The extension of the reconnaissance permit by NOCAL provides the company additional time to continue its exploration of the permit area and develop additional data in its quest to pursue the prospect of application of a Production Sharing Contract with the National Oil Company of Liberia (NOCAL).

During the month of January, 2010, James Dick, geologist and director of the company, has supervised an exploration team that carried out an extensive Oil Seep Survey over the most prospective portion of the onshore Reconnaissance Licensed area in Liberia, West Africa.

The initial focus of the oil seep survey concentrated on two areas, the Marshall City area where oil seeps have been reported for several years, and the Airport area where the company lacked anecdotal information. The objective was to confirm the previously indicated oil seeps in the above areas and to expand the area of proven oil seeps in these two areas, the company said.

At the conclusion of its oil seep survey, the company has said that oil seeps were found on all traverses (15) covering an area of about 125sqkm. Each sighting had numerous seeps in close proximity. Samples of water and soil were taken at each sighting and from pits offsetting seeps at the best seep in each area. Clay and sand were sealed in plastic bags and water samples were placed in sample bottles.

The company added that iridescent sheen and bubbles floating on water, bubbles from bottom in shallow water, identified the seeps and often there was kerosene smell. The hydrocarbon present is very volatile, disappears very quickly, was only seen entering fresh pits and is positive indication of mature oil.

In addition to having secured the first ever on shore exploration permit in Liberia, the company will continue its focus pursuing strategic exploration and production licenses in Africa while also pursing production assets in North America and other markets.