0 1409.9 0.0 0.0 98535.2 0.0 0.0 98535.212-2013 2772.9 0.0 0.0 2218.4 0.0 0.0 161252.5 0.0 0.0 161252.512-2014 2683.9 0.0 0.0 2147.1 0.0 0.0 162300.2 0.0 0.0 162300.212-2015 5275.9 0.0 0.0 4220.7 0.0 0.0 331284.5 0.0 0.0 331284.512-2016 16287.2 0.0 0.0 13028.5 0.0 0.0 1062992.2 0.0 0.0 1062992.212-2017 19290.4 0.0 0.0 15429.5 0.0 0.0 1289748.4 0.0 0.0 1289748.412-2018 14690.4 0.0 0.0 11749.7 0.0 0.0 1005656.3 0.0 0.0 1005656.312-2019 11937.8 0.0 0.0 9547.8 0.0 0.0 836293.9 0.0 0.0 836293.912-2020 10079.1 0.0 0.0 8061.1 0.0 0.0 723804.3 0.0 0.0 723804.312-2021 8727.8 0.0 0.0 6980.2 0.0 0.0 641406.9 0.0 0.0 641406.912-2022 1347.4 0.0 0.0 1077.6 0.0 0.0 101391.6 0.0 0.0 101391.612-202312-202412-2025S TOT 94872.8 0.0 0.0 75884.3 0.0 0.0 6415607.0 0.0 0.0 6415607.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 94872.8 0.0 0.0 75884.3 0.0 0.0 6415607.0 0.0 0.0 6415607.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.19 0.00 0.00 0.0 0.0 492.5 448.3 10406.2 -9957.9 -9773.712-2012 69.89 0.00 0.00 0.0 0.0 24121.8 74413.4 390244.4 -315831.0 -278741.412-2013 72.69 0.00 0.00 0.0 0.0 39356.8 121895.7 11967.7 109928.0 86685.012-2014 75.59 0.00 0.00 0.0 0.0 39986.8 122313.4 2634.3 119679.1 85768.312-2015 78.49 0.00 0.00 0.0 0.0 84217.4 247067.1 342209.8 -95142.6 -60953.312-2016 81.59 0.00 0.00 0.0 0.0 267679.8 795312.4 460050.1 335262.4 194861.912-2017 83.59 0.00 0.00 0.0 0.0 331645.0 958103.5 108038.9 850064.6 456228.112-2018 85.59 0.00 0.00 0.0 0.0 265681.7 739974.8 0.0 739974.8 362903.712-2019 87.59 0.00 0.00 0.0 0.0 227070.4 609223.5 0.0 609223.5 271518.212-2020 89.79 0.00 0.00 0.0 0.0 201617.5 522186.8 0.0 522186.8 211521.512-2021 91.89 0.00 0.00 0.0 0.0 183593.7 457813.2 0.0 457813.2 168560.412-2022 94.09 0.00 0.00 0.0 0.0 29199.2 72192.4 210369.3 -138176.9 -48046.212-202312-202412-2025S TOT 84.54 0.00 0.00 0.0 0.0 1694662.8 4720944.0 1535920.6 3185024.0 1440532.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 84.54 0.00 0.00 0.0 0.0 1694662.8 4720944.0 1535920.6 3185024.0 1440532.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 443.0 0.0 LIFE, YRS. 11.17 5.00 2127751.500GROSS ULT., MB & MMF 95088.992 0.000 DISCOUNT % 10.00 10.00 1440532.500GROSS CUM., MB & MMF 216.230 0.000 UNDISCOUNTED PAYOUT, YRS. 5.57 15.00 983476.625GROSS RES., MB & MMF 94872.758 0.000 DISCOUNTED PAYOUT, YRS. 5.91 20.00 673232.125NET RES., MB & MMF 75884.328 0.000 UNDISCOUNTED NET/INVEST. 3.07 25.00 458798.656NET REVENUE, M$ 6415607.000 0.000 DISCOUNTED NET/INVEST. 2.45 30.00 308200.844INITIAL PRICE, $ 79.721 0.000 RATE-OF-RETURN, PCT. 54.86 40.00 123622.102INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 -27418.89380.00 -73343.359100.00 -86294.109RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BOCACHICO BLOCK TIME : 13:54:57BLOCK SUMMARY DBS : DEMOTOTAL PROVED RESERVESSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 17.5 0.0 0.0 14.0 0.0 0.0 940.8 0.0 0.0 940.812-2012 1762.3 0.0 0.0 1409.9 0.0 0.0 98535.2 0.0 0.0 98535.212-2013 2610.6 0.0 0.0 2088.5 0.0 0.0 151809.8 0.0 0.0 151809.812-2014 2379.5 0.0 0.0 1903.6 0.0 0.0 143890.8 0.0 0.0 143890.812-2015 2168.8 0.0 0.0 1735.1 0.0 0.0 136184.2 0.0 0.0 136184.212-2016 1974.2 0.0 0.0 1578.1 0.0 0.0 128756.9 0.0 0.0 128756.912-2017 1798.6 0.0 0.0 1436.0 0.0 0.0 120036.4 0.0 0.0 120036.412-2018 1639.4 0.0 0.0 1308.9 0.0 0.0 112026.0 0.0 0.0 112026.012-2019 1494.3 0.0 0.0 1193.0 0.0 0.0 104493.1 0.0 0.0 104493.112-2020 1362.0 0.0 0.0 1087.4 0.0 0.0 97633.4 0.0 0.0 97633.412-2021 1241.4 0.0 0.0 991.1 0.0 0.0 91070.2 0.0 0.0 91070.212-2022 195.9 0.0 0.0 156.4 0.0 0.0 14718.5 0.0 0.0 14718.512-202312-202412-2025S TOT 18644.5 0.0 0.0 14901.8 0.0 0.0 1200095.2 0.0 0.0 1200095.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 18644.5 0.0 0.0 14901.8 0.0 0.0 1200095.2 0.0 0.0 1200095.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.19 0.00 0.00 0.0 0.0 492.5 448.3 10406.2 -9957.9 -9773.712-2012 69.89 0.00 0.00 0.0 0.0 24121.8 74413.4 388582.0 -314168.6 -277356.612-2013 72.69 0.00 0.00 0.0 0.0 37059.8 114750.0 0.0 114750.0 90532.912-2014 75.59 0.00 0.00 0.0 0.0 35486.1 108404.7 0.0 108404.7 77751.612-2015 78.49 0.00 0.00 0.0 0.0 35248.9 100935.3 0.0 100935.3 65814.212-2016 81.59 0.00 0.00 0.0 0.0 33770.2 94986.6 360.3 94626.4 56086.812-2017 83.59 0.00 0.00 0.0 0.0 32393.2 87643.2 0.0 87643.2 47229.612-2018 85.59 0.00 0.00 0.0 0.0 31153.2 80872.8 0.0 80872.8 39619.512-2019 87.59 0.00 0.00 0.0 0.0 29974.0 74519.1 0.0 74519.1 33188.312-2020 89.79 0.00 0.00 0.0 0.0 28853.4 68780.0 0.0 68780.0 27847.812-2021 91.89 0.00 0.00 0.0 0.0 27789.3 63280.8 0.0 63280.8 23292.312-2022 94.09 0.00 0.00 0.0 0.0 4532.0 10186.5 57941.7 -47755.2 -16605.412-202312-202412-2025S TOT 80.53 0.00 0.00 0.0 0.0 320874.4 879220.8 457290.2 421930.7 157627.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.53 0.00 0.00 0.0 0.0 320874.4 879220.8 457290.2 421930.7 157627.4OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 126.0 0.0 LIFE, YRS. 11.17 5.00 264571.188GROSS ULT., MB & MMF 18860.756 0.000 DISCOUNT % 10.00 10.00 157627.391GROSS CUM., MB & MMF 216.230 0.000 UNDISCOUNTED PAYOUT, YRS. 5.00 15.00 83514.711GROSS RES., MB & MMF 18644.525 0.000 DISCOUNTED PAYOUT, YRS. 5.95 20.00 31312.100NET RES., MB & MMF 14901.758 0.000 UNDISCOUNTED NET/INVEST. 1.92 25.00 -5942.206NET REVENUE, M$ 1200095.250 0.000 DISCOUNTED NET/INVEST. 1.42 30.00 -32794.492INITIAL PRICE, $ 69.873 0.000 RATE-OF-RETURN, PCT. 24.20 40.00 -66463.258INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 -93295.49280.00 -98556.664100.00 -96451.430RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BOCACHICO BLOCK TIME : 11:05:44TORCAZ FIELD SUMMARY DBS : DEMOTOTAL PROVED PRODUCINGSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 17.5 0.0 0.0 14.0 0.0 0.0 940.8 0.0 0.0 940.812-2012 16.0 0.0 0.0 12.8 0.0 0.0 897.1 0.0 0.0 897.112-2013 14.7 0.0 0.0 11.8 0.0 0.0 855.4 0.0 0.0 855.412-2014 13.5 0.0 0.0 10.8 0.0 0.0 815.6 0.0 0.0 815.612-2015 12.4 0.0 0.0 9.9 0.0 0.0 776.5 0.0 0.0 776.512-2016 8.7 0.0 0.0 5.7 0.0 0.0 466.1 0.0 0.0 466.112-2017 7.2 0.0 0.0 2.9 0.0 0.0 240.6 0.0 0.0 240.612-2018 6.6 0.0 0.0 2.6 0.0 0.0 226.6 0.0 0.0 226.612-2019 6.1 0.0 0.0 2.4 0.0 0.0 213.4 0.0 0.0 213.412-2020 5.6 0.0 0.0 2.2 0.0 0.0 201.2 0.0 0.0 201.212-2021 5.2 0.0 0.0 2.1 0.0 0.0 189.4 0.0 0.0 189.412-2022 0.8 0.0 0.0 0.3 0.0 0.0 30.8 0.0 0.0 30.812-202312-202412-2025S TOT 114.3 0.0 0.0 77.6 0.0 0.0 5853.5 0.0 0.0 5853.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 114.3 0.0 0.0 77.6 0.0 0.0 5853.5 0.0 0.0 5853.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.19 0.00 0.00 0.0 0.0 492.5 448.3 0.0 448.3 428.212-2012 69.89 0.00 0.00 0.0 0.0 489.1 408.0 0.0 408.0 354.312-2013 72.69 0.00 0.00 0.0 0.0 486.7 368.7 0.0 368.7 291.112-2014 75.59 0.00 0.00 0.0 0.0 485.2 330.4 0.0 330.4 237.212-2015 78.49 0.00 0.00 0.0 0.0 273.2 503.2 0.0 503.2 328.112-2016 81.59 0.00 0.00 0.0 0.0 160.5 305.7 360.3 -54.6 -37.112-2017 83.59 0.00 0.00 0.0 0.0 83.8 156.8 0.0 156.8 84.512-2018 85.59 0.00 0.00 0.0 0.0 80.9 145.7 0.0 145.7 71.412-2019 87.59 0.00 0.00 0.0 0.0 78.2 135.2 0.0 135.2 60.212-2020 89.79 0.00 0.00 0.0 0.0 75.5 125.7 0.0 125.7 50.912-2021 91.89 0.00 0.00 0.0 0.0 73.0 116.5 0.0 116.5 42.912-2022 94.09 0.00 0.00 0.0 0.0 11.9 18.9 240.4 -221.6 -77.012-202312-202412-2025S TOT 75.44 0.00 0.00 0.0 0.0 2790.5 3063.0 600.7 2462.3 1834.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 75.44 0.00 0.00 0.0 0.0 2790.5 3063.0 600.7 2462.3 1834.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 3.0 0.0 LIFE, YRS. 11.17 5.00 2106.778GROSS ULT., MB & MMF 330.548 0.000 DISCOUNT % 10.00 10.00 1834.560GROSS CUM., MB & MMF 216.230 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 1622.151GROSS RES., MB & MMF 114.319 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 1453.401NET RES., MB & MMF 77.592 0.000 UNDISCOUNTED NET/INVEST. 5.10 25.00 1317.068NET REVENUE, M$ 5853.455 0.000 DISCOUNTED NET/INVEST. 7.04 30.00 1205.214INITIAL PRICE, $ 67.190 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1033.722INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 815.42180.00 683.714100.00 595.996RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BOCACHICO BLOCK TIME : 11:05:45TORCAZ FIELD SUMMARY DBS : DEMOTOTAL PROVED UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 1746.3 0.0 0.0 1397.0 0.0 0.0 97638.1 0.0 0.0 97638.112-2013 2595.9 0.0 0.0 2076.7 0.0 0.0 150954.4 0.0 0.0 150954.412-2014 2366.0 0.0 0.0 1892.8 0.0 0.0 143075.2 0.0 0.0 143075.212-2015 2156.4 0.0 0.0 1725.2 0.0 0.0 135407.8 0.0 0.0 135407.812-2016 1965.5 0.0 0.0 1572.4 0.0 0.0 128290.7 0.0 0.0 128290.712-2017 1791.4 0.0 0.0 1433.1 0.0 0.0 119795.8 0.0 0.0 119795.812-2018 1632.8 0.0 0.0 1306.2 0.0 0.0 111799.4 0.0 0.0 111799.412-2019 1488.2 0.0 0.0 1190.5 0.0 0.0 104279.8 0.0 0.0 104279.812-2020 1356.4 0.0 0.0 1085.1 0.0 0.0 97432.2 0.0 0.0 97432.212-2021 1236.3 0.0 0.0 989.0 0.0 0.0 90880.7 0.0 0.0 90880.712-2022 195.1 0.0 0.0 156.1 0.0 0.0 14687.7 0.0 0.0 14687.712-202312-202412-2025S TOT 18530.2 0.0 0.0 14824.2 0.0 0.0 1194241.8 0.0 0.0 1194241.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 18530.2 0.0 0.0 14824.2 0.0 0.0 1194241.8 0.0 0.0 1194241.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 10406.2 -10406.2 -10201.912-2012 69.89 0.00 0.00 0.0 0.0 23632.7 74005.4 388582.0 -314576.6 -277710.812-2013 72.69 0.00 0.00 0.0 0.0 36573.1 114381.3 0.0 114381.3 90241.712-2014 75.59 0.00 0.00 0.0 0.0 35000.9 108074.3 0.0 108074.3 77514.512-2015 78.49 0.00 0.00 0.0 0.0 34975.7 100432.1 0.0 100432.1 65486.112-2016 81.59 0.00 0.00 0.0 0.0 33609.8 94681.0 0.0 94681.0 56123.912-2017 83.59 0.00 0.00 0.0 0.0 32309.4 87486.4 0.0 87486.4 47145.112-2018 85.59 0.00 0.00 0.0 0.0 31072.2 80727.2 0.0 80727.2 39548.212-2019 87.59 0.00 0.00 0.0 0.0 29895.8 74384.0 0.0 74384.0 33128.112-2020 89.79 0.00 0.00 0.0 0.0 28777.9 68654.3 0.0 68654.3 27796.912-2021 91.89 0.00 0.00 0.0 0.0 27716.4 63164.3 0.0 63164.3 23249.412-2022 94.09 0.00 0.00 0.0 0.0 4520.0 10167.6 57701.3 -47533.7 -16528.412-202312-202412-2025S TOT 80.56 0.00 0.00 0.0 0.0 318083.9 876157.8 456689.5 419468.4 155792.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.56 0.00 0.00 0.0 0.0 318083.9 876157.8 456689.5 419468.4 155792.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 123.0 0.0 LIFE, YRS. 11.17 5.00 262464.438GROSS ULT., MB & MMF 18530.207 0.000 DISCOUNT % 10.00 10.00 155792.812GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.02 15.00 81892.562GROSS RES., MB & MMF 18530.207 0.000 DISCOUNTED PAYOUT, YRS. 5.97 20.00 29858.695NET RES., MB & MMF 14824.164 0.000 UNDISCOUNTED NET/INVEST. 1.92 25.00 -7259.274NET REVENUE, M$ 1194241.750 0.000 DISCOUNTED NET/INVEST. 1.42 30.00 -33999.703INITIAL PRICE, $ 69.890 0.000 RATE-OF-RETURN, PCT. 24.02 40.00 -67496.977INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 -94110.92280.00 -99240.375100.00 -97047.422RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BOCACHICO BLOCK TIME : 11:05:47TORCAZ FIELD SUMMARY DBS : DEMOTOTAL PROBABLE UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 162.4 0.0 0.0 129.9 0.0 0.0 9442.7 0.0 0.0 9442.712-2014 304.4 0.0 0.0 243.5 0.0 0.0 18409.4 0.0 0.0 18409.412-2015 3107.1 0.0 0.0 2485.7 0.0 0.0 195100.3 0.0 0.0 195100.312-2016 14313.0 0.0 0.0 11450.4 0.0 0.0 934235.3 0.0 0.0 934235.312-2017 17491.8 0.0 0.0 13993.4 0.0 0.0 1169712.0 0.0 0.0 1169712.012-2018 13051.0 0.0 0.0 10440.8 0.0 0.0 893630.3 0.0 0.0 893630.312-2019 10443.6 0.0 0.0 8354.8 0.0 0.0 731800.8 0.0 0.0 731800.812-2020 8717.2 0.0 0.0 6973.7 0.0 0.0 626170.9 0.0 0.0 626170.912-2021 7486.4 0.0 0.0 5989.1 0.0 0.0 550336.8 0.0 0.0 550336.812-2022 1151.5 0.0 0.0 921.2 0.0 0.0 86673.1 0.0 0.0 86673.112-202312-202412-2025S TOT 76228.2 0.0 0.0 60982.6 0.0 0.0 5215511.5 0.0 0.0 5215511.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 76228.2 0.0 0.0 60982.6 0.0 0.0 5215511.5 0.0 0.0 5215511.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 1662.4 -1662.4 -1384.812-2013 72.69 0.00 0.00 0.0 0.0 2297.1 7145.6 11967.7 -4822.1 -3847.912-2014 75.59 0.00 0.00 0.0 0.0 4500.7 13908.7 2634.3 11274.4 8016.712-2015 78.49 0.00 0.00 0.0 0.0 48968.5 146131.8 342209.8 -196077.9 -126767.512-2016 81.59 0.00 0.00 0.0 0.0 233909.6 700325.8 459689.8 240636.0 138775.012-2017 83.59 0.00 0.00 0.0 0.0 299251.8 870460.3 108038.9 762421.4 408998.612-2018 85.59 0.00 0.00 0.0 0.0 234528.5 659101.9 0.0 659101.9 323284.212-2019 87.59 0.00 0.00 0.0 0.0 197096.5 534704.4 0.0 534704.4 238329.812-2020 89.79 0.00 0.00 0.0 0.0 172764.1 453406.8 0.0 453406.8 183673.712-2021 91.89 0.00 0.00 0.0 0.0 155804.4 394532.4 0.0 394532.4 145268.012-2022 94.09 0.00 0.00 0.0 0.0 24667.2 62005.9 152427.6 -90421.7 -31440.812-202312-202412-2025S TOT 85.52 0.00 0.00 0.0 0.0 1373788.2 3841723.8 1078630.5 2763093.0 1282905.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.52 0.00 0.00 0.0 0.0 1373788.2 3841723.8 1078630.5 2763093.0 1282905.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 317.0 0.0 LIFE, YRS. 11.17 5.00 1863180.250GROSS ULT., MB & MMF 76228.227 0.000 DISCOUNT % 10.00 10.00 1282905.125GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.58 15.00 899961.938GROSS RES., MB & MMF 76228.227 0.000 DISCOUNTED PAYOUT, YRS. 3.65 20.00 641920.000NET RES., MB & MMF 60982.574 0.000 UNDISCOUNTED NET/INVEST. 3.56 25.00 464740.875NET REVENUE, M$ 5215511.500 0.000 DISCOUNTED NET/INVEST. 3.07 30.00 340995.312INITIAL PRICE, $ 80.740 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 190085.359INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 65876.60280.00 25213.309100.00 10157.320RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:44COLOMBIA DBS : DEMOTORCAZ-2 , LOWER MUGROSA RESERVOSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 11.9 0.0 0.0 9.5 0.0 0.0 637.8 0.0 0.0 637.812-2012 10.9 0.0 0.0 8.7 0.0 0.0 610.3 0.0 0.0 610.312-2013 10.0 0.0 0.0 8.0 0.0 0.0 584.0 0.0 0.0 584.012-2014 9.2 0.0 0.0 7.4 0.0 0.0 558.7 0.0 0.0 558.712-2015 8.5 0.0 0.0 6.8 0.0 0.0 533.7 0.0 0.0 533.712-2016 7.8 0.0 0.0 5.0 0.0 0.0 406.7 0.0 0.0 406.712-2017 7.2 0.0 0.0 2.9 0.0 0.0 240.6 0.0 0.0 240.612-2018 6.6 0.0 0.0 2.6 0.0 0.0 226.6 0.0 0.0 226.612-2019 6.1 0.0 0.0 2.4 0.0 0.0 213.4 0.0 0.0 213.412-2020 5.6 0.0 0.0 2.2 0.0 0.0 201.2 0.0 0.0 201.212-2021 5.2 0.0 0.0 2.1 0.0 0.0 189.4 0.0 0.0 189.412-2022 0.8 0.0 0.0 0.3 0.0 0.0 30.8 0.0 0.0 30.812-202312-202412-2025S TOT 89.9 0.0 0.0 58.0 0.0 0.0 4433.3 0.0 0.0 4433.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 89.9 0.0 0.0 58.0 0.0 0.0 4433.3 0.0 0.0 4433.3--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.19 0.00 0.00 0.0 0.0 206.2 431.6 0.0 431.6 412.012-2012 69.89 0.00 0.00 0.0 0.0 199.2 411.1 0.0 411.1 356.812-2013 72.69 0.00 0.00 0.0 0.0 192.4 391.6 0.0 391.6 308.912-2014 75.59 0.00 0.00 0.0 0.0 185.9 372.8 0.0 372.8 267.412-2015 78.49 0.00 0.00 0.0 0.0 179.6 354.2 0.0 354.2 230.912-2016 81.59 0.00 0.00 0.0 0.0 137.7 269.0 0.0 269.0 160.612-2017 83.59 0.00 0.00 0.0 0.0 83.8 156.8 0.0 156.8 84.512-2018 85.59 0.00 0.00 0.0 0.0 80.9 145.7 0.0 145.7 71.412-2019 87.59 0.00 0.00 0.0 0.0 78.2 135.2 0.0 135.2 60.212-2020 89.79 0.00 0.00 0.0 0.0 75.5 125.7 0.0 125.7 50.912-2021 91.89 0.00 0.00 0.0 0.0 73.0 116.5 0.0 116.5 42.912-2022 94.09 0.00 0.00 0.0 0.0 11.9 18.9 240.4 -221.6 -77.012-202312-202412-2025S TOT 76.40 0.00 0.00 0.0 0.0 1504.4 2928.9 240.4 2688.5 1969.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 76.40 0.00 0.00 0.0 0.0 1504.4 2928.9 240.4 2688.5 1969.4OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 2280.606GROSS ULT., MB & MMF 228.408 0.000 DISCOUNT % 10.00 10.00 1969.403GROSS CUM., MB & MMF 138.546 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 1727.575GROSS RES., MB & MMF 89.862 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 1536.333NET RES., MB & MMF 58.027 0.000 UNDISCOUNTED NET/INVEST. 12.18 25.00 1382.596NET REVENUE, M$ 4433.275 0.000 DISCOUNTED NET/INVEST. 24.56 30.00 1257.124INITIAL PRICE, $ 67.190 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1066.278INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 827.07680.00 685.564100.00 592.798RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:44COLOMBIA DBS : DEMOTORCAZ-3 , LOWER MUGROSA RESERVOSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 5.6 0.0 0.0 4.5 0.0 0.0 303.0 0.0 0.0 303.012-2012 5.1 0.0 0.0 4.1 0.0 0.0 286.8 0.0 0.0 286.812-2013 4.7 0.0 0.0 3.7 0.0 0.0 271.4 0.0 0.0 271.412-2014 4.2 0.0 0.0 3.4 0.0 0.0 256.9 0.0 0.0 256.912-2015 3.9 0.0 0.0 3.1 0.0 0.0 242.7 0.0 0.0 242.712-2016 0.9 0.0 0.0 0.7 0.0 0.0 59.4 0.0 0.0 59.412-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 24.5 0.0 0.0 19.6 0.0 0.0 1420.2 0.0 0.0 1420.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 24.5 0.0 0.0 19.6 0.0 0.0 1420.2 0.0 0.0 1420.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.19 0.00 0.00 0.0 0.0 112.4 190.6 0.0 190.6 182.012-2012 69.89 0.00 0.00 0.0 0.0 107.4 179.4 0.0 179.4 155.712-2013 72.69 0.00 0.00 0.0 0.0 102.6 168.8 0.0 168.8 133.212-2014 75.59 0.00 0.00 0.0 0.0 98.0 158.8 0.0 158.8 113.912-2015 78.49 0.00 0.00 0.0 0.0 93.7 149.0 0.0 149.0 97.212-2016 81.59 0.00 0.00 0.0 0.0 22.8 36.7 360.3 -323.6 -197.712-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 72.59 0.00 0.00 0.0 0.0 536.8 883.4 360.3 523.2 484.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 72.59 0.00 0.00 0.0 0.0 536.8 883.4 360.3 523.2 484.4OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 5.25 5.00 504.807GROSS ULT., MB & MMF 102.141 0.000 DISCOUNT % 10.00 10.00 484.392GROSS CUM., MB & MMF 77.684 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 463.444GROSS RES., MB & MMF 24.457 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 442.844NET RES., MB & MMF 19.565 0.000 UNDISCOUNTED NET/INVEST. 2.45 25.00 423.077NET REVENUE, M$ 1420.179 0.000 DISCOUNTED NET/INVEST. 3.20 30.00 404.389INITIAL PRICE, $ 67.190 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 370.579INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 316.40880.00 276.448100.00 246.465RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, BASIN TIME : 11:05:44COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-202312-202412-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 173.9 -173.9 0.0 -173.9 -165.812-2012 0.00 0.00 0.00 0.0 0.0 182.6 -182.6 0.0 -182.6 -158.212-2013 0.00 0.00 0.00 0.0 0.0 191.7 -191.7 0.0 -191.7 -151.012-2014 0.00 0.00 0.00 0.0 0.0 201.3 -201.3 0.0 -201.3 -144.212-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2022 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-202312-202412-2025S TOT 0.00 0.00 0.00 0.0 0.0 749.4 -749.4 0.0 -749.4 -619.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 749.4 -749.4 0.0 -749.4 -619.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 -678.635GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 -619.235GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 11.17 15.00 -568.868GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 11.17 20.00 -525.775NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 -488.604NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 -456.299INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 -403.135INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 -328.06380.00 -278.298100.00 -243.267RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:47COLOMBIA DBS : DEMOTORCAZ 7 , RESERVOIR SETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101BOCACHICO BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 61.9 0.0 0.0 49.6 0.0 0.0 3602.3 0.0 0.0 3602.312-2014 52.8 0.0 0.0 42.3 0.0 0.0 3195.2 0.0 0.0 3195.212-2015 40.1 0.0 0.0 32.1 0.0 0.0 2519.7 0.0 0.0 2519.712-2016 32.4 0.0 0.0 25.9 0.0 0.0 2113.4 0.0 0.0 2113.412-2017 27.2 0.0 0.0 21.7 0.0 0.0 1815.6 0.0 0.0 1815.612-2018 23.4 0.0 0.0 18.7 0.0 0.0 1601.2 0.0 0.0 1601.212-2019 20.5 0.0 0.0 16.4 0.0 0.0 1439.3 0.0 0.0 1439.312-2020 18.3 0.0 0.0 14.7 0.0 0.0 1315.7 0.0 0.0 1315.712-2021 16.5 0.0 0.0 13.2 0.0 0.0 1215.1 0.0 0.0 1215.112-2022 2.6 0.0 0.0 2.1 0.0 0.0 196.1 0.0 0.0 196.112-202312-202412-2025S TOT 295.8 0.0 0.0 236.7 0.0 0.0 19013.5 0.0 0.0 19013.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 295.8 0.0 0.0 236.7 0.0 0.0 19013.5 0.0 0.0 19013.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 72.69 0.00 0.00 0.0 0.0 875.5 2726.7 3358.8 -632.0 -605.412-2014 75.59 0.00 0.00 0.0 0.0 780.9 2414.2 0.0 2414.2 1734.612-2015 78.49 0.00 0.00 0.0 0.0 622.9 1896.8 0.0 1896.8 1238.212-2016 81.59 0.00 0.00 0.0 0.0 527.9 1585.5 0.0 1585.5 940.612-2017 83.59 0.00 0.00 0.0 0.0 464.8 1350.8 0.0 1350.8 728.312-2018 85.59 0.00 0.00 0.0 0.0 420.4 1180.8 0.0 1180.8 578.712-2019 87.59 0.00 0.00 0.0 0.0 387.8 1051.5 0.0 1051.5 468.412-2020 89.79 0.00 0.00 0.0 0.0 363.1 952.6 0.0 952.6 385.712-2021 91.89 0.00 0.00 0.0 0.0 344.1 871.0 0.0 871.0 320.612-2022 94.09 0.00 0.00 0.0 0.0 55.8 140.3 480.8 -340.6 -118.412-202312-202412-2025S TOT 80.34 0.00 0.00 0.0 0.0 4843.2 14170.3 3839.6 10330.6 5671.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.34 0.00 0.00 0.0 0.0 4843.2 14170.3 3839.6 10330.6 5671.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 7577.828GROSS ULT., MB & MMF 295.815 0.000 DISCOUNT % 10.00 10.00 5671.153GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.26 15.00 4316.744GROSS RES., MB & MMF 295.815 0.000 DISCOUNTED PAYOUT, YRS. 3.35 20.00 3332.940NET RES., MB & MMF 236.652 0.000 UNDISCOUNTED NET/INVEST. 3.69 25.00 2604.136NET REVENUE, M$ 19013.506 0.000 DISCOUNTED NET/INVEST. 2.95 30.00 2054.777INITIAL PRICE, $ 72.690 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1308.010INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 553.91880.00 226.739100.00 70.976RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:47COLOMBIA DBS : DEMOTORCAZ 8 , RESERVOIR SETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101BOCACHICO BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 21.1 0.0 0.0 16.9 0.0 0.0 1227.4 0.0 0.0 1227.412-2014 64.9 0.0 0.0 51.9 0.0 0.0 3925.0 0.0 0.0 3925.012-2015 46.7 0.0 0.0 37.3 0.0 0.0 2930.3 0.0 0.0 2930.312-2016 36.5 0.0 0.0 29.2 0.0 0.0 2381.4 0.0 0.0 2381.412-2017 30.0 0.0 0.0 24.0 0.0 0.0 2004.3 0.0 0.0 2004.312-2018 25.4 0.0 0.0 20.4 0.0 0.0 1742.1 0.0 0.0 1742.112-2019 22.1 0.0 0.0 17.7 0.0 0.0 1549.2 0.0 0.0 1549.212-2020 19.6 0.0 0.0 15.6 0.0 0.0 1404.4 0.0 0.0 1404.412-2021 17.5 0.0 0.0 14.0 0.0 0.0 1288.4 0.0 0.0 1288.412-2022 2.8 0.0 0.0 2.2 0.0 0.0 207.2 0.0 0.0 207.212-202312-202412-2025S TOT 286.5 0.0 0.0 229.2 0.0 0.0 18659.7 0.0 0.0 18659.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 286.5 0.0 0.0 229.2 0.0 0.0 18659.7 0.0 0.0 18659.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 72.69 0.00 0.00 0.0 0.0 302.9 924.5 3455.8 -2531.3 -1966.512-2014 75.59 0.00 0.00 0.0 0.0 959.0 2966.0 0.0 2966.0 2132.212-2015 78.49 0.00 0.00 0.0 0.0 724.3 2206.0 0.0 2206.0 1440.512-2016 81.59 0.00 0.00 0.0 0.0 594.8 1786.7 0.0 1786.7 1060.112-2017 83.59 0.00 0.00 0.0 0.0 513.1 1491.2 0.0 1491.2 804.112-2018 85.59 0.00 0.00 0.0 0.0 457.4 1284.7 0.0 1284.7 629.612-2019 87.59 0.00 0.00 0.0 0.0 417.4 1131.8 0.0 1131.8 504.212-2020 89.79 0.00 0.00 0.0 0.0 387.6 1016.8 0.0 1016.8 411.812-2021 91.89 0.00 0.00 0.0 0.0 364.8 923.6 0.0 923.6 340.012-2022 94.09 0.00 0.00 0.0 0.0 59.0 148.2 480.8 -332.6 -115.712-202312-202412-2025S TOT 81.41 0.00 0.00 0.0 0.0 4780.2 13879.5 3936.6 9942.9 5240.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.41 0.00 0.00 0.0 0.0 4780.2 13879.5 3936.6 9942.9 5240.3OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 7148.034GROSS ULT., MB & MMF 286.518 0.000 DISCOUNT % 10.00 10.00 5240.338GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.85 15.00 3906.266GROSS RES., MB & MMF 286.518 0.000 DISCOUNTED PAYOUT, YRS. 3.92 20.00 2953.161NET RES., MB & MMF 229.214 0.000 UNDISCOUNTED NET/INVEST. 3.53 25.00 2259.241NET REVENUE, M$ 18659.711 0.000 DISCOUNTED NET/INVEST. 2.85 30.00 1745.505INITIAL PRICE, $ 72.690 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1065.625INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 415.32780.00 155.586100.00 42.386RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:47COLOMBIA DBS : DEMOTORCAZ 9 , RESERVOIR SETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101BOCACHICO BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 7.3 0.0 0.0 5.9 0.0 0.0 426.6 0.0 0.0 426.612-2014 69.5 0.0 0.0 55.6 0.0 0.0 4200.4 0.0 0.0 4200.412-2015 49.0 0.0 0.0 39.2 0.0 0.0 3073.8 0.0 0.0 3073.812-2016 37.9 0.0 0.0 30.3 0.0 0.0 2471.1 0.0 0.0 2471.112-2017 30.9 0.0 0.0 24.7 0.0 0.0 2065.7 0.0 0.0 2065.712-2018 26.1 0.0 0.0 20.9 0.0 0.0 1787.1 0.0 0.0 1787.112-2019 22.6 0.0 0.0 18.1 0.0 0.0 1583.8 0.0 0.0 1583.812-2020 19.9 0.0 0.0 15.9 0.0 0.0 1432.0 0.0 0.0 1432.012-2021 17.8 0.0 0.0 14.3 0.0 0.0 1311.0 0.0 0.0 1311.012-2022 2.8 0.0 0.0 2.2 0.0 0.0 210.6 0.0 0.0 210.612-202312-202412-2025S TOT 283.8 0.0 0.0 227.0 0.0 0.0 18562.0 0.0 0.0 18562.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 283.8 0.0 0.0 227.0 0.0 0.0 18562.0 0.0 0.0 18562.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 72.69 0.00 0.00 0.0 0.0 105.7 320.9 3484.0 -3163.1 -2406.912-2014 75.59 0.00 0.00 0.0 0.0 1026.2 3174.2 0.0 3174.2 2282.412-2015 78.49 0.00 0.00 0.0 0.0 759.8 2314.0 0.0 2314.0 1511.212-2016 81.59 0.00 0.00 0.0 0.0 617.1 1854.0 0.0 1854.0 1100.112-2017 83.59 0.00 0.00 0.0 0.0 528.8 1536.9 0.0 1536.9 828.812-2018 85.59 0.00 0.00 0.0 0.0 469.2 1317.9 0.0 1317.9 645.912-2019 87.59 0.00 0.00 0.0 0.0 426.7 1157.1 0.0 1157.1 515.512-2020 89.79 0.00 0.00 0.0 0.0 395.2 1036.8 0.0 1036.8 419.912-2021 91.89 0.00 0.00 0.0 0.0 371.2 939.8 0.0 939.8 345.912-2022 94.09 0.00 0.00 0.0 0.0 59.9 150.7 480.8 -330.2 -114.812-202312-202412-2025S TOT 81.77 0.00 0.00 0.0 0.0 4759.8 13802.2 3964.8 9837.4 5128.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.77 0.00 0.00 0.0 0.0 4759.8 13802.2 3964.8 9837.4 5128.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 7033.649GROSS ULT., MB & MMF 283.765 0.000 DISCOUNT % 10.00 10.00 5127.951GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.00 15.00 3801.219GROSS RES., MB & MMF 283.765 0.000 DISCOUNTED PAYOUT, YRS. 4.08 20.00 2857.782NET RES., MB & MMF 227.012 0.000 UNDISCOUNTED NET/INVEST. 3.48 25.00 2174.227NET REVENUE, M$ 18562.002 0.000 DISCOUNTED NET/INVEST. 2.82 30.00 1670.684INITIAL PRICE, $ 72.690 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1009.174INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 385.64080.00 142.008100.00 38.243RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:46COLOMBIA DBS : DEMOTORCAZ 10 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101BOCACHICO BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 67.0 0.0 0.0 53.6 0.0 0.0 4054.3 0.0 0.0 4054.312-2015 51.5 0.0 0.0 41.2 0.0 0.0 3232.2 0.0 0.0 3232.212-2016 39.3 0.0 0.0 31.5 0.0 0.0 2567.9 0.0 0.0 2567.912-2017 31.9 0.0 0.0 25.5 0.0 0.0 2130.9 0.0 0.0 2130.912-2018 26.8 0.0 0.0 21.4 0.0 0.0 1834.4 0.0 0.0 1834.412-2019 23.1 0.0 0.0 18.5 0.0 0.0 1619.9 0.0 0.0 1619.912-2020 20.3 0.0 0.0 16.3 0.0 0.0 1460.7 0.0 0.0 1460.712-2021 18.2 0.0 0.0 14.5 0.0 0.0 1334.4 0.0 0.0 1334.412-2022 2.8 0.0 0.0 2.3 0.0 0.0 214.2 0.0 0.0 214.212-202312-202412-2025S TOT 281.0 0.0 0.0 224.8 0.0 0.0 18448.9 0.0 0.0 18448.