EMERALD OIL AND GAS NL ACN 009 795 046

NOTICE OF GENERAL MEETING

AND

EXPLANATORY MEMORANDUM

IMPORTANT INFORMATION This is an important document that should be read in its entirety.

If you do not understand it you should consult your professional advisers without delay.

If you wish to discuss any aspect of this document with the Company please contact Mr Graeme Smith on telephone (+61 8) 9389 2111.

EMERALD OIL & GAS NL ACN 009 795 046

NOTICE OF GENERAL MEETING

Notice is hereby given that a General Meeting of the Shareholders of Emerald Oil & Gas NL will be held at 52 Ord Street, West Perth, Western Australia at 2.15 pm (WST) on 24 May 2013 to conduct the following business and to consider, and if thought fit, to pass the following Resolutions.

AGENDA

RESOLUTION 1 – REDUCTION OF CAPITAL AND DISTRIBUTION IN SPECIE To consider, and if thought fit, to pass with or without amendment, the following resolution as an ordinary resolution:

“That, subject to the passage of Resolution 2, and the Class Ruling being successfully obtained, for the purposes of sections 256B and 256C of the Corporations Act 2001 (Cth) and the Company’s Constitution, Shareholders approve that:

(a) the Company will effect a reduction in the issued share capital of the Company, without cancelling any shares, by an amount equal to the market value of all EOX Shares held by the Company on the Distribution Date and recognising in the Income Statement a loss on disposal of the EOX Shares, being excess of the book value over the market value of the EOX Shares; and

(b) the reduction in issued share capital be satisfied by distributing and transferring the EOX Shares in specie to Eligible Shareholders pro rata in accordance with each Eligible Shareholder’s holding in the Company on the Record Date and otherwise on the terms and conditions set out in the Explanatory Memorandum accompanying this Notice of Meeting.”

Voting Exclusion Statement: The Company will disregard any votes cast on this Resolution cast (in any capacity), by or on behalf of, a related party of the Company to whom the Resolution would permit a financial benefit to be given (except a benefit solely in the capacity of a holder of ordinary securities), or an associate of such a related party. However, the Company need not disregard a vote if it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the proxy form or it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides. RESOLUTION 2 – APPROVAL FOR PROVISION OF A FINANCIAL BENEFIT TO RELATED PARTIES To consider, and if thought fit, to pass with or without amendment, the following resolution as an ordinary resolution: “That, subject to the passage of Resolution 1, for the purpose of section 208 of the Corporations Act 2001 (Cth), and for all other purposes, Shareholders approve the giving of a financial benefit to Mike Krzus and McAndrew Rudisill (or entities controlled by them), both Directors of the Company, pursuant to the reduction of the exercise price of the Options held by entities controlled by Messrs Krzus and Rudisill as a result of completion of the In Specie Distribution on the terms and conditions set out in the Explanatory Memorandum accompanying this Notice of Meeting”

Voting Exclusion Statement: The Company will disregard any votes cast on this Resolution cast (in any capacity), by or on behalf of, a related party of the Company to whom the Resolution would permit a financial benefit to be given (except a benefit solely in the capacity of a holder of ordinary securities), or an associate of such a related party. However, the Company need not disregard a vote if it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the proxy form or it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides. DATED THIS 10th DAY OF APRIL 2013 BY ORDER OF THE BOARD GRAEME SMITH COMPANY SECRETARY Notes: Definitions Terms which are used in this Notice and which are defined in Section 4 of the Explanatory Memorandum have the meanings ascribed to them therein. Note If you have recently changed your address or if there is any error in the name and address used for this notice please notify the Company Secretary. In the case of a corporation, notification is to be signed by a director or company secretary.

Proxies A Shareholder who is entitled to vote at this Meeting has a right to appoint a proxy and should use the proxy form enclosed with this notice. The proxy need not be a Shareholder of the Company and can be an individual or a body corporate. A body corporate appointed as a Shareholder’s proxy may appoint a representative to exercise any of the powers the body may exercise as a proxy at the Meeting. The representative should bring to the Meeting evidence of this appointment, including any authority under which the appointment is signed, unless it has previously been given to the Company. A Shareholder who is entitled to cast 2 or more votes may appoint 2 proxies and may specify the proportion or number of votes each proxy is appointed to exercise. If a Shareholder appoints 2 proxies and the appointment does not specify the proportion or number of the Shareholder’s votes each proxy may exercise, section 249X of the Corporations Act will take effect so that each proxy may exercise half of the votes (ignoring fractions). A proxy’s authority to speak and vote for a Shareholder at the meeting is suspended if the Shareholder is present at the meeting. The proxy form must be signed and dated by the Shareholder or the Shareholder’s attorney. Joint Shareholders must each sign.

