takeover offer, page-30

It's out today

Quarterly Report December 2010 Highlights
? Revenue from operations of US$6.5 million*
? Oil production up 21% on previous quarter**
? Gas production down 7% on previous quarter**
? Upgrade in 1P proven reserves to 7.8 million barrels of oil equivalent (BOE)***
? Schwing 3 exploration well drilled to target depth ? plugged and abandoned
? White Eagle Project in Kansas sold for US$60.25m cash consideration
? Cash at bank of A$43m ? bank debt reduced by US$20m to US$25m
? Significant unrealised reserve potential identified in Texas assets***
? On market share buyback announced ? commenced 7 January 2011
? Post period ? receipt of unsolicited approach for the Company?s shares