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 281.0 0.0 0.0 224.8 0.0 0.0 18448.9 0.0 0.0 18448.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 75.59 0.00 0.00 0.0 0.0 992.7 3061.6 2634.3 427.2 220.312-2015 78.49 0.00 0.00 0.0 0.0 798.9 2433.3 0.0 2433.3 1589.312-2016 81.59 0.00 0.00 0.0 0.0 641.3 1926.6 0.0 1926.6 1143.312-2017 83.59 0.00 0.00 0.0 0.0 545.5 1585.4 0.0 1585.4 855.012-2018 85.59 0.00 0.00 0.0 0.0 481.6 1352.8 0.0 1352.8 663.112-2019 87.59 0.00 0.00 0.0 0.0 436.4 1183.5 0.0 1183.5 527.312-2020 89.79 0.00 0.00 0.0 0.0 403.1 1057.6 0.0 1057.6 428.312-2021 91.89 0.00 0.00 0.0 0.0 377.8 956.6 0.0 956.6 352.112-2022 94.09 0.00 0.00 0.0 0.0 60.9 153.2 480.8 -327.6 -113.912-202312-202412-2025S TOT 82.08 0.00 0.00 0.0 0.0 4738.3 13710.7 3115.2 10595.5 5664.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 82.08 0.00 0.00 0.0 0.0 4738.3 13710.7 3115.2 10595.5 5664.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 7665.454GROSS ULT., MB & MMF 280.967 0.000 DISCOUNT % 10.00 10.00 5664.709GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.86 15.00 4264.378GROSS RES., MB & MMF 280.967 0.000 DISCOUNTED PAYOUT, YRS. 3.90 20.00 3262.541NET RES., MB & MMF 224.773 0.000 UNDISCOUNTED NET/INVEST. 4.40 25.00 2531.673NET REVENUE, M$ 18448.908 0.000 DISCOUNTED NET/INVEST. 3.65 30.00 1989.120INITIAL PRICE, $ 75.590 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1267.282INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 565.85980.00 274.937100.00 140.037RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:44COLOMBIA DBS : DEMOTORCAZ-011 THRU 030 , LOWER MUGRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 384.9 0.0 0.0 307.9 0.0 0.0 21522.5 0.0 0.0 21522.512-2013 424.3 0.0 0.0 339.5 0.0 0.0 24675.6 0.0 0.0 24675.612-2014 386.8 0.0 0.0 309.4 0.0 0.0 23387.6 0.0 0.0 23387.612-2015 352.5 0.0 0.0 282.0 0.0 0.0 22134.2 0.0 0.0 22134.212-2016 321.3 0.0 0.0 257.0 0.0 0.0 20970.9 0.0 0.0 20970.912-2017 292.8 0.0 0.0 234.3 0.0 0.0 19582.3 0.0 0.0 19582.312-2018 266.9 0.0 0.0 213.5 0.0 0.0 18275.1 0.0 0.0 18275.112-2019 243.3 0.0 0.0 194.6 0.0 0.0 17045.9 0.0 0.0 17045.912-2020 221.7 0.0 0.0 177.4 0.0 0.0 15926.6 0.0 0.0 15926.612-2021 202.1 0.0 0.0 161.7 0.0 0.0 14855.7 0.0 0.0 14855.712-2022 31.9 0.0 0.0 25.5 0.0 0.0 2400.9 0.0 0.0 2400.912-202312-202412-2025S TOT 3128.5 0.0 0.0 2502.8 0.0 0.0 200777.4 0.0 0.0 200777.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3128.5 0.0 0.0 2502.8 0.0 0.0 200777.4 0.0 0.0 200777.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 69.89 0.00 0.00 0.0 0.0 5186.6 16335.9 64107.2 -47771.2 -43301.112-2013 72.69 0.00 0.00 0.0 0.0 5978.4 18697.2 0.0 18697.2 14751.212-2014 75.59 0.00 0.00 0.0 0.0 5721.4 17666.2 0.0 17666.2 12670.812-2015 78.49 0.00 0.00 0.0 0.0 5475.4 16658.8 0.0 16658.8 10862.112-2016 81.59 0.00 0.00 0.0 0.0 5240.1 15730.8 0.0 15730.8 9324.512-2017 83.59 0.00 0.00 0.0 0.0 5014.8 14567.4 0.0 14567.4 7850.012-2018 85.59 0.00 0.00 0.0 0.0 4799.3 13475.9 0.0 13475.9 6601.612-2019 87.59 0.00 0.00 0.0 0.0 4592.9 12453.0 0.0 12453.0 5546.012-2020 89.79 0.00 0.00 0.0 0.0 4395.5 11531.1 0.0 11531.1 4668.612-2021 91.89 0.00 0.00 0.0 0.0 4206.6 10649.1 0.0 10649.1 3919.612-2022 94.09 0.00 0.00 0.0 0.0 683.3 1717.6 9616.9 -7899.3 -2746.712-202312-202412-2025S TOT 80.22 0.00 0.00 0.0 0.0 51294.2 149483.1 73724.0 75759.1 30146.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.22 0.00 0.00 0.0 0.0 51294.2 149483.1 73724.0 75759.1 30146.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 48681.484GROSS ULT., MB & MMF 3128.498 0.000 DISCOUNT % 10.00 10.00 30146.557GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.68 15.00 17190.828GROSS RES., MB & MMF 3128.498 0.000 DISCOUNTED PAYOUT, YRS. 5.54 20.00 7972.053NET RES., MB & MMF 2502.798 0.000 UNDISCOUNTED NET/INVEST. 2.03 25.00 1314.208NET REVENUE, M$ 200777.375 0.000 DISCOUNTED NET/INVEST. 1.50 30.00 -3552.165INITIAL PRICE, $ 69.890 0.000 RATE-OF-RETURN, PCT. 26.35 40.00 -9806.706INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 -15170.11180.00 -16601.932100.00 -16601.855RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:44COLOMBIA DBS : DEMOTORCAZ-031 THRU 050 , LOWER MUGRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 347.8 0.0 0.0 278.2 0.0 0.0 19444.3 0.0 0.0 19444.312-2013 427.6 0.0 0.0 342.1 0.0 0.0 24867.0 0.0 0.0 24867.012-2014 389.8 0.0 0.0 311.8 0.0 0.0 23569.0 0.0 0.0 23569.012-2015 355.2 0.0 0.0 284.2 0.0 0.0 22305.9 0.0 0.0 22305.912-2016 323.8 0.0 0.0 259.0 0.0 0.0 21133.5 0.0 0.0 21133.512-2017 295.1 0.0 0.0 236.1 0.0 0.0 19734.2 0.0 0.0 19734.212-2018 269.0 0.0 0.0 215.2 0.0 0.0 18416.9 0.0 0.0 18416.912-2019 245.2 0.0 0.0 196.1 0.0 0.0 17178.2 0.0 0.0 17178.212-2020 223.4 0.0 0.0 178.8 0.0 0.0 16050.2 0.0 0.0 16050.212-2021 203.7 0.0 0.0 162.9 0.0 0.0 14970.9 0.0 0.0 14970.912-2022 32.1 0.0 0.0 25.7 0.0 0.0 2419.5 0.0 0.0 2419.512-202312-202412-2025S TOT 3112.6 0.0 0.0 2490.1 0.0 0.0 200089.7 0.0 0.0 200089.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3112.6 0.0 0.0 2490.1 0.0 0.0 200089.7 0.0 0.0 200089.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 69.89 0.00 0.00 0.0 0.0 4695.5 14748.9 64368.3 -49619.5 -44497.512-2013 72.69 0.00 0.00 0.0 0.0 6024.7 18842.2 0.0 18842.2 14865.712-2014 75.59 0.00 0.00 0.0 0.0 5765.8 17803.3 0.0 17803.3 12769.112-2015 78.49 0.00 0.00 0.0 0.0 5517.9 16788.0 0.0 16788.0 10946.312-2016 81.59 0.00 0.00 0.0 0.0 5280.7 15852.8 0.0 15852.8 9396.912-2017 83.59 0.00 0.00 0.0 0.0 5053.7 14680.4 0.0 14680.4 7910.912-2018 85.59 0.00 0.00 0.0 0.0 4836.5 13580.4 0.0 13580.4 6652.912-2019 87.59 0.00 0.00 0.0 0.0 4628.6 12549.6 0.0 12549.6 5589.012-2020 89.79 0.00 0.00 0.0 0.0 4429.6 11620.6 0.0 11620.6 4704.812-2021 91.89 0.00 0.00 0.0 0.0 4239.2 10731.7 0.0 10731.7 3950.012-2022 94.09 0.00 0.00 0.0 0.0 688.6 1730.9 9616.9 -7886.0 -2742.112-202312-202412-2025S TOT 80.35 0.00 0.00 0.0 0.0 51160.8 148928.9 73985.2 74943.6 29545.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.35 0.00 0.00 0.0 0.0 51160.8 148928.9 73985.2 74943.6 29545.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 47956.641GROSS ULT., MB & MMF 3112.611 0.000 DISCOUNT % 10.00 10.00 29545.873GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.77 15.00 16726.312GROSS RES., MB & MMF 3112.611 0.000 DISCOUNTED PAYOUT, YRS. 5.63 20.00 7644.323NET RES., MB & MMF 2490.089 0.000 UNDISCOUNTED NET/INVEST. 2.01 25.00 1117.996NET REVENUE, M$ 200089.688 0.000 DISCOUNTED NET/INVEST. 1.49 30.00 -3624.990INITIAL PRICE, $ 69.890 0.000 RATE-OF-RETURN, PCT. 26.18 40.00 -9660.869INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 -14693.33780.00 -15904.166100.00 -15757.829RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:44COLOMBIA DBS : DEMOTORCAZ-071 THRU 090 , LOWER MUGRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 272.6 0.0 0.0 218.0 0.0 0.0 15239.5 0.0 0.0 15239.512-2013 434.3 0.0 0.0 347.4 0.0 0.0 25254.3 0.0 0.0 25254.312-2014 395.8 0.0 0.0 316.7 0.0 0.0 23936.1 0.0 0.0 23936.112-2015 360.8 0.0 0.0 288.6 0.0 0.0 22653.4 0.0 0.0 22653.412-2016 328.8 0.0 0.0 263.1 0.0 0.0 21462.7 0.0 0.0 21462.712-2017 299.7 0.0 0.0 239.8 0.0 0.0 20041.5 0.0 0.0 20041.512-2018 273.2 0.0 0.0 218.5 0.0 0.0 18703.7 0.0 0.0 18703.712-2019 249.0 0.0 0.0 199.2 0.0 0.0 17445.7 0.0 0.0 17445.712-2020 226.9 0.0 0.0 181.5 0.0 0.0 16300.1 0.0 0.0 16300.112-2021 206.8 0.0 0.0 165.5 0.0 0.0 15204.1 0.0 0.0 15204.112-2022 32.6 0.0 0.0 26.1 0.0 0.0 2457.2 0.0 0.0 2457.212-202312-202412-2025S TOT 3080.5 0.0 0.0 2464.4 0.0 0.0 198698.3 0.0 0.0 198698.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3080.5 0.0 0.0 2464.4 0.0 0.0 198698.3 0.0 0.0 198698.3--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 69.89 0.00 0.00 0.0 0.0 3695.3 11544.2 64893.9 -53349.7 -46883.912-2013 72.69 0.00 0.00 0.0 0.0 6118.6 19135.7 0.0 19135.7 15097.212-2014 75.59 0.00 0.00 0.0 0.0 5855.6 18080.5 0.0 18080.5 12968.012-2015 78.49 0.00 0.00 0.0 0.0 5603.9 17049.5 0.0 17049.5 11116.812-2016 81.59 0.00 0.00 0.0 0.0 5363.0 16099.7 0.0 16099.7 9543.212-2017 83.59 0.00 0.00 0.0 0.0 5132.4 14909.1 0.0 14909.1 8034.112-2018 85.59 0.00 0.00 0.0 0.0 4911.8 13791.9 0.0 13791.9 6756.512-2019 87.59 0.00 0.00 0.0 0.0 4700.7 12745.1 0.0 12745.1 5676.012-2020 89.79 0.00 0.00 0.0 0.0 4498.6 11801.5 0.0 11801.5 4778.112-2021 91.89 0.00 0.00 0.0 0.0 4305.2 10898.9 0.0 10898.9 4011.512-2022 94.09 0.00 0.00 0.0 0.0 699.3 1757.9 9616.9 -7859.0 -2732.712-202312-202412-2025S TOT 80.63 0.00 0.00 0.0 0.0 50884.3 147814.0 74510.8 73303.2 28364.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.63 0.00 0.00 0.0 0.0 50884.3 147814.0 74510.8 73303.2 28364.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 46515.848GROSS ULT., MB & MMF 3080.468 0.000 DISCOUNT % 10.00 10.00 28364.727GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.95 15.00 15823.182GROSS RES., MB & MMF 3080.468 0.000 DISCOUNTED PAYOUT, YRS. 5.81 20.00 7016.022NET RES., MB & MMF 2464.374 0.000 UNDISCOUNTED NET/INVEST. 1.98 25.00 750.578NET REVENUE, M$ 198698.312 0.000 DISCOUNTED NET/INVEST. 1.47 30.00 -3750.374INITIAL PRICE, $ 69.890 0.000 RATE-OF-RETURN, PCT. 25.83 40.00 -9363.837INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 -13774.95680.00 -14587.454100.00 -14189.551RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:44COLOMBIA DBS : DEMOTORCAZ-051 THRU 070 , LOWER MUGRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 310.3 0.0 0.0 248.2 0.0 0.0 17350.0 0.0 0.0 17350.012-2013 430.9 0.0 0.0 344.7 0.0 0.0 25059.9 0.0 0.0 25059.912-2014 392.8 0.0 0.0 314.2 0.0 0.0 23751.8 0.0 0.0 23751.812-2015 358.0 0.0 0.0 286.4 0.0 0.0 22479.0 0.0 0.0 22479.012-2016 326.3 0.0 0.0 261.0 0.0 0.0 21297.5 0.0 0.0 21297.512-2017 297.4 0.0 0.0 237.9 0.0 0.0 19887.2 0.0 0.0 19887.212-2018 271.1 0.0 0.0 216.8 0.0 0.0 18559.8 0.0 0.0 18559.812-2019 247.1 0.0 0.0 197.6 0.0 0.0 17311.4 0.0 0.0 17311.412-2020 225.2 0.0 0.0 180.1 0.0 0.0 16174.7 0.0 0.0 16174.712-2021 205.2 0.0 0.0 164.2 0.0 0.0 15087.1 0.0 0.0 15087.112-2022 32.4 0.0 0.0 25.9 0.0 0.0 2438.3 0.0 0.0 2438.312-202312-202412-2025S TOT 3096.6 0.0 0.0 2477.3 0.0 0.0 199396.7 0.0 0.0 199396.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3096.6 0.0 0.0 2477.3 0.0 0.0 199396.7 0.0 0.0 199396.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 69.89 0.00 0.00 0.0 0.0 4198.4 13151.6 64630.6 -51479.0 -45691.712-2013 72.69 0.00 0.00 0.0 0.0 6071.5 18988.4 0.0 18988.4 14981.012-2014 75.59 0.00 0.00 0.0 0.0 5810.5 17941.4 0.0 17941.4 12868.112-2015 78.49 0.00 0.00 0.0 0.0 5560.7 16918.3 0.0 16918.3 11031.212-2016 81.59 0.00 0.00 0.0 0.0 5321.7 15975.8 0.0 15975.8 9469.812-2017 83.59 0.00 0.00 0.0 0.0 5092.9 14794.3 0.0 14794.3 7972.212-2018 85.59 0.00 0.00 0.0 0.0 4874.0 13685.8 0.0 13685.8 6704.512-2019 87.59 0.00 0.00 0.0 0.0 4664.5 12646.9 0.0 12646.9 5632.412-2020 89.79 0.00 0.00 0.0 0.0 4464.0 11710.7 0.0 11710.7 4741.312-2021 91.89 0.00 0.00 0.0 0.0 4272.1 10815.0 0.0 10815.0 3980.612-2022 94.09 0.00 0.00 0.0 0.0 693.9 1744.4 9616.9 -7872.5 -2737.412-202312-202412-2025S TOT 80.49 0.00 0.00 0.0 0.0 51024.2 148372.5 74247.5 74125.0 28952.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.49 0.00 0.00 0.0 0.0 51024.2 148372.5 74247.5 74125.0 28952.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 47234.773GROSS ULT., MB & MMF 3096.601 0.000 DISCOUNT % 10.00 10.00 28951.951GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.86 15.00 16270.473GROSS RES., MB & MMF 3096.601 0.000 DISCOUNTED PAYOUT, YRS. 5.72 20.00 7325.706NET RES., MB & MMF 2477.281 0.000 UNDISCOUNTED NET/INVEST. 2.00 25.00 930.187NET REVENUE, M$ 199396.656 0.000 DISCOUNTED NET/INVEST. 1.48 30.00 -3690.979INITIAL PRICE, $ 69.890 0.000 RATE-OF-RETURN, PCT. 26.01 40.00 -9513.187INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 -14228.36580.00 -15233.002100.00 -14954.371RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:44COLOMBIA DBS : DEMOTORCAZ-091 THRU 110 , LOWER MUGRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 234.5 0.0 0.0 187.6 0.0 0.0 13112.6 0.0 0.0 13112.612-2013 437.6 0.0 0.0 350.1 0.0 0.0 25450.2 0.0 0.0 25450.212-2014 398.9 0.0 0.0 319.1 0.0 0.0 24121.8 0.0 0.0 24121.812-2015 363.6 0.0 0.0 290.9 0.0 0.0 22829.1 0.0 0.0 22829.112-2016 331.4 0.0 0.0 265.1 0.0 0.0 21629.2 0.0 0.0 21629.212-2017 302.0 0.0 0.0 241.6 0.0 0.0 20197.0 0.0 0.0 20197.012-2018 275.3 0.0 0.0 220.2 0.0 0.0 18848.8 0.0 0.0 18848.812-2019 250.9 0.0 0.0 200.7 0.0 0.0 17581.1 0.0 0.0 17581.112-2020 228.7 0.0 0.0 182.9 0.0 0.0 16426.6 0.0 0.0 16426.612-2021 208.4 0.0 0.0 166.7 0.0 0.0 15322.0 0.0 0.0 15322.012-2022 32.9 0.0 0.0 26.3 0.0 0.0 2476.3 0.0 0.0 2476.312-202312-202412-2025S TOT 3064.2 0.0 0.0 2451.4 0.0 0.0 197994.5 0.0 0.0 197994.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3064.2 0.0 0.0 2451.4 0.0 0.0 197994.5 0.0 0.0 197994.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 69.89 0.00 0.00 0.0 0.0 3186.1 9926.4 65158.3 -55231.8 -48074.112-2013 72.69 0.00 0.00 0.0 0.0 6166.0 19284.1 0.0 19284.1 15214.312-2014 75.59 0.00 0.00 0.0 0.0 5901.0 18220.8 0.0 18220.8 13068.612-2015 78.49 0.00 0.00 0.0 0.0 5647.3 17181.8 0.0 17181.8 11203.012-2016 81.59 0.00 0.00 0.0 0.0 5404.6 16224.6 0.0 16224.6 9617.312-2017 83.59 0.00 0.00 0.0 0.0 5172.2 15024.7 0.0 15024.7 8096.412-2018 85.59 0.00 0.00 0.0 0.0 4949.9 13898.9 0.0 13898.9 6808.912-2019 87.59 0.00 0.00 0.0 0.0 4737.1 12843.9 0.0 12843.9 5720.112-2020 89.79 0.00 0.00 0.0 0.0 4533.5 11893.1 0.0 11893.1 4815.112-2021 91.89 0.00 0.00 0.0 0.0 4338.6 10983.4 0.0 10983.4 4042.612-2022 94.09 0.00 0.00 0.0 0.0 704.8 1771.5 9616.9 -7845.4 -2728.012-202312-202412-2025S TOT 80.77 0.00 0.00 0.0 0.0 50741.2 147253.3 74775.2 72478.2 27784.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.77 0.00 0.00 0.0 0.0 50741.2 147253.3 74775.2 72478.2 27784.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 45799.871GROSS ULT., MB & MMF 3064.208 0.000 DISCOUNT % 10.00 10.00 27784.150GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.03 15.00 15384.336GROSS RES., MB & MMF 3064.208 0.000 DISCOUNTED PAYOUT, YRS. 5.89 20.00 6715.116NET RES., MB & MMF 2451.366 0.000 UNDISCOUNTED NET/INVEST. 1.97 25.00 578.962NET REVENUE, M$ 197994.500 0.000 DISCOUNTED NET/INVEST. 1.46 30.00 -3803.372INITIAL PRICE, $ 69.890 0.000 RATE-OF-RETURN, PCT. 25.66 40.00 -9212.967INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 -13332.84580.00 -13966.554100.00 -13461.518RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:45COLOMBIA DBS : DEMOTORCAZ-111 THRU130 , LOWER MUGROSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 196.2 0.0 0.0 156.9 0.0 0.0 10969.1 0.0 0.0 10969.112-2013 441.0 0.0 0.0 352.8 0.0 0.0 25647.6 0.0 0.0 25647.612-2014 402.0 0.0 0.0 321.6 0.0 0.0 24308.9 0.0 0.0 24308.912-2015 366.4 0.0 0.0 293.1 0.0 0.0 23006.2 0.0 0.0 23006.212-2016 333.9 0.0 0.0 267.2 0.0 0.0 21797.0 0.0 0.0 21797.012-2017 304.4 0.0 0.0 243.5 0.0 0.0 20353.7 0.0 0.0 20353.712-2018 277.4 0.0 0.0 221.9 0.0 0.0 18995.0 0.0 0.0 18995.012-2019 252.8 0.0 0.0 202.3 0.0 0.0 17717.4 0.0 0.0 17717.412-2020 230.5 0.0 0.0 184.4 0.0 0.0 16554.0 0.0 0.0 16554.012-2021 210.0 0.0 0.0 168.0 0.0 0.0 15440.9 0.0 0.0 15440.912-2022 33.2 0.0 0.0 26.5 0.0 0.0 2495.5 0.0 0.0 2495.512-202312-202412-2025S TOT 3047.8 0.0 0.0 2438.3 0.0 0.0 197285.2 0.0 0.0 197285.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3047.8 0.0 0.0 2438.3 0.0 0.0 197285.2 0.0 0.0 197285.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 69.89 0.00 0.00 0.0 0.0 2670.8 8298.4 65423.7 -57125.4 -49262.512-2013 72.69 0.00 0.00 0.0 0.0 6213.9 19433.7 0.0 19433.7 15332.312-2014 75.59 0.00 0.00 0.0 0.0 5946.8 18362.1 0.0 18362.1 13169.912-2015 78.49 0.00 0.00 0.0 0.0 5691.1 17315.0 0.0 17315.0 11289.912-2016 81.59 0.00 0.00 0.0 0.0 5446.5 16350.5 0.0 16350.5 9691.912-2017 83.59 0.00 0.00 0.0 0.0 5212.4 15141.3 0.0 15141.3 8159.212-2018 85.59 0.00 0.00 0.0 0.0 4988.3 14006.7 0.0 14006.7 6861.712-2019 87.59 0.00 0.00 0.0 0.0 4773.9 12943.6 0.0 12943.6 5764.512-2020 89.79 0.00 0.00 0.0 0.0 4568.7 11985.3 0.0 11985.3 4852.512-2021 91.89 0.00 0.00 0.0 0.0 4372.3 11068.6 0.0 11068.6 4074.012-2022 94.09 0.00 0.00 0.0 0.0 710.2 1785.3 9616.9 -7831.6 -2723.212-202312-202412-2025S TOT 80.91 0.00 0.00 0.0 0.0 50594.7 146690.5 75040.6 71649.9 27210.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.91 0.00 0.00 0.0 0.0 50594.7 146690.5 75040.6 71649.9 27210.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 45086.820GROSS ULT., MB & MMF 3047.823 0.000 DISCOUNT % 10.00 10.00 27210.162GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.12 15.00 14953.813GROSS RES., MB & MMF 3047.823 0.000 DISCOUNTED PAYOUT, YRS. 5.98 20.00 6422.820NET RES., MB & MMF 2438.258 0.000 UNDISCOUNTED NET/INVEST. 1.95 25.00 415.152NET REVENUE, M$ 197285.234 0.000 DISCOUNTED NET/INVEST. 1.46 30.00 -3850.183INITIAL PRICE, $ 69.890 0.000 RATE-OF-RETURN, PCT. 25.49 40.00 -9060.738INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 -12901.80080.00 -13369.375100.00 -12768.509RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:45COLOMBIA DBS : DEMO3D SEISMIC EXPENSES , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-201212-201312-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3406.2 -3406.2 -3201.912-201212-201312-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3406.2 -3406.2 -3201.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3406.2 -3406.2 -3201.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 0.83 5.00 -3299.999GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 -3201.881GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.83 15.00 -3110.893GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 0.83 20.00 -3026.239NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 -2947.240NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 -2873.313INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 -2738.726INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 -2512.16380.00 -2328.155100.00 -2175.170RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, BASIN TIME : 11:05:45COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-202312-202412-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 1479.3 -1479.3 0.0 -1479.3 -963.412-2016 0.00 0.00 0.00 0.0 0.0 1553.3 -1553.3 0.0 -1553.3 -919.612-2017 0.00 0.00 0.00 0.0 0.0 1630.9 -1630.9 0.0 -1630.9 -877.812-2018 0.00 0.00 0.00 0.0 0.0 1712.5 -1712.5 0.0 -1712.5 -837.912-2019 0.00 0.00 0.00 0.0 0.0 1798.1 -1798.1 0.0 -1798.1 -799.812-2020 0.00 0.00 0.00 0.0 0.0 1888.0 -1888.0 0.0 -1888.0 -763.412-2021 0.00 0.00 0.00 0.0 0.0 1982.4 -1982.4 0.0 -1982.4 -728.712-2022 0.00 0.00 0.00 0.0 0.0 339.9 -339.9 0.0 -339.9 -118.212-202312-202412-2025S TOT 0.00 0.00 0.00 0.0 0.0 12384.5 -12384.5 0.0 -12384.5 -6008.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 12384.5 -12384.5 0.0 -12384.5 -6008.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 -8511.021GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 -6008.716GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 11.17 15.00 -4345.491GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 11.17 20.00 -3211.104NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 -2419.117NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 -1854.330INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 -1139.945INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 -497.34780.00 -249.740100.00 -138.616RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, BASIN TIME : 11:05:45COLOMBIA DBS : DEMORIG MOBE FEE AND ELECTRIFICATIONSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-202312-202412-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 7000.0 -7000.0 -7000.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2022 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-202312-202412-2025S TOT 0.00 0.00 0.00 0.0 0.0 0.0 0.0 7000.0 -7000.0 -7000.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 0.0 0.0 7000.0 -7000.0 -7000.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 -7000.000GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 -7000.000GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 11.17 15.00 -7000.000GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 11.17 20.00 -7000.000NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 -7000.000NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 -7000.000INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 -7000.000INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 -7000.00080.00 -7000.000100.00 -7000.000RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:45COLOMBIA DBS : DEMOTORCAZ-211 THUR 230 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 287.3 0.0 0.0 229.8 0.0 0.0 18038.2 0.0 0.0 18038.212-2016 1342.1 0.0 0.0 1073.7 0.0 0.0 87600.9 0.0 0.0 87600.912-2017 955.6 0.0 0.0 764.5 0.0 0.0 63905.3 0.0 0.0 63905.312-2018 743.2 0.0 0.0 594.5 0.0 0.0 50887.2 0.0 0.0 50887.212-2019 608.5 0.0 0.0 486.8 0.0 0.0 42637.0 0.0 0.0 42637.012-2020 515.3 0.0 0.0 412.3 0.0 0.0 37017.4 0.0 0.0 37017.412-2021 447.0 0.0 0.0 357.6 0.0 0.0 32863.4 0.0 0.0 32863.412-2022 69.1 0.0 0.0 55.3 0.0 0.0 5200.1 0.0 0.0 5200.112-202312-202412-2025S TOT 4968.1 0.0 0.0 3974.5 0.0 0.0 338149.6 0.0 0.0 338149.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4968.1 0.0 0.0 3974.5 0.0 0.0 338149.6 0.0 0.0 338149.6--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.49 0.00 0.00 0.0 0.0 4554.9 13483.3 57382.5 -43899.2 -27904.912-2016 81.59 0.00 0.00 0.0 0.0 21862.0 65738.9 0.0 65738.9 39061.712-2017 83.59 0.00 0.00 0.0 0.0 16352.9 47552.5 0.0 47552.5 25663.412-2018 85.59 0.00 0.00 0.0 0.0 13356.6 37530.6 0.0 37530.6 18404.312-2019 87.59 0.00 0.00 0.0 0.0 11484.3 31152.7 0.0 31152.7 13883.612-2020 89.79 0.00 0.00 0.0 0.0 10213.8 26803.6 0.0 26803.6 10857.012-2021 91.89 0.00 0.00 0.0 0.0 9304.2 23559.2 0.0 23559.2 8674.012-2022 94.09 0.00 0.00 0.0 0.0 1480.0 3720.2 9616.9 -5896.7 -2050.412-202312-202412-2025S TOT 85.08 0.00 0.00 0.0 0.0 88608.6 249541.1 66999.4 182541.7 86588.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.08 0.00 0.00 0.0 0.0 88608.6 249541.1 66999.4 182541.7 86588.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 124437.984GROSS ULT., MB & MMF 4968.120 0.000 DISCOUNT % 10.00 10.00 86588.742GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.67 15.00 61359.648GROSS RES., MB & MMF 4968.120 0.000 DISCOUNTED PAYOUT, YRS. 5.71 20.00 44192.316NET RES., MB & MMF 3974.496 0.000 UNDISCOUNTED NET/INVEST. 3.72 25.00 32292.193NET REVENUE, M$ 338149.625 0.000 DISCOUNTED NET/INVEST. 3.18 30.00 23904.141INITIAL PRICE, $ 78.490 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 13546.781INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 4834.41880.00 1902.155100.00 791.860RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:45COLOMBIA DBS : DEMOTORCAZ 6 , RESERVOIR SETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101BOCACHICO BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 72.0 0.0 0.0 57.6 0.0 0.0 4186.4 0.0 0.0 4186.412-2014 50.2 0.0 0.0 40.1 0.0 0.0 3034.5 0.0 0.0 3034.512-2015 38.6 0.0 0.0 30.9 0.0 0.0 2422.9 0.0 0.0 2422.912-2016 31.4 0.0 0.0 25.1 0.0 0.0 2047.6 0.0 0.0 2047.612-2017 26.4 0.0 0.0 21.2 0.0 0.0 1768.1 0.0 0.0 1768.112-2018 22.9 0.0 0.0 18.3 0.0 0.0 1565.1 0.0 0.0 1565.112-2019 20.1 0.0 0.0 16.1 0.0 0.0 1410.8 0.0 0.0 1410.812-2020 18.0 0.0 0.0 14.4 0.0 0.0 1292.4 0.0 0.0 1292.412-2021 16.3 0.0 0.0 13.0 0.0 0.0 1195.6 0.0 0.0 1195.612-2022 2.6 0.0 0.0 2.1 0.0 0.0 193.1 0.0 0.0 193.112-202312-202412-2025S TOT 298.4 0.0 0.0 238.7 0.0 0.0 19116.5 0.0 0.0 19116.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 298.4 0.0 0.0 238.7 0.0 0.0 19116.5 0.0 0.0 19116.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 1662.4 -1662.4 -1384.812-2013 72.69 0.00 0.00 0.0 0.0 1012.9 3173.5 1669.2 1504.3 1130.912-2014 75.59 0.00 0.00 0.0 0.0 741.7 2292.8 0.0 2292.8 1647.212-2015 78.49 0.00 0.00 0.0 0.0 599.0 1823.9 0.0 1823.9 1190.512-2016 81.59 0.00 0.00 0.0 0.0 511.4 1536.1 0.0 1536.1 911.212-2017 83.59 0.00 0.00 0.0 0.0 452.7 1315.4 0.0 1315.4 709.212-2018 85.59 0.00 0.00 0.0 0.0 410.9 1154.1 0.0 1154.1 565.612-2019 87.59 0.00 0.00 0.0 0.0 380.1 1030.7 0.0 1030.7 459.112-2020 89.79 0.00 0.00 0.0 0.0 356.7 935.7 0.0 935.7 378.912-2021 91.89 0.00 0.00 0.0 0.0 338.6 857.1 0.0 857.1 315.512-2022 94.09 0.00 0.00 0.0 0.0 55.0 138.1 480.8 -342.7 -119.212-202312-202412-2025S TOT 80.08 0.00 0.00 0.0 0.0 4859.0 14257.5 3812.4 10445.1 5804.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.08 0.00 0.00 0.0 0.0 4859.0 14257.5 3812.4 10445.1 5804.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 7707.765GROSS ULT., MB & MMF 298.380 0.000 DISCOUNT % 10.00 10.00 5804.052GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.07 15.00 4445.758GROSS RES., MB & MMF 298.380 0.000 DISCOUNTED PAYOUT, YRS. 3.15 20.00 3454.461NET RES., MB & MMF 238.704 0.000 UNDISCOUNTED NET/INVEST. 3.74 25.00 2716.436NET REVENUE, M$ 19116.521 0.000 DISCOUNTED NET/INVEST. 2.98 30.00 2157.219INITIAL PRICE, $ 72.690 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1391.068INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 604.86080.00 255.226100.00 84.301RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:47COLOMBIA DBS : DEMOTORCAZ-131 THRU 150 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 796.8 0.0 0.0 637.5 0.0 0.0 50035.3 0.0 0.0 50035.312-2016 1182.2 0.0 0.0 945.7 0.0 0.0 77163.4 0.0 0.0 77163.412-2017 872.4 0.0 0.0 697.9 0.0 0.0 58336.6 0.0 0.0 58336.612-2018 692.1 0.0 0.0 553.6 0.0 0.0 47386.3 0.0 0.0 47386.312-2019 573.9 0.0 0.0 459.1 0.0 0.0 40212.3 0.0 0.0 40212.312-2020 490.4 0.0 0.0 392.3 0.0 0.0 35222.8 0.0 0.0 35222.812-2021 428.2 0.0 0.0 342.5 0.0 0.0 31474.9 0.0 0.0 31474.912-2022 66.4 0.0 0.0 53.1 0.0 0.0 4996.2 0.0 0.0 4996.212-202312-202412-2025S TOT 5102.2 0.0 0.0 4081.8 0.0 0.0 344827.9 0.0 0.0 344827.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 5102.2 0.0 0.0 4081.8 0.0 0.0 344827.9 0.0 0.0 344827.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.49 0.00 0.00 0.0 0.0 12527.2 37508.1 56456.8 -18948.7 -13036.412-2016 81.59 0.00 0.00 0.0 0.0 19260.9 57902.5 0.0 57902.5 34392.412-2017 83.59 0.00 0.00 0.0 0.0 14929.4 43407.2 0.0 43407.2 23421.712-2018 85.59 0.00 0.00 0.0 0.0 12438.5 34947.8 0.0 34947.8 17135.712-2019 87.59 0.00 0.00 0.0 0.0 10831.6 29380.7 0.0 29380.7 13092.812-2020 89.79 0.00 0.00 0.0 0.0 9718.9 25503.9 0.0 25503.9 10330.012-2021 91.89 0.00 0.00 0.0 0.0 8911.3 22563.6 0.0 22563.6 8307.112-2022 94.09 0.00 0.00 0.0 0.0 1421.9 3574.3 9616.9 -6042.6 -2101.112-202312-202412-2025S TOT 84.48 0.00 0.00 0.0 0.0 90039.8 254788.1 66073.7 188714.5 91542.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 84.48 0.00 0.00 0.0 0.0 90039.8 254788.1 66073.7 188714.5 91542.