Proxy forms and the original or a certified copy of the power of attorney (if the proxy form is signed by an attorney) must be received:

at PO Box 535, Applecross WA 6953; or

on facsimile number +61 8 9315 2233, not later than 2.15 pm (WST) on 22 May 2013. Pursuant to regulation 7.11.37 of the Corporations Regulations, the Board has determined that the shareholding of each Shareholder for the purposes of ascertaining the voting entitlements for the Meeting will be as it appears in the share register at 2.15 pm (WST) on 22 May 2013. Bodies Corporate A body corporate may appoint an individual as its representative to exercise any of the powers the body may exercise at meetings of a company’s shareholders. The appointment may be a standing one. Unless the appointment states otherwise, the representative may exercise all of the powers that the appointing body could exercise at a meeting or in voting on a resolution. The representative should bring to the Meeting evidence of his or her appointment, including any authority under which the appointment is signed, unless it has previously been given to the Company.

EMERALD OIL & GAS NL ACN 009 795 046

EXPLANATORY MEMORANDUM

This Explanatory Memorandum forms part of a Notice convening a General Meeting of Shareholders of Emerald Oil & Gas NL to be held at 52 Ord Street, West Perth, Western Australia at 2.15pm (WST) on 24 May 2013. This Explanatory Memorandum is to assist Shareholders in understanding the background to and the legal and other implications of the Notice and the reasons for the Resolutions proposed. Certain terms used in this Explanatory Memorandum are defined in Section 4. 1. RESOLUTION 1 - REDUCTION OF CAPITAL AND DISTRIBUTION IN SPECIE 1.1 Background The Company holds shares in Emerald Oil Inc. (NYSE MKT : EOX), a publicly listed company in the USA. On 11 July 2012 the Company announced that it had entered into an agreement with Voyager Oil and Gas Inc (renamed Emerald Oil Inc.), to acquire the then subsidiary of the Company, Emerald Oil Inc., which holds various oil shale assets. The consideration for the acquisition of Emerald Oil Inc. by Voyager Oil and Gas Inc. comprised, a 19.9% shareholding in Voyager Oil and Gas Inc. (which, at the time, represented by approximately 11.6 million EOX Shares) and US$2.5 million which was returned to the Company as part of a separate, pre-existing inter-company arrangement between the Company and the then subsidiary company. On 25 September 2012, EOX completed an equity raising of US$75 million at an issue price of US$0.80 per share. The Company’s shareholding in EOX was diluted as a result. As announced by EOX on 22 October 2012 EOX conducted a 7 for 1 reverse share split thereby reducing the number of EOX Shares held by the Company from 11.6 million to the current holding of 1,662,174 EOX Shares. The EOX Shares not required to operate the business will be distributed by the Company as part of a business restructure to allow the Company to concentrate on its exploration and development projects. Further, since the Company was issued the EOX Shares, the Company has received several requests and enquiries from Shareholders holding significant numbers of Shares and their advisers to have a resolution put to Shareholders that the distribution in specie of the EOX Shares be made pro rata to Shareholders. Given the holding in EOX and the enquiries from Shareholders, the Board decided to have the required resolutions put to Shareholders in relation to the possible distribution in specie of the EOX Shares to Shareholders. The Directors’ recommendations on how to vote on Resolutions 1 and 2 are included in Section 3. If Shareholder approval for Resolutions 1 and 2 is obtained, and the Class Ruling successfully obtained, the Board will make the In Specie Distribution of EOX Shares to Shareholders on a pro rata basis by way of equal capital reduction. If Shareholder approval for Resolutions 1 and 2 is obtained, and the Class Ruling successfully obtained, the Board will determine a Record Date. In any event, notice of the Record Date will be given by the Company at least 7 days prior to the Record Date.

1.2 Legal Requirements – Capital Reduction Corporations Act Section 256B(1) of the Corporations Act provides that a company may reduce its share capital if the reduction: (a) is fair and reasonable to the company’s shareholders as a whole; (b) does not materially prejudice the company’s ability to pay its creditors; and (c) is approved by shareholders under section 256C of the Corporations Act. The proposed capital reduction is an equal reduction as: (a) it relates only to ordinary Shares; (b) it applies to each holder of ordinary Shares in proportion to the number of ordinary Shares they

hold; and (c) the terms of the reduction are the same for each holder of ordinary Shares. As the proposed capital reduction is an equal reduction, section 256C of the Corporations Act requires Shareholder approval of the proposed reduction by way of an ordinary resolution. The Directors consider that the proposed reduction of capital by the In Specie Distribution of all EOX Shares held by the Company on a pro rata basis to the Shareholders of the Company: (a) does not materially prejudice the Company ability to pay its creditors; (b) will not result in the Company being insolvent at the time of the capital reduction or become

insolvent as a result of the capital reduction; and (c) is fair and reasonable to Shareholders as a whole because Eligible Shareholders are all treated

in the same manner as the distribution of EOX Shares is on a pro rata basis. The effect of the In Specie Distribution will be to transfer the EOX Shares as previously held by the Company pro rata to Eligible Shareholders thereby changing each Eligible Shareholder’s interest from an indirect interest to a direct interest. Listing Rule 7.20 In accordance with Listing Rule 7.20, the following information is provided: (a) As a result of the proposed In Specie Distribution, the number of Shares on issue in the

