Ann: Ambassador Signs Material Farm-In Agreement , page-2

re: Ann: Ambassador Signs Material Farm-In Ag... , “This deal brings one of the world’s leading shale gas
and oil explorers into the Cooper Basin while Ambassador retains a very large stake in PEL 570.”

“Ambassador shareholders have very high leverage to any success which may flow from the $42.5 million
of exploration expenditure which New Standard will now spend in our PEL 570 block.”

“Ambassador Oil and Gas shareholders can be very pleased that one of the world’s most experienced
shale oil and gas explorers, in Magnum Hunter Resources, alongside New Standard Energy Ltd, will be
applying their vast knowledge to assisting us unlock the value of the Patchawarra Trough region of the
Cooper Basin.”

“New Standard Energy is acquiring Magnum Hunter Resources’ Eagle Ford shale assets in the US in
exchange for cash and shares making MHR the largest shareholder in NSE. As part of that deal NSE is
also acquiring a 52.5% interest in PEL 570. The consideration for the acquisition of the 52.5% interest in
PEL 570 is that NSE must spend up to $42.5 million on exploration in permit PEL 570, including drilling
three wells over the life of the permit.”

“The first step is to complete a large 3D seismic survey in 2014 followed by three subsequent wells which
we hope will begin to unlock the massive potential of this part of the Cooper basin.”