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 130089.250GROSS ULT., MB & MMF 5102.199 0.000 DISCOUNT % 10.00 10.00 91541.984GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.33 15.00 65601.086GROSS RES., MB & MMF 5102.199 0.000 DISCOUNTED PAYOUT, YRS. 5.38 20.00 47777.348NET RES., MB & MMF 4081.758 0.000 UNDISCOUNTED NET/INVEST. 3.86 25.00 35300.508NET REVENUE, M$ 344827.875 0.000 DISCOUNTED NET/INVEST. 3.27 30.00 26418.793INITIAL PRICE, $ 78.490 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 15296.734INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 5686.94180.00 2324.860100.00 1003.449RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:45COLOMBIA DBS : DEMOTORCAZ-151 THRU 170 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 676.5 0.0 0.0 541.2 0.0 0.0 42481.8 0.0 0.0 42481.812-2016 1218.4 0.0 0.0 974.7 0.0 0.0 79528.6 0.0 0.0 79528.612-2017 891.8 0.0 0.0 713.4 0.0 0.0 59634.7 0.0 0.0 59634.712-2018 704.2 0.0 0.0 563.3 0.0 0.0 48215.2 0.0 0.0 48215.212-2019 582.1 0.0 0.0 465.7 0.0 0.0 40792.1 0.0 0.0 40792.112-2020 496.4 0.0 0.0 397.1 0.0 0.0 35654.8 0.0 0.0 35654.812-2021 432.7 0.0 0.0 346.2 0.0 0.0 31810.8 0.0 0.0 31810.812-2022 67.0 0.0 0.0 53.6 0.0 0.0 5045.7 0.0 0.0 5045.712-202312-202412-2025S TOT 5069.2 0.0 0.0 4055.3 0.0 0.0 343163.8 0.0 0.0 343163.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 5069.2 0.0 0.0 4055.3 0.0 0.0 343163.8 0.0 0.0 343163.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.49 0.00 0.00 0.0 0.0 10659.1 31822.7 56686.8 -24864.1 -16599.412-2016 81.59 0.00 0.00 0.0 0.0 19850.4 59678.2 0.0 59678.2 35450.112-2017 83.59 0.00 0.00 0.0 0.0 15261.2 44373.5 0.0 44373.5 23944.212-2018 85.59 0.00 0.00 0.0 0.0 12655.9 35559.3 0.0 35559.3 17436.012-2019 87.59 0.00 0.00 0.0 0.0 10987.7 29804.4 0.0 29804.4 13281.812-2020 89.79 0.00 0.00 0.0 0.0 9838.1 25816.8 0.0 25816.8 10456.912-2021 91.89 0.00 0.00 0.0 0.0 9006.3 22804.5 0.0 22804.5 8395.812-2022 94.09 0.00 0.00 0.0 0.0 1436.0 3609.7 9616.9 -6007.2 -2088.812-202312-202412-2025S TOT 84.62 0.00 0.00 0.0 0.0 89694.8 253469.1 66303.7 187165.4 90276.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 84.62 0.00 0.00 0.0 0.0 89694.8 253469.1 66303.7 187165.4 90276.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 128657.023GROSS ULT., MB & MMF 5069.173 0.000 DISCOUNT % 10.00 10.00 90276.625GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.42 15.00 64509.980GROSS RES., MB & MMF 5069.173 0.000 DISCOUNTED PAYOUT, YRS. 5.47 20.00 46849.203NET RES., MB & MMF 4055.338 0.000 UNDISCOUNTED NET/INVEST. 3.82 25.00 34517.012NET REVENUE, M$ 343163.812 0.000 DISCOUNTED NET/INVEST. 3.25 30.00 25760.145INITIAL PRICE, $ 78.490 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 14833.451INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 5456.71880.00 2208.515100.00 944.060RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:45COLOMBIA DBS : DEMOTORCAZ-171 THRU 190 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 551.8 0.0 0.0 441.4 0.0 0.0 34646.3 0.0 0.0 34646.312-2016 1257.0 0.0 0.0 1005.6 0.0 0.0 82046.0 0.0 0.0 82046.012-2017 912.1 0.0 0.0 729.7 0.0 0.0 60992.7 0.0 0.0 60992.712-2018 716.7 0.0 0.0 573.4 0.0 0.0 49073.9 0.0 0.0 49073.912-2019 590.7 0.0 0.0 472.5 0.0 0.0 41388.9 0.0 0.0 41388.912-2020 502.5 0.0 0.0 402.0 0.0 0.0 36097.7 0.0 0.0 36097.712-2021 437.4 0.0 0.0 349.9 0.0 0.0 32154.1 0.0 0.0 32154.112-2022 67.7 0.0 0.0 54.2 0.0 0.0 5096.1 0.0 0.0 5096.112-202312-202412-2025S TOT 5035.8 0.0 0.0 4028.7 0.0 0.0 341495.6 0.0 0.0 341495.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 5035.8 0.0 0.0 4028.7 0.0 0.0 341495.6 0.0 0.0 341495.6--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.49 0.00 0.00 0.0 0.0 8711.8 25934.5 56917.8 -30983.3 -20258.712-2016 81.59 0.00 0.00 0.0 0.0 20477.8 61568.2 0.0 61568.2 36576.112-2017 83.59 0.00 0.00 0.0 0.0 15608.3 45384.3 0.0 45384.3 24490.812-2018 85.59 0.00 0.00 0.0 0.0 12881.1 36192.8 0.0 36192.8 17747.112-2019 87.59 0.00 0.00 0.0 0.0 11148.3 30240.6 0.0 30240.6 13476.512-2020 89.79 0.00 0.00 0.0 0.0 9960.2 26137.5 0.0 26137.5 10586.912-2021 91.89 0.00 0.00 0.0 0.0 9103.5 23050.6 0.0 23050.6 8486.512-2022 94.09 0.00 0.00 0.0 0.0 1450.4 3645.8 9616.9 -5971.1 -2076.212-202312-202412-2025S TOT 84.77 0.00 0.00 0.0 0.0 89341.4 252154.2 66534.6 185619.5 89029.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 84.77 0.00 0.00 0.0 0.0 89341.4 252154.2 66534.6 185619.5 89029.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 127237.258GROSS ULT., MB & MMF 5035.822 0.000 DISCOUNT % 10.00 10.00 89028.984GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.50 15.00 63439.195GROSS RES., MB & MMF 5035.822 0.000 DISCOUNTED PAYOUT, YRS. 5.55 20.00 45942.270NET RES., MB & MMF 4028.658 0.000 UNDISCOUNTED NET/INVEST. 3.79 25.00 33754.512NET REVENUE, M$ 341495.594 0.000 DISCOUNTED NET/INVEST. 3.23 30.00 25121.615INITIAL PRICE, $ 78.490 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 14387.586INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 5238.15580.00 2099.509100.00 889.169RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:46COLOMBIA DBS : DEMOTORCAZ-191 THRU 210 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 422.1 0.0 0.0 337.7 0.0 0.0 26506.6 0.0 0.0 26506.612-2016 1298.1 0.0 0.0 1038.5 0.0 0.0 84730.9 0.0 0.0 84730.912-2017 933.3 0.0 0.0 746.7 0.0 0.0 62414.7 0.0 0.0 62414.712-2018 729.7 0.0 0.0 583.8 0.0 0.0 49964.0 0.0 0.0 49964.012-2019 599.4 0.0 0.0 479.5 0.0 0.0 42003.6 0.0 0.0 42003.612-2020 508.8 0.0 0.0 407.1 0.0 0.0 36551.7 0.0 0.0 36551.712-2021 442.2 0.0 0.0 353.7 0.0 0.0 32504.8 0.0 0.0 32504.812-2022 68.4 0.0 0.0 54.7 0.0 0.0 5147.6 0.0 0.0 5147.612-202312-202412-2025S TOT 5002.1 0.0 0.0 4001.7 0.0 0.0 339823.9 0.0 0.0 339823.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 5002.1 0.0 0.0 4001.7 0.0 0.0 339823.9 0.0 0.0 339823.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.49 0.00 0.00 0.0 0.0 6679.2 19827.4 57149.6 -37322.3 -24023.812-2016 81.59 0.00 0.00 0.0 0.0 21146.9 63584.0 0.0 63584.0 37777.312-2017 83.59 0.00 0.00 0.0 0.0 15971.8 46442.8 0.0 46442.8 25063.212-2018 85.59 0.00 0.00 0.0 0.0 13114.5 36849.4 0.0 36849.4 18069.712-2019 87.59 0.00 0.00 0.0 0.0 11313.8 30689.8 0.0 30689.8 13677.012-2020 89.79 0.00 0.00 0.0 0.0 10085.4 26466.3 0.0 26466.3 10720.312-2021 91.89 0.00 0.00 0.0 0.0 9202.7 23302.1 0.0 23302.1 8579.212-2022 94.09 0.00 0.00 0.0 0.0 1465.0 3682.6 9616.9 -5934.3 -2063.412-202312-202412-2025S TOT 84.92 0.00 0.00 0.0 0.0 88979.4 250844.5 66766.5 184078.0 87799.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 84.92 0.00 0.00 0.0 0.0 88979.4 250844.5 66766.5 184078.0 87799.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 125830.641GROSS ULT., MB & MMF 5002.140 0.000 DISCOUNT % 10.00 10.00 87799.516GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.59 15.00 62388.984GROSS RES., MB & MMF 5002.140 0.000 DISCOUNTED PAYOUT, YRS. 5.64 20.00 45056.605NET RES., MB & MMF 4001.712 0.000 UNDISCOUNTED NET/INVEST. 3.76 25.00 33012.922NET REVENUE, M$ 339823.875 0.000 DISCOUNTED NET/INVEST. 3.20 30.00 24503.000INITIAL PRICE, $ 78.490 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 13958.800INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 5030.84880.00 1997.496100.00 838.517RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:46COLOMBIA DBS : DEMOTORCAZ-231 THRU 250 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 146.7 0.0 0.0 117.4 0.0 0.0 9213.2 0.0 0.0 9213.212-2016 1389.2 0.0 0.0 1111.4 0.0 0.0 90676.3 0.0 0.0 90676.312-2017 979.0 0.0 0.0 783.2 0.0 0.0 65469.9 0.0 0.0 65469.912-2018 757.2 0.0 0.0 605.7 0.0 0.0 51845.6 0.0 0.0 51845.612-2019 617.8 0.0 0.0 494.2 0.0 0.0 43290.0 0.0 0.0 43290.012-2020 522.0 0.0 0.0 417.6 0.0 0.0 37495.1 0.0 0.0 37495.112-2021 452.0 0.0 0.0 361.6 0.0 0.0 33230.0 0.0 0.0 33230.012-2022 69.8 0.0 0.0 55.8 0.0 0.0 5253.8 0.0 0.0 5253.812-202312-202412-2025S TOT 4933.8 0.0 0.0 3947.0 0.0 0.0 336473.8 0.0 0.0 336473.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4933.8 0.0 0.0 3947.0 0.0 0.0 336473.8 0.0 0.0 336473.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.49 0.00 0.00 0.0 0.0 2331.3 6881.9 57616.3 -50734.4 -31913.812-2016 81.59 0.00 0.00 0.0 0.0 22628.2 68048.1 0.0 68048.1 40438.312-2017 83.59 0.00 0.00 0.0 0.0 16752.7 48717.2 0.0 48717.2 26293.412-2018 85.59 0.00 0.00 0.0 0.0 13608.0 38237.7 0.0 38237.7 18751.612-2019 87.59 0.00 0.00 0.0 0.0 11660.0 31629.9 0.0 31629.9 14096.512-2020 89.79 0.00 0.00 0.0 0.0 10345.5 27149.6 0.0 27149.6 10997.412-2021 91.89 0.00 0.00 0.0 0.0 9407.9 23822.1 0.0 23822.1 8770.912-2022 94.09 0.00 0.00 0.0 0.0 1495.2 3758.5 9616.9 -5858.3 -2037.012-202312-202412-2025S TOT 85.25 0.00 0.00 0.0 0.0 88228.9 248244.9 67233.1 181011.8 85397.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.25 0.00 0.00 0.0 0.0 88228.9 248244.9 67233.1 181011.8 85397.3OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 123060.188GROSS ULT., MB & MMF 4933.754 0.000 DISCOUNT % 10.00 10.00 85397.312GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.75 15.00 60351.551GROSS RES., MB & MMF 4933.754 0.000 DISCOUNTED PAYOUT, YRS. 5.79 20.00 43349.570NET RES., MB & MMF 3947.002 0.000 UNDISCOUNTED NET/INVEST. 3.69 25.00 31592.324NET REVENUE, M$ 336473.844 0.000 DISCOUNTED NET/INVEST. 3.16 30.00 23324.900INITIAL PRICE, $ 78.490 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 13151.250INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 4648.51780.00 1813.187100.00 748.976RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:46COLOMBIA DBS : DEMOTORCAZ-251 THRU 270 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 1340.9 0.0 0.0 1072.7 0.0 0.0 87521.7 0.0 0.0 87521.712-2017 1029.5 0.0 0.0 823.6 0.0 0.0 68843.9 0.0 0.0 68843.912-2018 786.8 0.0 0.0 629.5 0.0 0.0 53876.0 0.0 0.0 53876.012-2019 637.3 0.0 0.0 509.9 0.0 0.0 44658.2 0.0 0.0 44658.212-2020 535.8 0.0 0.0 428.7 0.0 0.0 38489.0 0.0 0.0 38489.012-2021 462.4 0.0 0.0 369.9 0.0 0.0 33988.5 0.0 0.0 33988.512-2022 71.3 0.0 0.0 57.0 0.0 0.0 5364.4 0.0 0.0 5364.412-202312-202412-2025S TOT 4864.0 0.0 0.0 3891.2 0.0 0.0 332741.8 0.0 0.0 332741.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4864.0 0.0 0.0 3891.2 0.0 0.0 332741.8 0.0 0.0 332741.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 81.59 0.00 0.00 0.0 0.0 21889.3 65632.4 58086.7 7545.7 2906.012-2017 83.59 0.00 0.00 0.0 0.0 17615.0 51228.9 0.0 51228.9 27652.412-2018 85.59 0.00 0.00 0.0 0.0 14140.4 39735.7 0.0 39735.7 19487.612-2019 87.59 0.00 0.00 0.0 0.0 12028.3 32630.0 0.0 32630.0 14542.912-2020 89.79 0.00 0.00 0.0 0.0 10619.6 27869.4 0.0 27869.4 11289.312-2021 91.89 0.00 0.00 0.0 0.0 9622.6 24366.0 0.0 24366.0 8971.412-2022 94.09 0.00 0.00 0.0 0.0 1526.7 3837.7 9616.9 -5779.2 -2009.512-202312-202412-2025S TOT 85.51 0.00 0.00 0.0 0.0 87441.9 245299.9 67703.6 177596.4 82840.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.51 0.00 0.00 0.0 0.0 87441.9 245299.9 67703.6 177596.4 82840.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 120055.750GROSS ULT., MB & MMF 4863.957 0.000 DISCOUNT % 10.00 10.00 82840.031GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.89 15.00 58212.836GROSS RES., MB & MMF 4863.957 0.000 DISCOUNTED PAYOUT, YRS. 5.93 20.00 41577.863NET RES., MB & MMF 3891.165 0.000 UNDISCOUNTED NET/INVEST. 3.62 25.00 30131.861NET REVENUE, M$ 332741.781 0.000 DISCOUNTED NET/INVEST. 3.11 30.00 22123.639INITIAL PRICE, $ 81.590 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 12338.965INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 4271.46780.00 1633.647100.00 662.175RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:46COLOMBIA DBS : DEMOTORCAZ-271 THRU 290 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 1238.9 0.0 0.0 991.1 0.0 0.0 80866.5 0.0 0.0 80866.512-2017 1056.7 0.0 0.0 845.4 0.0 0.0 70666.6 0.0 0.0 70666.612-2018 802.6 0.0 0.0 642.0 0.0 0.0 54952.7 0.0 0.0 54952.712-2019 647.6 0.0 0.0 518.0 0.0 0.0 45375.6 0.0 0.0 45375.612-2020 543.0 0.0 0.0 434.4 0.0 0.0 39006.0 0.0 0.0 39006.012-2021 467.7 0.0 0.0 374.2 0.0 0.0 34381.0 0.0 0.0 34381.012-2022 72.0 0.0 0.0 57.6 0.0 0.0 5421.5 0.0 0.0 5421.512-202312-202412-2025S TOT 4828.5 0.0 0.0 3862.8 0.0 0.0 330670.0 0.0 0.0 330670.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4828.5 0.0 0.0 3862.8 0.0 0.0 330670.0 0.0 0.0 330670.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 81.59 0.00 0.00 0.0 0.0 20270.6 60596.0 58323.3 2272.6 -96.012-2017 83.59 0.00 0.00 0.0 0.0 18080.8 52585.8 0.0 52585.8 28386.712-2018 85.59 0.00 0.00 0.0 0.0 14422.7 40530.0 0.0 40530.0 19877.912-2019 87.59 0.00 0.00 0.0 0.0 12221.3 33154.3 0.0 33154.3 14776.912-2020 89.79 0.00 0.00 0.0 0.0 10762.1 28243.9 0.0 28243.9 11441.212-2021 91.89 0.00 0.00 0.0 0.0 9733.6 24647.4 0.0 24647.4 9075.112-2022 94.09 0.00 0.00 0.0 0.0 1543.0 3878.6 9616.9 -5738.3 -1995.312-202312-202412-2025S TOT 85.60 0.00 0.00 0.0 0.0 87034.1 243635.9 67940.2 175695.7 81466.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.60 0.00 0.00 0.0 0.0 87034.1 243635.9 67940.2 175695.7 81466.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 118418.516GROSS ULT., MB & MMF 4828.511 0.000 DISCOUNT % 10.00 10.00 81466.469GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.96 15.00 57076.488GROSS RES., MB & MMF 4828.511 0.000 DISCOUNTED PAYOUT, YRS. 6.00 20.00 40644.551NET RES., MB & MMF 3862.808 0.000 UNDISCOUNTED NET/INVEST. 3.59 25.00 29367.883NET REVENUE, M$ 330670.031 0.000 DISCOUNTED NET/INVEST. 3.08 30.00 21498.926INITIAL PRICE, $ 81.590 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 11920.428INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 4079.42780.00 1542.593100.00 618.000RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:46COLOMBIA DBS : DEMOTORCAZ-311 THRU 330 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 1025.2 0.0 0.0 820.1 0.0 0.0 66915.3 0.0 0.0 66915.312-2017 1115.9 0.0 0.0 892.7 0.0 0.0 74622.4 0.0 0.0 74622.412-2018 836.0 0.0 0.0 668.8 0.0 0.0 57241.9 0.0 0.0 57241.912-2019 669.1 0.0 0.0 535.2 0.0 0.0 46882.4 0.0 0.0 46882.412-2020 558.0 0.0 0.0 446.4 0.0 0.0 40083.4 0.0 0.0 40083.412-2021 478.8 0.0 0.0 383.0 0.0 0.0 35194.0 0.0 0.0 35194.012-2022 73.6 0.0 0.0 58.9 0.0 0.0 5539.5 0.0 0.0 5539.512-202312-202412-2025S TOT 4756.5 0.0 0.0 3805.2 0.0 0.0 326478.8 0.0 0.0 326478.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4756.5 0.0 0.0 3805.2 0.0 0.0 326478.8 0.0 0.0 326478.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 81.59 0.00 0.00 0.0 0.0 16848.5 50066.8 58799.5 -8732.7 -6282.112-2017 83.59 0.00 0.00 0.0 0.0 19091.6 55530.8 0.0 55530.8 29980.612-2018 85.59 0.00 0.00 0.0 0.0 15022.9 42219.0 0.0 42219.0 20707.912-2019 87.59 0.00 0.00 0.0 0.0 12626.8 34255.6 0.0 34255.6 15268.512-2020 89.79 0.00 0.00 0.0 0.0 11059.2 29024.2 0.0 29024.2 11757.712-2021 91.89 0.00 0.00 0.0 0.0 9963.6 25230.4 0.0 25230.4 9290.012-2022 94.09 0.00 0.00 0.0 0.0 1576.5 3962.9 9616.9 -5653.9 -1966.012-202312-202412-2025S TOT 85.80 0.00 0.00 0.0 0.0 86189.1 240289.6 68416.4 171873.2 78756.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.80 0.00 0.00 0.0 0.0 86189.1 240289.6 68416.4 171873.2 78756.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 115160.375GROSS ULT., MB & MMF 4756.484 0.000 DISCOUNT % 10.00 10.00 78756.625GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 6.16 15.00 54851.445GROSS RES., MB & MMF 4756.484 0.000 DISCOUNTED PAYOUT, YRS. 6.21 20.00 38829.457NET RES., MB & MMF 3805.188 0.000 UNDISCOUNTED NET/INVEST. 3.51 25.00 27891.445NET REVENUE, M$ 326478.781 0.000 DISCOUNTED NET/INVEST. 3.03 30.00 20298.770INITIAL PRICE, $ 81.590 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 11125.207INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3721.80880.00 1376.185100.00 538.757RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:46COLOMBIA DBS : DEMOTORCAZ-290 THRU 310 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 1133.8 0.0 0.0 907.0 0.0 0.0 74002.3 0.0 0.0 74002.312-2017 1085.5 0.0 0.0 868.4 0.0 0.0 72589.9 0.0 0.0 72589.912-2018 818.9 0.0 0.0 655.1 0.0 0.0 56073.7 0.0 0.0 56073.712-2019 658.1 0.0 0.0 526.5 0.0 0.0 46116.6 0.0 0.0 46116.612-2020 550.4 0.0 0.0 440.3 0.0 0.0 39537.3 0.0 0.0 39537.312-2021 473.2 0.0 0.0 378.5 0.0 0.0 34782.7 0.0 0.0 34782.712-2022 72.8 0.0 0.0 58.2 0.0 0.0 5479.9 0.0 0.0 5479.912-202312-202412-2025S TOT 4792.7 0.0 0.0 3834.2 0.0 0.0 328582.4 0.0 0.0 328582.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4792.7 0.0 0.0 3834.2 0.0 0.0 328582.4 0.0 0.0 328582.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 81.59 0.00 0.00 0.0 0.0 18591.5 55410.7 58561.0 -3150.2 -3157.012-2017 83.59 0.00 0.00 0.0 0.0 18572.2 54017.7 0.0 54017.7 29161.612-2018 85.59 0.00 0.00 0.0 0.0 14716.6 41357.1 0.0 41357.1 20284.312-2019 87.59 0.00 0.00 0.0 0.0 12420.8 33695.8 0.0 33695.8 15018.712-2020 89.79 0.00 0.00 0.0 0.0 10908.6 28628.7 0.0 28628.7 11597.312-2021 91.89 0.00 0.00 0.0 0.0 9847.3 24935.4 0.0 24935.4 9181.312-2022 94.09 0.00 0.00 0.0 0.0 1559.6 3920.3 9616.9 -5696.6 -1980.812-202312-202412-2025S TOT 85.70 0.00 0.00 0.0 0.0 86616.6 241965.8 68177.8 173788.0 80105.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.70 0.00 0.00 0.0 0.0 86616.6 241965.8 68177.8 173788.0 80105.3OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 116786.656GROSS ULT., MB & MMF 4792.690 0.000 DISCOUNT % 10.00 10.00 80105.312GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 6.06 15.00 55956.043GROSS RES., MB & MMF 4792.690 0.000 DISCOUNTED PAYOUT, YRS. 6.11 20.00 39728.469NET RES., MB & MMF 3834.151 0.000 UNDISCOUNTED NET/INVEST. 3.55 25.00 28621.162NET REVENUE, M$ 328582.406 0.000 DISCOUNTED NET/INVEST. 3.05 30.00 20890.740INITIAL PRICE, $ 81.590 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 11515.968INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3896.32780.00 1456.865100.00 576.925RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:46COLOMBIA DBS : DEMOTORCAZ-331 THRU 350 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 913.0 0.0 0.0 730.4 0.0 0.0 59590.6 0.0 0.0 59590.612-2017 1148.1 0.0 0.0 918.5 0.0 0.0 76773.8 0.0 0.0 76773.812-2018 853.8 0.0 0.0 683.0 0.0 0.0 58460.3 0.0 0.0 58460.312-2019 680.4 0.0 0.0 544.3 0.0 0.0 47674.3 0.0 0.0 47674.312-2020 565.8 0.0 0.0 452.7 0.0 0.0 40644.8 0.0 0.0 40644.812-2021 484.5 0.0 0.0 387.6 0.0 0.0 35615.2 0.0 0.0 35615.212-2022 74.4 0.0 0.0 59.5 0.0 0.0 5600.4 0.0 0.0 5600.412-202312-202412-2025S TOT 4719.9 0.0 0.0 3775.9 0.0 0.0 324359.4 0.0 0.0 324359.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4719.9 0.0 0.0 3775.9 0.0 0.0 324359.4 0.0 0.0 324359.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 81.59 0.00 0.00 0.0 0.0 15037.3 44553.2 59039.1 -14485.9 -9477.012-2017 83.59 0.00 0.00 0.0 0.0 19641.2 57132.6 0.0 57132.6 30847.712-2018 85.59 0.00 0.00 0.0 0.0 15342.3 43118.0 0.0 43118.0 21149.712-2019 87.59 0.00 0.00 0.0 0.0 12839.9 34834.3 0.0 34834.3 15526.912-2020 89.79 0.00 0.00 0.0 0.0 11214.0 29430.8 0.0 29430.8 11922.712-2021 91.89 0.00 0.00 0.0 0.0 10082.8 25532.4 0.0 25532.4 9401.312-2022 94.09 0.00 0.00 0.0 0.0 1593.9 4006.5 9616.9 -5610.4 -1950.812-202312-202412-2025S TOT 85.90 0.00 0.00 0.0 0.0 85751.5 238607.8 68656.0 169951.9 77420.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 85.90 0.00 0.00 0.0 0.0 85751.5 238607.8 68656.0 169951.9 77420.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 113539.875GROSS ULT., MB & MMF 4719.889 0.000 DISCOUNT % 10.00 10.00 77420.477GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 6.25 15.00 53762.645GROSS RES., MB & MMF 4719.889 0.000 DISCOUNTED PAYOUT, YRS. 6.31 20.00 37947.359NET RES., MB & MMF 3775.911 0.000 UNDISCOUNTED NET/INVEST. 3.48 25.00 27178.498NET REVENUE, M$ 324359.375 0.000 DISCOUNTED NET/INVEST. 3.00 30.00 19722.713INITIAL PRICE, $ 81.590 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 10747.779INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3555.52780.00 1300.291100.00 503.312RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:46COLOMBIA DBS : DEMOTORCAZ-351 THRU 470 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 796.8 0.0 0.0 637.5 0.0 0.0 52011.5 0.0 0.0 52011.512-2017 1182.2 0.0 0.0 945.7 0.0 0.0 79054.9 0.0 0.0 79054.912-2018 872.4 0.0 0.0 697.9 0.0 0.0 59732.3 0.0 0.0 59732.312-2019 692.1 0.0 0.0 553.6 0.0 0.0 48493.6 0.0 0.0 48493.612-2020 573.9 0.0 0.0 459.1 0.0 0.0 41222.4 0.0 0.0 41222.412-2021 490.4 0.0 0.0 392.3 0.0 0.0 36046.6 0.0 0.0 36046.612-2022 75.2 0.0 0.0 60.2 0.0 0.0 5662.7 0.0 0.0 5662.712-202312-202412-2025S TOT 4682.9 0.0 0.0 3746.3 0.0 0.0 322224.0 0.0 0.0 322224.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 4682.9 0.0 0.0 3746.3 0.0 0.0 322224.0 0.0 0.0 322224.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 81.59 0.00 0.00 0.0 0.0 13153.5 38857.9 59279.6 -20421.7 -12748.012-2017 83.59 0.00 0.00 0.0 0.0 20224.0 58831.0 0.0 58831.0 31767.312-2018 85.59 0.00 0.00 0.0 0.0 15675.8 44056.5 0.0 44056.5 21611.012-2019 87.59 0.00 0.00 0.0 0.0 13060.4 35433.2 0.0 35433.2 15794.312-2020 89.79 0.00 0.00 0.0 0.0 11373.2 29849.1 0.0 29849.1 12092.312-2021 91.89 0.00 0.00 0.0 0.0 10204.9 25841.7 0.0 25841.7 9515.312-2022 94.09 0.00 0.00 0.0 0.0 1611.6 4051.1 9616.9 -5565.8 -1935.312-202312-202412-2025S TOT 86.01 0.00 0.00 0.0 0.0 85303.5 236920.6 68896.5 168024.1 76097.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 86.01 0.00 0.00 0.0 0.0 85303.5 236920.6 68896.5 168024.1 76097.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 20.0 0.0 LIFE, YRS. 11.17 5.00 111925.367GROSS ULT., MB & MMF 4682.893 0.000 DISCOUNT % 10.00 10.00 76096.992GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 6.35 15.00 52689.637GROSS RES., MB & MMF 4682.893 0.000 DISCOUNTED PAYOUT, YRS. 6.40 20.00 37082.051NET RES., MB & MMF 3746.313 0.000 UNDISCOUNTED NET/INVEST. 3.44 25.00 26482.098NET REVENUE, M$ 322224.000 0.000 DISCOUNTED NET/INVEST. 2.97 30.00 19162.281INITIAL PRICE, $ 81.590 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 10383.342INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 3397.15780.00 1228.938100.00 470.421RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, LLANOS BASIN TIME : 11:05:46COLOMBIA DBS : DEMOTORCAZ-471 THRU 541 , LOWER MUGRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 5183.4 0.0 0.0 4146.7 0.0 0.0 346622.0 0.0 0.0 346622.012-2018 3613.0 0.0 0.0 2890.4 0.0 0.0 247391.2 0.0 0.0 247391.212-2019 2778.2 0.0 0.0 2222.6 0.0 0.0 194673.2 0.0 0.0 194673.212-2020 2258.6 0.0 0.0 1806.9 0.0 0.0 162243.3 0.0 0.0 162243.312-2021 1903.7 0.0 0.0 1523.0 0.0 0.0 139946.1 0.0 0.0 139946.112-2022 290.2 0.0 0.0 232.2 0.0 0.0 21844.2 0.0 0.0 21844.212-202312-202412-2025S TOT 16027.2 0.0 0.0 12821.7 0.0 0.0 1112720.1 0.0 0.0 1112720.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 16027.2 0.0 0.0 12821.7 0.0 0.0 1112720.1 0.0 0.0 1112720.1--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.00 0.00 0.00 0.0 0.0 0.0 0.0 107600.6 -107600.6 -61222.012-2017 83.59 0.00 0.00 0.0 0.0 88645.8 257976.2 108038.9 149937.3 78400.312-2018 85.59 0.00 0.00 0.0 0.0 64913.6 182477.6 0.0 182477.6 89538.512-2019 87.59 0.00 0.00 0.0 0.0 52424.9 142248.4 0.0 142248.4 63418.912-2020 89.79 0.00 0.00 0.0 0.0 44759.9 117483.4 0.0 117483.4 47600.312-2021 91.89 0.00 0.00 0.0 0.0 39617.2 100328.9 0.0 100328.9 36946.012-2022 94.09 0.00 0.00 0.0 0.0 6216.9 15627.3 34620.8 -18993.5 -6604.212-202312-202412-2025S TOT 86.78 0.00 0.00 0.0 0.0 296578.3 816141.8 250260.3 565881.6 248077.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 86.78 0.00 0.00 0.0 0.0 296578.3 816141.8 250260.3 565881.6 248077.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 71.0 0.0 LIFE, YRS. 11.17 5.00 370848.938GROSS ULT., MB & MMF 16027.153 0.000 DISCOUNT % 10.00 10.00 248077.859GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 6.72 15.00 169028.031GROSS RES., MB & MMF 16027.153 0.000 DISCOUNTED PAYOUT, YRS. 6.78 20.00 117082.047NET RES., MB & MMF 12821.722 0.000 UNDISCOUNTED NET/INVEST. 3.26 25.00 82312.695NET REVENUE, M$ 1112720.125 0.000 DISCOUNTED NET/INVEST. 2.85 30.00 58648.363INITIAL PRICE, $ 83.590 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 30837.908INITIAL N.I., PCT. 80.000 0.000 INITIAL W.I., PCT. 100.000 60.00 9533.68780.00 3274.568100.00 1195.757RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOCACHICO BLOCK DATE : 03/24/2011TORCAZ FIELD, BASIN TIME : 11:05:47COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-202312-202412-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2022 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-202312-202412-2025S TOT 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 0.000GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 0.000GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 11.17 15.00 0.000GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 11.17 20.00 0.000NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 0.000NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 0.000INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 0.000INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 0.00080.00 0.000100.00 0.000RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BOLIVAR BLOCK TIME : 11:05:49BOLIVAR FIELD SUMMARY DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLE SCENARIO : 51-101FORECAST PRICING CASER E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 14.8 129.8 0.0 11.8 103.8 0.0 763.6 0.0 0.0 763.612-2012 13.3 116.8 0.0 10.6 93.5 0.0 715.9 0.0 0.0 715.912-2013 243.6 367.4 25.2 194.9 229.4 20.1 13684.6 0.0 0.0 13684.612-2014 3323.9 4051.7 29.8 2655.2 3130.3 23.9 194121.1 0.0 0.0 194121.112-2015 7160.3 8651.9 22.4 5724.3 6829.9 18.0 435107.8 0.0 0.0 435107.812-2016 10247.4 12160.1 324.7 8194.4 8864.7 259.7 648259.6 0.0 0.0 648259.612-2017 8513.1 10067.5 332.3 6807.3 7174.0 265.9 552140.6 0.0 0.0 552140.612-2018 6393.8 7570.3 249.4 2557.5 2708.3 99.7 212554.2 0.0 0.0 212554.212-2019 4802.3 5694.1 187.1 1920.9 2037.7 74.8 163490.6 0.0 0.0 163490.612-2020 3607.2 4284.4 140.4 1442.9 1533.7 56.2 125979.4 0.0 0.0 125979.412-2021 2705.1 3219.7 104.8 1082.0 1153.4 41.9 96745.8 0.0 0.0 96745.812-2022 2007.7 2373.6 76.0 803.1 852.0 30.4 73568.7 0.0 0.0 73568.712-2023 1508.4 1769.5 57.0 603.4 634.7 22.8 56601.2 0.0 0.0 56601.212-2024 607.1 711.9 22.9 242.9 255.4 9.2 23340.4 0.0 0.0 23340.412-2025S TOT 51147.9 61168.8 1572.0 32251.2 35600.7 922.6 2597073.5 0.0 0.0 2597073.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 51147.9 61168.8 1572.0 32251.2 35600.7 922.6 2597073.5 0.0 0.0 2597073.