Company will not change. (b) In determining the number of EOX Shares an Eligible Shareholder will receive, fractional

entitlements arising on the reduction of capital will be rounded down. (c) Holders of Options will not be entitled to participate in the proposed reduction of capital.

However, Options may be exercised prior to the Record Date to enable participation in the In- Specie Distribution. Further details in relation to the treatment of Options on issue in the Company is provided in section 1.6 of the Explanatory Memorandum.

1.3 Effect of Reduction of Capital on the Company If Shareholder approval is obtained for the reduction of capital and In Specie Distribution implemented, it will have the effect of reducing the Company’s total and net assets and reducing the Company’s total equity by the dollar amount of the market value (at the Distribution Date) of the EOX Shares which, at the date of this Notice (based upon the latest EOX share price as quoted on the NYSE AMEX stock exchange being US$6.45), is approximately $10.2 million. The Company has estimated a capital reduction of approximately 1.1 cents per Share (based on the number of Shares on issue as at the date of the Notice of Meeting). The exact amount of the return of capital per Share may vary depending on the market value of the EOX shares on the Distribution Date and in the event that Options are exercised prior to the Record Date.

A pro forma consolidated statement of financial position of the Company following completion of the In Specie Distribution is set out below. The pro forma statement of financial position below is provided to Shareholders for illustration purposes and includes information on the assets and liabilities of the Company and pro-forma assets and liabilities of the Company following completion of the In Specie Distribution as noted below. This statement of financial position should be read in conjunction with the half yearly report for the period ended 31 December 2012.

Emerald Oil & Gas NLPro-Forma Statement of Financial PositionAs at 31 December 2012

Actual Adjustments ProformaCurrent AssetsCash and cash equivalents 744,480 744,480 Trade and other receivables 145,778 145,778Financial assets at fair value 8,396,238 - 8,396,238 0Total Current Assets 9,286,496 - 8,396,238 890,258

Non-Current AssetsProperty, plant and equipment 160,292 160,292Exploration and evaluation expenditure 354,782 354,782Oil and gas assets 509,382 509,382Total Non-Current Assets 1,024,456 1,024,456Total Assets 10,310,952 - 8,396,238 1,914,714

Current LiabilitiesTrade and other payables 75,364 75,364Total Current Liabilities 75,364 75,364Total Liabilities 75,364 75,364Net Assets 10,235,588 - 8,396,238 1,839,350

EquityIssued capital 46,356,181 - 8,396,238 37,959,943Reserves 949,536 949,536Accumulated losses - 37,190,077 - 37,190,077Total equity attributable to owners of the parent 10,115,640 - 8,396,238 1,719,402Non-controlling interest 119,948 119,948Total Equity 10,235,588 - 8,396,238 1,839,350

Notes: 1. The financial assets at fair value represents the book value of the EOX Shares as set out in the audited financial statements for the Company for the half year ended 31 December 2012. The total market value of the EOX Shares based upon the EOX share price as quoted on the NYSE AMEX stock exchange on the date of this Notice (US$6.45) is approximately $10.2 million.

1.4 Directors’ Interests The following table sets out the Directors’ interests in Shares as at the date of the Notice of Meeting and the number of EOX Shares which they (or their associated parties) will receive pursuant to the In Specie Distribution, in their capacity as Shareholders, if the Conditions satisfied, and the In Specie Distribution implemented:

Director Shares Number of EOX Shares to be received on the assumption that the number of Shares on issue as at the date of the Notice does not change prior to

the Record Date

Jeremy Shervington 8,331,915 14,676

Mike Krzus 5,709,226 10,056

McAndrew Rudisill 14,750,000 25,981

Davide Bosio NIL NIL

Dino DiCosta NIL NIL

1. Final number of EOX Shares may vary depending on exercise of any Options prior to the Record Date, the issue of further Shares, or the acquisition of Shares whether on market or otherwise.

1.5 Advantages and Disadvantages of the Proposal The Board considers that the In Specie Distribution has the following (non-exhaustive) advantages and disadvantages. Advantages The Board considers that the following are advantages of approving the In Specie Distribution: (a) The In Specie Distribution will allow Shareholders to extract face value from EOX by individually

selling if they wish, whereas at the date of this Notice the Company is trading at a discount to the see through value of the EOX Shares so selling Shares will not obtain the same value as selling EOX.