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.71 0.00 0.00 0.0 0.0 192.3 571.3 3310.6 -2739.3 -2541.812-2012 67.41 0.00 0.00 0.0 0.0 201.9 514.0 0.0 514.0 446.312-2013 70.21 0.00 0.00 0.0 0.0 3370.7 10313.9 14297.8 -3983.9 -3451.012-2014 73.11 0.00 0.00 0.0 0.0 47498.4 146622.7 80246.6 66376.1 45062.512-2015 76.01 0.00 0.00 0.0 0.0 107301.6 327806.3 87959.7 239846.7 154114.712-2016 79.11 0.00 0.00 0.0 0.0 160732.5 487527.0 65746.6 421780.4 248384.612-2017 81.11 0.00 0.00 0.0 0.0 139976.1 412164.4 0.0 412164.4 222442.112-2018 83.11 0.00 0.00 0.0 0.0 55351.9 157202.3 0.0 157202.3 77128.612-2019 85.11 0.00 0.00 0.0 0.0 43714.5 119776.0 0.0 119776.0 53424.012-2020 87.31 0.00 0.00 0.0 0.0 34543.0 91436.4 0.0 91436.4 37076.212-2021 89.41 0.00 0.00 0.0 0.0 27268.1 69477.6 237.5 69240.1 25528.612-2022 91.61 0.00 0.00 0.0 0.0 21326.6 52242.1 0.0 52242.1 17507.312-2023 93.81 0.00 0.00 0.0 0.0 16902.6 39698.7 0.0 39698.7 12094.412-2024 96.11 0.00 0.00 0.0 0.0 7094.4 16246.0 11584.7 4661.3 1373.212-2025S TOT 80.53 0.00 0.00 0.0 0.0 665474.6 1931598.9 263383.5 1668215.1 888589.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.53 0.00 0.00 0.0 0.0 665474.6 1931598.9 263383.5 1668215.1 888589.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 47.0 0.0 LIFE, YRS. 13.50 5.00 1203465.000GROSS ULT., MB & MMF 51802.934 63770.219 DISCOUNT % 10.00 10.00 888589.750GROSS CUM., MB & MMF 655.036 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.09 15.00 669331.125GROSS RES., MB & MMF 51147.895 61168.812 DISCOUNTED PAYOUT, YRS. 3.12 20.00 512977.750NET RES., MB & MMF 32251.238 35600.734 UNDISCOUNTED NET/INVEST. 7.33 25.00 399141.375NET REVENUE, M$ 2597073.500 0.000 DISCOUNTED NET/INVEST. 6.08 30.00 314731.281INITIAL PRICE, $ 75.822 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 202485.641INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 93244.14880.00 47590.832100.00 26084.172RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BOLIVAR BLOCK TIME : 13:54:58BLOCK SUMMARY DBS : DEMOTOTAL PROVED RESERVESSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 14.8 129.8 0.0 11.8 103.8 0.0 763.6 0.0 0.0 763.612-2012 13.3 116.8 0.0 10.6 93.5 0.0 715.9 0.0 0.0 715.912-2013 11.9 105.1 0.0 9.6 84.1 0.0 671.1 0.0 0.0 671.112-2014 3049.3 3740.9 0.0 2435.5 2958.2 0.0 178062.2 0.0 0.0 178062.212-2015 6953.8 8418.1 0.0 5559.2 6700.4 0.0 422553.0 0.0 0.0 422553.012-2016 7260.0 8778.2 0.0 5804.5 6991.9 0.0 459196.1 0.0 0.0 459196.112-2017 5455.2 6605.8 0.0 4361.0 5257.1 0.0 353722.2 0.0 0.0 353722.212-2018 4099.4 4972.9 0.0 1639.7 1989.1 0.0 136279.2 0.0 0.0 136279.212-2019 3080.8 3745.2 0.0 1232.3 1498.1 0.0 104882.0 0.0 0.0 104882.012-2020 2315.5 2822.0 0.0 926.2 1128.8 0.0 80867.0 0.0 0.0 80867.012-2021 1740.5 2127.7 0.0 696.2 851.1 0.0 62248.4 0.0 0.0 62248.412-2022 1308.5 1582.1 0.0 523.4 632.9 0.0 47948.5 0.0 0.0 47948.512-2023 983.8 1175.6 0.0 393.5 470.2 0.0 36917.8 0.0 0.0 36917.812-2024 396.2 473.2 0.0 158.5 189.3 0.0 15233.0 0.0 0.0 15233.012-2025S TOT 36683.1 44793.5 0.0 23762.1 28948.5 0.0 1900059.8 0.0 0.0 1900059.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 36683.1 44793.5 0.0 23762.1 28948.5 0.0 1900059.8 0.0 0.0 1900059.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.71 0.00 0.00 0.0 0.0 192.3 571.3 3310.6 -2739.3 -2541.812-2012 67.41 0.00 0.00 0.0 0.0 201.9 514.0 0.0 514.0 446.312-2013 70.21 0.00 0.00 0.0 0.0 212.0 459.1 0.0 459.1 362.412-2014 73.11 0.00 0.00 0.0 0.0 43602.1 134460.1 80246.6 54213.5 36325.912-2015 76.01 0.00 0.00 0.0 0.0 104108.3 318444.7 87959.7 230485.0 148001.212-2016 79.11 0.00 0.00 0.0 0.0 113631.9 345564.2 0.0 345564.2 205146.712-2017 81.11 0.00 0.00 0.0 0.0 89679.2 264042.9 0.0 264042.9 142501.512-2018 83.11 0.00 0.00 0.0 0.0 35496.6 100782.6 0.0 100782.6 49447.012-2019 85.11 0.00 0.00 0.0 0.0 28053.9 76828.1 0.0 76828.1 34267.712-2020 87.31 0.00 0.00 0.0 0.0 22186.2 58680.8 0.0 58680.8 23794.212-2021 89.41 0.00 0.00 0.0 0.0 17560.7 44687.7 0.0 44687.7 16473.012-2022 91.61 0.00 0.00 0.0 0.0 13915.1 34033.5 0.0 34033.5 11405.212-2023 93.81 0.00 0.00 0.0 0.0 11042.4 25875.3 0.0 25875.3 7883.112-2024 96.11 0.00 0.00 0.0 0.0 4639.9 10593.0 8621.2 1971.9 598.212-2025S TOT 79.96 0.00 0.00 0.0 0.0 484522.4 1415537.5 180138.1 1235399.4 674110.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 79.96 0.00 0.00 0.0 0.0 484522.4 1415537.5 180138.1 1235399.4 674110.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 34.0 0.0 LIFE, YRS. 13.50 5.00 902441.938GROSS ULT., MB & MMF 37338.117 47394.957 DISCOUNT % 10.00 10.00 674110.562GROSS CUM., MB & MMF 655.036 2601.409 UNDISCOUNTED PAYOUT, YRS. 3.03 15.00 513281.188GROSS RES., MB & MMF 36683.078 44793.547 DISCOUNTED PAYOUT, YRS. 3.05 20.00 397345.812NET RES., MB & MMF 23762.146 28948.488 UNDISCOUNTED NET/INVEST. 7.86 25.00 312072.688NET REVENUE, M$ 1900059.750 0.000 DISCOUNTED NET/INVEST. 6.50 30.00 248234.172INITIAL PRICE, $ 74.779 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 162261.625INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 76765.45380.00 40086.996100.00 22433.180RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BOLIVAR BLOCK TIME : 11:05:47BOLIVAR FIELD SUMMARY DBS : DEMOTOTAL PROVED PRODUCINGSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 14.8 129.8 0.0 11.8 103.8 0.0 763.6 0.0 0.0 763.612-2012 13.3 116.8 0.0 10.6 93.5 0.0 715.9 0.0 0.0 715.912-2013 11.9 105.1 0.0 9.6 84.1 0.0 671.1 0.0 0.0 671.112-2014 10.8 94.6 0.0 4.7 41.2 0.0 341.9 0.0 0.0 341.912-2015 9.7 85.2 0.0 3.9 34.1 0.0 294.2 0.0 0.0 294.212-2016 8.7 76.6 0.0 3.5 30.7 0.0 275.6 0.0 0.0 275.612-2017 7.8 69.0 0.0 3.1 27.6 0.0 254.3 0.0 0.0 254.312-2018 7.1 62.1 0.0 2.8 24.8 0.0 234.5 0.0 0.0 234.512-2019 6.3 55.9 0.0 2.5 22.3 0.0 216.2 0.0 0.0 216.212-2020 5.7 50.3 0.0 2.3 20.1 0.0 199.6 0.0 0.0 199.612-2021 5.1 45.3 0.0 2.1 18.1 0.0 183.9 0.0 0.0 183.912-2022 4.6 17.5 0.0 1.9 7.0 0.0 169.6 0.0 0.0 169.612-2023 4.2 0.0 0.0 1.7 0.0 0.0 156.3 0.0 0.0 156.312-2024 1.9 0.0 0.0 0.8 0.0 0.0 74.0 0.0 0.0 74.012-2025S TOT 111.9 908.2 0.0 61.1 507.3 0.0 4550.7 0.0 0.0 4550.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 111.9 908.2 0.0 61.1 507.3 0.0 4550.7 0.0 0.0 4550.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.71 0.00 0.00 0.0 0.0 0.0 763.6 0.0 763.6 728.912-2012 67.41 0.00 0.00 0.0 0.0 0.0 715.9 0.0 715.9 621.312-2013 70.21 0.00 0.00 0.0 0.0 0.0 671.1 0.0 671.1 529.412-2014 73.11 0.00 0.00 0.0 0.0 0.0 341.9 0.0 341.9 246.112-2015 76.01 0.00 0.00 0.0 0.0 0.0 294.2 0.0 294.2 191.812-2016 79.11 0.00 0.00 0.0 0.0 0.0 275.6 0.0 275.6 163.412-2017 81.11 0.00 0.00 0.0 0.0 0.0 254.3 0.0 254.3 137.012-2018 83.11 0.00 0.00 0.0 0.0 0.0 234.5 0.0 234.5 114.912-2019 85.11 0.00 0.00 0.0 0.0 0.0 216.2 0.0 216.2 96.312-2020 87.31 0.00 0.00 0.0 0.0 0.0 199.6 0.0 199.6 80.812-2021 89.41 0.00 0.00 0.0 0.0 0.0 183.9 0.0 183.9 67.712-2022 91.61 0.00 0.00 0.0 0.0 0.0 169.6 0.0 169.6 56.812-2023 93.81 0.00 0.00 0.0 0.0 0.0 156.3 0.0 156.3 47.512-2024 96.11 0.00 0.00 0.0 0.0 0.0 74.0 269.4 -195.4 -54.112-2025S TOT 74.43 0.00 0.00 0.0 0.0 0.0 4550.7 269.4 4281.3 3027.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 74.43 0.00 0.00 0.0 0.0 0.0 4550.7 269.4 4281.3 3027.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 13.50 5.00 3549.095GROSS ULT., MB & MMF 766.968 3509.579 DISCOUNT % 10.00 10.00 3027.852GROSS CUM., MB & MMF 655.036 2601.409 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 2644.002GROSS RES., MB & MMF 111.932 908.170 DISCOUNTED PAYOUT, YRS. 0.00 20.00 2352.512NET RES., MB & MMF 61.138 507.280 UNDISCOUNTED NET/INVEST. 16.89 25.00 2125.025NET REVENUE, M$ 4550.748 0.000 DISCOUNTED NET/INVEST. 41.37 30.00 1943.169INITIAL PRICE, $ 64.710 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1671.300INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 1332.91680.00 1129.306100.00 992.240RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BOLIVAR BLOCK TIME : 11:05:48BOLIVAR FIELD SUMMARY DBS : DEMOTOTAL PROVED UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 3038.6 3646.3 0.0 2430.9 2917.0 0.0 177720.3 0.0 0.0 177720.312-2015 6944.1 8333.0 0.0 5555.3 6666.4 0.0 422258.7 0.0 0.0 422258.712-2016 7251.3 8701.6 0.0 5801.0 6961.3 0.0 458920.5 0.0 0.0 458920.512-2017 5447.4 6536.8 0.0 4357.9 5229.5 0.0 353467.8 0.0 0.0 353467.812-2018 4092.3 4910.8 0.0 1636.9 1964.3 0.0 136044.7 0.0 0.0 136044.712-2019 3074.4 3689.3 0.0 1229.8 1475.7 0.0 104665.9 0.0 0.0 104665.912-2020 2309.8 2771.8 0.0 923.9 1108.7 0.0 80667.4 0.0 0.0 80667.412-2021 1735.4 2082.5 0.0 694.2 833.0 0.0 62064.5 0.0 0.0 62064.512-2022 1303.9 1564.6 0.0 521.5 625.9 0.0 47778.9 0.0 0.0 47778.912-2023 979.7 1175.6 0.0 391.9 470.2 0.0 36761.4 0.0 0.0 36761.412-2024 394.3 473.2 0.0 157.7 189.3 0.0 15159.0 0.0 0.0 15159.012-2025S TOT 36571.1 43885.4 0.0 23701.0 28441.2 0.0 1895509.2 0.0 0.0 1895509.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 36571.1 43885.4 0.0 23701.0 28441.2 0.0 1895509.2 0.0 0.0 1895509.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 192.3 -192.3 3310.6 -3502.9 -3270.712-2012 0.00 0.00 0.00 0.0 0.0 201.9 -201.9 0.0 -201.9 -175.012-2013 0.00 0.00 0.00 0.0 0.0 212.0 -212.0 0.0 -212.0 -167.012-2014 73.11 0.00 0.00 0.0 0.0 43602.1 134118.2 80246.6 53871.6 36079.812-2015 76.01 0.00 0.00 0.0 0.0 104108.3 318150.5 87959.7 230190.8 147809.312-2016 79.11 0.00 0.00 0.0 0.0 113631.9 345288.5 0.0 345288.5 204983.312-2017 81.11 0.00 0.00 0.0 0.0 89679.2 263788.6 0.0 263788.6 142364.512-2018 83.11 0.00 0.00 0.0 0.0 35496.6 100548.1 0.0 100548.1 49332.212-2019 85.11 0.00 0.00 0.0 0.0 28053.9 76612.0 0.0 76612.0 34171.412-2020 87.31 0.00 0.00 0.0 0.0 22186.2 58481.2 0.0 58481.2 23713.412-2021 89.41 0.00 0.00 0.0 0.0 17560.7 44503.8 0.0 44503.8 16405.312-2022 91.61 0.00 0.00 0.0 0.0 13915.1 33863.8 0.0 33863.8 11348.412-2023 93.81 0.00 0.00 0.0 0.0 11042.4 25719.0 0.0 25719.0 7835.512-2024 96.11 0.00 0.00 0.0 0.0 4639.9 10519.1 8351.7 2167.3 652.312-2025S TOT 79.98 0.00 0.00 0.0 0.0 484522.4 1410986.6 179868.6 1231118.0 671082.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 79.98 0.00 0.00 0.0 0.0 484522.4 1410986.6 179868.6 1231118.0 671082.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 33.0 0.0 LIFE, YRS. 13.50 5.00 898892.812GROSS ULT., MB & MMF 36571.148 43885.379 DISCOUNT % 10.00 10.00 671082.750GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.07 15.00 510637.188GROSS RES., MB & MMF 36571.148 43885.379 DISCOUNTED PAYOUT, YRS. 3.10 20.00 394993.312NET RES., MB & MMF 23701.008 28441.211 UNDISCOUNTED NET/INVEST. 7.84 25.00 309947.656NET REVENUE, M$ 1895509.250 0.000 DISCOUNTED NET/INVEST. 6.48 30.00 246291.047INITIAL PRICE, $ 74.794 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 160590.344INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 75432.53980.00 38957.691100.00 21440.943RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BOLIVAR BLOCK TIME : 11:05:48BOLIVAR FIELD SUMMARY DBS : DEMOTOTAL PROBABLE UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 231.7 262.3 25.2 185.4 145.2 20.1 13013.5 0.0 0.0 13013.512-2014 274.6 310.8 29.8 219.7 172.1 23.9 16058.9 0.0 0.0 16058.912-2015 206.5 233.7 22.4 165.2 129.4 18.0 12554.9 0.0 0.0 12554.912-2016 2987.4 3381.9 324.7 2389.9 1872.8 259.7 189063.5 0.0 0.0 189063.512-2017 3057.9 3461.7 332.3 2446.3 1917.0 265.9 198418.3 0.0 0.0 198418.312-2018 2294.4 2597.4 249.4 917.8 719.2 99.7 76275.0 0.0 0.0 76275.012-2019 1721.6 1948.9 187.1 688.6 539.6 74.8 58608.6 0.0 0.0 58608.612-2020 1291.7 1462.3 140.4 516.7 404.9 56.2 45112.4 0.0 0.0 45112.412-2021 964.6 1092.0 104.8 385.8 302.3 41.9 34497.3 0.0 0.0 34497.312-2022 699.2 791.5 76.0 279.7 219.2 30.4 25620.2 0.0 0.0 25620.212-2023 524.6 593.8 57.0 209.8 164.4 22.8 19683.5 0.0 0.0 19683.512-2024 210.9 238.7 22.9 84.4 66.1 9.2 8107.4 0.0 0.0 8107.412-2025S TOT 14464.8 16375.3 1572.0 8489.1 6652.2 922.6 697013.4 0.0 0.0 697013.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 14464.8 16375.3 1572.0 8489.1 6652.2 922.6 697013.4 0.0 0.0 697013.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 70.21 0.00 0.00 0.0 0.0 3158.7 9854.8 14297.8 -4443.0 -3813.312-2014 73.11 0.00 0.00 0.0 0.0 3896.3 12162.6 0.0 12162.6 8736.612-2015 76.01 0.00 0.00 0.0 0.0 3193.3 9361.6 0.0 9361.6 6113.512-2016 79.11 0.00 0.00 0.0 0.0 47100.6 141962.8 65746.6 76216.3 43237.912-2017 81.11 0.00 0.00 0.0 0.0 50296.9 148121.4 0.0 148121.4 79940.612-2018 83.11 0.00 0.00 0.0 0.0 19855.3 56419.7 0.0 56419.7 27681.512-2019 85.11 0.00 0.00 0.0 0.0 15660.7 42947.9 0.0 42947.9 19156.312-2020 87.31 0.00 0.00 0.0 0.0 12356.8 32755.6 0.0 32755.6 13282.112-2021 89.41 0.00 0.00 0.0 0.0 9707.4 24789.9 237.5 24552.4 9055.612-2022 91.61 0.00 0.00 0.0 0.0 7411.5 18208.7 0.0 18208.7 6102.112-2023 93.81 0.00 0.00 0.0 0.0 5860.2 13823.3 0.0 13823.3 4211.412-2024 96.11 0.00 0.00 0.0 0.0 2454.5 5652.9 2963.5 2689.4 775.012-2025S TOT 82.11 0.00 0.00 0.0 0.0 180952.2 516061.3 83245.4 432815.9 214479.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 82.11 0.00 0.00 0.0 0.0 180952.2 516061.3 83245.4 432815.9 214479.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 13.0 0.0 LIFE, YRS. 13.50 5.00 301023.062GROSS ULT., MB & MMF 14464.810 16375.258 DISCOUNT % 10.00 10.00 214479.156GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.37 15.00 156049.953GROSS RES., MB & MMF 14464.810 16375.258 DISCOUNTED PAYOUT, YRS. 3.44 20.00 115631.930NET RES., MB & MMF 8489.097 6652.250 UNDISCOUNTED NET/INVEST. 6.20 25.00 87068.688NET REVENUE, M$ 697013.438 0.000 DISCOUNTED NET/INVEST. 5.10 30.00 66497.086INITIAL PRICE, $ 78.368 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 40224.020INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 16478.70780.00 7503.834100.00 3650.989RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 03/24/2011BOLIVAR FIELD, BASIN TIME : 11:05:47COLOMBIA DBS : DEMOOLIVO , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 14.8 129.8 0.0 11.8 103.8 0.0 763.6 0.0 0.0 763.612-2012 13.3 116.8 0.0 10.6 93.5 0.0 715.9 0.0 0.0 715.912-2013 11.9 105.1 0.0 9.6 84.1 0.0 671.1 0.0 0.0 671.112-2014 10.8 94.6 0.0 4.7 41.2 0.0 341.9 0.0 0.0 341.912-2015 9.7 85.2 0.0 3.9 34.1 0.0 294.2 0.0 0.0 294.212-2016 8.7 76.6 0.0 3.5 30.7 0.0 275.6 0.0 0.0 275.612-2017 7.8 69.0 0.0 3.1 27.6 0.0 254.3 0.0 0.0 254.312-2018 7.1 62.1 0.0 2.8 24.8 0.0 234.5 0.0 0.0 234.512-2019 6.3 55.9 0.0 2.5 22.3 0.0 216.2 0.0 0.0 216.212-2020 5.7 50.3 0.0 2.3 20.1 0.0 199.6 0.0 0.0 199.612-2021 5.1 45.3 0.0 2.1 18.1 0.0 183.9 0.0 0.0 183.912-2022 4.6 17.5 0.0 1.9 7.0 0.0 169.6 0.0 0.0 169.612-2023 4.2 0.0 0.0 1.7 0.0 0.0 156.3 0.0 0.0 156.312-2024 1.9 0.0 0.0 0.8 0.0 0.0 74.0 0.0 0.0 74.012-2025S TOT 111.9 908.2 0.0 61.1 507.3 0.0 4550.7 0.0 0.0 4550.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 111.9 908.2 0.0 61.1 507.3 0.0 4550.7 0.0 0.0 4550.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.71 0.00 0.00 0.0 0.0 0.0 763.6 0.0 763.6 728.912-2012 67.41 0.00 0.00 0.0 0.0 0.0 715.9 0.0 715.9 621.312-2013 70.21 0.00 0.00 0.0 0.0 0.0 671.1 0.0 671.1 529.412-2014 73.11 0.00 0.00 0.0 0.0 0.0 341.9 0.0 341.9 246.112-2015 76.01 0.00 0.00 0.0 0.0 0.0 294.2 0.0 294.2 191.812-2016 79.11 0.00 0.00 0.0 0.0 0.0 275.6 0.0 275.6 163.412-2017 81.11 0.00 0.00 0.0 0.0 0.0 254.3 0.0 254.3 137.012-2018 83.11 0.00 0.00 0.0 0.0 0.0 234.5 0.0 234.5 114.912-2019 85.11 0.00 0.00 0.0 0.0 0.0 216.2 0.0 216.2 96.312-2020 87.31 0.00 0.00 0.0 0.0 0.0 199.6 0.0 199.6 80.812-2021 89.41 0.00 0.00 0.0 0.0 0.0 183.9 0.0 183.9 67.712-2022 91.61 0.00 0.00 0.0 0.0 0.0 169.6 0.0 169.6 56.812-2023 93.81 0.00 0.00 0.0 0.0 0.0 156.3 0.0 156.3 47.512-2024 96.11 0.00 0.00 0.0 0.0 0.0 74.0 269.4 -195.4 -54.112-2025S TOT 74.43 0.00 0.00 0.0 0.0 0.0 4550.7 269.4 4281.3 3027.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 74.43 0.00 0.00 0.0 0.0 0.0 4550.7 269.4 4281.3 3027.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 13.50 5.00 3549.095GROSS ULT., MB & MMF 766.968 3509.579 DISCOUNT % 10.00 10.00 3027.852GROSS CUM., MB & MMF 655.036 2601.409 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 2644.002GROSS RES., MB & MMF 111.932 908.170 DISCOUNTED PAYOUT, YRS. 0.00 20.00 2352.512NET RES., MB & MMF 61.138 507.280 UNDISCOUNTED NET/INVEST. 16.89 25.00 2125.025NET REVENUE, M$ 4550.748 0.000 DISCOUNTED NET/INVEST. 41.37 30.00 1943.169INITIAL PRICE, $ 64.710 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1671.300INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 1332.91680.00 1129.306100.00 992.240RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 03/24/2011BOLIVAR FIELD, BASIN TIME : 11:05:48COLOMBIA DBS : DEMOCRISOL-02 THRU 13 , ROSA BLANCA/SETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 2911.7 3494.1 0.0 2329.4 2795.3 0.0 177057.2 0.0 0.0 177057.212-2016 3016.6 3619.9 0.0 2413.2 2895.9 0.0 190911.5 0.0 0.0 190911.512-2017 2256.9 2708.3 0.0 1805.5 2166.6 0.0 146446.5 0.0 0.0 146446.512-2018 1688.6 2026.3 0.0 675.4 810.5 0.0 56134.8 0.0 0.0 56134.812-2019 1263.3 1516.0 0.0 505.3 606.4 0.0 43009.4 0.0 0.0 43009.412-2020 945.2 1134.2 0.0 378.1 453.7 0.0 33010.4 0.0 0.0 33010.412-2021 707.2 848.6 0.0 282.9 339.4 0.0 25291.6 0.0 0.0 25291.612-2022 529.1 634.9 0.0 211.6 254.0 0.0 19388.2 0.0 0.0 19388.212-2023 395.9 475.0 0.0 158.3 190.0 0.0 14854.1 0.0 0.0 14854.112-2024 158.8 190.6 0.0 63.5 76.2 0.0 6105.2 0.0 0.0 6105.212-2025S TOT 13873.3 16647.9 0.0 8823.4 10588.1 0.0 712209.0 0.0 0.0 712209.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 13873.3 16647.9 0.0 8823.4 10588.1 0.0 712209.0 0.0 0.0 712209.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 76.01 0.00 0.00 0.0 0.0 43670.7 133386.5 58241.1 75145.4 46972.812-2016 79.11 0.00 0.00 0.0 0.0 47193.7 143717.8 0.0 143717.8 85321.812-2017 81.11 0.00 0.00 0.0 0.0 37074.7 109371.9 0.0 109371.9 59028.812-2018 83.11 0.00 0.00 0.0 0.0 14562.6 41572.1 0.0 41572.1 20397.212-2019 85.11 0.00 0.00 0.0 0.0 11440.2 31569.2 0.0 31569.2 14081.212-2020 87.31 0.00 0.00 0.0 0.0 8987.2 24023.2 0.0 24023.2 9741.312-2021 89.41 0.00 0.00 0.0 0.0 7060.2 18231.4 0.0 18231.4 6720.712-2022 91.61 0.00 0.00 0.0 0.0 5546.4 13841.8 0.0 13841.8 4638.712-2023 93.81 0.00 0.00 0.0 0.0 4357.2 10497.0 0.0 10497.0 3198.012-2024 96.11 0.00 0.00 0.0 0.0 1814.6 4290.6 3232.9 1057.7 314.412-2025S TOT 80.72 0.00 0.00 0.0 0.0 181707.6 530501.4 61474.0 469027.3 250415.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.72 0.00 0.00 0.0 0.0 181707.6 530501.4 61474.0 469027.3 250415.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 12.0 0.0 LIFE, YRS. 13.50 5.00 338894.906GROSS ULT., MB & MMF 13873.270 16647.928 DISCOUNT % 10.00 10.00 250415.016GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.44 15.00 188637.906GROSS RES., MB & MMF 13873.270 16647.928 DISCOUNTED PAYOUT, YRS. 4.45 20.00 144502.000NET RES., MB & MMF 8823.391 10588.070 UNDISCOUNTED NET/INVEST. 8.63 25.00 112331.438NET REVENUE, M$ 712209.000 0.000 DISCOUNTED NET/INVEST. 7.28 30.00 88465.641INITIAL PRICE, $ 76.010 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 56742.371INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 25976.02580.00 13234.362100.00 7300.976RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 03/24/2011BOLIVAR FIELD, BASIN TIME : 11:05:48COLOMBIA DBS : DEMOCRISOL-14 THRU 19 , ROSA BLANCA/SETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 686.3 823.5 0.0 549.0 658.8 0.0 41731.4 0.0 0.0 41731.412-2016 1702.1 2042.5 0.0 1361.7 1634.0 0.0 107721.0 0.0 0.0 107721.012-2017 1273.5 1528.1 0.0 1018.8 1222.5 0.0 82631.9 0.0 0.0 82631.912-2018 952.8 1143.3 0.0 381.1 457.3 0.0 31673.8 0.0 0.0 31673.812-2019 712.8 855.4 0.0 285.1 342.2 0.0 24267.9 0.0 0.0 24267.912-2020 533.3 640.0 0.0 213.3 256.0 0.0 18626.0 0.0 0.0 18626.012-2021 399.0 478.8 0.0 159.6 191.5 0.0 14270.7 0.0 0.0 14270.712-2022 298.5 358.2 0.0 119.4 143.3 0.0 10939.7 0.0 0.0 10939.712-2023 223.4 268.0 0.0 89.3 107.2 0.0 8381.4 0.0 0.0 8381.412-2024 89.6 107.5 0.0 35.8 43.0 0.0 3444.8 0.0 0.0 3444.812-2025S TOT 6871.3 8245.5 0.0 4213.2 5055.9 0.0 343688.5 0.0 0.0 343688.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 6871.3 8245.5 0.0 4213.2 5055.9 0.0 343688.5 0.0 0.0 343688.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 76.01 0.00 0.00 0.0 0.0 10403.2 31328.2 29718.6 1609.6 645.312-2016 79.11 0.00 0.00 0.0 0.0 26628.8 81092.2 0.0 81092.2 48142.512-2017 81.11 0.00 0.00 0.0 0.0 20919.2 61712.6 0.0 61712.6 33306.812-2018 83.11 0.00 0.00 0.0 0.0 8216.9 23456.9 0.0 23456.9 11509.012-2019 85.11 0.00 0.00 0.0 0.0 6455.1 17812.8 0.0 17812.8 7945.312-2020 87.31 0.00 0.00 0.0 0.0 5071.0 13555.0 0.0 13555.0 5496.512-2021 89.41 0.00 0.00 0.0 0.0 3983.7 10287.0 0.0 10287.0 3792.112-2022 91.61 0.00 0.00 0.0 0.0 3129.5 7810.2 0.0 7810.2 2617.412-2023 93.81 0.00 0.00 0.0 0.0 2458.5 5922.9 0.0 5922.9 1804.512-2024 96.11 0.00 0.00 0.0 0.0 1023.9 2420.9 1616.5 804.5 235.212-2025S TOT 81.57 0.00 0.00 0.0 0.0 88289.9 255398.7 31335.1 224063.6 115494.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.57 0.00 0.00 0.0 0.0 88289.9 255398.7 31335.1 224063.6 115494.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 6.0 0.0 LIFE, YRS. 13.50 5.00 159021.531GROSS ULT., MB & MMF 6871.279 8245.535 DISCOUNT % 10.00 10.00 115494.492GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.95 15.00 85571.250GROSS RES., MB & MMF 6871.279 8245.535 DISCOUNTED PAYOUT, YRS. 4.97 20.00 64512.984NET RES., MB & MMF 4213.235 5055.883 UNDISCOUNTED NET/INVEST. 8.15 25.00 49386.727NET REVENUE, M$ 343688.531 0.000 DISCOUNTED NET/INVEST. 6.90 30.00 38323.398INITIAL PRICE, $ 76.010 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 23901.615INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 10399.85380.00 5064.278100.00 2681.989RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 03/24/2011BOLIVAR FIELD, BASIN TIME : 11:05:48COLOMBIA DBS : DEMOCATALINA-04 THRU 15 , ROSA BLANCSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 2924.0 3508.8 0.0 2339.2 2807.0 0.0 171017.7 0.0 0.0 171017.712-2015 3059.8 3671.7 0.0 2447.8 2937.4 0.0 186057.4 0.0 0.0 186057.412-2016 2315.9 2779.1 0.0 1852.7 2223.3 0.0 146570.7 0.0 0.0 146570.712-2017 1752.9 2103.5 0.0 1402.3 1682.8 0.0 113744.4 0.0 0.0 113744.412-2018 1326.8 1592.2 0.0 530.7 636.9 0.0 44108.1 0.0 0.0 44108.112-2019 1004.3 1205.1 0.0 401.7 482.0 0.0 34188.9 0.0 0.0 34188.912-2020 760.1 912.1 0.0 304.0 364.9 0.0 26546.6 0.0 0.0 26546.612-2021 575.3 690.4 0.0 230.1 276.2 0.0 20576.5 0.0 0.0 20576.512-2022 435.5 522.6 0.0 174.2 209.0 0.0 15957.6 0.0 0.0 15957.612-2023 329.6 395.5 0.0 131.8 158.2 0.0 12368.4 0.0 0.0 12368.412-2024 133.4 160.1 0.0 53.4 64.0 0.0 5129.0 0.0 0.0 5129.012-2025S TOT 14617.6 17541.1 0.0 9868.1 11841.7 0.0 776265.1 0.0 0.0 776265.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 14617.6 17541.1 0.0 9868.1 11841.7 0.0 776265.1 0.0 0.0 776265.1--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 73.11 0.00 0.00 0.0 0.0 41767.1 129250.6 73957.0 55293.6 37157.712-2015 76.01 0.00 0.00 0.0 0.0 45592.2 140465.2 0.0 140465.2 91721.412-2016 79.11 0.00 0.00 0.0 0.0 36234.3 110336.5 0.0 110336.5 65498.212-2017 81.11 0.00 0.00 0.0 0.0 28797.1 84947.3 0.0 84947.3 45842.612-2018 83.11 0.00 0.00 0.0 0.0 11443.2 32664.9 0.0 32664.9 16025.412-2019 85.11 0.00 0.00 0.0 0.0 9094.4 25094.5 0.0 25094.5 11192.212-2020 87.31 0.00 0.00 0.0 0.0 7227.8 19318.8 0.0 19318.8 7833.012-2021 89.41 0.00 0.00 0.0 0.0 5744.3 14832.2 0.0 14832.2 5467.212-2022 91.61 0.00 0.00 0.0 0.0 4565.2 11392.3 0.0 11392.3 3817.512-2023 93.81 0.00 0.00 0.0 0.0 3628.2 8740.2 0.0 8740.2 2662.512-2024 96.11 0.00 0.00 0.0 0.0 1524.5 3604.5 3232.9 371.6 120.212-2025S TOT 78.66 0.00 0.00 0.0 0.0 195618.1 580646.9 77189.9 503457.2 287337.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 78.66 0.00 0.00 0.0 0.0 195618.1 580646.9 77189.9 503457.2 287337.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 12.0 0.0 LIFE, YRS. 13.50 5.00 376295.500GROSS ULT., MB & MMF 14617.623 17541.146 DISCOUNT % 10.00 10.00 287337.844GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.57 15.00 223444.750GROSS RES., MB & MMF 14617.623 17541.146 DISCOUNTED PAYOUT, YRS. 3.59 20.00 176504.656NET RES., MB & MMF 9868.087 11841.704 UNDISCOUNTED NET/INVEST. 7.52 25.00 141339.016NET REVENUE, M$ 776265.125 0.000 DISCOUNTED NET/INVEST. 6.19 30.00 114541.609INITIAL PRICE, $ 73.110 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 77565.297INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 39160.14180.00 21736.656100.00 12931.493RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 03/24/2011BOLIVAR FIELD, BASIN TIME : 11:05:48COLOMBIA DBS : DEMOCATALINA-16 , ROSA BLANCA/SALIDASETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 114.6 137.5 0.0 91.7 110.0 0.0 6702.6 0.0 0.0 6702.612-2015 286.4 343.6 0.0 229.1 274.9 0.0 17412.7 0.0 0.0 17412.712-2016 216.7 260.1 0.0 173.4 208.1 0.0 13717.2 0.0 0.0 13717.212-2017 164.1 196.9 0.0 131.2 157.5 0.0 10645.1 0.0 0.0 10645.112-2018 124.2 149.0 0.0 49.7 59.6 0.0 4128.0 0.0 0.0 4128.012-2019 94.0 112.8 0.0 37.6 45.1 0.0 3199.7 0.0 0.0 3199.712-2020 71.1 85.4 0.0 28.5 34.1 0.0 2484.4 0.0 0.0 2484.412-2021 53.8 64.6 0.0 21.5 25.8 0.0 1925.7 0.0 0.0 1925.712-2022 40.8 48.9 0.0 16.3 19.6 0.0 1493.4 0.0 0.0 1493.412-2023 30.8 37.0 0.0 12.3 14.8 0.0 1157.5 0.0 0.0 1157.512-2024 12.5 15.0 0.0 5.0 6.0 0.0 480.0 0.0 0.0 480.012-2025S TOT 1209.0 1450.8 0.0 796.3 955.5 0.0 63346.3 0.0 0.0 63346.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1209.0 1450.8 0.0 796.3 955.5 0.0 63346.3 0.0 0.0 63346.3--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 73.11 0.00 0.00 0.0 0.0 1654.5 5048.2 6289.7 -1241.5 -948.112-2015 76.01 0.00 0.00 0.0 0.0 4266.9 13145.8 0.0 13145.8 8584.012-2016 79.11 0.00 0.00 0.0 0.0 3391.1 10326.1 0.0 10326.1 6129.812-2017 81.11 0.00 0.00 0.0 0.0 2695.1 7950.0 0.0 7950.0 4290.312-2018 83.11 0.00 0.00 0.0 0.0 1070.9 3057.0 0.0 3057.0 1499.812-2019 85.11 0.00 0.00 0.0 0.0 851.1 2348.5 0.0 2348.5 1047.512-2020 87.31 0.00 0.00 0.0 0.0 676.4 1808.0 0.0 1808.0 733.112-2021 89.41 0.00 0.00 0.0 0.0 537.6 1388.1 0.0 1388.1 511.712-2022 91.61 0.00 0.00 0.0 0.0 427.2 1066.2 0.0 1066.2 357.312-2023 93.81 0.00 0.00 0.0 0.0 339.6 818.0 0.0 818.0 249.212-2024 96.11 0.00 0.00 0.0 0.0 142.7 337.3 269.4 67.9 20.512-2025S TOT 79.55 0.00 0.00 0.0 0.0 16053.0 47293.3 6559.1 40734.3 22474.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 79.55 0.00 0.00 0.0 0.0 16053.0 47293.3 6559.1 40734.3 22474.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 13.50 5.00 29927.287GROSS ULT., MB & MMF 1208.979 1450.775 DISCOUNT % 10.00 10.00 22474.945GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.09 15.00 17197.746GROSS RES., MB & MMF 1208.979 1450.775 DISCOUNTED PAYOUT, YRS. 4.11 20.00 13374.455NET RES., MB & MMF 796.291 955.550 UNDISCOUNTED NET/INVEST. 7.21 25.00 10549.086NET REVENUE, M$ 63346.336 0.000 DISCOUNTED NET/INVEST. 5.96 30.00 8424.672INITIAL PRICE, $ 73.110 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 5547.534INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 2660.46480.00 1409.943100.00 804.187RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 03/24/2011BOLIVAR FIELD, BASIN TIME : 11:05:48COLOMBIA DBS : DEMO3D SEISMIC EXPENSES , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-201212-201312-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3310.6 -3310.6 -3087.412-201212-201312-201412-201512-201612-201712-201812-201912-202012-202112-202212-202312-202412-2025S TOT 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3310.6 -3310.6 -3087.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 0.0 0.0 3310.6 -3310.6 -3087.4OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 0.92 5.00 -3194.389GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 -3087.418GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.92 15.00 -2988.592GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 0.92 20.00 -2896.973NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 -2811.768NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 -2732.293INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 -2588.278INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 -2347.88980.00 -2154.660100.00 -1995.479RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 03/24/2011BOLIVAR FIELD, BASIN TIME : 11:05:48COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110FIXED COSTS SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2023 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2024 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 192.3 -192.3 0.0 -192.3 -183.312-2012 0.00 0.00 0.00 0.0 0.0 201.9 -201.9 0.0 -201.9 -175.012-2013 0.00 0.00 0.00 0.0 0.0 212.0 -212.0 0.0 -212.0 -167.012-2014 0.00 0.00 0.00 0.0 0.0 180.5 -180.5 0.0 -180.5 -129.812-2015 0.00 0.00 0.00 0.0 0.0 175.3 -175.3 0.0 -175.3 -114.112-2016 0.00 0.00 0.00 0.0 0.0 184.0 -184.0 0.0 -184.0 -109.012-2017 0.00 0.00 0.00 0.0 0.0 193.2 -193.2 0.0 -193.2 -104.012-2018 0.00 0.00 0.00 0.0 0.0 202.9 -202.9 0.0 -202.9 -99.312-2019 0.00 0.00 0.00 0.0 0.0 213.1 -213.1 0.0 -213.1 -94.812-2020 0.00 0.00 0.00 0.0 0.0 223.7 -223.7 0.0 -223.7 -90.512-2021 0.00 0.00 0.00 0.0 0.0 234.9 -234.9 0.0 -234.9 -86.312-2022 0.00 0.00 0.00 0.0 0.0 246.6 -246.6 0.0 -246.6 -82.412-2023 0.00 0.00 0.00 0.0 0.0 259.0 -259.0 0.0 -259.0 -78.712-2024 0.00 0.00 0.00 0.0 0.0 134.3 -134.3 0.0 -134.3 -38.012-2025S TOT 0.00 0.00 0.00 0.0 0.0 2853.7 -2853.7 0.0 -2853.7 -1552.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 2853.7 -2853.7 0.0 -2853.7 -1552.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 13.50 5.00 -2052.082GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 -1552.145GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 13.50 15.00 -1225.862GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 13.50 20.00 -1003.821NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 -846.852NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 -732.008INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 -578.206INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 -416.06080.00 -332.888100.00 -282.225RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 03/24/2011BOLIVAR FIELD, BASIN TIME : 11:05:48COLOMBIA DBS : DEMOCATALINA PROB-17 THRU 27 , ROSASETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 2832.1 3206.1 307.8 2265.7 1775.4 246.2 179237.4 0.0 0.0 179237.412-2017 2941.1 3329.6 319.6 2352.9 1843.8 255.7 190842.6 0.0 0.0 190842.612-2018 2206.6 2498.0 239.8 882.6 691.7 95.9 73356.4 0.0 0.0 73356.412-2019 1655.5 1874.2 179.9 662.2 518.9 72.0 56361.0 0.0 0.0 56361.012-2020 1242.1 1406.1 135.0 496.8 389.3 54.0 43378.6 0.0 0.0 43378.612-2021 931.9 1055.0 101.3 372.8 292.1 40.5 33328.2 0.0 0.0 33328.212-2022 699.2 791.5 76.0 279.7 219.2 30.4 25620.2 0.0 0.0 25620.212-2023 524.6 593.8 57.0 209.8 164.4 22.8 19683.5 0.0 0.0 19683.512-2024 210.9 238.7 22.9 84.4 66.1 9.2 8107.4 0.0 0.0 8107.412-2025S TOT 13243.9 14993.1 1439.3 7606.9 5960.9 826.7 629915.1 0.0 0.0 629915.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 13243.9 14993.1 1439.3 7606.9 5960.9 826.7 629915.1 0.0 0.0 629915.1--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 79.11 0.00 0.00 0.0 0.0 44600.2 134637.2 65746.6 68890.7 38889.212-2017 81.11 0.00 0.00 0.0 0.0 48314.6 142528.0 0.0 142528.0 76921.812-2018 83.11 0.00 0.00 0.0 0.0 19030.5 54325.8 0.0 54325.8 26654.112-2019 85.11 0.00 0.00 0.0 0.0 14991.8 41369.2 0.0 41369.2 18452.112-2020 87.31 0.00 0.00 0.0 0.0 11810.2 31568.4 0.0 31568.4 12800.612-2021 89.41 0.00 0.00 0.0 0.0 9303.8 24024.4 0.0 24024.4 8856.012-2022 91.61 0.00 0.00 0.0 0.0 7329.3 18290.9 0.0 18290.9 6129.612-2023 93.81 0.00 0.00 0.0 0.0 5773.8 13909.6 0.0 13909.6 4237.612-2024 96.11 0.00 0.00 0.0 0.0 2409.7 5697.7 2963.5 2734.2 787.712-2025S TOT 82.81 0.00 0.00 0.0 0.0 163563.9 466351.3 68710.1 397641.2 193728.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 82.81 0.00 0.00 0.0 0.0 163563.9 466351.3 68710.1 397641.2 193728.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 11.0 0.0 LIFE, YRS. 13.50 5.00 274205.281GROSS ULT., MB & MMF 13243.927 14993.126 DISCOUNT % 10.00 10.00 193728.625GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.49 15.00 139789.719GROSS RES., MB & MMF 13243.927 14993.126 DISCOUNTED PAYOUT, YRS. 5.51 20.00 102751.664NET RES., MB & MMF 7606.851 5960.901 UNDISCOUNTED NET/INVEST. 6.79 25.00 76771.023NET REVENUE, M$ 629915.125 0.000 DISCOUNTED NET/INVEST. 5.75 30.00 58199.152INITIAL PRICE, $ 79.110 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 34733.602INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 13960.22080.00 6336.826100.00 3149.861RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 03/24/2011BOLIVAR FIELD, BASIN TIME : 11:05:48COLOMBIA DBS : DEMOCATALINA 2 PROBABLE , ROSA BLANCSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101BOLIVAR BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 231.7 262.3 25.2 185.4 145.2 20.1 13013.5 0.0 0.0 13013.512-2014 274.6 310.8 29.8 219.7 172.1 23.9 16058.9 0.0 0.0 16058.912-2015 206.5 233.7 22.4 165.2 129.4 18.0 12554.9 0.0 0.0 12554.912-2016 155.3 175.8 16.9 124.2 97.3 13.5 9826.0 0.0 0.0 9826.012-2017 116.8 132.2 12.7 93.4 73.2 10.2 7575.7 0.0 0.0 7575.712-2018 87.8 99.4 9.5 35.1 27.5 3.8 2918.6 0.0 0.0 2918.612-2019 66.0 74.7 7.2 26.4 20.7 2.9 2247.6 0.0 0.0 2247.612-2020 49.6 56.2 5.4 19.9 15.6 2.2 1733.8 0.0 0.0 1733.812-2021 32.7 37.0 3.6 13.1 10.2 1.4 1169.2 0.0 0.0 1169.212-202212-202312-202412-2025S TOT 1220.9 1382.1 132.7 882.2 691.3 95.9 67098.2 0.0 0.0 67098.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1220.9 1382.1 132.7 882.2 691.3 95.9 67098.2 0.0 0.0 67098.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 70.21 0.00 0.00 0.0 0.0 3158.7 9854.8 14297.8 -4443.0 -3813.312-2014 73.11 0.00 0.00 0.0 0.0 3896.3 12162.6 0.0 12162.6 8736.612-2015 76.01 0.00 0.00 0.0 0.0 3076.4 9478.5 0.0 9478.5 6189.612-2016 79.11 0.00 0.00 0.0 0.0 2429.1 7397.0 0.0 7397.0 4391.212-2017 81.11 0.00 0.00 0.0 0.0 1917.9 5657.8 0.0 5657.8 3053.412-2018 83.11 0.00 0.00 0.0 0.0 757.2 2161.5 0.0 2161.5 1060.512-2019 85.11 0.00 0.00 0.0 0.0 597.8 1649.7 0.0 1649.7 735.812-2020 87.31 0.00 0.00 0.0 0.0 472.0 1261.7 0.0 1261.7 511.612-2021 89.41 0.00 0.00 0.0 0.0 325.4 843.8 237.5 606.3 228.312-202212-202312-202412-2025S TOT 76.05 0.00 0.00 0.0 0.0 16630.8 50467.4 14535.3 35932.1 21093.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 76.05 0.00 0.00 0.0 0.0 16630.8 50467.4 14535.3 35932.1 21093.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.92 5.00 27318.078GROSS ULT., MB & MMF 1220.884 1382.133 DISCOUNT % 10.00 10.00 21093.752GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.37 15.00 16503.646GROSS RES., MB & MMF 1220.884 1382.133 DISCOUNTED PAYOUT, YRS. 3.44 20.00 13057.949NET RES., MB & MMF 882.247 691.349 UNDISCOUNTED NET/INVEST. 3.47 25.00 10430.685NET REVENUE, M$ 67098.234 0.000 DISCOUNTED NET/INVEST. 2.83 30.00 8399.716INITIAL PRICE, $ 70.210 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 5553.356INITIAL N.I., PCT. 80.000 80.000 INITIAL W.I., PCT. 100.000 60.00 2546.77880.00 1181.725100.00 509.567RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BOLIVAR BLOCK DATE : 03/24/2011BOLIVAR FIELD, BASIN TIME : 11:05:48COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2023 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2024 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 116.8 -116.8 0.0 -116.8 -76.112-2016 0.00 0.00 0.00 0.0 0.0 71.4 -71.4 0.0 -71.4 -42.512-2017 0.00 0.00 0.00 0.0 0.0 64.4 -64.4 0.0 -64.4 -34.712-2018 0.00 0.00 0.00 0.0 0.0 67.6 -67.6 0.0 -67.6 -33.112-2019 0.00 0.00 0.00 0.0 0.0 71.0 -71.0 0.0 -71.0 -31.612-2020 0.00 0.00 0.00 0.0 0.0 74.6 -74.6 0.0 -74.6 -30.212-2021 0.00 0.00 0.00 0.0 0.0 78.3 -78.3 0.0 -78.3 -28.812-2022 0.00 0.00 0.00 0.0 0.0 82.2 -82.2 0.0 -82.2 -27.512-2023 0.00 0.00 0.00 0.0 0.0 86.3 -86.3 0.0 -86.3 -26.212-2024 0.00 0.00 0.00 0.0 0.0 44.8 -44.8 0.0 -44.8 -12.712-2025S TOT 0.00 0.00 0.00 0.0 0.0 757.4 -757.4 0.0 -757.4 -343.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 757.4 -757.4 0.0 -757.4 -343.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 13.50 5.00 -500.293GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 -343.215GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 13.50 15.00 -243.404GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 13.50 20.00 -177.690NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 -133.023NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 -101.785INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 -62.937INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 -28.29180.00 -14.718100.00 -8.439RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011RIO VERDE BLOCK TIME : 11:05:50BLOCK SUMMARY DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLE SCENARIO : 51-101FORECAST PRICING CASER E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 359.3 0.0 0.0 321.6 0.0 0.0 20901.6 0.0 0.0 20901.612-2012 727.0 0.0 0.0 650.6 0.0 0.0 44042.3 0.0 0.0 44042.312-2013 702.8 0.0 0.0 629.0 0.0 0.0 44341.6 0.0 0.0 44341.612-2014 509.3 0.0 0.0 455.8 0.0 0.0 33454.1 0.0 0.0 33454.112-2015 372.4 0.0 0.0 333.3 0.0 0.0 25430.3 0.0 0.0 25430.312-2016 275.2 0.0 0.0 246.3 0.0 0.0 19551.5 0.0 0.0 19551.512-2017 177.7 0.0 0.0 159.1 0.0 0.0 12946.6 0.0 0.0 12946.612-2018 81.8 0.0 0.0 73.2 0.0 0.0 6102.5 0.0 0.0 6102.512-2019 57.4 0.0 0.0 51.4 0.0 0.0 4385.0 0.0 0.0 4385.012-2020 49.9 0.0 0.0 44.6 0.0 0.0 3910.4 0.0 0.0 3910.412-2021 43.4 0.0 0.0 38.9 0.0 0.0 3486.7 0.0 0.0 3486.712-2022 36.0 0.0 0.0 32.2 0.0 0.0 2961.9 0.0 0.0 2961.912-2023 6.2 0.0 0.0 5.6 0.0 0.0 524.9 0.0 0.0 524.912-202412-2025S TOT 3398.5 0.0 0.0 3041.7 0.0 0.0 222039.4 0.0 0.0 222039.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3398.5 0.0 0.0 3041.7 0.0 0.0 222039.4 0.0 0.0 222039.4--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 4383.1 3300.9 13217.7 7137.9 6079.8 5680.712-2012 67.69 0.00 0.00 0.0 9301.7 4892.1 29848.4 7452.5 22396.0 19260.012-2013 70.49 0.00 0.00 0.0 9325.0 4945.9 30070.7 0.0 30070.7 23770.012-2014 73.39 0.00 0.00 0.0 6958.5 4253.4 22242.2 0.0 22242.2 15983.512-2015 76.29 0.00 0.00 0.0 5195.4 3766.9 16468.0 0.0 16468.0 10758.412-2016 79.39 0.00 0.00 0.0 3918.1 3432.5 12200.9 0.0 12200.9 7246.312-2017 81.39 0.00 0.00 0.0 2544.0 3062.2 7340.4 1094.1 6246.3 3387.912-2018 83.39 0.00 0.00 0.0 1173.5 2625.5 2303.4 1939.5 363.9 169.612-2019 85.39 0.00 0.00 0.0 824.4 2601.0 959.6 0.0 959.6 429.012-2020 87.59 0.00 0.00 0.0 717.6 2685.1 507.7 0.0 507.7 207.112-2021 89.69 0.00 0.00 0.0 623.8 2778.0 85.0 0.0 85.0 32.712-2022 91.89 0.00 0.00 0.0 515.4 2198.5 248.0 1425.0 -1177.1 -383.512-2023 94.09 0.00 0.00 0.0 91.3 43.6 389.9 1466.2 -1076.3 -327.612-202412-2025S TOT 73.00 0.00 0.00 0.0 45571.7 40585.7 135882.0 20515.1 115366.8 86214.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.00 0.00 0.00 0.0 45571.7 40585.7 135882.0 20515.1 115366.8 86214.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 6.0 0.0 LIFE, YRS. 12.50 5.00 99195.609GROSS ULT., MB & MMF 4538.917 0.000 DISCOUNT % 10.00 10.00 86213.977GROSS CUM., MB & MMF 1140.382 0.000 UNDISCOUNTED PAYOUT, YRS. 0.54 15.00 75685.039GROSS RES., MB & MMF 3398.535 0.000 DISCOUNTED PAYOUT, YRS. 0.54 20.00 67052.562NET RES., MB & MMF 3041.689 0.000 UNDISCOUNTED NET/INVEST. 6.62 25.00 59899.297NET REVENUE, M$ 222039.359 0.000 DISCOUNTED NET/INVEST. 6.48 30.00 53911.293INITIAL PRICE, $ 66.056 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 44536.230INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 32355.22780.00 24996.670100.00 20180.754RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011RIO VERDE BLOCK TIME : 13:54:58BLOCK SUMMARY DBS : DEMOTOTAL PROVED RESERVESSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 216.3 0.0 0.0 193.6 0.0 0.0 12580.1 0.0 0.0 12580.112-2012 390.0 0.0 0.0 349.1 0.0 0.0 23627.9 0.0 0.0 23627.912-2013 470.2 0.0 0.0 420.8 0.0 0.0 29664.7 0.0 0.0 29664.712-2014 348.7 0.0 0.0 312.1 0.0 0.0 22904.4 0.0 0.0 22904.412-2015 261.6 0.0 0.0 234.1 0.0 0.0 17859.0 0.0 0.0 17859.012-2016 198.6 0.0 0.0 177.8 0.0 0.0 14111.9 0.0 0.0 14111.912-2017 152.8 0.0 0.0 136.7 0.0 0.0 11128.5 0.0 0.0 11128.512-2018 81.8 0.0 0.0 73.2 0.0 0.0 6102.5 0.0 0.0 6102.512-2019 57.4 0.0 0.0 51.4 0.0 0.0 4385.0 0.0 0.0 4385.012-2020 49.9 0.0 0.0 44.6 0.0 0.0 3910.4 0.0 0.0 3910.412-2021 43.4 0.0 0.0 38.9 0.0 0.0 3486.7 0.0 0.0 3486.712-2022 36.0 0.0 0.0 32.2 0.0 0.0 2961.9 0.0 0.0 2961.912-2023 6.2 0.0 0.0 5.6 0.0 0.0 524.9 0.0 0.0 524.912-202412-2025S TOT 2312.9 0.0 0.0 2070.0 0.0 0.0 153248.0 0.0 0.0 153248.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 2312.9 0.0 0.0 2070.0 0.0 0.0 153248.0 0.0 0.0 153248.0--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 2638.1 2727.0 7215.1 0.0 7215.1 6894.112-2012 67.69 0.00 0.00 0.0 4990.2 3497.5 15140.2 7452.5 7687.8 6468.712-2013 70.49 0.00 0.00 0.0 6238.5 3934.9 19491.3 0.0 19491.3 15405.812-2014 73.39 0.00 0.00 0.0 4764.1 3520.5 14619.8 0.0 14619.8 10504.912-2015 76.29 0.00 0.00 0.0 3648.6 3235.6 10974.9 0.0 10974.9 7169.212-2016 79.39 0.00 0.00 0.0 2828.0 3047.4 8236.6 0.0 8236.6 4891.512-2017 81.39 0.00 0.00 0.0 2186.8 2932.1 6009.7 0.0 6009.7 3245.012-2018 83.39 0.00 0.00 0.0 1173.5 2625.5 2303.4 1939.5 363.9 169.612-2019 85.39 0.00 0.00 0.0 824.4 2601.0 959.6 0.0 959.6 429.012-2020 87.59 0.00 0.00 0.0 717.6 2685.1 507.7 0.0 507.7 207.112-2021 89.69 0.00 0.00 0.0 623.8 2778.0 85.0 0.0 85.0 32.712-2022 91.89 0.00 0.00 0.0 515.4 2198.5 248.0 1425.0 -1177.1 -383.512-2023 94.09 0.00 0.00 0.0 91.3 43.6 389.9 1466.2 -1076.3 -327.612-202412-2025S TOT 74.03 0.00 0.00 0.0 31240.2 35826.6 86181.2 12283.2 73898.1 54706.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 74.03 0.00 0.00 0.0 31240.2 35826.6 86181.2 12283.2 73898.1 54706.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 5.0 0.0 LIFE, YRS. 12.50 5.00 63228.277GROSS ULT., MB & MMF 3453.233 0.000 DISCOUNT % 10.00 10.00 54706.559GROSS CUM., MB & MMF 1140.382 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 47842.473GROSS RES., MB & MMF 2312.851 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 42258.305NET RES., MB & MMF 2070.001 0.000 UNDISCOUNTED NET/INVEST. 7.02 25.00 37668.352NET REVENUE, M$ 153248.047 0.000 DISCOUNTED NET/INVEST. 7.53 30.00 33857.219INITIAL PRICE, $ 66.751 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 27958.729INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 20451.63380.00 16026.888100.00 13187.249RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011RIO VERDE BLOCK TIME : 11:05:49BORAL FIELD SUMMARY DBS : DEMOTOTAL PROVED PRODUCINGSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 29.9 0.0 0.0 26.7 0.0 0.0 1736.6 0.0 0.0 1736.612-2012 21.8 0.0 0.0 19.5 0.0 0.0 1320.4 0.0 0.0 1320.412-2013 15.9 0.0 0.0 14.2 0.0 0.0 1003.8 0.0 0.0 1003.812-2014 11.6 0.0 0.0 10.4 0.0 0.0 762.9 0.0 0.0 762.912-2015 8.5 0.0 0.0 7.6 0.0 0.0 578.9 0.0 0.0 578.912-2016 6.2 0.0 0.0 5.5 0.0 0.0 439.8 0.0 0.0 439.812-2017 4.5 0.0 0.0 4.0 0.0 0.0 329.1 0.0 0.0 329.112-2018 0.9 0.0 0.0 0.8 0.0 0.0 69.0 0.0 0.0 69.012-201912-202012-202112-202212-202312-202412-2025S TOT 99.3 0.0 0.0 88.9 0.0 0.0 6240.4 0.0 0.0 6240.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 99.3 0.0 0.0 88.9 0.0 0.0 6240.4 0.0 0.0 6240.4--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 364.2 457.4 915.0 0.0 915.0 875.112-2012 67.69 0.00 0.00 0.0 278.9 350.6 690.9 0.0 690.9 600.712-2013 70.49 0.00 0.00 0.0 211.1 268.8 523.9 0.0 523.9 414.112-2014 73.39 0.00 0.00 0.0 158.7 206.0 398.2 0.0 398.2 286.112-2015 76.29 0.00 0.00 0.0 118.3 157.9 302.7 0.0 302.7 197.812-2016 79.39 0.00 0.00 0.0 88.1 121.0 230.6 0.0 230.6 136.912-2017 81.39 0.00 0.00 0.0 64.7 92.8 171.7 0.0 171.7 92.712-2018 83.39 0.00 0.00 0.0 13.3 19.6 36.1 800.0 -763.9 -385.712-201912-202012-202112-202212-202312-202412-2025S TOT 70.23 0.00 0.00 0.0 1297.1 1674.1 3269.2 800.0 2469.2 2217.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 70.23 0.00 0.00 0.0 1297.1 1674.1 3269.2 800.0 2469.2 2217.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 7.25 5.00 2344.792GROSS ULT., MB & MMF 160.968 0.000 DISCOUNT % 10.00 10.00 2217.658GROSS CUM., MB & MMF 61.682 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 2095.320GROSS RES., MB & MMF 99.286 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 1981.140NET RES., MB & MMF 88.861 0.000 UNDISCOUNTED NET/INVEST. 4.09 25.00 1876.308NET REVENUE, M$ 6240.436 0.000 DISCOUNTED NET/INVEST. 6.49 30.00 1780.893INITIAL PRICE, $ 64.990 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1616.154INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 1369.76680.00 1198.993100.00 1075.451RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 03/24/2011BORAL FIELD, LLANOS BASIN TIME : 11:05:49COLOMBIA DBS : DEMOBORAL-1 , UBAQUE RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101RIO VERDE BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 29.9 0.0 0.0 26.7 0.0 0.0 1736.6 0.0 0.0 1736.612-2012 21.8 0.0 0.0 19.5 0.0 0.0 1320.4 0.0 0.0 1320.412-2013 15.9 0.0 0.0 14.2 0.0 0.0 1003.8 0.0 0.0 1003.812-2014 11.6 0.0 0.0 10.4 0.0 0.0 762.9 0.0 0.0 762.912-2015 8.5 0.0 0.0 7.6 0.0 0.0 578.9 0.0 0.0 578.912-2016 6.2 0.0 0.0 5.5 0.0 0.0 439.8 0.0 0.0 439.812-2017 4.5 0.0 0.0 4.0 0.0 0.0 329.1 0.0 0.0 329.112-2018 0.9 0.0 0.0 0.8 0.0 0.0 69.0 0.0 0.0 69.012-201912-202012-202112-202212-202312-202412-2025S TOT 99.3 0.0 0.0 88.9 0.0 0.0 6240.4 0.0 0.0 6240.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 99.3 0.0 0.0 88.9 0.0 0.0 6240.4 0.0 0.0 6240.4--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 364.2 457.4 915.0 0.0 915.0 875.112-2012 67.69 0.00 0.00 0.0 278.9 350.6 690.9 0.0 690.9 600.712-2013 70.49 0.00 0.00 0.0 211.1 268.8 523.9 0.0 523.9 414.112-2014 73.39 0.00 0.00 0.0 158.7 206.0 398.2 0.0 398.2 286.112-2015 76.29 0.00 0.00 0.0 118.3 157.9 302.7 0.0 302.7 197.812-2016 79.39 0.00 0.00 0.0 88.1 121.0 230.6 0.0 230.6 136.912-2017 81.39 0.00 0.00 0.0 64.7 92.8 171.7 0.0 171.7 92.712-2018 83.39 0.00 0.00 0.0 13.3 19.6 36.1 800.0 -763.9 -385.712-201912-202012-202112-202212-202312-202412-2025S TOT 70.23 0.00 0.00 0.0 1297.1 1674.1 3269.2 800.0 2469.2 2217.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 70.23 0.00 0.00 0.0 1297.1 1674.1 3269.2 800.0 2469.2 2217.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 7.25 5.00 2344.792GROSS ULT., MB & MMF 160.968 0.000 DISCOUNT % 10.00 10.00 2217.658GROSS CUM., MB & MMF 61.682 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 2095.320GROSS RES., MB & MMF 99.286 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 1981.140NET RES., MB & MMF 88.861 0.000 UNDISCOUNTED NET/INVEST. 4.09 25.00 1876.308NET REVENUE, M$ 6240.436 0.000 DISCOUNTED NET/INVEST. 6.49 30.00 1780.893INITIAL PRICE, $ 64.990 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1616.154INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 1369.76680.00 1198.993100.00 1075.451RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011RIO VERDE BLOCK TIME : 11:05:50TILODIRAN FIELD SUMMARY DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLE SCENARIO : 51-101FORECAST PRICING CASER E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 329.5 0.0 0.0 294.9 0.0 0.0 19165.0 0.0 0.0 19165.012-2012 705.2 0.0 0.0 631.1 0.0 0.0 42721.9 0.0 0.0 42721.912-2013 686.9 0.0 0.0 614.8 0.0 0.0 43337.8 0.0 0.0 43337.812-2014 497.7 0.0 0.0 445.4 0.0 0.0 32691.3 0.0 0.0 32691.312-2015 364.0 0.0 0.0 325.7 0.0 0.0 24851.4 0.0 0.0 24851.412-2016 269.0 0.0 0.0 240.7 0.0 0.0 19111.7 0.0 0.0 19111.712-2017 173.2 0.0 0.0 155.0 0.0 0.0 12617.5 0.0 0.0 12617.512-2018 80.8 0.0 0.0 72.4 0.0 0.0 6033.5 0.0 0.0 6033.512-2019 57.4 0.0 0.0 51.4 0.0 0.0 4385.0 0.0 0.0 4385.012-2020 49.9 0.0 0.0 44.6 0.0 0.0 3910.4 0.0 0.0 3910.412-2021 43.4 0.0 0.0 38.9 0.0 0.0 3486.7 0.0 0.0 3486.712-2022 36.0 0.0 0.0 32.2 0.0 0.0 2961.9 0.0 0.0 2961.912-2023 6.2 0.0 0.0 5.6 0.0 0.0 524.9 0.0 0.0 524.912-202412-2025S TOT 3299.2 0.0 0.0 2952.8 0.0 0.0 215798.9 0.0 0.0 215798.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 3299.2 0.0 0.0 2952.8 0.0 0.0 215798.9 0.0 0.0 215798.9--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 4018.9 2843.4 12302.7 7137.9 5164.8 4805.712-2012 67.69 0.00 0.00 0.0 9022.9 4541.5 29157.5 7452.5 21705.1 18659.312-2013 70.49 0.00 0.00 0.0 9113.9 4677.1 29546.8 0.0 29546.8 23355.912-2014 73.39 0.00 0.00 0.0 6799.8 4047.4 21844.0 0.0 21844.0 15697.312-2015 76.29 0.00 0.00 0.0 5077.1 3609.0 16165.3 0.0 16165.3 10560.612-2016 79.39 0.00 0.00 0.0 3830.0 3311.5 11970.3 0.0 11970.3 7109.412-2017 81.39 0.00 0.00 0.0 2479.3 2969.5 7168.7 1094.1 6074.6 3295.212-2018 83.39 0.00 0.00 0.0 1160.2 2605.9 2267.3 1139.5 1127.8 555.312-2019 85.39 0.00 0.00 0.0 824.4 2601.0 959.6 0.0 959.6 429.012-2020 87.59 0.00 0.00 0.0 717.6 2685.1 507.7 0.0 507.7 207.112-2021 89.69 0.00 0.00 0.0 623.8 2778.0 85.0 0.0 85.0 32.712-2022 91.89 0.00 0.00 0.0 515.4 2198.5 248.0 1425.0 -1177.1 -383.512-2023 94.09 0.00 0.00 0.0 91.3 43.6 389.9 1466.2 -1076.3 -327.612-202412-2025S TOT 73.08 0.00 0.00 0.0 44274.6 38911.6 132612.7 19715.1 112897.6 83996.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.08 0.00 0.00 0.0 44274.6 38911.6 132612.7 19715.1 112897.6 83996.3OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 5.0 0.0 LIFE, YRS. 12.50 5.00 96850.812GROSS ULT., MB & MMF 4377.949 0.000 DISCOUNT % 10.00 10.00 83996.320GROSS CUM., MB & MMF 1078.700 0.000 UNDISCOUNTED PAYOUT, YRS. 0.58 15.00 73589.719GROSS RES., MB & MMF 3299.249 0.000 DISCOUNTED PAYOUT, YRS. 0.58 20.00 65071.426NET RES., MB & MMF 2952.828 0.000 UNDISCOUNTED NET/INVEST. 6.73 25.00 58022.988NET REVENUE, M$ 215798.938 0.000 DISCOUNTED NET/INVEST. 6.48 30.00 52130.398INITIAL PRICE, $ 66.089 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 42920.078INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 30985.46180.00 23797.676100.00 19105.305RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011RIO VERDE BLOCK TIME : 11:05:49TILODIRAN FIELD SUMMARY DBS : DEMOTOTAL PROVED PRODUCINGSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 186.4 0.0 0.0 166.8 0.0 0.0 10843.5 0.0 0.0 10843.512-2012 160.0 0.0 0.0 143.2 0.0 0.0 9692.0 0.0 0.0 9692.012-2013 137.5 0.0 0.0 123.1 0.0 0.0 8675.1 0.0 0.0 8675.112-2014 118.4 0.0 0.0 106.0 0.0 0.0 7775.8 0.0 0.0 7775.812-2015 102.1 0.0 0.0 91.4 0.0 0.0 6970.2 0.0 0.0 6970.212-2016 88.2 0.0 0.0 78.9 0.0 0.0 6265.1 0.0 0.0 6265.112-2017 76.3 0.0 0.0 68.3 0.0 0.0 5556.8 0.0 0.0 5556.812-2018 66.1 0.0 0.0 59.2 0.0 0.0 4933.6 0.0 0.0 4933.612-2019 57.4 0.0 0.0 51.4 0.0 0.0 4385.0 0.0 0.0 4385.012-2020 49.9 0.0 0.0 44.6 0.0 0.0 3910.4 0.0 0.0 3910.412-2021 43.4 0.0 0.0 38.9 0.0 0.0 3486.7 0.0 0.0 3486.712-2022 36.0 0.0 0.0 32.2 0.0 0.0 2961.9 0.0 0.0 2961.912-2023 6.2 0.0 0.0 5.6 0.0 0.0 524.9 0.0 0.0 524.912-202412-2025S TOT 1127.9 0.0 0.0 1009.5 0.0 0.0 75981.1 0.0 0.0 75981.1AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1127.9 0.0 0.0 1009.5 0.0 0.0 75981.1 0.0 0.0 75981.1--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 2273.9 2269.5 6300.1 0.0 6300.1 6019.012-2012 67.69 0.00 0.00 0.0 2047.0 2273.5 5371.6 0.0 5371.6 4665.812-2013 70.49 0.00 0.00 0.0 1824.4 2289.4 4561.3 0.0 4561.3 3602.212-2014 73.39 0.00 0.00 0.0 1617.4 2316.5 3841.9 0.0 3841.9 2758.612-2015 76.29 0.00 0.00 0.0 1424.0 2354.2 3192.0 0.0 3192.0 2083.912-2016 79.39 0.00 0.00 0.0 1255.5 2401.9 2607.7 0.0 2607.7 1548.012-2017 81.39 0.00 0.00 0.0 1091.9 2459.1 2005.8 0.0 2005.8 1082.912-2018 83.39 0.00 0.00 0.0 948.7 2525.6 1459.3 0.0 1459.3 716.812-2019 85.39 0.00 0.00 0.0 824.4 2601.0 959.6 0.0 959.6 429.012-2020 87.59 0.00 0.00 0.0 717.6 2685.1 507.7 0.0 507.7 207.112-2021 89.69 0.00 0.00 0.0 623.8 2778.0 85.0 0.0 85.0 32.712-2022 91.89 0.00 0.00 0.0 515.4 2198.5 248.0 1425.0 -1177.1 -383.512-2023 94.09 0.00 0.00 0.0 91.3 43.6 389.9 1466.2 -1076.3 -327.612-202412-2025S TOT 75.27 0.00 0.00 0.0 15255.2 29196.0 31529.9 2891.2 28638.7 22434.8AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 75.27 0.00 0.00 0.0 15255.2 29196.0 31529.9 2891.2 28638.7 22434.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 3.0 0.0 LIFE, YRS. 12.50 5.00 25234.723GROSS ULT., MB & MMF 2206.581 0.000 DISCOUNT % 10.00 10.00 22434.828GROSS CUM., MB & MMF 1078.700 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 20142.137GROSS RES., MB & MMF 1127.881 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 18258.000NET RES., MB & MMF 1009.454 0.000 UNDISCOUNTED NET/INVEST. 10.91 25.00 16698.125NET REVENUE, M$ 75981.117 0.000 DISCOUNTED NET/INVEST. 25.65 30.00 15394.916INITIAL PRICE, $ 64.990 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 13359.320INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 10709.44880.00 9081.432100.00 7984.198RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011RIO VERDE BLOCK TIME : 11:05:50TILODIRAN FIELD SUMMARY DBS : DEMOTOTAL PROVED UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 208.2 0.0 0.0 186.4 0.0 0.0 12615.5 0.0 0.0 12615.512-2013 316.8 0.0 0.0 283.5 0.0 0.0 19985.8 0.0 0.0 19985.812-2014 218.7 0.0 0.0 195.7 0.0 0.0 14365.7 0.0 0.0 14365.712-2015 151.0 0.0 0.0 135.1 0.0 0.0 10309.9 0.0 0.0 10309.912-2016 104.2 0.0 0.0 93.3 0.0 0.0 7407.1 0.0 0.0 7407.112-2017 72.0 0.0 0.0 64.4 0.0 0.0 5242.6 0.0 0.0 5242.612-2018 14.7 0.0 0.0 13.2 0.0 0.0 1099.8 0.0 0.0 1099.812-201912-202012-202112-202212-202312-202412-2025S TOT 1085.7 0.0 0.0 971.7 0.0 0.0 71026.5 0.0 0.0 71026.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1085.7 0.0 0.0 971.7 0.0 0.0 71026.5 0.0 0.0 71026.5--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 67.69 0.00 0.00 0.0 2664.4 873.4 9077.8 7452.5 1625.3 1202.212-2013 70.49 0.00 0.00 0.0 4203.0 1376.7 14406.1 0.0 14406.1 11389.612-2014 73.39 0.00 0.00 0.0 2988.1 998.0 10379.6 0.0 10379.6 7460.212-2015 76.29 0.00 0.00 0.0 2106.3 723.5 7480.1 0.0 7480.1 4887.512-2016 79.39 0.00 0.00 0.0 1484.4 524.4 5398.3 0.0 5398.3 3206.612-2017 81.39 0.00 0.00 0.0 1030.2 380.2 3832.3 0.0 3832.3 2069.412-2018 83.39 0.00 0.00 0.0 211.5 80.4 808.0 1139.5 -331.5 -161.412-201912-202012-202112-202212-202312-202412-2025S TOT 73.10 0.00 0.00 0.0 14687.8 4956.5 51382.1 8591.9 42790.2 30054.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.10 0.00 0.00 0.0 14687.8 4956.5 51382.1 8591.9 42790.2 30054.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 7.33 5.00 35648.762GROSS ULT., MB & MMF 1085.684 0.000 DISCOUNT % 10.00 10.00 30054.074GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.82 15.00 25605.018GROSS RES., MB & MMF 1085.684 0.000 DISCOUNTED PAYOUT, YRS. 1.84 20.00 22019.162NET RES., MB & MMF 971.687 0.000 UNDISCOUNTED NET/INVEST. 