(b) The In Specie Distribution will divest the Company of the EOX Shares which are surplus to the requirements of the Company and allow the Company to concentrate on its exploration and development projects.

(c) Shareholders will retain their current percentage ownership in the capital of the Company.

Disadvantages The Board considers that the following are potential disadvantages of the In Specie Distribution to Shareholders: (a) The total asset position of the Company will be reduced significantly as a result of the In Specie

Distribution, and as remaining Shareholders this may be disadvantageous. (b) Shareholders may incur brokerage and other costs associated with disposing of EOX Shares they

receive under the In Specie Distribution. (c) Details of the general taxation effects of the In Specie Distribution are set out in Section 1.7. (d) The Company’s share price will decline as a result of the In Specie Distribution to reflect the asset

disbursement to the Eligible Shareholders. 1.6 Effect of Capital Reduction and In Specie Distribution (a) Effect on Shares The Company currently has 943,651,304 Shares on issue. The number of Shares on issue will remain unchanged as a result of the proposed capital reduction. (b) Effect on Options

The impact of the In Specie Distribution on Shareholders will depend on the number (if any) of Options exercised prior to the Record Date. As at the date of this Notice, the Company currently has on issue: (a) 5,000,000 unlisted options with an exercise price of $0.10 expiring on 31 March 2014; (b) 117,600,000 unlisted options with an exercise price of $0.05 expiring on 30 April 2014; and (c) 50,000,000 unlisted options with an exercise price of $0.05 expiring on 28 June 2014. Listing Rule 7.22 In accordance with Listing Rule 7.22.3, the number of Options on issue will remain the same however, the Options are required to have their exercise price per Option reduced by the same amount as the amount returned in respect of each Share. At the date of this Notice the Company has estimated a capital reduction of approximately 1.1 cents per Share (based on the number of Shares on issue and the market value of the EOX Shares as at the date of the Notice). 1.7 Tax Implications Each Shareholder should seek and rely on its own professional taxation advice, specific to its particular circumstances, in relation to the taxation consequences of the proposed transaction the subject of this Notice. Neither the Company, nor any of its officers or advisers, accepts liability or responsibility with respect to such consequences or the reliance by any Shareholder on any part of the following summary. The following is a general summary of the Australian taxation consequences for Shareholders who receive EOX Shares in respect of the In Specie Distribution based on the applicable taxation law, and independent advice received, at the date of this Notice. The Company is in the process of seeking a Class Ruling from the Australian Taxation Office (ATO) to confirm that the Commissioner of Taxation will not determine that all or any part of the In Specie Distribution will be an unfranked dividend in accordance with section 45B of the Income Tax Assessment Act 1936 (Cth) (Section 45B). The Company will update Shareholders accordingly and in due course. The following summary only applies to Shareholders who hold their Shares on capital account for tax purposes, and not on revenue account. The application of tax legislation can vary according to the individual circumstances of each Shareholder. This summary is not intended, and should not be relied upon, as specific taxation advice to any particular Shareholder. The comments in this summary are of a general nature only, may not apply to your specific circumstances and cannot be relied upon for accuracy or completeness. Australian taxation implications for Australian resident Shareholders if Class Ruling application is successful

The following comments are subject to confirmation by the ATO by the issuing of a Class Ruling in relation to the In Specie Distribution.

The In Specie Distribution of EOX Shares to Shareholders will reduce the cost base of the Shareholder’s Shares (but not below nil) and will give rise to a capital gain if the capital reduction amount is more than the cost base of the Shares. There is a risk that the Commissioner of Taxation may deem the In Specie Distribution to be an unfranked dividend in accordance with Section 45B. In such event, the conditions required to make the In Specie Distribution will not be satisfied, and the In Specie Distribution will not be made by the Company. Australian taxation implications for non-resident Shareholders Each non-resident Shareholder should seek and rely on its own professional taxation advice, specific to its particular circumstances, in relation to the taxation consequences of the In Specie Distribution. Neither the Company, nor any of its officers or advisers, accepts liability or responsibility with respect to any taxation consequences of the In Specie Distribution on any Shareholder.