5.98 25.00 19093.920NET REVENUE, M$ 71026.484 0.000 DISCOUNTED NET/INVEST. 5.26 30.00 16681.410INITIAL PRICE, $ 67.690 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 12983.253INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 8372.41780.00 5746.464100.00 4127.601RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011RIO VERDE BLOCK TIME : 11:05:50TILODIRAN FIELD SUMMARY DBS : DEMOTOTAL PROBABLE UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 143.1 0.0 0.0 128.0 0.0 0.0 8321.5 0.0 0.0 8321.512-2012 337.0 0.0 0.0 301.6 0.0 0.0 20414.3 0.0 0.0 20414.312-2013 232.6 0.0 0.0 208.2 0.0 0.0 14676.9 0.0 0.0 14676.912-2014 160.6 0.0 0.0 143.7 0.0 0.0 10549.7 0.0 0.0 10549.712-2015 110.9 0.0 0.0 99.2 0.0 0.0 7571.2 0.0 0.0 7571.212-2016 76.6 0.0 0.0 68.5 0.0 0.0 5439.5 0.0 0.0 5439.512-2017 25.0 0.0 0.0 22.3 0.0 0.0 1818.1 0.0 0.0 1818.112-201812-201912-202012-202112-202212-202312-202412-2025S TOT 1085.7 0.0 0.0 971.7 0.0 0.0 68791.3 0.0 0.0 68791.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1085.7 0.0 0.0 971.7 0.0 0.0 68791.3 0.0 0.0 68791.3--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 1745.0 573.9 6002.6 7137.9 -1135.3 -1213.412-2012 67.69 0.00 0.00 0.0 4311.5 1394.7 14708.2 0.0 14708.2 12791.312-2013 70.49 0.00 0.00 0.0 3086.6 1011.0 10579.3 0.0 10579.3 8364.112-2014 73.39 0.00 0.00 0.0 2194.3 732.9 7622.5 0.0 7622.5 5478.512-2015 76.29 0.00 0.00 0.0 1546.8 531.3 5493.2 0.0 5493.2 3589.212-2016 79.39 0.00 0.00 0.0 1090.1 385.1 3964.3 0.0 3964.3 2354.812-2017 81.39 0.00 0.00 0.0 357.3 130.2 1330.7 1094.1 236.6 142.912-201812-201912-202012-202112-202212-202312-202412-2025S TOT 70.80 0.00 0.00 0.0 14331.6 4759.0 49700.7 8232.0 41468.8 31507.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 70.80 0.00 0.00 0.0 14331.6 4759.0 49700.7 8232.0 41468.8 31507.4OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 6.50 5.00 35967.336GROSS ULT., MB & MMF 1085.684 0.000 DISCOUNT % 10.00 10.00 31507.414GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.08 15.00 27842.570GROSS RES., MB & MMF 1085.684 0.000 DISCOUNTED PAYOUT, YRS. 1.09 20.00 24794.266NET RES., MB & MMF 971.687 0.000 UNDISCOUNTED NET/INVEST. 6.04 25.00 22230.943NET REVENUE, M$ 68791.320 0.000 DISCOUNTED NET/INVEST. 5.28 30.00 20054.072INITIAL PRICE, $ 64.990 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 16577.508INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 11903.59780.00 8969.780100.00 6993.504RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 03/24/2011TILODIRAN FIELD, LLANOS BASIN TIME : 11:05:49COLOMBIA DBS : DEMOTILODIRAN-2 , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101RIO VERDE BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 111.4 0.0 0.0 99.7 0.0 0.0 6482.2 0.0 0.0 6482.212-2012 92.5 0.0 0.0 82.8 0.0 0.0 5603.7 0.0 0.0 5603.712-2013 76.8 0.0 0.0 68.7 0.0 0.0 4843.5 0.0 0.0 4843.512-2014 63.7 0.0 0.0 57.0 0.0 0.0 4185.5 0.0 0.0 4185.512-2015 52.9 0.0 0.0 47.3 0.0 0.0 3611.2 0.0 0.0 3611.212-2016 43.9 0.0 0.0 39.3 0.0 0.0 3119.1 0.0 0.0 3119.112-2017 36.4 0.0 0.0 32.6 0.0 0.0 2654.1 0.0 0.0 2654.112-2018 30.2 0.0 0.0 27.1 0.0 0.0 2257.0 0.0 0.0 2257.012-2019 25.1 0.0 0.0 22.5 0.0 0.0 1918.3 0.0 0.0 1918.312-2020 20.8 0.0 0.0 18.6 0.0 0.0 1633.2 0.0 0.0 1633.212-2021 17.3 0.0 0.0 15.5 0.0 0.0 1388.0 0.0 0.0 1388.012-2022 14.4 0.0 0.0 12.8 0.0 0.0 1180.3 0.0 0.0 1180.312-2023 6.2 0.0 0.0 5.6 0.0 0.0 524.9 0.0 0.0 524.912-202412-2025S TOT 591.7 0.0 0.0 529.6 0.0 0.0 39400.9 0.0 0.0 39400.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 591.7 0.0 0.0 529.6 0.0 0.0 39400.9 0.0 0.0 39400.9--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 1359.3 439.6 4683.2 0.0 4683.2 4473.712-2012 67.69 0.00 0.00 0.0 1183.5 383.1 4037.1 0.0 4037.1 3505.912-2013 70.49 0.00 0.00 0.0 1018.6 333.9 3491.0 0.0 3491.0 2756.012-2014 73.39 0.00 0.00 0.0 870.6 291.0 3023.9 0.0 3023.9 2170.312-2015 76.29 0.00 0.00 0.0 737.8 253.6 2619.9 0.0 2619.9 1709.312-2016 79.39 0.00 0.00 0.0 625.1 221.0 2273.0 0.0 2273.0 1348.212-2017 81.39 0.00 0.00 0.0 521.5 192.6 1939.9 0.0 1939.9 1046.112-2018 83.39 0.00 0.00 0.0 434.0 167.9 1655.1 0.0 1655.1 811.312-2019 85.39 0.00 0.00 0.0 360.6 146.3 1411.3 0.0 1411.3 628.912-2020 87.59 0.00 0.00 0.0 299.7 127.5 1206.0 0.0 1206.0 488.612-2021 89.69 0.00 0.00 0.0 248.3 111.1 1028.6 0.0 1028.6 378.812-2022 91.89 0.00 0.00 0.0 205.4 96.8 878.1 0.0 878.1 294.012-2023 94.09 0.00 0.00 0.0 91.3 43.6 389.9 1466.2 -1076.3 -327.612-202412-2025S TOT 74.40 0.00 0.00 0.0 7955.7 2808.0 28637.2 1466.2 27171.0 19283.6AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 74.40 0.00 0.00 0.0 7955.7 2808.0 28637.2 1466.2 27171.0 19283.6OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 12.50 5.00 22606.941GROSS ULT., MB & MMF 1413.498 0.000 DISCOUNT % 10.00 10.00 19283.586GROSS CUM., MB & MMF 821.792 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 16795.295GROSS RES., MB & MMF 591.706 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 14884.436NET RES., MB & MMF 529.577 0.000 UNDISCOUNTED NET/INVEST. 19.53 25.00 13383.200NET REVENUE, M$ 39400.934 0.000 DISCOUNTED NET/INVEST. 43.95 30.00 12179.523INITIAL PRICE, $ 64.990 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 10381.501INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 8168.37080.00 6866.053100.00 6007.456RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 03/24/2011TILODIRAN FIELD, LLANOS BASIN TIME : 11:05:49COLOMBIA DBS : DEMOTILODIRAN-3 , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101RIO VERDE BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 75.0 0.0 0.0 67.1 0.0 0.0 4361.4 0.0 0.0 4361.412-2012 67.5 0.0 0.0 60.4 0.0 0.0 4088.3 0.0 0.0 4088.312-2013 60.7 0.0 0.0 54.4 0.0 0.0 3831.7 0.0 0.0 3831.712-2014 54.7 0.0 0.0 48.9 0.0 0.0 3590.4 0.0 0.0 3590.412-2015 49.2 0.0 0.0 44.0 0.0 0.0 3359.0 0.0 0.0 3359.012-2016 44.3 0.0 0.0 39.6 0.0 0.0 3146.0 0.0 0.0 3146.012-2017 39.8 0.0 0.0 35.7 0.0 0.0 2902.7 0.0 0.0 2902.712-2018 35.9 0.0 0.0 32.1 0.0 0.0 2676.6 0.0 0.0 2676.612-2019 32.3 0.0 0.0 28.9 0.0 0.0 2466.7 0.0 0.0 2466.712-2020 29.0 0.0 0.0 26.0 0.0 0.0 2277.3 0.0 0.0 2277.312-2021 26.1 0.0 0.0 23.4 0.0 0.0 2098.7 0.0 0.0 2098.712-2022 21.7 0.0 0.0 19.4 0.0 0.0 1781.5 0.0 0.0 1781.512-202312-202412-2025S TOT 536.2 0.0 0.0 479.9 0.0 0.0 36580.2 0.0 0.0 36580.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 536.2 0.0 0.0 479.9 0.0 0.0 36580.2 0.0 0.0 36580.2--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 914.6 295.9 3150.9 0.0 3150.9 3008.012-2012 67.69 0.00 0.00 0.0 863.4 279.6 2945.2 0.0 2945.2 2556.112-2013 70.49 0.00 0.00 0.0 805.8 264.2 2761.6 0.0 2761.6 2178.812-2014 73.39 0.00 0.00 0.0 746.8 249.7 2593.9 0.0 2593.9 1860.412-2015 76.29 0.00 0.00 0.0 686.2 236.0 2436.8 0.0 2436.8 1588.912-2016 79.39 0.00 0.00 0.0 630.5 223.0 2292.5 0.0 2292.5 1358.912-2017 81.39 0.00 0.00 0.0 570.4 210.7 2121.6 0.0 2121.6 1143.312-2018 83.39 0.00 0.00 0.0 514.7 199.1 1962.8 0.0 1962.8 961.512-2019 85.39 0.00 0.00 0.0 463.7 188.2 1814.8 0.0 1814.8 808.212-2020 87.59 0.00 0.00 0.0 417.9 177.8 1681.6 0.0 1681.6 680.812-2021 89.69 0.00 0.00 0.0 375.5 168.0 1555.2 0.0 1555.2 572.412-2022 91.89 0.00 0.00 0.0 310.0 145.9 1325.6 1425.0 -99.4 -16.112-202312-202412-2025S TOT 76.23 0.00 0.00 0.0 7299.5 2638.1 26642.6 1425.0 25217.5 16701.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 76.23 0.00 0.00 0.0 7299.5 2638.1 26642.6 1425.0 25217.5 16701.3OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.92 5.00 20216.885GROSS ULT., MB & MMF 793.083 0.000 DISCOUNT % 10.00 10.00 16701.318GROSS CUM., MB & MMF 256.908 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 14151.536GROSS RES., MB & MMF 536.175 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 12249.330NET RES., MB & MMF 479.876 0.000 UNDISCOUNTED NET/INVEST. 18.70 25.00 10793.787NET REVENUE, M$ 36580.172 0.000 DISCOUNTED NET/INVEST. 37.20 30.00 9654.432INITIAL PRICE, $ 64.990 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 8004.056INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 6069.59580.00 4987.497100.00 4298.430RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 03/24/2011TILODIRAN FIELD, LLANOS BASIN TIME : 11:05:49COLOMBIA DBS : DEMOFIXED COSTS , RESERVOIRSETTINGS : RED123110PROVED PRODUCING SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2017 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2022 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-202312-202412-2025S TOT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 1534.1 -1534.1 0.0 -1534.1 -1462.712-2012 0.00 0.00 0.00 0.0 0.0 1610.8 -1610.8 0.0 -1610.8 -1396.212-2013 0.00 0.00 0.00 0.0 0.0 1691.3 -1691.3 0.0 -1691.3 -1332.712-2014 0.00 0.00 0.00 0.0 0.0 1775.9 -1775.9 0.0 -1775.9 -1272.112-2015 0.00 0.00 0.00 0.0 0.0 1864.7 -1864.7 0.0 -1864.7 -1214.312-2016 0.00 0.00 0.00 0.0 0.0 1957.9 -1957.9 0.0 -1957.9 -1159.112-2017 0.00 0.00 0.00 0.0 0.0 2055.8 -2055.8 0.0 -2055.8 -1106.412-2018 0.00 0.00 0.00 0.0 0.0 2158.6 -2158.6 0.0 -2158.6 -1056.112-2019 0.00 0.00 0.00 0.0 0.0 2266.5 -2266.5 0.0 -2266.5 -1008.112-2020 0.00 0.00 0.00 0.0 0.0 2379.8 -2379.8 0.0 -2379.8 -962.312-2021 0.00 0.00 0.00 0.0 0.0 2498.8 -2498.8 0.0 -2498.8 -918.612-2022 0.00 0.00 0.00 0.0 0.0 1955.8 -1955.8 0.0 -1955.8 -661.412-202312-202412-2025S TOT 0.00 0.00 0.00 0.0 0.0 23749.9 -23749.9 0.0 -23749.9 -13550.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 0.00 0.00 0.00 0.0 0.0 23749.9 -23749.9 0.0 -23749.9 -13550.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.92 5.00 -17589.102GROSS ULT., MB & MMF 0.000 0.000 DISCOUNT % 10.00 10.00 -13550.075GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 11.92 15.00 -10804.694GROSS RES., MB & MMF 0.000 0.000 DISCOUNTED PAYOUT, YRS. 11.92 20.00 -8875.765NET RES., MB & MMF 0.000 0.000 UNDISCOUNTED NET/INVEST. 0.00 25.00 -7478.863NET REVENUE, M$ 0.000 0.000 DISCOUNTED NET/INVEST. 0.00 30.00 -6439.041INITIAL PRICE, $ 0.000 0.000 RATE-OF-RETURN, PCT. 0.00 40.00 -5026.235INITIAL N.I., PCT. 0.000 0.000 INITIAL W.I., PCT. 0.000 60.00 -3528.51780.00 -2772.118100.00 -2321.688RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 03/24/2011TILODIRAN FIELD, LLANOS BASIN TIME : 11:05:50COLOMBIA DBS : DEMOTILODIRAN-6 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101RIO VERDE BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 208.2 0.0 0.0 186.4 0.0 0.0 12615.5 0.0 0.0 12615.512-2013 316.8 0.0 0.0 283.5 0.0 0.0 19985.8 0.0 0.0 19985.812-2014 218.7 0.0 0.0 195.7 0.0 0.0 14365.7 0.0 0.0 14365.712-2015 151.0 0.0 0.0 135.1 0.0 0.0 10309.9 0.0 0.0 10309.912-2016 104.2 0.0 0.0 93.3 0.0 0.0 7407.1 0.0 0.0 7407.112-2017 72.0 0.0 0.0 64.4 0.0 0.0 5242.6 0.0 0.0 5242.612-2018 14.7 0.0 0.0 13.2 0.0 0.0 1099.8 0.0 0.0 1099.812-201912-202012-202112-202212-202312-202412-2025S TOT 1085.7 0.0 0.0 971.7 0.0 0.0 71026.5 0.0 0.0 71026.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1085.7 0.0 0.0 971.7 0.0 0.0 71026.5 0.0 0.0 71026.5--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 67.69 0.00 0.00 0.0 2664.4 873.4 9077.8 7452.5 1625.3 1202.212-2013 70.49 0.00 0.00 0.0 4203.0 1376.7 14406.1 0.0 14406.1 11389.612-2014 73.39 0.00 0.00 0.0 2988.1 998.0 10379.6 0.0 10379.6 7460.212-2015 76.29 0.00 0.00 0.0 2106.3 723.5 7480.1 0.0 7480.1 4887.512-2016 79.39 0.00 0.00 0.0 1484.4 524.4 5398.3 0.0 5398.3 3206.612-2017 81.39 0.00 0.00 0.0 1030.2 380.2 3832.3 0.0 3832.3 2069.412-2018 83.39 0.00 0.00 0.0 211.5 80.4 808.0 1139.5 -331.5 -161.412-201912-202012-202112-202212-202312-202412-2025S TOT 73.10 0.00 0.00 0.0 14687.8 4956.5 51382.1 8591.9 42790.2 30054.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.10 0.00 0.00 0.0 14687.8 4956.5 51382.1 8591.9 42790.2 30054.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 7.33 5.00 35648.762GROSS ULT., MB & MMF 1085.684 0.000 DISCOUNT % 10.00 10.00 30054.074GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.82 15.00 25605.018GROSS RES., MB & MMF 1085.684 0.000 DISCOUNTED PAYOUT, YRS. 1.84 20.00 22019.162NET RES., MB & MMF 971.687 0.000 UNDISCOUNTED NET/INVEST. 5.98 25.00 19093.920NET REVENUE, M$ 71026.484 0.000 DISCOUNTED NET/INVEST. 5.26 30.00 16681.410INITIAL PRICE, $ 67.690 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 12983.253INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 8372.41780.00 5746.464100.00 4127.601RALPH E. DAVIS ASSOCIATES, INC.F‐1529

RIO VERDE BLOCK DATE : 03/24/2011TILODIRAN FIELD, LLANOS BASIN TIME : 11:05:50COLOMBIA DBS : DEMOTILODIRAN-4 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101RIO VERDE BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 143.1 0.0 0.0 128.0 0.0 0.0 8321.5 0.0 0.0 8321.512-2012 337.0 0.0 0.0 301.6 0.0 0.0 20414.3 0.0 0.0 20414.312-2013 232.6 0.0 0.0 208.2 0.0 0.0 14676.9 0.0 0.0 14676.912-2014 160.6 0.0 0.0 143.7 0.0 0.0 10549.7 0.0 0.0 10549.712-2015 110.9 0.0 0.0 99.2 0.0 0.0 7571.2 0.0 0.0 7571.212-2016 76.6 0.0 0.0 68.5 0.0 0.0 5439.5 0.0 0.0 5439.512-2017 25.0 0.0 0.0 22.3 0.0 0.0 1818.1 0.0 0.0 1818.112-201812-201912-202012-202112-202212-202312-202412-2025S TOT 1085.7 0.0 0.0 971.7 0.0 0.0 68791.3 0.0 0.0 68791.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1085.7 0.0 0.0 971.7 0.0 0.0 68791.3 0.0 0.0 68791.3--END-- NET OIL NET GAS NET NGL SEVERANCE ANH NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES FEES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 64.99 0.00 0.00 0.0 1745.0 573.9 6002.6 7137.9 -1135.3 -1213.412-2012 67.69 0.00 0.00 0.0 4311.5 1394.7 14708.2 0.0 14708.2 12791.312-2013 70.49 0.00 0.00 0.0 3086.6 1011.0 10579.3 0.0 10579.3 8364.112-2014 73.39 0.00 0.00 0.0 2194.3 732.9 7622.5 0.0 7622.5 5478.512-2015 76.29 0.00 0.00 0.0 1546.8 531.3 5493.2 0.0 5493.2 3589.212-2016 79.39 0.00 0.00 0.0 1090.1 385.1 3964.3 0.0 3964.3 2354.812-2017 81.39 0.00 0.00 0.0 357.3 130.2 1330.7 1094.1 236.6 142.912-201812-201912-202012-202112-202212-202312-202412-2025S TOT 70.80 0.00 0.00 0.0 14331.6 4759.0 49700.7 8232.0 41468.8 31507.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 70.80 0.00 0.00 0.0 14331.6 4759.0 49700.7 8232.0 41468.8 31507.4OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 6.50 5.00 35967.336GROSS ULT., MB & MMF 1085.684 0.000 DISCOUNT % 10.00 10.00 31507.414GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.08 15.00 27842.570GROSS RES., MB & MMF 1085.684 0.000 DISCOUNTED PAYOUT, YRS. 1.09 20.00 24794.266NET RES., MB & MMF 971.687 0.000 UNDISCOUNTED NET/INVEST. 6.04 25.00 22230.943NET REVENUE, M$ 68791.320 0.000 DISCOUNTED NET/INVEST. 5.28 30.00 20054.072INITIAL PRICE, $ 64.990 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 16577.508INITIAL N.I., PCT. 89.500 0.000 INITIAL W.I., PCT. 100.000 60.00 11903.59780.00 8969.780100.00 6993.504RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BLOCK 95 TIME : 11:05:53BLOCK 95 FIELD SUMMARY DBS : DEMOTOTAL 2P RESERVESSETTINGS : RED123110PROVED + PROBABLE SCENARIO : 51-101FORECAST PRICING CASER E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 56.7 0.0 0.0 21.5 0.0 0.0 1442.9 0.0 0.0 1442.912-2012 972.5 0.0 0.0 369.6 0.0 0.0 25758.5 0.0 0.0 25758.512-2013 2384.2 0.0 0.0 903.7 0.0 0.0 65519.2 0.0 0.0 65519.212-2014 3489.3 0.0 0.0 1315.9 0.0 0.0 99219.6 0.0 0.0 99219.612-2015 4150.8 0.0 0.0 1560.5 0.0 0.0 122188.6 0.0 0.0 122188.612-2016 3941.8 0.0 0.0 1483.5 0.0 0.0 120756.4 0.0 0.0 120756.412-2017 2387.5 0.0 0.0 904.9 0.0 0.0 75467.6 0.0 0.0 75467.612-2018 1583.8 0.0 0.0 601.8 0.0 0.0 51396.8 0.0 0.0 51396.812-2019 1102.1 0.0 0.0 418.8 0.0 0.0 36601.3 0.0 0.0 36601.312-2020 771.4 0.0 0.0 293.1 0.0 0.0 26265.3 0.0 0.0 26265.312-2021 536.2 0.0 0.0 203.7 0.0 0.0 18683.8 0.0 0.0 18683.812-2022 350.3 0.0 0.0 133.1 0.0 0.0 12500.3 0.0 0.0 12500.312-2023 205.7 0.0 0.0 78.2 0.0 0.0 7513.2 0.0 0.0 7513.212-2024 114.2 0.0 0.0 43.4 0.0 0.0 4268.8 0.0 0.0 4268.812-2025 69.8 0.0 0.0 26.5 0.0 0.0 2673.1 0.0 0.0 2673.1S TOT 22116.3 0.0 0.0 8358.3 0.0 0.0 670255.5 0.0 0.0 670255.5AFTER 22.1 0.0 0.0 8.4 0.0 0.0 845.0 0.0 0.0 845.0TOTAL 22138.3 0.0 0.0 8366.7 0.0 0.0 671100.5 0.0 0.0 671100.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.00 0.00 0.00 0.0 0.0 94.8 1348.1 0.0 1348.1 1230.412-2012 69.70 0.00 0.00 0.0 0.0 1682.6 24075.8 17033.3 7042.5 6031.412-2013 72.50 0.00 0.00 0.0 0.0 4308.6 61210.6 21268.3 39942.2 31376.912-2014 75.40 0.00 0.00 0.0 0.0 7259.5 91960.1 27019.4 64940.6 46403.412-2015 78.30 0.00 0.00 0.0 0.0 8962.3 113226.3 28352.2 84874.0 55181.012-2016 81.40 0.00 0.00 0.0 0.0 8634.2 112122.2 11325.3 100796.9 59700.712-2017 83.40 0.00 0.00 0.0 0.0 5517.8 69949.8 0.0 69949.8 37798.112-2018 85.40 0.00 0.00 0.0 0.0 3855.8 47541.0 0.0 47541.0 23338.612-2019 87.40 0.00 0.00 0.0 0.0 2818.2 33783.1 0.0 33783.1 15075.012-2020 89.60 0.00 0.00 0.0 0.0 2071.4 24193.9 0.0 24193.9 9814.612-2021 91.70 0.00 0.00 0.0 0.0 1512.2 17171.7 333.8 16837.9 6211.312-2022 93.90 0.00 0.00 0.0 0.0 1041.1 11459.2 1748.5 9710.7 3259.012-2023 96.10 0.00 0.00 0.0 0.0 649.1 6864.1 1840.3 5023.8 1537.412-2024 98.40 0.00 0.00 0.0 0.0 358.0 3910.8 378.7 3532.1 975.312-2025 100.80 0.00 0.00 0.0 0.0 337.7 2335.4 1629.7 705.7 185.0S TOT 80.19 0.00 0.00 0.0 0.0 49103.5 621152.0 110929.6 510222.4 298118.0AFTER 100.80 0.00 0.00 0.0 0.0 149.9 695.1 2558.3 -1863.2 -422.1TOTAL 80.21 0.00 0.00 0.0 0.0 49253.3 621847.2 113487.9 508359.2 297696.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 22.0 0.0 LIFE, YRS. 16.08 5.00 384288.125GROSS ULT., MB & MMF 22138.338 0.000 DISCOUNT % 10.00 10.00 297695.938GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 235534.719GROSS RES., MB & MMF 22138.338 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 189797.938NET RES., MB & MMF 8366.714 0.000 UNDISCOUNTED NET/INVEST. 5.48 25.00 155409.656NET REVENUE, M$ 671100.562 0.000 DISCOUNTED NET/INVEST. 4.79 30.00 129055.445INITIAL PRICE, $ 74.908 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 92258.117INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 52739.90680.00 33598.043100.00 23113.070RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BLOCK 95 TIME : 13:54:56BLOCK SUMMARY DBS : DEMOTOTAL PROVED RESERVESSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 56.7 0.0 0.0 21.5 0.0 0.0 1442.9 0.0 0.0 1442.912-2012 972.5 0.0 0.0 369.6 0.0 0.0 25758.5 0.0 0.0 25758.512-2013 2384.2 0.0 0.0 903.7 0.0 0.0 65519.2 0.0 0.0 65519.212-2014 3192.1 0.0 0.0 1205.5 0.0 0.0 90892.2 0.0 0.0 90892.212-2015 1986.0 0.0 0.0 754.1 0.0 0.0 59043.8 0.0 0.0 59043.812-2016 1275.5 0.0 0.0 484.7 0.0 0.0 39455.1 0.0 0.0 39455.112-2017 883.4 0.0 0.0 335.7 0.0 0.0 27995.6 0.0 0.0 27995.612-2018 618.3 0.0 0.0 235.0 0.0 0.0 20065.6 0.0 0.0 20065.612-2019 432.8 0.0 0.0 164.5 0.0 0.0 14374.9 0.0 0.0 14374.912-2020 303.0 0.0 0.0 115.1 0.0 0.0 10315.7 0.0 0.0 10315.712-2021 208.3 0.0 0.0 79.1 0.0 0.0 7257.5 0.0 0.0 7257.512-2022 120.8 0.0 0.0 45.9 0.0 0.0 4309.9 0.0 0.0 4309.912-2023 45.1 0.0 0.0 17.1 0.0 0.0 1645.6 0.0 0.0 1645.612-2024 1.7 0.0 0.0 0.6 0.0 0.0 63.2 0.0 0.0 63.212-2025S TOT 12480.3 0.0 0.0 4732.1 0.0 0.0 368139.8 0.0 0.0 368139.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 12480.3 0.0 0.0 4732.1 0.0 0.0 368139.8 0.0 0.0 368139.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.00 0.00 0.00 0.0 0.0 94.8 1348.1 0.0 1348.1 1230.412-2012 69.70 0.00 0.00 0.0 0.0 1682.6 24075.8 17033.3 7042.5 6031.412-2013 72.50 0.00 0.00 0.0 0.0 4308.6 61210.6 21268.3 39942.2 31376.912-2014 75.40 0.00 0.00 0.0 0.0 6686.7 84205.5 15011.6 69193.9 49432.112-2015 78.30 0.00 0.00 0.0 0.0 4644.8 54399.0 0.0 54399.0 35582.712-2016 81.40 0.00 0.00 0.0 0.0 3075.4 36379.7 0.0 36379.7 21611.812-2017 83.40 0.00 0.00 0.0 0.0 2226.4 25769.1 0.0 25769.1 13913.712-2018 85.40 0.00 0.00 0.0 0.0 1636.2 18429.4 0.0 18429.4 9046.112-2019 87.40 0.00 0.00 0.0 0.0 1202.6 13172.3 0.0 13172.3 5877.912-2020 89.60 0.00 0.00 0.0 0.0 883.9 9431.8 0.0 9431.8 3826.112-2021 91.70 0.00 0.00 0.0 0.0 639.4 6618.1 333.8 6284.2 2319.312-2022 93.90 0.00 0.00 0.0 0.0 399.6 3910.3 1748.5 2161.8 728.112-2023 96.10 0.00 0.00 0.0 0.0 177.6 1468.0 1840.3 -372.3 -107.212-2024 98.40 0.00 0.00 0.0 0.0 11.5 51.7 378.7 -327.0 -94.012-2025S TOT 77.80 0.00 0.00 0.0 0.0 27670.4 340469.3 57614.5 282854.8 180775.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 77.80 0.00 0.00 0.0 0.0 27670.4 340469.3 57614.5 282854.8 180775.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 12.0 0.0 LIFE, YRS. 13.17 5.00 223860.719GROSS ULT., MB & MMF 12480.330 0.000 DISCOUNT % 10.00 10.00 180775.453GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 148523.250GROSS RES., MB & MMF 12480.330 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 123855.477NET RES., MB & MMF 4732.107 0.000 UNDISCOUNTED NET/INVEST. 5.91 25.00 104630.438NET REVENUE, M$ 368139.781 0.000 DISCOUNTED NET/INVEST. 5.14 30.00 89397.414INITIAL PRICE, $ 72.067 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 67174.250INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 41484.82480.00 27940.098100.00 20021.342RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BLOCK 95 TIME : 11:05:51BLOCK 95 FIELD SUMMARY DBS : DEMOTOTAL PROVED UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 56.7 0.0 0.0 21.5 0.0 0.0 1442.9 0.0 0.0 1442.912-2012 972.5 0.0 0.0 369.6 0.0 0.0 25758.5 0.0 0.0 25758.512-2013 2384.2 0.0 0.0 903.7 0.0 0.0 65519.2 0.0 0.0 65519.212-2014 3192.1 0.0 0.0 1205.5 0.0 0.0 90892.2 0.0 0.0 90892.212-2015 1986.0 0.0 0.0 754.1 0.0 0.0 59043.8 0.0 0.0 59043.812-2016 1275.5 0.0 0.0 484.7 0.0 0.0 39455.1 0.0 0.0 39455.112-2017 883.4 0.0 0.0 335.7 0.0 0.0 27995.6 0.0 0.0 27995.612-2018 618.3 0.0 0.0 235.0 0.0 0.0 20065.6 0.0 0.0 20065.612-2019 432.8 0.0 0.0 164.5 0.0 0.0 14374.9 0.0 0.0 14374.912-2020 303.0 0.0 0.0 115.1 0.0 0.0 10315.7 0.0 0.0 10315.712-2021 208.3 0.0 0.0 79.1 0.0 0.0 7257.5 0.0 0.0 7257.512-2022 120.8 0.0 0.0 45.9 0.0 0.0 4309.9 0.0 0.0 4309.912-2023 45.1 0.0 0.0 17.1 0.0 0.0 1645.6 0.0 0.0 1645.612-2024 1.7 0.0 0.0 0.6 0.0 0.0 63.2 0.0 0.0 63.212-2025S TOT 12480.3 0.0 0.0 4732.1 0.0 0.0 368139.8 0.0 0.0 368139.8AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 12480.3 0.0 0.0 4732.1 0.0 0.0 368139.8 0.0 0.0 368139.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.00 0.00 0.00 0.0 0.0 94.8 1348.1 0.0 1348.1 1230.412-2012 69.70 0.00 0.00 0.0 0.0 1682.6 24075.8 17033.3 7042.5 6031.412-2013 72.50 0.00 0.00 0.0 0.0 4308.6 61210.6 21268.3 39942.2 31376.912-2014 75.40 0.00 0.00 0.0 0.0 6686.7 84205.5 15011.6 69193.9 49432.112-2015 78.30 0.00 0.00 0.0 0.0 4644.8 54399.0 0.0 54399.0 35582.712-2016 81.40 0.00 0.00 0.0 0.0 3075.4 36379.7 0.0 36379.7 21611.812-2017 83.40 0.00 0.00 0.0 0.0 2226.4 25769.1 0.0 25769.1 13913.712-2018 85.40 0.00 0.00 0.0 0.0 1636.2 18429.4 0.0 18429.4 9046.112-2019 87.40 0.00 0.00 0.0 0.0 1202.6 13172.3 0.0 13172.3 5877.912-2020 89.60 0.00 0.00 0.0 0.0 883.9 9431.8 0.0 9431.8 3826.112-2021 91.70 0.00 0.00 0.0 0.0 639.4 6618.1 333.8 6284.2 2319.312-2022 93.90 0.00 0.00 0.0 0.0 399.6 3910.3 1748.5 2161.8 728.112-2023 96.10 0.00 0.00 0.0 0.0 177.6 1468.0 1840.3 -372.3 -107.212-2024 98.40 0.00 0.00 0.0 0.0 11.5 51.7 378.7 -327.0 -94.012-2025S TOT 77.80 0.00 0.00 0.0 0.0 27670.4 340469.3 57614.5 282854.8 180775.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 77.80 0.00 0.00 0.0 0.0 27670.4 340469.3 57614.5 282854.8 180775.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 12.0 0.0 LIFE, YRS. 13.17 5.00 223860.703GROSS ULT., MB & MMF 12480.330 0.000 DISCOUNT % 10.00 10.00 180775.469GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 148523.234GROSS RES., MB & MMF 12480.330 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 123855.469NET RES., MB & MMF 4732.107 0.000 UNDISCOUNTED NET/INVEST. 5.91 25.00 104630.438NET REVENUE, M$ 368139.781 0.000 DISCOUNTED NET/INVEST. 5.14 30.00 89397.414INITIAL PRICE, $ 72.067 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 67174.250INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 41484.82480.00 27940.098100.00 20021.340RALPH E. DAVIS ASSOCIATES, INC.F‐1529