Australian taxation implications for the Company The In Specie Distribution will give rise to a capital loss to the Company to the extent that the cost base of the EOX Shares exceeds the capital proceeds deemed to be received by the Company. If the Company makes the In Specie Distribution for no consideration, the “market value substitution” rule in section 116-30 of the Income Tax Assessment Act 1997 will apply to deem the Company to receive the market value of the EOX Shares as consideration for the In Specie Distribution. At the date of this Notice, the In Specie Distribution in respect of the share capital reduction is not expected to have any adverse CGT implications for the Company. 1.8 Risk Factors Associated with EOX

On completion of the In Specie Distribution Shareholders will become shareholders of EOX and should be aware of general and specific risk factors which may affect EOX and the value of its securities. An extract of the risk factors associated with EOX, namely the risks related to the business and industry of EOX as included in EOX’s annual report for the period ended 31 December 2012 is attached as Annexure A. In addition to the risk factors as set out in Annexure A, upon completion of the In Specie Distribution Shareholders will become direct holders of EOX Shares, being securities regulated in accordance with the laws of the USA (principally those laws governed by the US Securities and Exchange Commission) and the rules of the NYSE. These laws and rules are different to the laws and rules in Australia that apply to the Company, and as such, there is the risk that the holding of these foreign securities may involve higher risks, and be less favourable, than investment in Australian securities. Further information in relation to EOX can be found on EOX’s website at http://www.emeraldoil.com and EOX’s announcements can be found at http://ir.emeraldoil.com/sec-filings (free of charge). 1.9 Rights and Liabilities Attaching to EOX Shares An extract of the rights and liabilities attaching the EOX Shares as included in EOX’s prospectus supplement dated 25 September 2012 is attached as Annexure B. Further information in relation to EOX can be found on EOX’s website at http://www.emeraldoil.com and EOX’s announcements can be found at http://ir.emeraldoil.com/sec-filings (free of charge). 1.10 Financial Position of EOX An extract of the audited financial statements of EOX as included in EOX’s annual report for the period ended 31 December 2012 is attached as Annexure C. Further information in relation to EOX can be found on EOX’s website at http://www.emeraldoil.com and EOX’s announcements can be found at http://ir.emeraldoil.com/sec-filings (free of charge). 1.11 Overview of EOX’s Business EOX is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota and Montana, targeting the Bakken and Three Forks shale oil formations. EOX is based in Denver, Colorado. Assets outside of the Williston Basin are being monetized to focus capital deployment to the Williston Basin. These include the Sand Wash Basin- Niobrara Project, Heath Shale Oil Project, D-J Basin Niobrara Project, and Tiger Ridge Project.

EOX have identified approximately 279 net potential drilling locations on its acreage prospective for oil in the Bakken and Three Forks formations assuming 4 Bakken wells and 3 Three Forks wells per 1,280-acre spacing unit. The majority of EOX’s capital expenditures are expected to be directed toward

drilling operated Bakken and Three Forks wells. EOX are currently operating a continuous 1-rig drilling program on our operated acreage in McKenzie County, North Dakota.

EOX was formerly known as Voyager Oil and Gas Inc which (as announced on 11 July 2012) had entered into an agreement with the Company, to acquire the then subsidiary of the Company, Emerald Oil Inc., which held various oil shale assets. This transaction was subsequently completed, and the EOX Shares issued to the Company as part of the consideration under the transaction.

An extract from EOX’s annual report for the period ended 31 December 2012 comprising an overview of EOX’s business is attached as Annexure D.

Further information about EOX can be found on EOX’s website at http://www.emeraldoil.com and EOX’s announcements can be found at http://ir.emeraldoil.com/sec-filings (free of charge). The following continuous disclosure notices have been given by EOX since the lodgement of EOX’s annual report for the period ended 31 December 2012 (such notices can be found at http://ir.emeraldoil.com/sec-filings (free of charge)): Date Lodged Description 3/04/2013 Current report filing 29/03/2013 Notice of Effectiveness

21/03/2013 Registration of statement for specified transactions of certain issuers The Chairman intends to vote all available proxies AGAINST Resolution 1. 2. RESOLUTION 2 - Chapter 2E of the Corporations Act Chapter 2E of the Corporations Act regulates the provision of financial benefits to related parties by a public company. Section 208 of the Corporations Act prohibits a public company from giving a financial benefit to a related party unless one of the exceptions to Section 208 applies or shareholders have approved the giving of that benefit to the related party. A “financial benefit” is defined in the Corporations Act in broad terms and includes a public company, issuing securities, and buying an asset from a related party. For the purposes of this Meeting, a “related party” includes an entity controlled by the Directors of the Company. Pelagic Capital Investments Ltd is controlled by Mr McAndrew Rudisill, who is a director of the Company. PBTL Lifetime Superannuation Fund Pty Ltd is controlled by Mr Mike Krzus who is a director of the Company. Accordingly, both Pelagic and PBTL are related parties of the Company. Given that the In Specie Distribution will result in the reduction of the exercise price of the Options held by both Pelagic and PBTL the In Specie Distribution involves the provision of a financial benefit to a related party of the Company. Section 210 of the Corporations Act provides that a company does not need to obtain shareholder approval to give a financial benefit to a related party if the giving of the financial benefit would be reasonable in the circumstances if the party and the entity were dealing at arm’s length (or on terms less favourable than arm’s length). Notwithstanding the above, the Board is of the view that it is prudent to seek Shareholder approval under Section 208 of the Corporations Act for In Specie Distribution given that it will result in the reduction of the exercise price of the Options held by both Pelagic and PBTL pursuant to Listing Rule 7.22.3. Section 208 of the Corporations Act provides that for a public company to give a financial benefit to a related party of that company, the public company must:

(a) obtain the approval of members in the way set out in Section 217 and 227; and

(b) give the benefit within 15 months after the approval.

In accordance with Chapter 2E, and in particular Section 219 of the Corporations Act, the following information is provided to Shareholders to allow them to assess the proposed effect of the In Specie Distribution as it effects those Options held by Pelagic and PBTL: The related parties to whom the Resolutions would permit the financial benefit to be given. The related parties are Pelagic and PBTL. Pelagic is an entity controlled by Mr McAndrew Rudisill, a director of the Company. PBTL is an entity controlled by Mr Mike Krzus, a director of the Company. Trading history In the last 12 months before the date of this Notice, the highest, lowest and latest trading prices (as at the date of this Notice) of the listed Shares on ASX are as set out below: Shares (ASX: EMR) Highest (16 April 2012) $0.032 Lowest (4 December 2012) $0.007 Latest (10 April 2013) $0.009 The nature of the financial benefit The financial benefit proposed to be given is the reduction in the exercise price of those Options held by both Pelagic and PBTL pursuant to Listing Rule 7.22.3. Directors’ recommendation and basis of recommendation The Directors’ recommendations are set out in Section 3. Directors’ interest in the outcome Mr Rudisill’s interest in the outcome of the Resolutions is the reduction of the exercise price of the Options held by Pelagic in accordance with Listing Rule 7.22.3, as well as the receipt of EOX Shares as a result of the In Specie Distribution in accordance with Pelagic’s shareholding in the Company as described in Section 1.4. Mr Krzus’ interest in the outcome of the Resolutions is the reduction of the exercise price of the Options held by PBTL in accordance with Listing Rule 7.22.3, as well as the receipt of EOX Shares as a result of the In Specie Distribution in accordance with Mr Krzus’ shareholding in the Company as described in Section 1.4. The other Directors do not have a material interest in the outcome of the Resolutions other than to the extent that the In Specie Distribution will result in the Directors receiving EOX Shares in accordance with their Shareholdings as at the Record Date. Relevant Director’s remuneration package Mr Rudisill and Mr Krzus have received annual remuneration (inclusive of superannuation) for the last 2 financial years as set out below: Remuneration received in Remuneration received in

financial year ending 30 June 2011

financial year ending 30 June 2012

McAndrew Rudisill NIL $229,022 Mike Krzus $314,999 $337,311 Related party’s existing interest Mr Rudisill and Mr Krzus currently has an interest in the following securities of the Company: Shares Options

exercisable for 5 cents each on or before 30 April 2014

Options exercisable for 5 cents each on or before 28 June 2014

Options exercisable for 10 cents each on or before 31 March 2014

McAndrew Rudisill

14,750,000 3,920,000 25,000,000 NIL

Mike Krzus 5,709,226 NIL NIL 5,000,000 Valuation of financial benefit The financial benefit which is being provided by the Company to Pelagic and PBTL and requires approval under Resolution 2 is the reduction in the exercise price of the Options held by Pelagic. The Directors (having obtained a valuation of the each of the classes of Options at a valuation date of 6 March 2013 and on the basis that the exercise price of each of the Options if reduced by 1.1 cents) consider the financial benefit being given to Pelagic and PBTL to be the increase in the indicative theoretical value of the Options held by Pelagic and PBTL as a result of the In Specie Distribution being implemented and the resultant reduction of the exercise price of the Options pursuant to Listing Rule 7.22.3. The value of the financial benefits on the above basis are set out in the table below:

Related Party Value of Financial Benefit Pelagic (McAndrew Rudisill) $8,109 PBTL (Mike Krzus) $500

1. The Black and Scholes option valuation methodology was used as the basis for the calculation. 2. The Share price as at the valuation date of 6 March 2013 was $0.008. 3. The risk free interest rate used was 2.7% (based on the implied yield of Treasury Fixed Coupon Bonds at the valuation date, with a

life approximating to the expected life of the Options). 4. A volatility factor of 112% (based on a 1.25 year price history) was used. 5. There are no vesting conditions. 6. The expected dividend yield is 0%. The Chairman intends to vote all available proxies AGAINST Resolution 2. 3. Directors’ Recommendation

Jeremy Shervington recommends that Shareholders do not vote in favour of the Resolutions. The reason for this is that he considers it will be in the best interests of the Company and its Shareholders in the longer term if the Company retains the EOX shares and at some time in the future liquidates them for cash. Mr Shervington considers that if the EOX Shares are distributed, the share price of the Company will likely trade at or around $0.001. Based on the current market value of EOX shares the "value" that is attributable to each EMR share by reason of the Company's holding in EOX is approximately $0.011. Even if the EOX holding was liquidated at today's market value and the Company's shares traded at cash backing its share price should be around 1 cent per share.