GLOBAL ENERGY DEVELOPMENT PLC DATE : 03/24/2011BLOCK 95 TIME : 11:05:53BLOCK 95 FIELD SUMMARY DBS : DEMOTOTAL PROBABLE UNDEVELOPEDSETTINGS : RED123110FORECAST PRICING CASE SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 297.2 0.0 0.0 110.4 0.0 0.0 8327.4 0.0 0.0 8327.412-2015 2164.8 0.0 0.0 806.4 0.0 0.0 63144.7 0.0 0.0 63144.712-2016 2666.3 0.0 0.0 998.8 0.0 0.0 81301.3 0.0 0.0 81301.312-2017 1504.1 0.0 0.0 569.2 0.0 0.0 47472.1 0.0 0.0 47472.112-2018 965.5 0.0 0.0 366.9 0.0 0.0 31331.2 0.0 0.0 31331.212-2019 669.2 0.0 0.0 254.3 0.0 0.0 22226.4 0.0 0.0 22226.412-2020 468.4 0.0 0.0 178.0 0.0 0.0 15949.6 0.0 0.0 15949.612-2021 327.9 0.0 0.0 124.6 0.0 0.0 11426.4 0.0 0.0 11426.412-2022 229.5 0.0 0.0 87.2 0.0 0.0 8190.4 0.0 0.0 8190.412-2023 160.7 0.0 0.0 61.1 0.0 0.0 5867.6 0.0 0.0 5867.612-2024 112.5 0.0 0.0 42.7 0.0 0.0 4205.6 0.0 0.0 4205.612-2025 69.8 0.0 0.0 26.5 0.0 0.0 2673.1 0.0 0.0 2673.1S TOT 9635.9 0.0 0.0 3626.2 0.0 0.0 302115.8 0.0 0.0 302115.8AFTER 22.1 0.0 0.0 8.4 0.0 0.0 845.0 0.0 0.0 845.0TOTAL 9658.0 0.0 0.0 3634.6 0.0 0.0 302960.8 0.0 0.0 302960.8--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 75.40 0.00 0.00 0.0 0.0 572.8 7754.6 12007.9 -4253.3 -3028.712-2015 78.30 0.00 0.00 0.0 0.0 4317.5 58827.3 28352.2 30475.1 19598.212-2016 81.40 0.00 0.00 0.0 0.0 5558.8 75742.4 11325.3 64417.2 38088.912-2017 83.40 0.00 0.00 0.0 0.0 3291.4 44180.6 0.0 44180.6 23884.412-2018 85.40 0.00 0.00 0.0 0.0 2219.5 29111.6 0.0 29111.6 14292.512-2019 87.40 0.00 0.00 0.0 0.0 1615.6 20610.8 0.0 20610.8 9197.112-2020 89.60 0.00 0.00 0.0 0.0 1187.4 14762.2 0.0 14762.2 5988.412-2021 91.70 0.00 0.00 0.0 0.0 872.8 10553.6 0.0 10553.6 3892.012-2022 93.90 0.00 0.00 0.0 0.0 641.5 7548.9 0.0 7548.9 2530.812-2023 96.10 0.00 0.00 0.0 0.0 471.5 5396.1 0.0 5396.1 1644.612-2024 98.40 0.00 0.00 0.0 0.0 346.5 3859.1 0.0 3859.1 1069.212-2025 100.80 0.00 0.00 0.0 0.0 337.7 2335.4 1629.7 705.7 185.0S TOT 83.31 0.00 0.00 0.0 0.0 21433.1 280682.7 53315.1 227367.6 117342.5AFTER 100.80 0.00 0.00 0.0 0.0 149.9 695.1 2558.3 -1863.2 -422.1TOTAL 83.35 0.00 0.00 0.0 0.0 21582.9 281377.8 55873.4 225504.4 116920.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 10.0 0.0 LIFE, YRS. 16.08 5.00 160427.438GROSS ULT., MB & MMF 9658.003 0.000 DISCOUNT % 10.00 10.00 116920.477GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.14 15.00 87011.492GROSS RES., MB & MMF 9658.003 0.000 DISCOUNTED PAYOUT, YRS. 4.15 20.00 65942.461NET RES., MB & MMF 3634.607 0.000 UNDISCOUNTED NET/INVEST. 5.04 25.00 50779.223NET REVENUE, M$ 302960.781 0.000 DISCOUNTED NET/INVEST. 4.36 30.00 39658.031INITIAL PRICE, $ 78.340 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 25083.871INITIAL N.I., PCT. 37.160 0.000 INITIAL W.I., PCT. 40.000 60.00 11255.08480.00 5657.945100.00 3091.730RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:50PERU DBS : DEMOBRETANA-13 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 268.9 0.0 0.0 101.6 0.0 0.0 7657.9 0.0 0.0 7657.912-2015 283.5 0.0 0.0 107.7 0.0 0.0 8429.3 0.0 0.0 8429.312-2016 159.5 0.0 0.0 60.6 0.0 0.0 4934.0 0.0 0.0 4934.012-2017 106.7 0.0 0.0 40.6 0.0 0.0 3382.5 0.0 0.0 3382.512-2018 74.7 0.0 0.0 28.4 0.0 0.0 2423.3 0.0 0.0 2423.312-2019 52.3 0.0 0.0 19.9 0.0 0.0 1736.0 0.0 0.0 1736.012-2020 36.6 0.0 0.0 13.9 0.0 0.0 1245.8 0.0 0.0 1245.812-2021 25.6 0.0 0.0 9.7 0.0 0.0 892.5 0.0 0.0 892.512-2022 17.9 0.0 0.0 6.8 0.0 0.0 639.7 0.0 0.0 639.712-2023 12.6 0.0 0.0 4.8 0.0 0.0 458.3 0.0 0.0 458.312-2024 1.7 0.0 0.0 0.6 0.0 0.0 63.2 0.0 0.0 63.212-2025S TOT 1040.0 0.0 0.0 394.5 0.0 0.0 31862.7 0.0 0.0 31862.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.5 0.0 0.0 31862.7 0.0 0.0 31862.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 75.40 0.00 0.00 0.0 0.0 1158.9 6499.0 5693.8 805.2 477.612-2015 78.30 0.00 0.00 0.0 0.0 1265.2 7164.0 0.0 7164.0 4693.312-2016 81.40 0.00 0.00 0.0 0.0 748.2 4185.9 0.0 4185.9 2488.212-2017 83.40 0.00 0.00 0.0 0.0 525.8 2856.7 0.0 2856.7 1542.512-2018 85.40 0.00 0.00 0.0 0.0 386.3 2037.0 0.0 2037.0 999.912-2019 87.40 0.00 0.00 0.0 0.0 283.9 1452.1 0.0 1452.1 648.012-2020 89.60 0.00 0.00 0.0 0.0 208.7 1037.1 0.0 1037.1 420.712-2021 91.70 0.00 0.00 0.0 0.0 153.4 739.1 0.0 739.1 272.612-2022 93.90 0.00 0.00 0.0 0.0 112.7 527.0 0.0 527.0 176.712-2023 96.10 0.00 0.00 0.0 0.0 82.9 375.5 0.0 375.5 114.412-2024 98.40 0.00 0.00 0.0 0.0 11.5 51.7 378.7 -327.0 -94.012-2025S TOT 80.77 0.00 0.00 0.0 0.0 4937.6 26925.1 6072.5 20852.6 11740.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.77 0.00 0.00 0.0 0.0 4937.6 26925.1 6072.5 20852.6 11740.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 13.17 5.00 15483.604GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 11740.040GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.88 15.00 9063.897GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 3.90 20.00 7108.630NET RES., MB & MMF 394.491 0.000 UNDISCOUNTED NET/INVEST. 4.43 25.00 5652.457NET REVENUE, M$ 31862.684 0.000 DISCOUNTED NET/INVEST. 3.80 30.00 4549.510INITIAL PRICE, $ 75.400 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 3040.752INITIAL N.I., PCT. 37.764 0.000 INITIAL W.I., PCT. 40.000 60.00 1498.61080.00 813.597100.00 473.960RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:50PERU DBS : DEMOBRETANA 02 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 56.7 0.0 0.0 21.5 0.0 0.0 1442.9 0.0 0.0 1442.912-2012 400.8 0.0 0.0 152.3 0.0 0.0 10615.5 0.0 0.0 10615.512-2013 196.7 0.0 0.0 74.6 0.0 0.0 5404.9 0.0 0.0 5404.912-2014 124.7 0.0 0.0 47.1 0.0 0.0 3549.9 0.0 0.0 3549.912-2015 86.6 0.0 0.0 32.9 0.0 0.0 2575.8 0.0 0.0 2575.812-2016 60.6 0.0 0.0 23.0 0.0 0.0 1875.9 0.0 0.0 1875.912-2017 42.5 0.0 0.0 16.1 0.0 0.0 1345.4 0.0 0.0 1345.412-2018 29.7 0.0 0.0 11.3 0.0 0.0 964.4 0.0 0.0 964.412-2019 20.8 0.0 0.0 7.9 0.0 0.0 690.9 0.0 0.0 690.912-2020 14.6 0.0 0.0 5.5 0.0 0.0 495.8 0.0 0.0 495.812-2021 6.4 0.0 0.0 2.4 0.0 0.0 222.4 0.0 0.0 222.412-202212-202312-202412-2025S TOT 1040.0 0.0 0.0 394.7 0.0 0.0 29183.9 0.0 0.0 29183.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.7 0.0 0.0 29183.9 0.0 0.0 29183.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 67.00 0.00 0.00 0.0 0.0 94.8 1348.1 0.0 1348.1 1230.412-2012 69.70 0.00 0.00 0.0 0.0 686.1 9929.4 0.0 9929.4 8671.512-2013 72.50 0.00 0.00 0.0 0.0 354.1 5050.9 0.0 5050.9 3998.412-2014 75.40 0.00 0.00 0.0 0.0 235.8 3314.1 0.0 3314.1 2382.212-2015 78.30 0.00 0.00 0.0 0.0 172.1 2403.7 0.0 2403.7 1570.412-2016 81.40 0.00 0.00 0.0 0.0 126.5 1749.5 0.0 1749.5 1039.012-2017 83.40 0.00 0.00 0.0 0.0 93.0 1252.5 0.0 1252.5 676.212-2018 85.40 0.00 0.00 0.0 0.0 68.3 896.1 0.0 896.1 439.812-2019 87.40 0.00 0.00 0.0 0.0 50.2 640.7 0.0 640.7 285.912-2020 89.60 0.00 0.00 0.0 0.0 36.9 458.9 0.0 458.9 186.112-2021 91.70 0.00 0.00 0.0 0.0 16.8 205.6 333.8 -128.3 -45.512-202212-202312-202412-2025S TOT 73.94 0.00 0.00 0.0 0.0 1934.6 27249.3 333.8 26915.4 20434.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 73.94 0.00 0.00 0.0 0.0 1934.6 27249.3 333.8 26915.4 20434.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 10.58 5.00 23275.404GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 20434.531GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 0.00 15.00 18167.592GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 0.00 20.00 16323.450NET RES., MB & MMF 394.701 0.000 UNDISCOUNTED NET/INVEST. 81.63 25.00 14797.962NET REVENUE, M$ 29183.871 0.000 DISCOUNTED NET/INVEST. 167.52 30.00 13517.554INITIAL PRICE, $ 67.000 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 11493.422INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 8784.29580.00 7063.798100.00 5879.451RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:50PERU DBS : DEMOBRETANA 03 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 268.9 0.0 0.0 102.2 0.0 0.0 7123.2 0.0 0.0 7123.212-2013 283.5 0.0 0.0 107.5 0.0 0.0 7791.3 0.0 0.0 7791.312-2014 159.5 0.0 0.0 60.2 0.0 0.0 4541.9 0.0 0.0 4541.912-2015 106.7 0.0 0.0 40.5 0.0 0.0 3173.1 0.0 0.0 3173.112-2016 74.7 0.0 0.0 28.4 0.0 0.0 2309.8 0.0 0.0 2309.812-2017 52.3 0.0 0.0 19.9 0.0 0.0 1656.6 0.0 0.0 1656.612-2018 36.6 0.0 0.0 13.9 0.0 0.0 1187.4 0.0 0.0 1187.412-2019 25.6 0.0 0.0 9.7 0.0 0.0 850.7 0.0 0.0 850.712-2020 17.9 0.0 0.0 6.8 0.0 0.0 610.5 0.0 0.0 610.512-2021 12.6 0.0 0.0 4.8 0.0 0.0 437.3 0.0 0.0 437.312-2022 1.7 0.0 0.0 0.6 0.0 0.0 60.3 0.0 0.0 60.312-202312-202412-2025S TOT 1040.0 0.0 0.0 394.5 0.0 0.0 29742.2 0.0 0.0 29742.2AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.5 0.0 0.0 29742.2 0.0 0.0 29742.2--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 69.70 0.00 0.00 0.0 0.0 467.2 6656.0 6141.8 514.2 301.612-2013 72.50 0.00 0.00 0.0 0.0 510.1 7281.3 0.0 7281.3 5771.612-2014 75.40 0.00 0.00 0.0 0.0 301.6 4240.3 0.0 4240.3 3049.812-2015 78.30 0.00 0.00 0.0 0.0 212.0 2961.2 0.0 2961.2 1934.612-2016 81.40 0.00 0.00 0.0 0.0 155.7 2154.1 0.0 2154.1 1279.412-2017 83.40 0.00 0.00 0.0 0.0 114.5 1542.1 0.0 1542.1 832.712-2018 85.40 0.00 0.00 0.0 0.0 84.1 1103.3 0.0 1103.3 541.612-2019 87.40 0.00 0.00 0.0 0.0 61.8 788.8 0.0 788.8 352.012-2020 89.60 0.00 0.00 0.0 0.0 45.4 565.0 0.0 565.0 229.212-2021 91.70 0.00 0.00 0.0 0.0 33.4 403.9 0.0 403.9 149.012-2022 93.90 0.00 0.00 0.0 0.0 4.6 55.7 343.5 -287.8 -100.112-202312-202412-2025S TOT 75.39 0.00 0.00 0.0 0.0 1990.5 27751.8 6485.3 21266.5 14341.3AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 75.39 0.00 0.00 0.0 0.0 1990.5 27751.8 6485.3 21266.5 14341.3OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.17 5.00 17318.781GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 14341.259GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.92 15.00 12044.837GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 1.95 20.00 10239.013NET RES., MB & MMF 394.530 0.000 UNDISCOUNTED NET/INVEST. 4.28 25.00 8794.759NET REVENUE, M$ 29742.248 0.000 DISCOUNTED NET/INVEST. 3.62 30.00 7622.455INITIAL PRICE, $ 69.700 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 5856.541INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 3702.02380.00 2494.573100.00 1756.176RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:50PERU DBS : DEMOBRETANA 04 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 195.3 0.0 0.0 74.2 0.0 0.0 5172.5 0.0 0.0 5172.512-2013 322.0 0.0 0.0 122.0 0.0 0.0 8848.2 0.0 0.0 8848.212-2014 172.8 0.0 0.0 65.2 0.0 0.0 4919.2 0.0 0.0 4919.212-2015 113.4 0.0 0.0 43.1 0.0 0.0 3372.4 0.0 0.0 3372.412-2016 79.2 0.0 0.0 30.1 0.0 0.0 2451.3 0.0 0.0 2451.312-2017 55.5 0.0 0.0 21.1 0.0 0.0 1758.1 0.0 0.0 1758.112-2018 38.8 0.0 0.0 14.8 0.0 0.0 1260.2 0.0 0.0 1260.212-2019 27.2 0.0 0.0 10.3 0.0 0.0 902.8 0.0 0.0 902.812-2020 19.0 0.0 0.0 7.2 0.0 0.0 647.8 0.0 0.0 647.812-2021 13.3 0.0 0.0 5.1 0.0 0.0 464.1 0.0 0.0 464.112-2022 3.5 0.0 0.0 1.3 0.0 0.0 124.3 0.0 0.0 124.312-202312-202412-2025S TOT 1040.0 0.0 0.0 394.5 0.0 0.0 29920.7 0.0 0.0 29920.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.5 0.0 0.0 29920.7 0.0 0.0 29920.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 69.70 0.00 0.00 0.0 0.0 340.8 4831.7 4330.1 501.6 352.512-2013 72.50 0.00 0.00 0.0 0.0 579.1 8269.1 0.0 8269.1 6558.112-2014 75.40 0.00 0.00 0.0 0.0 326.6 4592.5 0.0 4592.5 3303.812-2015 78.30 0.00 0.00 0.0 0.0 225.3 3147.1 0.0 3147.1 2056.212-2016 81.40 0.00 0.00 0.0 0.0 165.3 2286.0 0.0 2286.0 1357.712-2017 83.40 0.00 0.00 0.0 0.0 121.5 1636.6 0.0 1636.6 883.612-2018 85.40 0.00 0.00 0.0 0.0 89.3 1170.9 0.0 1170.9 574.712-2019 87.40 0.00 0.00 0.0 0.0 65.6 837.1 0.0 837.1 373.612-2020 89.60 0.00 0.00 0.0 0.0 48.2 599.6 0.0 599.6 243.212-2021 91.70 0.00 0.00 0.0 0.0 35.5 428.7 0.0 428.7 158.112-2022 93.90 0.00 0.00 0.0 0.0 9.6 114.7 346.3 -231.5 -78.912-202312-202412-2025S TOT 75.85 0.00 0.00 0.0 0.0 2006.7 27914.0 4676.3 23237.7 15782.7AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 75.85 0.00 0.00 0.0 0.0 2006.7 27914.0 4676.3 23237.7 15782.7OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.33 5.00 18987.088GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 15782.732GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 1.90 15.00 13311.515GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 1.91 20.00 11367.657NET RES., MB & MMF 394.460 0.000 UNDISCOUNTED NET/INVEST. 5.97 25.00 9812.087NET REVENUE, M$ 29920.725 0.000 DISCOUNTED NET/INVEST. 5.12 30.00 8548.374INITIAL PRICE, $ 69.700 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 6641.740INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 4306.03680.00 2987.451100.00 2173.935RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:51PERU DBS : DEMOBRETANA 05 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 107.5 0.0 0.0 40.8 0.0 0.0 2847.2 0.0 0.0 2847.212-2013 371.0 0.0 0.0 140.6 0.0 0.0 10194.1 0.0 0.0 10194.112-2014 188.1 0.0 0.0 71.0 0.0 0.0 5355.6 0.0 0.0 5355.612-2015 120.7 0.0 0.0 45.8 0.0 0.0 3589.8 0.0 0.0 3589.812-2016 84.1 0.0 0.0 32.0 0.0 0.0 2601.4 0.0 0.0 2601.412-2017 58.9 0.0 0.0 22.4 0.0 0.0 1865.7 0.0 0.0 1865.712-2018 41.2 0.0 0.0 15.7 0.0 0.0 1337.3 0.0 0.0 1337.312-2019 28.8 0.0 0.0 11.0 0.0 0.0 958.1 0.0 0.0 958.112-2020 20.2 0.0 0.0 7.7 0.0 0.0 687.5 0.0 0.0 687.512-2021 14.1 0.0 0.0 5.4 0.0 0.0 492.5 0.0 0.0 492.512-2022 5.4 0.0 0.0 2.0 0.0 0.0 192.2 0.0 0.0 192.212-202312-202412-2025S TOT 1040.0 0.0 0.0 394.4 0.0 0.0 30121.4 0.0 0.0 30121.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.4 0.0 0.0 30121.4 0.0 0.0 30121.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 69.70 0.00 0.00 0.0 0.0 188.5 2658.7 4365.4 -1706.7 -1464.812-2013 72.50 0.00 0.00 0.0 0.0 666.9 9527.1 0.0 9527.1 7560.912-2014 75.40 0.00 0.00 0.0 0.0 355.5 5000.0 0.0 5000.0 3597.912-2015 78.30 0.00 0.00 0.0 0.0 239.8 3350.0 0.0 3350.0 2188.912-2016 81.40 0.00 0.00 0.0 0.0 175.4 2426.0 0.0 2426.0 1440.912-2017 83.40 0.00 0.00 0.0 0.0 128.9 1736.8 0.0 1736.8 937.812-2018 85.40 0.00 0.00 0.0 0.0 94.7 1242.6 0.0 1242.6 609.912-2019 87.40 0.00 0.00 0.0 0.0 69.6 888.4 0.0 888.4 396.412-2020 89.60 0.00 0.00 0.0 0.0 51.2 636.3 0.0 636.3 258.112-2021 91.70 0.00 0.00 0.0 0.0 37.6 454.9 0.0 454.9 167.812-2022 93.90 0.00 0.00 0.0 0.0 14.9 177.3 349.1 -171.8 -56.912-202312-202412-2025S TOT 76.38 0.00 0.00 0.0 0.0 2023.1 28098.3 4714.5 23383.8 15636.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 76.38 0.00 0.00 0.0 0.0 2023.1 28098.3 4714.5 23383.8 15636.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.50 5.00 18955.107GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 15636.909GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.18 15.00 13093.001GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 2.19 20.00 11103.411NET RES., MB & MMF 394.374 0.000 UNDISCOUNTED NET/INVEST. 5.96 25.00 9520.096NET REVENUE, M$ 30121.412 0.000 DISCOUNTED NET/INVEST. 5.12 30.00 8240.803INITIAL PRICE, $ 69.700 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 6325.338INITIAL N.I., PCT. 38.000 0.000 INITIAL W.I., PCT. 40.000 60.00 4011.86980.00 2729.952100.00 1952.413RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:51PERU DBS : DEMOBRETANA 06 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 435.3 0.0 0.0 165.0 0.0 0.0 11962.4 0.0 0.0 11962.412-2014 206.0 0.0 0.0 77.8 0.0 0.0 5865.7 0.0 0.0 5865.712-2015 128.8 0.0 0.0 48.9 0.0 0.0 3829.5 0.0 0.0 3829.512-2016 89.3 0.0 0.0 33.9 0.0 0.0 2760.8 0.0 0.0 2760.812-2017 62.5 0.0 0.0 23.7 0.0 0.0 1980.0 0.0 0.0 1980.012-2018 43.7 0.0 0.0 16.6 0.0 0.0 1419.2 0.0 0.0 1419.212-2019 30.6 0.0 0.0 11.6 0.0 0.0 1016.7 0.0 0.0 1016.712-2020 21.4 0.0 0.0 8.1 0.0 0.0 729.6 0.0 0.0 729.612-2021 15.0 0.0 0.0 5.7 0.0 0.0 522.7 0.0 0.0 522.712-2022 7.4 0.0 0.0 2.8 0.0 0.0 264.3 0.0 0.0 264.312-202312-202412-2025S TOT 1040.0 0.0 0.0 394.3 0.0 0.0 30351.0 0.0 0.0 30351.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.3 0.0 0.0 30351.0 0.0 0.0 30351.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 2196.1 -2196.1 -1829.412-2013 72.50 0.00 0.00 0.0 0.0 782.3 11180.1 2205.0 8975.1 7057.712-2014 75.40 0.00 0.00 0.0 0.0 389.4 5476.3 0.0 5476.3 3941.712-2015 78.30 0.00 0.00 0.0 0.0 255.8 3573.7 0.0 3573.7 2335.412-2016 81.40 0.00 0.00 0.0 0.0 186.1 2574.6 0.0 2574.6 1529.112-2017 83.40 0.00 0.00 0.0 0.0 136.8 1843.2 0.0 1843.2 995.212-2018 85.40 0.00 0.00 0.0 0.0 100.6 1318.7 0.0 1318.7 647.312-2019 87.40 0.00 0.00 0.0 0.0 73.9 942.8 0.0 942.8 420.712-2020 89.60 0.00 0.00 0.0 0.0 54.3 675.3 0.0 675.3 273.912-2021 91.70 0.00 0.00 0.0 0.0 39.9 482.8 0.0 482.8 178.012-2022 93.90 0.00 0.00 0.0 0.0 20.5 243.8 351.9 -108.2 -33.812-202312-202412-2025S TOT 76.98 0.00 0.00 0.0 0.0 2039.6 28311.3 4753.0 23558.3 15516.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 76.98 0.00 0.00 0.0 0.0 2039.6 28311.3 4753.0 23558.3 15516.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 11.67 5.00 18948.611GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 15515.976GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.24 15.00 12899.912GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 2.26 20.00 10865.608NET RES., MB & MMF 394.268 0.000 UNDISCOUNTED NET/INVEST. 5.96 25.00 9255.705NET REVENUE, M$ 30350.961 0.000 DISCOUNTED NET/INVEST. 5.12 30.00 7961.955INITIAL PRICE, $ 72.500 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 6039.499INITIAL N.I., PCT. 37.904 0.000 INITIAL W.I., PCT. 40.000 60.00 3749.99880.00 2504.509100.00 1761.609RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:51PERU DBS : DEMOBRETANA 07 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 332.0 0.0 0.0 125.8 0.0 0.0 9123.9 0.0 0.0 9123.912-2014 252.6 0.0 0.0 95.4 0.0 0.0 7191.9 0.0 0.0 7191.912-2015 148.0 0.0 0.0 56.2 0.0 0.0 4398.9 0.0 0.0 4398.912-2016 100.5 0.0 0.0 38.2 0.0 0.0 3109.4 0.0 0.0 3109.412-2017 70.4 0.0 0.0 26.7 0.0 0.0 2230.0 0.0 0.0 2230.012-2018 49.3 0.0 0.0 18.7 0.0 0.0 1598.4 0.0 0.0 1598.412-2019 34.5 0.0 0.0 13.1 0.0 0.0 1145.1 0.0 0.0 1145.112-2020 24.1 0.0 0.0 9.2 0.0 0.0 821.7 0.0 0.0 821.712-2021 16.9 0.0 0.0 6.4 0.0 0.0 588.7 0.0 0.0 588.712-2022 11.8 0.0 0.0 4.5 0.0 0.0 422.0 0.0 0.0 422.012-202312-202412-2025S TOT 1040.0 0.0 0.0 394.3 0.0 0.0 30630.0 0.0 0.0 30630.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.3 0.0 0.0 30630.0 0.0 0.0 30630.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 72.50 0.00 0.00 0.0 0.0 602.7 8521.2 4473.2 4048.0 3038.912-2014 75.40 0.00 0.00 0.0 0.0 477.2 6714.7 0.0 6714.7 4836.512-2015 78.30 0.00 0.00 0.0 0.0 293.8 4105.1 0.0 4105.1 2683.612-2016 81.40 0.00 0.00 0.0 0.0 209.6 2899.8 0.0 2899.8 1722.312-2017 83.40 0.00 0.00 0.0 0.0 154.1 2075.9 0.0 2075.9 1120.912-2018 85.40 0.00 0.00 0.0 0.0 113.2 1485.2 0.0 1485.2 729.012-2019 87.40 0.00 0.00 0.0 0.0 83.2 1061.9 0.0 1061.9 473.812-2020 89.60 0.00 0.00 0.0 0.0 61.2 760.6 0.0 760.6 308.512-2021 91.70 0.00 0.00 0.0 0.0 45.0 543.7 0.0 543.7 200.512-2022 93.90 0.00 0.00 0.0 0.0 33.1 388.9 357.7 31.2 15.512-202312-202412-2025S TOT 77.69 0.00 0.00 0.0 0.0 2073.1 28557.0 4830.9 23726.0 15129.5AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 77.69 0.00 0.00 0.0 0.0 2073.1 28557.0 4830.9 23726.0 15129.5OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 12.00 5.00 18770.869GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 15129.495GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.52 15.00 12389.606GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 2.54 20.00 10285.261NET RES., MB & MMF 394.251 0.000 UNDISCOUNTED NET/INVEST. 5.91 25.00 8639.857NET REVENUE, M$ 30630.018 0.000 DISCOUNTED NET/INVEST. 5.08 30.00 7332.973INITIAL PRICE, $ 72.500 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 5422.595INITIAL N.I., PCT. 37.904 0.000 INITIAL W.I., PCT. 40.000 60.00 3215.46480.00 2061.689100.00 1397.988RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:51PERU DBS : DEMOBRETANA 08 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 233.6 0.0 0.0 88.6 0.0 0.0 6420.2 0.0 0.0 6420.212-2014 301.7 0.0 0.0 113.9 0.0 0.0 8589.4 0.0 0.0 8589.412-2015 165.9 0.0 0.0 63.0 0.0 0.0 4932.3 0.0 0.0 4932.312-2016 110.0 0.0 0.0 41.8 0.0 0.0 3402.9 0.0 0.0 3402.912-2017 76.9 0.0 0.0 29.2 0.0 0.0 2438.0 0.0 0.0 2438.012-2018 53.8 0.0 0.0 20.5 0.0 0.0 1747.5 0.0 0.0 1747.512-2019 37.7 0.0 0.0 14.3 0.0 0.0 1251.9 0.0 0.0 1251.912-2020 26.4 0.0 0.0 10.0 0.0 0.0 898.4 0.0 0.0 898.412-2021 18.5 0.0 0.0 7.0 0.0 0.0 643.6 0.0 0.0 643.612-2022 12.9 0.0 0.0 4.9 0.0 0.0 461.3 0.0 0.0 461.312-2023 2.6 0.0 0.0 1.0 0.0 0.0 94.0 0.0 0.0 94.012-202412-2025S TOT 1040.0 0.0 0.0 394.2 0.0 0.0 30879.5 0.0 0.0 30879.5AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.2 0.0 0.0 30879.5 0.0 0.0 30879.5--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 72.50 0.00 0.00 0.0 0.0 427.1 5993.1 5422.7 570.4 327.412-2014 75.40 0.00 0.00 0.0 0.0 569.7 8019.6 0.0 8019.6 5780.512-2015 78.30 0.00 0.00 0.0 0.0 329.3 4603.0 0.0 4603.0 3010.012-2016 81.40 0.00 0.00 0.0 0.0 229.4 3173.5 0.0 3173.5 1884.912-2017 83.40 0.00 0.00 0.0 0.0 168.4 2269.5 0.0 2269.5 1225.412-2018 85.40 0.00 0.00 0.0 0.0 123.8 1623.7 0.0 1623.7 797.012-2019 87.40 0.00 0.00 0.0 0.0 91.0 1160.9 0.0 1160.9 518.012-2020 89.60 0.00 0.00 0.0 0.0 66.9 831.5 0.0 831.5 337.312-2021 91.70 0.00 0.00 0.0 0.0 49.2 594.4 0.0 594.4 219.212-2022 93.90 0.00 0.00 0.0 0.0 36.1 425.2 0.0 425.2 142.612-2023 96.10 0.00 0.00 0.0 0.0 7.4 86.6 362.1 -275.5 -86.312-202412-2025S TOT 78.33 0.00 0.00 0.0 0.0 2098.5 28781.0 5784.8 22996.2 14155.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 78.33 0.00 0.00 0.0 0.0 2098.5 28781.0 5784.8 22996.2 14155.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 12.25 5.00 17871.807GROSS ULT., MB & MMF 1040.027 0.000 DISCOUNT % 10.00 10.00 14155.912GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 2.90 15.00 11396.399GROSS RES., MB & MMF 1040.027 0.000 DISCOUNTED PAYOUT, YRS. 2.93 20.00 9304.210NET RES., MB & MMF 394.225 0.000 UNDISCOUNTED NET/INVEST. 4.98 25.00 7689.032NET REVENUE, M$ 30879.510 0.000 DISCOUNTED NET/INVEST. 4.23 30.00 6422.175INITIAL PRICE, $ 72.500 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 4603.096INITIAL N.I., PCT. 37.904 0.000 INITIAL W.I., PCT. 40.000 60.00 2571.37580.00 1557.327100.00 999.132RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:51PERU DBS : DEMOBRETANA 09 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 153.4 0.0 0.0 58.2 0.0 0.0 4216.8 0.0 0.0 4216.812-2014 344.9 0.0 0.0 130.3 0.0 0.0 9820.9 0.0 0.0 9820.912-2015 180.1 0.0 0.0 68.4 0.0 0.0 5355.5 0.0 0.0 5355.512-2016 117.0 0.0 0.0 44.5 0.0 0.0 3619.1 0.0 0.0 3619.112-2017 81.6 0.0 0.0 31.0 0.0 0.0 2587.3 0.0 0.0 2587.312-2018 57.1 0.0 0.0 21.7 0.0 0.0 1854.5 0.0 0.0 1854.512-2019 40.0 0.0 0.0 15.2 0.0 0.0 1328.6 0.0 0.0 1328.612-2020 28.0 0.0 0.0 10.6 0.0 0.0 953.4 0.0 0.0 953.412-2021 19.6 0.0 0.0 7.4 0.0 0.0 683.0 0.0 0.0 683.012-2022 13.7 0.0 0.0 5.2 0.0 0.0 489.6 0.0 0.0 489.612-2023 4.4 0.0 0.0 1.7 0.0 0.0 161.5 0.0 0.0 161.512-202412-2025S TOT 1040.0 0.0 0.0 394.2 0.0 0.0 31070.3 0.0 0.0 31070.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.2 0.0 0.0 31070.3 0.0 0.0 31070.3--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 72.50 0.00 0.00 0.0 0.0 281.8 3935.0 4565.1 -630.1 -532.912-2014 75.40 0.00 0.00 0.0 0.0 651.2 9169.7 0.0 9169.7 6613.412-2015 78.30 0.00 0.00 0.0 0.0 357.6 4997.9 0.0 4997.9 3269.012-2016 81.40 0.00 0.00 0.0 0.0 244.0 3375.1 0.0 3375.1 2004.812-2017 83.40 0.00 0.00 0.0 0.0 178.8 2408.5 0.0 2408.5 1300.412-2018 85.40 0.00 0.00 0.0 0.0 131.4 1723.1 0.0 1723.1 845.812-2019 87.40 0.00 0.00 0.0 0.0 96.6 1232.0 0.0 1232.0 549.812-2020 89.60 0.00 0.00 0.0 0.0 71.0 882.4 0.0 882.4 358.012-2021 91.70 0.00 0.00 0.0 0.0 52.2 630.9 0.0 630.9 232.712-2022 93.90 0.00 0.00 0.0 0.0 38.3 451.2 0.0 451.2 151.312-2023 96.10 0.00 0.00 0.0 0.0 12.8 148.7 365.1 -216.4 -66.212-202412-2025S TOT 78.82 0.00 0.00 0.0 0.0 2115.6 28954.6 4930.1 24024.5 14725.9AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 78.82 0.00 0.00 0.0 0.0 2115.6 28954.6 4930.1 24024.5 14725.9OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 12.42 5.00 18626.576GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 14725.896GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.07 15.00 11838.044GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 3.08 20.00 9654.519NET RES., MB & MMF 394.195 0.000 UNDISCOUNTED NET/INVEST. 5.87 25.00 7972.917NET REVENUE, M$ 31070.256 0.000 DISCOUNTED NET/INVEST. 5.05 30.00 6656.806INITIAL PRICE, $ 72.500 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 4772.041INITIAL N.I., PCT. 37.904 0.000 INITIAL W.I., PCT. 40.000 60.00 2675.20780.00 1632.124100.00 1058.445RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:51PERU DBS : DEMOBRETANA 10 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 56.7 0.0 0.0 21.5 0.0 0.0 1557.4 0.0 0.0 1557.412-2014 400.8 0.0 0.0 151.4 0.0 0.0 11412.4 0.0 0.0 11412.412-2015 196.7 0.0 0.0 74.7 0.0 0.0 5847.5 0.0 0.0 5847.512-2016 124.7 0.0 0.0 47.4 0.0 0.0 3856.3 0.0 0.0 3856.312-2017 86.6 0.0 0.0 32.9 0.0 0.0 2745.7 0.0 0.0 2745.712-2018 60.6 0.0 0.0 23.0 0.0 0.0 1968.1 0.0 0.0 1968.112-2019 42.5 0.0 0.0 16.1 0.0 0.0 1409.9 0.0 0.0 1409.912-2020 29.7 0.0 0.0 11.3 0.0 0.0 1011.8 0.0 0.0 1011.812-2021 20.8 0.0 0.0 7.9 0.0 0.0 724.9 0.0 0.0 724.912-2022 14.6 0.0 0.0 5.5 0.0 0.0 519.6 0.0 0.0 519.612-2023 6.4 0.0 0.0 2.4 0.0 0.0 233.1 0.0 0.0 233.112-202412-2025S TOT 1040.0 0.0 0.0 394.2 0.0 0.0 31286.7 0.0 0.0 31286.7AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.2 0.0 0.0 31286.7 0.0 0.0 31286.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 72.50 0.00 0.00 0.0 0.0 104.5 1452.9 4602.4 -3149.5 -2403.312-2014 75.40 0.00 0.00 0.0 0.0 756.5 10655.9 0.0 10655.9 7690.912-2015 78.30 0.00 0.00 0.0 0.0 390.4 5457.1 0.0 5457.1 3570.312-2016 81.40 0.00 0.00 0.0 0.0 260.0 3596.4 0.0 3596.4 2136.412-2017 83.40 0.00 0.00 0.0 0.0 189.7 2556.0 0.0 2556.0 1380.112-2018 85.40 0.00 0.00 0.0 0.0 139.4 1828.7 0.0 1828.7 897.612-2019 87.40 0.00 0.00 0.0 0.0 102.5 1307.5 0.0 1307.5 583.412-2020 89.60 0.00 0.00 0.0 0.0 75.3 936.5 0.0 936.5 379.912-2021 91.70 0.00 0.00 0.0 0.0 55.4 669.5 0.0 669.5 246.912-2022 93.90 0.00 0.00 0.0 0.0 40.7 478.9 0.0 478.9 160.512-2023 96.10 0.00 0.00 0.0 0.0 18.6 214.5 368.0 -153.5 -45.312-202412-2025S TOT 79.38 0.00 0.00 0.0 0.0 2132.9 29153.8 4970.4 24183.4 14597.4AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 79.38 0.00 0.00 0.0 0.0 2132.9 29153.8 4970.4 24183.4 14597.4OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 12.58 5.00 18603.076GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 14597.439GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.30 15.00 11650.911GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 3.31 20.00 9436.820NET RES., MB & MMF 394.151 0.000 UNDISCOUNTED NET/INVEST. 5.87 25.00 7741.896NET REVENUE, M$ 31286.717 0.000 DISCOUNTED NET/INVEST. 5.04 30.00 6423.060INITIAL PRICE, $ 72.500 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 4549.602INITIAL N.I., PCT. 37.904 0.000 INITIAL W.I., PCT. 40.000 60.00 2495.97380.00 1494.026100.00 952.525RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:51PERU DBS : DEMOBRETANA 11 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 411.8 0.0 0.0 155.5 0.0 0.0 11726.5 0.0 0.0 11726.512-2015 216.1 0.0 0.0 82.1 0.0 0.0 6425.7 0.0 0.0 6425.712-2016 133.2 0.0 0.0 50.6 0.0 0.0 4119.4 0.0 0.0 4119.412-2017 91.9 0.0 0.0 34.9 0.0 0.0 2913.9 0.0 0.0 2913.912-2018 64.4 0.0 0.0 24.5 0.0 0.0 2088.7 0.0 0.0 2088.712-2019 45.1 0.0 0.0 17.1 0.0 0.0 1496.3 0.0 0.0 1496.312-2020 31.5 0.0 0.0 12.0 0.0 0.0 1073.8 0.0 0.0 1073.812-2021 22.1 0.0 0.0 8.4 0.0 0.0 769.3 0.0 0.0 769.312-2022 15.5 0.0 0.0 5.9 0.0 0.0 551.4 0.0 0.0 551.412-2023 8.5 0.0 0.0 3.2 0.0 0.0 309.1 0.0 0.0 309.112-202412-2025S TOT 1040.0 0.0 0.0 394.2 0.0 0.0 31474.0 0.0 0.0 31474.0AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.2 0.0 0.0 31474.0 0.0 0.0 31474.0--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 75.40 0.00 0.00 0.0 0.0 779.1 10947.4 4639.9 6307.4 4392.412-2015 78.30 0.00 0.00 0.0 0.0 428.9 5996.8 0.0 5996.8 3924.512-2016 81.40 0.00 0.00 0.0 0.0 277.7 3841.8 0.0 3841.8 2282.512-2017 83.40 0.00 0.00 0.0 0.0 201.3 2712.6 0.0 2712.6 1464.612-2018 85.40 0.00 0.00 0.0 0.0 148.0 1940.7 0.0 1940.7 952.612-2019 87.40 0.00 0.00 0.0 0.0 108.8 1387.5 0.0 1387.5 619.212-2020 89.60 0.00 0.00 0.0 0.0 79.9 993.8 0.0 993.8 403.212-2021 91.70 0.00 0.00 0.0 0.0 58.8 710.5 0.0 710.5 262.012-2022 93.90 0.00 0.00 0.0 0.0 43.2 508.2 0.0 508.2 170.412-2023 96.10 0.00 0.00 0.0 0.0 24.7 284.4 371.0 -86.7 -23.412-202412-2025S TOT 79.85 0.00 0.00 0.0 0.0 2150.3 29323.7 5011.0 24312.7 14448.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 79.85 0.00 0.00 0.0 0.0 2150.3 29323.7 5011.0 24312.7 14448.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 12.75 5.00 18553.689GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 14448.032GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.42 15.00 11447.787GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 3.44 20.00 9207.647NET RES., MB & MMF 394.174 0.000 UNDISCOUNTED NET/INVEST. 5.85 25.00 7503.313NET REVENUE, M$ 31473.980 0.000 DISCOUNTED NET/INVEST. 5.03 30.00 6185.043INITIAL PRICE, $ 75.400 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 4327.827INITIAL N.I., PCT. 37.764 0.000 INITIAL W.I., PCT. 40.000 60.00 2322.57080.00 1363.462100.00 854.297RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:51PERU DBS : DEMOBRETANA 12 , RESERVOIRSETTINGS : RED123110PROVED UNDEVELOPED SCENARIO : 51-101BLOCK 95 BLOCKR E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 360.4 0.0 0.0 136.1 0.0 0.0 10261.0 0.0 0.0 10261.012-2015 239.3 0.0 0.0 90.9 0.0 0.0 7114.0 0.0 0.0 7114.012-2016 142.7 0.0 0.0 54.2 0.0 0.0 4414.7 0.0 0.0 4414.712-2017 97.6 0.0 0.0 37.1 0.0 0.0 3092.4 0.0 0.0 3092.412-2018 68.3 0.0 0.0 26.0 0.0 0.0 2216.6 0.0 0.0 2216.612-2019 47.8 0.0 0.0 18.2 0.0 0.0 1587.9 0.0 0.0 1587.912-2020 33.5 0.0 0.0 12.7 0.0 0.0 1139.5 0.0 0.0 1139.512-2021 23.4 0.0 0.0 8.9 0.0 0.0 816.4 0.0 0.0 816.412-2022 16.4 0.0 0.0 6.2 0.0 0.0 585.2 0.0 0.0 585.212-2023 10.7 0.0 0.0 4.1 0.0 0.0 389.7 0.0 0.0 389.712-202412-2025S TOT 1040.0 0.0 0.0 394.3 0.0 0.0 31617.4 0.0 0.0 31617.