The Company is in the process of seeking out assets and transactions to rebuild value into its share price. Mr Shervington considers that rebuilding value from a base of $0.001 per share will be a far more difficult task than building from the considerably higher base that should be attainable if the EOX Shares are retained and disposed of at some future time for a price equal to, or hopefully, greater than, the current market price of EOX shares. In addition, retaining the EOX shares will provide the Company with a source of cash that will avoid the need, at least for the immediate and near term, for further dilution of the Company's existing share capital. Notwithstanding the advantages of a distribution as outlined above in Section 1.5, on balance, Mr Shervington believes that Shareholders interests are better served by retaining the EOX Shares and he intends to vote the Shares he controls against the Resolutions. Davide Bosio supports the reasons and recommendations of Mr Shervington, and recommends that Shareholders do not vote in favour of the Resolutions. In addition to the Mr Shervington’s reasons to not vote in favour of the Resolutions, Mr Bosio considers that many Australian Shareholders will not benefit from receiving a direct interest in EOX, and will not benefit from having to sell the EOX Shares distributed to them via a US broker, and in accordance with the administrative processes and procedures required to sell the EOX Shares via the US market. EMR currently has in excess of approximately 1300 Shareholders who do not hold a parcel of Shares valued at $500 or more. Accordingly, Mr Bosio considers that by the time Shareholders received their entitlement under the In Specie Distribution, set up accounts with US brokers, pay the individual brokerage and commissions required, there may not be any return on the sale of the EOX Shares. Mr Dino Di Costa supports the reasons and recommendations of Mr Shervington, and recommends that Shareholders do not vote in favour of the Resolutions. Messrs Mike Krzus and McAndrew Rudisill do not make a recommendation given that they have a material personal interest in the outcome of the Resolutions as described in Section 2, and because they are also directors of EOX.

4. DEFINITIONS

In this Explanatory Memorandum and the Notice, the following terms have the following meanings unless the context otherwise requires: ASX means ASX Ltd ABN 98 008 624 691 and, where the context requires, the

Australian Securities Exchange operated by ASX Ltd.

ATO the Australian Taxation Office.

Board means the board of Directors of the Company.

CGT means capital gains tax.

Class Ruling means a class ruling given by the ATO confirming that the In Specie Distribution will not be treated as an unfranked dividend in accordance with Section 45B.

Company means Emerald Oil and Gas NL ACN 009 795 046.

Conditions means collectively: (a) Shareholder approval being obtained for the Resolutions; and (b) the Class Ruling being successfully obtained.

Constitution the constitution of the Company.

Corporations Act means Corporations Act 2001 (Cth).

Director means a director of the Company.

Distribution Date means the date on which the In Specie Distribution occurs.

EOX Shares means the common stock in the capital of EOX as held by the Company at the date of this Notice.

EOX means Emerald Oil Inc (NYSE MKT: EOX).

Eligible Shareholder a Shareholder on the Record Date who is therefore entitled to participate in the In Specie Distribution.

Explanatory Memorandum means the explanatory memorandum attached to the Notice.

In Specie Distribution means the in specie distribution of 1,662,174 EOX Shares held by the Company to Eligible Shareholders to be distributed in the ratio that 1,662,174 EOX Shares bears to the total number of Shares on issue at the Record Date, by way of equal capital reduction;

Income Statement means the income statement for the relevant financial reporting periods as applicable.

Listing Rules means the listing rules of ASX.

Meeting the meeting of the Company the subject of this Notice.

Notice or Notice of Meeting means the Notice of General Meeting accompanying this Explanatory Memorandum.

Proxy Form means the proxy form attached to this Notice.

Option means an option to acquire an ordinary fully paid share in the capital of the Company

PBTL means PBTL Superannuation Fund Pty Ltd.

Pelagic means Pelagic Capital Investments Limited.

Record Date means the record date to determine the Eligible Shareholders for the In Specie Distribution to be determined and announced by the Company.

Resolution means a resolution contained in the Notice.

Section 45B has the meaning given to it in Section 1.7.

Share means a fully paid ordinary share in the capital of the Company.

Shareholder means the holder of a share.