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 1040.0 0.0 0.0 394.3 0.0 0.0 31617.4 0.0 0.0 31617.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 75.40 0.00 0.00 0.0 0.0 685.2 9575.8 4677.8 4898.0 3365.612-2015 78.30 0.00 0.00 0.0 0.0 474.7 6639.2 0.0 6639.2 4346.512-2016 81.40 0.00 0.00 0.0 0.0 297.6 4117.2 0.0 4117.2 2446.512-2017 83.40 0.00 0.00 0.0 0.0 213.7 2878.7 0.0 2878.7 1554.312-2018 85.40 0.00 0.00 0.0 0.0 157.0 2059.5 0.0 2059.5 1010.912-2019 87.40 0.00 0.00 0.0 0.0 115.4 1472.5 0.0 1472.5 657.112-2020 89.60 0.00 0.00 0.0 0.0 84.8 1054.7 0.0 1054.7 427.912-2021 91.70 0.00 0.00 0.0 0.0 62.4 754.0 0.0 754.0 278.112-2022 93.90 0.00 0.00 0.0 0.0 45.8 539.3 0.0 539.3 180.812-2023 96.10 0.00 0.00 0.0 0.0 31.3 358.4 374.1 -15.6 -0.512-202412-2025S TOT 80.19 0.00 0.00 0.0 0.0 2167.9 29449.5 5051.9 24397.6 14267.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 80.19 0.00 0.00 0.0 0.0 2167.9 29449.5 5051.9 24397.6 14267.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 12.92 5.00 18466.104GROSS ULT., MB & MMF 1040.028 0.000 DISCOUNT % 10.00 10.00 14267.245GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.49 15.00 11219.736GROSS RES., MB & MMF 1040.028 0.000 DISCOUNTED PAYOUT, YRS. 3.51 20.00 8959.246NET RES., MB & MMF 394.288 0.000 UNDISCOUNTED NET/INVEST. 5.83 25.00 7250.360NET REVENUE, M$ 31617.377 0.000 DISCOUNTED NET/INVEST. 5.01 30.00 5936.711INITIAL PRICE, $ 75.400 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 4101.793INITIAL N.I., PCT. 37.764 0.000 INITIAL W.I., PCT. 40.000 60.00 2151.40580.00 1237.589100.00 761.406RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:52PERU DBS : DEMOBRETANA-23 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 320.5 0.0 0.0 120.0 0.0 0.0 9772.1 0.0 0.0 9772.112-2017 232.0 0.0 0.0 87.8 0.0 0.0 7323.1 0.0 0.0 7323.112-2018 132.7 0.0 0.0 50.4 0.0 0.0 4305.3 0.0 0.0 4305.312-2019 89.3 0.0 0.0 33.9 0.0 0.0 2966.6 0.0 0.0 2966.612-2020 62.5 0.0 0.0 23.8 0.0 0.0 2128.4 0.0 0.0 2128.412-2021 43.8 0.0 0.0 16.6 0.0 0.0 1524.8 0.0 0.0 1524.812-2022 30.6 0.0 0.0 11.6 0.0 0.0 1093.0 0.0 0.0 1093.012-2023 21.4 0.0 0.0 8.1 0.0 0.0 783.0 0.0 0.0 783.012-2024 15.0 0.0 0.0 5.7 0.0 0.0 561.2 0.0 0.0 561.212-2025 10.5 0.0 0.0 4.0 0.0 0.0 402.4 0.0 0.0 402.4S TOT 958.3 0.0 0.0 362.1 0.0 0.0 30859.8 0.0 0.0 30859.8AFTER 7.5 0.0 0.0 2.8 0.0 0.0 285.6 0.0 0.0 285.6TOTAL 965.8 0.0 0.0 364.9 0.0 0.0 31145.4 0.0 0.0 31145.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 81.40 0.00 0.00 0.0 0.0 673.3 9098.7 6209.7 2889.0 1569.212-2017 83.40 0.00 0.00 0.0 0.0 507.4 6815.7 0.0 6815.7 3689.412-2018 85.40 0.00 0.00 0.0 0.0 304.9 4000.4 0.0 4000.4 1965.012-2019 87.40 0.00 0.00 0.0 0.0 215.6 2751.0 0.0 2751.0 1227.612-2020 89.60 0.00 0.00 0.0 0.0 158.5 1969.9 0.0 1969.9 799.112-2021 91.70 0.00 0.00 0.0 0.0 116.5 1408.3 0.0 1408.3 519.412-2022 93.90 0.00 0.00 0.0 0.0 85.6 1007.3 0.0 1007.3 337.712-2023 96.10 0.00 0.00 0.0 0.0 62.9 720.1 0.0 720.1 219.512-2024 98.40 0.00 0.00 0.0 0.0 46.2 515.0 0.0 515.0 142.712-2025 100.80 0.00 0.00 0.0 0.0 52.8 349.7 0.0 349.7 88.2S TOT 85.23 0.00 0.00 0.0 0.0 2223.7 28636.1 6209.7 22426.4 10557.7AFTER 100.80 0.00 0.00 0.0 0.0 51.0 234.6 436.6 -202.0 -41.3TOTAL 85.35 0.00 0.00 0.0 0.0 2274.7 28870.7 6646.3 22224.4 10516.4OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 16.08 5.00 15096.620GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 10516.371GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.68 15.00 7488.033GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 5.71 20.00 5435.009NET RES., MB & MMF 364.912 0.000 UNDISCOUNTED NET/INVEST. 4.34 25.00 4012.148NET REVENUE, M$ 31145.414 0.000 DISCOUNTED NET/INVEST. 3.73 30.00 3006.564INITIAL PRICE, $ 81.400 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 1755.216INITIAL N.I., PCT. 37.460 0.000 INITIAL W.I., PCT. 40.000 60.00 676.93780.00 295.385100.00 141.203RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:52PERU DBS : DEMOBRETANA-14 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 191.0 0.0 0.0 71.0 0.0 0.0 5352.9 0.0 0.0 5352.912-2015 300.4 0.0 0.0 111.9 0.0 0.0 8761.3 0.0 0.0 8761.312-2016 155.8 0.0 0.0 58.4 0.0 0.0 4751.4 0.0 0.0 4751.412-2017 100.9 0.0 0.0 38.2 0.0 0.0 3185.9 0.0 0.0 3185.912-2018 70.4 0.0 0.0 26.8 0.0 0.0 2284.7 0.0 0.0 2284.712-2019 49.3 0.0 0.0 18.7 0.0 0.0 1636.8 0.0 0.0 1636.812-2020 34.5 0.0 0.0 13.1 0.0 0.0 1174.6 0.0 0.0 1174.612-2021 24.1 0.0 0.0 9.2 0.0 0.0 841.5 0.0 0.0 841.512-2022 16.9 0.0 0.0 6.4 0.0 0.0 603.2 0.0 0.0 603.212-2023 11.8 0.0 0.0 4.5 0.0 0.0 432.1 0.0 0.0 432.112-2024 8.3 0.0 0.0 3.1 0.0 0.0 309.7 0.0 0.0 309.712-2025 2.3 0.0 0.0 0.9 0.0 0.0 86.9 0.0 0.0 86.9S TOT 965.8 0.0 0.0 362.2 0.0 0.0 29420.9 0.0 0.0 29420.9AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 965.8 0.0 0.0 362.2 0.0 0.0 29420.9 0.0 0.0 29420.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 75.40 0.00 0.00 0.0 0.0 367.6 4985.3 4773.9 211.5 84.312-2015 78.30 0.00 0.00 0.0 0.0 595.5 8165.8 0.0 8165.8 5354.412-2016 81.40 0.00 0.00 0.0 0.0 324.8 4426.7 0.0 4426.7 2632.212-2017 83.40 0.00 0.00 0.0 0.0 221.0 2964.8 0.0 2964.8 1601.012-2018 85.40 0.00 0.00 0.0 0.0 161.9 2122.8 0.0 2122.8 1042.012-2019 87.40 0.00 0.00 0.0 0.0 119.0 1517.8 0.0 1517.8 677.312-2020 89.60 0.00 0.00 0.0 0.0 87.4 1087.1 0.0 1087.1 441.012-2021 91.70 0.00 0.00 0.0 0.0 64.3 777.2 0.0 777.2 286.612-2022 93.90 0.00 0.00 0.0 0.0 47.2 555.9 0.0 555.9 186.412-2023 96.10 0.00 0.00 0.0 0.0 34.7 397.4 0.0 397.4 121.112-2024 98.40 0.00 0.00 0.0 0.0 25.5 284.2 0.0 284.2 78.712-2025 100.80 0.00 0.00 0.0 0.0 7.2 79.6 402.5 -322.9 -82.0S TOT 81.24 0.00 0.00 0.0 0.0 2056.1 27364.8 5176.4 22188.4 12423.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.24 0.00 0.00 0.0 0.0 2056.1 27364.8 5176.4 22188.4 12423.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 14.42 5.00 16421.740GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 12422.957GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 3.96 15.00 9576.512GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 3.98 20.00 7503.570NET RES., MB & MMF 362.154 0.000 UNDISCOUNTED NET/INVEST. 5.29 25.00 5963.538NET REVENUE, M$ 29420.859 0.000 DISCOUNTED NET/INVEST. 4.57 30.00 4799.196INITIAL PRICE, $ 75.400 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 3209.229INITIAL N.I., PCT. 37.160 0.000 INITIAL W.I., PCT. 40.000 60.00 1586.55580.00 865.676100.00 507.615RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:52PERU DBS : DEMOBRETANA-15 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 106.2 0.0 0.0 39.4 0.0 0.0 2974.4 0.0 0.0 2974.412-2015 349.8 0.0 0.0 130.3 0.0 0.0 10203.3 0.0 0.0 10203.312-2016 170.3 0.0 0.0 63.8 0.0 0.0 5191.6 0.0 0.0 5191.612-2017 107.6 0.0 0.0 40.7 0.0 0.0 3395.6 0.0 0.0 3395.612-2018 74.7 0.0 0.0 28.4 0.0 0.0 2424.6 0.0 0.0 2424.612-2019 52.3 0.0 0.0 19.9 0.0 0.0 1737.0 0.0 0.0 1737.012-2020 36.6 0.0 0.0 13.9 0.0 0.0 1246.5 0.0 0.0 1246.512-2021 25.6 0.0 0.0 9.7 0.0 0.0 893.0 0.0 0.0 893.012-2022 17.9 0.0 0.0 6.8 0.0 0.0 640.1 0.0 0.0 640.112-2023 12.6 0.0 0.0 4.8 0.0 0.0 458.6 0.0 0.0 458.612-2024 8.8 0.0 0.0 3.3 0.0 0.0 328.7 0.0 0.0 328.712-2025 3.5 0.0 0.0 1.3 0.0 0.0 132.2 0.0 0.0 132.2S TOT 965.8 0.0 0.0 362.4 0.0 0.0 29625.6 0.0 0.0 29625.6AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 965.8 0.0 0.0 362.4 0.0 0.0 29625.6 0.0 0.0 29625.6--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 75.40 0.00 0.00 0.0 0.0 205.2 2769.3 4812.9 -2043.6 -1446.212-2015 78.30 0.00 0.00 0.0 0.0 693.2 9510.1 0.0 9510.1 6240.512-2016 81.40 0.00 0.00 0.0 0.0 354.8 4836.8 0.0 4836.8 2876.812-2017 83.40 0.00 0.00 0.0 0.0 235.6 3160.0 0.0 3160.0 1706.612-2018 85.40 0.00 0.00 0.0 0.0 171.8 2252.9 0.0 2252.9 1105.812-2019 87.40 0.00 0.00 0.0 0.0 126.3 1610.7 0.0 1610.7 718.812-2020 89.60 0.00 0.00 0.0 0.0 92.8 1153.7 0.0 1153.7 468.012-2021 91.70 0.00 0.00 0.0 0.0 68.2 824.8 0.0 824.8 304.212-2022 93.90 0.00 0.00 0.0 0.0 50.1 590.0 0.0 590.0 197.812-2023 96.10 0.00 0.00 0.0 0.0 36.8 421.7 0.0 421.7 128.512-2024 98.40 0.00 0.00 0.0 0.0 27.1 301.6 0.0 301.6 83.612-2025 100.80 0.00 0.00 0.0 0.0 13.1 119.1 405.8 -286.6 -71.2S TOT 81.75 0.00 0.00 0.0 0.0 2074.9 27550.7 5218.6 22332.1 12313.2AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 81.75 0.00 0.00 0.0 0.0 2074.9 27550.7 5218.6 22332.1 12313.2OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 14.58 5.00 16399.076GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 12313.202GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.21 15.00 9424.029GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 4.23 20.00 7333.436NET RES., MB & MMF 362.408 0.000 UNDISCOUNTED NET/INVEST. 5.28 25.00 5789.910NET REVENUE, M$ 29625.602 0.000 DISCOUNTED NET/INVEST. 4.56 30.00 4629.925INITIAL PRICE, $ 75.400 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 3059.002INITIAL N.I., PCT. 37.160 0.000 INITIAL W.I., PCT. 40.000 60.00 1479.79680.00 792.090100.00 456.566RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:52PERU DBS : DEMOBRETANA-16 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 416.3 0.0 0.0 155.1 0.0 0.0 12144.0 0.0 0.0 12144.012-2016 187.2 0.0 0.0 70.1 0.0 0.0 5709.7 0.0 0.0 5709.712-2017 115.0 0.0 0.0 43.5 0.0 0.0 3628.5 0.0 0.0 3628.512-2018 79.3 0.0 0.0 30.1 0.0 0.0 2573.1 0.0 0.0 2573.112-2019 55.5 0.0 0.0 21.1 0.0 0.0 1843.4 0.0 0.0 1843.412-2020 38.9 0.0 0.0 14.8 0.0 0.0 1322.9 0.0 0.0 1322.912-2021 27.2 0.0 0.0 10.3 0.0 0.0 947.7 0.0 0.0 947.712-2022 19.0 0.0 0.0 7.2 0.0 0.0 679.3 0.0 0.0 679.312-2023 13.3 0.0 0.0 5.1 0.0 0.0 486.7 0.0 0.0 486.712-2024 9.3 0.0 0.0 3.5 0.0 0.0 348.8 0.0 0.0 348.812-2025 4.7 0.0 0.0 1.8 0.0 0.0 180.3 0.0 0.0 180.3S TOT 965.8 0.0 0.0 362.7 0.0 0.0 29864.4 0.0 0.0 29864.4AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 965.8 0.0 0.0 362.7 0.0 0.0 29864.4 0.0 0.0 29864.4--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 2421.1 -2421.1 -1666.912-2015 78.30 0.00 0.00 0.0 0.0 824.6 11319.4 2431.0 8888.4 5774.612-2016 81.40 0.00 0.00 0.0 0.0 390.1 5319.5 0.0 5319.5 3164.912-2017 83.40 0.00 0.00 0.0 0.0 251.7 3376.8 0.0 3376.8 1823.912-2018 85.40 0.00 0.00 0.0 0.0 182.3 2390.8 0.0 2390.8 1173.512-2019 87.40 0.00 0.00 0.0 0.0 134.0 1709.4 0.0 1709.4 762.812-2020 89.60 0.00 0.00 0.0 0.0 98.5 1224.4 0.0 1224.4 496.712-2021 91.70 0.00 0.00 0.0 0.0 72.4 875.3 0.0 875.3 322.812-2022 93.90 0.00 0.00 0.0 0.0 53.2 626.1 0.0 626.1 209.912-2023 96.10 0.00 0.00 0.0 0.0 39.1 447.5 0.0 447.5 136.412-2024 98.40 0.00 0.00 0.0 0.0 28.7 320.1 0.0 320.1 88.712-2025 100.80 0.00 0.00 0.0 0.0 20.7 159.6 409.1 -249.5 -60.3S TOT 82.34 0.00 0.00 0.0 0.0 2095.4 27768.9 5261.2 22507.7 12227.0AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 82.34 0.00 0.00 0.0 0.0 2095.4 27768.9 5261.2 22507.7 12227.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 14.75 5.00 16402.977GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 12227.033GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.27 15.00 9293.286GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 4.29 20.00 7183.712NET RES., MB & MMF 362.699 0.000 UNDISCOUNTED NET/INVEST. 5.28 25.00 5635.583NET REVENUE, M$ 29864.359 0.000 DISCOUNTED NET/INVEST. 4.57 30.00 4478.944INITIAL PRICE, $ 78.300 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 2925.148INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 1385.86680.00 728.368100.00 413.067RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:52PERU DBS : DEMOBRETANA-17 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 371.6 0.0 0.0 138.4 0.0 0.0 10839.1 0.0 0.0 10839.112-2016 207.5 0.0 0.0 77.7 0.0 0.0 6327.3 0.0 0.0 6327.312-2017 123.3 0.0 0.0 46.6 0.0 0.0 3890.3 0.0 0.0 3890.312-2018 84.1 0.0 0.0 32.0 0.0 0.0 2730.8 0.0 0.0 2730.812-2019 58.9 0.0 0.0 22.4 0.0 0.0 1956.3 0.0 0.0 1956.312-2020 41.2 0.0 0.0 15.7 0.0 0.0 1403.9 0.0 0.0 1403.912-2021 28.9 0.0 0.0 11.0 0.0 0.0 1005.7 0.0 0.0 1005.712-2022 20.2 0.0 0.0 7.7 0.0 0.0 720.9 0.0 0.0 720.912-2023 14.1 0.0 0.0 5.4 0.0 0.0 516.5 0.0 0.0 516.512-2024 9.9 0.0 0.0 3.8 0.0 0.0 370.2 0.0 0.0 370.212-2025 6.0 0.0 0.0 2.3 0.0 0.0 231.4 0.0 0.0 231.4S TOT 965.8 0.0 0.0 362.9 0.0 0.0 29992.3 0.0 0.0 29992.3AFTER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 965.8 0.0 0.0 362.9 0.0 0.0 29992.3 0.0 0.0 29992.3--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.30 0.00 0.00 0.0 0.0 739.8 10099.3 4891.8 5207.5 3264.312-2016 81.40 0.00 0.00 0.0 0.0 432.3 5895.0 0.0 5895.0 3508.612-2017 83.40 0.00 0.00 0.0 0.0 269.8 3620.4 0.0 3620.4 1955.812-2018 85.40 0.00 0.00 0.0 0.0 193.5 2537.3 0.0 2537.3 1245.412-2019 87.40 0.00 0.00 0.0 0.0 142.2 1814.1 0.0 1814.1 809.512-2020 89.60 0.00 0.00 0.0 0.0 104.5 1299.4 0.0 1299.4 527.112-2021 91.70 0.00 0.00 0.0 0.0 76.8 928.9 0.0 928.9 342.612-2022 93.90 0.00 0.00 0.0 0.0 56.5 664.4 0.0 664.4 222.812-2023 96.10 0.00 0.00 0.0 0.0 41.5 475.0 0.0 475.0 144.812-2024 98.40 0.00 0.00 0.0 0.0 30.5 339.7 0.0 339.7 94.112-2025 100.80 0.00 0.00 0.0 0.0 28.9 202.5 412.4 -209.9 -48.9S TOT 82.64 0.00 0.00 0.0 0.0 2116.3 27876.0 5304.2 22571.8 12066.1AFTER 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0TOTAL 82.64 0.00 0.00 0.0 0.0 2116.3 27876.0 5304.2 22571.8 12066.1OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 14.92 5.00 16315.054GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 12066.068GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.48 15.00 9101.880GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 4.50 20.00 6984.847NET RES., MB & MMF 362.912 0.000 UNDISCOUNTED NET/INVEST. 5.26 25.00 5441.433NET REVENUE, M$ 29992.273 0.000 DISCOUNTED NET/INVEST. 4.55 30.00 4295.647INITIAL PRICE, $ 78.300 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 2769.899INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 1282.36680.00 660.311100.00 367.637RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:52PERU DBS : DEMOBRETANA-18 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 292.0 0.0 0.0 108.8 0.0 0.0 8516.5 0.0 0.0 8516.512-2016 246.3 0.0 0.0 92.3 0.0 0.0 7510.6 0.0 0.0 7510.612-2017 137.9 0.0 0.0 52.2 0.0 0.0 4351.1 0.0 0.0 4351.112-2018 92.1 0.0 0.0 35.0 0.0 0.0 2987.3 0.0 0.0 2987.312-2019 64.4 0.0 0.0 24.5 0.0 0.0 2138.7 0.0 0.0 2138.712-2020 45.1 0.0 0.0 17.1 0.0 0.0 1534.8 0.0 0.0 1534.812-2021 31.6 0.0 0.0 12.0 0.0 0.0 1099.5 0.0 0.0 1099.512-2022 22.1 0.0 0.0 8.4 0.0 0.0 788.1 0.0 0.0 788.112-2023 15.5 0.0 0.0 5.9 0.0 0.0 564.6 0.0 0.0 564.612-2024 10.8 0.0 0.0 4.1 0.0 0.0 404.7 0.0 0.0 404.712-2025 7.6 0.0 0.0 2.9 0.0 0.0 290.2 0.0 0.0 290.2S TOT 965.2 0.0 0.0 363.0 0.0 0.0 30186.4 0.0 0.0 30186.4AFTER 0.6 0.0 0.0 0.2 0.0 0.0 23.7 0.0 0.0 23.7TOTAL 965.8 0.0 0.0 363.3 0.0 0.0 30210.1 0.0 0.0 30210.1--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.30 0.00 0.00 0.0 0.0 585.7 7930.9 5930.1 2000.7 1156.412-2016 81.40 0.00 0.00 0.0 0.0 512.9 6997.7 0.0 6997.7 4167.712-2017 83.40 0.00 0.00 0.0 0.0 301.7 4049.4 0.0 4049.4 2188.212-2018 85.40 0.00 0.00 0.0 0.0 211.6 2775.7 0.0 2775.7 1362.512-2019 87.40 0.00 0.00 0.0 0.0 155.5 1983.3 0.0 1983.3 885.012-2020 89.60 0.00 0.00 0.0 0.0 114.3 1420.5 0.0 1420.5 576.312-2021 91.70 0.00 0.00 0.0 0.0 84.0 1015.6 0.0 1015.6 374.512-2022 93.90 0.00 0.00 0.0 0.0 61.7 726.4 0.0 726.4 243.512-2023 96.10 0.00 0.00 0.0 0.0 45.4 519.3 0.0 519.3 158.312-2024 98.40 0.00 0.00 0.0 0.0 33.3 371.4 0.0 371.4 102.912-2025 100.80 0.00 0.00 0.0 0.0 38.1 252.1 0.0 252.1 63.6S TOT 83.15 0.00 0.00 0.0 0.0 2144.2 28042.2 5930.1 22112.0 11278.8AFTER 100.80 0.00 0.00 0.0 0.0 4.1 19.6 417.5 -397.9 -94.5TOTAL 83.16 0.00 0.00 0.0 0.0 2148.4 28061.7 6347.6 21714.1 11184.3OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 15.17 5.00 15403.670GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 11184.283GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.75 15.00 8285.626GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 4.77 20.00 6246.579NET RES., MB & MMF 363.275 0.000 UNDISCOUNTED NET/INVEST. 4.42 25.00 4782.123NET REVENUE, M$ 30210.070 0.000 DISCOUNTED NET/INVEST. 3.78 30.00 3710.898INITIAL PRICE, $ 78.300 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 2313.780INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 1003.88480.00 485.372100.00 253.948RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:52PERU DBS : DEMOBRETANA-19 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 227.7 0.0 0.0 84.8 0.0 0.0 6640.5 0.0 0.0 6640.512-2016 280.2 0.0 0.0 104.9 0.0 0.0 8542.5 0.0 0.0 8542.512-2017 149.4 0.0 0.0 56.5 0.0 0.0 4715.2 0.0 0.0 4715.212-2018 97.8 0.0 0.0 37.2 0.0 0.0 3175.4 0.0 0.0 3175.412-2019 68.3 0.0 0.0 26.0 0.0 0.0 2269.7 0.0 0.0 2269.712-2020 47.8 0.0 0.0 18.2 0.0 0.0 1628.8 0.0 0.0 1628.812-2021 33.5 0.0 0.0 12.7 0.0 0.0 1166.9 0.0 0.0 1166.912-2022 23.4 0.0 0.0 8.9 0.0 0.0 836.4 0.0 0.0 836.412-2023 16.4 0.0 0.0 6.2 0.0 0.0 599.2 0.0 0.0 599.212-2024 11.5 0.0 0.0 4.4 0.0 0.0 429.5 0.0 0.0 429.512-2025 8.0 0.0 0.0 3.1 0.0 0.0 308.0 0.0 0.0 308.0S TOT 964.1 0.0 0.0 362.9 0.0 0.0 30312.1 0.0 0.0 30312.1AFTER 1.7 0.0 0.0 0.6 0.0 0.0 65.2 0.0 0.0 65.2TOTAL 965.8 0.0 0.0 363.6 0.0 0.0 30377.3 0.0 0.0 30377.3--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.30 0.00 0.00 0.0 0.0 458.9 6181.6 4992.2 1189.4 684.012-2016 81.40 0.00 0.00 0.0 0.0 583.2 7959.2 0.0 7959.2 4742.912-2017 83.40 0.00 0.00 0.0 0.0 327.0 4388.3 0.0 4388.3 2371.912-2018 85.40 0.00 0.00 0.0 0.0 225.0 2950.4 0.0 2950.4 1448.312-2019 87.40 0.00 0.00 0.0 0.0 165.0 2104.8 0.0 2104.8 939.212-2020 89.60 0.00 0.00 0.0 0.0 121.3 1507.5 0.0 1507.5 611.612-2021 91.70 0.00 0.00 0.0 0.0 89.1 1077.8 0.0 1077.8 397.512-2022 93.90 0.00 0.00 0.0 0.0 65.5 770.9 0.0 770.9 258.512-2023 96.10 0.00 0.00 0.0 0.0 48.1 551.1 0.0 551.1 168.012-2024 98.40 0.00 0.00 0.0 0.0 35.4 394.1 0.0 394.1 109.212-2025 100.80 0.00 0.00 0.0 0.0 40.4 267.6 0.0 267.6 67.5S TOT 83.53 0.00 0.00 0.0 0.0 2158.8 28153.3 4992.2 23161.0 11798.5AFTER 100.80 0.00 0.00 0.0 0.0 11.4 53.7 420.9 -367.2 -85.7TOTAL 83.56 0.00 0.00 0.0 0.0 2170.3 28207.0 5413.1 22793.9 11712.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 15.33 5.00 16146.553GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 11712.771GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 4.81 15.00 8672.966GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 4.83 20.00 6538.129NET RES., MB & MMF 363.555 0.000 UNDISCOUNTED NET/INVEST. 5.21 25.00 5006.862NET REVENUE, M$ 30377.270 0.000 DISCOUNTED NET/INVEST. 4.51 30.00 3887.873INITIAL PRICE, $ 78.300 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 2429.756INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 1062.96780.00 520.539100.00 277.031RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:52PERU DBS : DEMOBRETANA-22 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 394.7 0.0 0.0 147.8 0.0 0.0 12034.9 0.0 0.0 12034.912-2017 196.9 0.0 0.0 74.5 0.0 0.0 6215.0 0.0 0.0 6215.012-2018 119.0 0.0 0.0 45.2 0.0 0.0 3861.3 0.0 0.0 3861.312-2019 81.7 0.0 0.0 31.0 0.0 0.0 2712.9 0.0 0.0 2712.912-2020 57.2 0.0 0.0 21.7 0.0 0.0 1946.8 0.0 0.0 1946.812-2021 40.0 0.0 0.0 15.2 0.0 0.0 1394.7 0.0 0.0 1394.712-2022 28.0 0.0 0.0 10.6 0.0 0.0 999.7 0.0 0.0 999.712-2023 19.6 0.0 0.0 7.5 0.0 0.0 716.2 0.0 0.0 716.212-2024 13.7 0.0 0.0 5.2 0.0 0.0 513.3 0.0 0.0 513.312-2025 9.6 0.0 0.0 3.7 0.0 0.0 368.1 0.0 0.0 368.1S TOT 960.4 0.0 0.0 362.5 0.0 0.0 30762.8 0.0 0.0 30762.8AFTER 5.4 0.0 0.0 2.0 0.0 0.0 205.5 0.0 0.0 205.5TOTAL 965.8 0.0 0.0 364.6 0.0 0.0 30968.3 0.0 0.0 30968.3--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2016 81.40 0.00 0.00 0.0 0.0 823.0 11211.9 5115.5 6096.4 3496.712-2017 83.40 0.00 0.00 0.0 0.0 430.8 5784.2 0.0 5784.2 3129.112-2018 85.40 0.00 0.00 0.0 0.0 273.5 3587.8 0.0 3587.8 1761.912-2019 87.40 0.00 0.00 0.0 0.0 197.2 2515.7 0.0 2515.7 1122.612-2020 89.60 0.00 0.00 0.0 0.0 144.9 1801.9 0.0 1801.9 730.912-2021 91.70 0.00 0.00 0.0 0.0 106.5 1288.2 0.0 1288.2 475.112-2022 93.90 0.00 0.00 0.0 0.0 78.3 921.4 0.0 921.4 308.912-2023 96.10 0.00 0.00 0.0 0.0 57.5 658.6 0.0 658.6 200.712-2024 98.40 0.00 0.00 0.0 0.0 42.3 471.0 0.0 471.0 130.512-2025 100.80 0.00 0.00 0.0 0.0 48.3 319.8 0.0 319.8 80.7S TOT 84.86 0.00 0.00 0.0 0.0 2202.3 28560.5 5115.5 23445.0 11437.0AFTER 100.80 0.00 0.00 0.0 0.0 36.5 169.0 431.3 -262.3 -57.0TOTAL 84.95 0.00 0.00 0.0 0.0 2238.8 28729.5 5546.8 23182.7 11380.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 15.83 5.00 16042.670GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 11379.997GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.46 15.00 8247.881GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 5.48 20.00 6091.147NET RES., MB & MMF 364.566 0.000 UNDISCOUNTED NET/INVEST. 5.18 25.00 4573.354NET REVENUE, M$ 30968.303 0.000 DISCOUNTED NET/INVEST. 4.49 30.00 3484.441INITIAL PRICE, $ 81.400 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 2100.801INITIAL N.I., PCT. 37.460 0.000 INITIAL W.I., PCT. 40.000 60.00 861.42780.00 398.437100.00 201.507RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:52PERU DBS : DEMOBRETANA-20 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 150.8 0.0 0.0 56.2 0.0 0.0 4398.0 0.0 0.0 4398.012-2016 323.4 0.0 0.0 121.1 0.0 0.0 9860.8 0.0 0.0 9860.812-2017 162.8 0.0 0.0 61.6 0.0 0.0 5137.0 0.0 0.0 5137.012-2018 104.2 0.0 0.0 39.6 0.0 0.0 3380.8 0.0 0.0 3380.812-2019 72.5 0.0 0.0 27.6 0.0 0.0 2408.8 0.0 0.0 2408.812-2020 50.8 0.0 0.0 19.3 0.0 0.0 1728.6 0.0 0.0 1728.612-2021 35.5 0.0 0.0 13.5 0.0 0.0 1238.4 0.0 0.0 1238.412-2022 24.9 0.0 0.0 9.5 0.0 0.0 887.6 0.0 0.0 887.612-2023 17.4 0.0 0.0 6.6 0.0 0.0 635.9 0.0 0.0 635.912-2024 12.2 0.0 0.0 4.6 0.0 0.0 455.8 0.0 0.0 455.812-2025 8.5 0.0 0.0 3.2 0.0 0.0 326.8 0.0 0.0 326.8S TOT 962.9 0.0 0.0 362.8 0.0 0.0 30458.5 0.0 0.0 30458.5AFTER 2.9 0.0 0.0 1.1 0.0 0.0 109.2 0.0 0.0 109.2TOTAL 965.8 0.0 0.0 363.9 0.0 0.0 30567.7 0.0 0.0 30567.7--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.30 0.00 0.00 0.0 0.0 305.3 4092.7 5033.0 -940.3 -639.912-2016 81.40 0.00 0.00 0.0 0.0 673.0 9187.8 0.0 9187.8 5478.812-2017 83.40 0.00 0.00 0.0 0.0 356.2 4780.8 0.0 4780.8 2584.712-2018 85.40 0.00 0.00 0.0 0.0 239.5 3141.3 0.0 3141.3 1542.212-2019 87.40 0.00 0.00 0.0 0.0 175.1 2233.7 0.0 2233.7 996.712-2020 89.60 0.00 0.00 0.0 0.0 128.7 1599.9 0.0 1599.9 649.012-2021 91.70 0.00 0.00 0.0 0.0 94.6 1143.8 0.0 1143.8 421.812-2022 93.90 0.00 0.00 0.0 0.0 69.5 818.1 0.0 818.1 274.312-2023 96.10 0.00 0.00 0.0 0.0 51.1 584.8 0.0 584.8 178.212-2024 98.40 0.00 0.00 0.0 0.0 37.6 418.2 0.0 418.2 115.912-2025 100.80 0.00 0.00 0.0 0.0 42.9 284.0 0.0 284.0 71.6S TOT 83.96 0.00 0.00 0.0 0.0 2173.4 28285.1 5033.0 23252.1 11673.3AFTER 100.80 0.00 0.00 0.0 0.0 19.2 89.9 424.3 -334.4 -76.5TOTAL 84.01 0.00 0.00 0.0 0.0 2192.6 28375.0 5457.3 22917.7 11596.8OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 15.50 5.00 16107.332GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 11596.796GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.10 15.00 8525.409GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 5.12 20.00 6382.572NET RES., MB & MMF 363.876 0.000 UNDISCOUNTED NET/INVEST. 5.20 25.00 4855.337NET REVENUE, M$ 30567.678 0.000 DISCOUNTED NET/INVEST. 4.50 30.00 3746.158INITIAL PRICE, $ 78.300 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 2312.996INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 989.98080.00 475.507100.00 248.717RALPH E. DAVIS ASSOCIATES, INC.F‐1529

BLOCK 95 BLOCK DATE : 03/24/2011BRETANA FIELD, BASIN TIME : 11:05:52PERU DBS : DEMOBRETANA-21 , RESERVOIRSETTINGS : RED123110PROBABLE UNDEVELOPED SCENARIO : 51-101R E S E R V E S A N D E C O N O M I C SAS OF DECEMBER 31, 2010--END-- GROSS OIL GROSS GAS GROSS NGL NET OIL NET GAS NET NGL NET OIL NET GAS NET NGL TOTALMO-YEAR PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION REVENUE REVENUE REVENUE REVENUE------- ---MBBLS--- ----MMCF--- ---MBBLS--- ---MBBLS-- ----MMCF-- ----MBBLS- ----M$---- ----M$---- ----M$---- ---M$----12-2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 56.3 0.0 0.0 21.0 0.0 0.0 1642.0 0.0 0.0 1642.012-2016 380.4 0.0 0.0 142.5 0.0 0.0 11600.4 0.0 0.0 11600.412-2017 178.4 0.0 0.0 67.5 0.0 0.0 5630.5 0.0 0.0 5630.512-2018 111.2 0.0 0.0 42.2 0.0 0.0 3607.8 0.0 0.0 3607.812-2019 77.0 0.0 0.0 29.2 0.0 0.0 2556.3 0.0 0.0 2556.312-2020 53.9 0.0 0.0 20.5 0.0 0.0 1834.4 0.0 0.0 1834.412-2021 37.7 0.0 0.0 14.3 0.0 0.0 1314.2 0.0 0.0 1314.212-2022 26.4 0.0 0.0 10.0 0.0 0.0 942.0 0.0 0.0 942.012-2023 18.5 0.0 0.0 7.0 0.0 0.0 674.9 0.0 0.0 674.912-2024 12.9 0.0 0.0 4.9 0.0 0.0 483.7 0.0 0.0 483.712-2025 9.1 0.0 0.0 3.4 0.0 0.0 346.9 0.0 0.0 346.9S TOT 961.7 0.0 0.0 362.7 0.0 0.0 30633.0 0.0 0.0 30633.0AFTER 4.1 0.0 0.0 1.5 0.0 0.0 155.9 0.0 0.0 155.9TOTAL 965.8 0.0 0.0 364.3 0.0 0.0 30788.9 0.0 0.0 30788.9--END-- NET OIL NET GAS NET NGL SEVERANCE AD VALOREM NET OPER OPERATING EQUITY FUTURE NET DISC 10.0%MO-YEAR PRICE PRICE PRICE TAXES TAXES EXPENSES CASH FLOW INVESTMENT CASH FLOW CASH FLOW------- ---M$--- ---M$--- ---M$--- ----M$----- ----M$----- ----M$---- ----M$---- -----M$--- -----M$---- -----M$----12-2011 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2012 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2013 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2014 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.012-2015 78.30 0.00 0.00 0.0 0.0 114.5 1527.5 5074.1 -3546.6 -2236.112-2016 81.40 0.00 0.00 0.0 0.0 791.4 10809.0 0.0 10809.0 6451.012-2017 83.40 0.00 0.00 0.0 0.0 390.3 5240.2 0.0 5240.2 2833.812-2018 85.40 0.00 0.00 0.0 0.0 255.6 3352.2 0.0 3352.2 1645.912-2019 87.40 0.00 0.00 0.0 0.0 185.8 2370.5 0.0 2370.5 1057.812-2020 89.60 0.00 0.00 0.0 0.0 136.6 1697.9 0.0 1697.9 688.812-2021 91.70 0.00 0.00 0.0 0.0 100.4 1213.8 0.0 1213.8 447.612-2022 93.90 0.00 0.00 0.0 0.0 73.8 868.2 0.0 868.2 291.112-2023 96.10 0.00 0.00 0.0 0.0 54.2 620.6 0.0 620.6 189.212-2024 98.40 0.00 0.00 0.0 0.0 39.9 443.9 0.0 443.9 123.012-2025 100.80 0.00 0.00 0.0 0.0 45.5 301.4 0.0 301.4 76.0S TOT 84.46 0.00 0.00 0.0 0.0 2187.9 28445.1 5074.1 23371.1 11568.0AFTER 100.80 0.00 0.00 0.0 0.0 27.6 128.3 427.8 -299.5 -67.0TOTAL 84.53 0.00 0.00 0.0 0.0 2215.5 28573.5 5501.9 23071.6 11501.0OIL GAS P.W. % P.W., M$--------- --------- ------ --------GROSS WELLS 1.0 0.0 LIFE, YRS. 15.67 5.00 16091.746GROSS ULT., MB & MMF 965.800 0.000 DISCOUNT % 10.00 10.00 11501.006GROSS CUM., MB & MMF 0.000 0.000 UNDISCOUNTED PAYOUT, YRS. 5.33 15.00 8395.879GROSS RES., MB & MMF 965.800 0.000 DISCOUNTED PAYOUT, YRS. 5.35 20.00 6243.458NET RES., MB & MMF 364.250 0.000 UNDISCOUNTED NET/INVEST. 5.19 25.00 4718.936NET REVENUE, M$ 30788.922 0.000 DISCOUNTED NET/INVEST. 4.50 30.00 3618.384INITIAL PRICE, $ 78.300 0.000 RATE-OF-RETURN, PCT. 100.00 40.00 2208.044INITIAL N.I., PCT. 37.252 0.000 INITIAL W.I., PCT. 40.000 60.00 925.30680.00 436.260100.00 224.441RALPH E. DAVIS ASSOCIATES, INC.F‐1529