ANNEXURE A – RISK FACTORS ASSOCIATED WITH EOX

22oU27

DuuIl>td6d __ <m .... 'lJbllw .... HlItw_.",i<dJ41t>_btui __ IM.,u_p~u,wIrkIo .. op<mII. IIw PtooJd~~ IIK.u.a. _Iu _",Iwt /«1m dumbtd btI __ 1111 Ofltu I~ Ml fort. /II,ItU..- Jt.,-. .. F_ IIJ.IC. ~qflM/«fon etJIIIId ~.-d~~ _ """-.fl-dIII """"'''''' .,......UW".."' .. _p; , _-.ld..,./!IIq,-"III.-'d".. .-__ .. cd .-IIoo.,.......,hI ~,Iw "" nab __ .. '_In duttlbtd ~_,., l/w * __ f<a. ......,/010<II rlob __ qfwlrklo .. ,_Y<' _, ""ID ----'YT"*' It> hi /&._/<11_ tlbo /IIfpoiI_ /IMJiJIuI"",,,'_ W • .:..... u..lk4~"'"""" _ ....... .., ~ I. --"" ... ,.f!J'rl/& 1IIuI_ .,...011

We hive alinn.l oporad .. ti-" TIlt buli,.,.. 01'-'",., ccpIorl .. b, devd"'; .. ..-I prodIo;:lrc ~..-va I. iJftmftly riti;y, We iw.-ca U .. lIOl .......... hi"""" b)Oll .. ......we. 1ft tvaI .... "... busireu""" ~ o.r operations .... ....... fore MJct .. all of.., rub 1_;" o.cqWI,..,~ ..... , ,..01.,,; ..... produci.~ ........... poRicuI~ III.lipof ..... 1i .. lCdexpaita.>ola~...:b~'M:...,. ....... o> .. m _ . b n leo

Ow_.~~JUhG._.tIU'II_'" '."' .. __ ~ " ___ 'II; ' _ __ "'U_I.I"~ o.r tulras Is kuKd prinrilyona l imillOl JUrt>cr ofpmpcniet III NorIIt ()U;oIa..t _ WI! ...,._ .. llll'il ....

Iix:ul .. a ci ........... 'lIc ..... ,,,,,,, .. Il10 Wili;'" 8al.in, WlKhooUd limit ..... ftaibili1)< We prevlCQly oonni ..... IOjoi" __ ... illl _ prII .......... """'lop........,; wc nyOOdi ...... poolicipOlt bJjoi .. _ In"'" -. 1I1houi1J ... 1_ to i;aII ... ."..-ad ...... .,..." p!'Optfti ... o.r reopnd .,.III! ""","".,_ ny .,.,.... If "'" """"""",,IY __ itocl( and ~ _ ... ....u .. oflnlJiol ~ond """'~ .... vI~ ... lap _ ......... too ""'IllY" ....... 1hoir risk by cII-.l6c:MIin I ... c.«, .·c...., ........ _ ill ....... at_ "'" _ and ...... o6Dpo "'_ "P; ,.. • ....u~ we WUI ....,.be·' f_......,...,. ........ _I-,. ... ftrqjooo iawltdo ... OIItfW ... lf ..... tul ....... · ... _ .... usilkd .. ""'he_ oW; pro:lIlc. it __ oI.....J& __ iIiuo.., _ fiJWL!al ClIIndi ..... ..., ....... at .......... . ",,"' iui... '

In_.llllUqqf __ ~''d __ .'~''_''''oa'>oo)'-_,--., ..... ~_ .. _ IJ',-

We l......,..d ... ~ 01$6.2,296,0911, SI,J.U~""" £4,26&,$69 ... 1110 5 .... __ ..dod Oti:a' .... 1 1, lOll. 201 1 OR! 2010. ... pe<:livdy. 'No......,. -"")'011 !hoi " .• 0IfI lOti""' ... a.lain .,..o/Itoblli'Y'" a ~y"' ....... !alit in Iht 1ItIr.. Our --... .... ~ ... 101110 rI~ amI.,......,ti ... imtraoI ill"" oi l and _ ps industry. 'M: __ )'011 II'IM fi&>re ............ will be profilalllc. ~ ami rn>IIts, if_ will dopeftII ""'" _ ... rac.:n. "",udi,. __ will be able"; 1oLmoie0U" __ ... We __ octi ..... OU" ~ objcai .... ami "'" "'lin .. ocIIic¥c.,., ..... ,,"OI,jd _ .. adva'sc __ ... _ .. _ 6rwLiaI...".g;~.,.an:I""""'~

• ,s,I Sic' ..... + ........ - .. _n(lt_~,. ...... ~ __ • ___ IiMIfO' ... .-._ .. ' j '

0..- abil~·10 ~I)' .... oddilknl pt<iptf1ia,. .. db<oo<o ... --.. IOJ*riocipoooo ia apIcndon~ an:I .. ~ ond ..... "*'... dal .1., .. wi'" no • dopoDI ... ~ond ... ruliiI.d_ ... """ . .. IrlonsIoip. willi lod.ooIJypoiticiP*'*- _ ""'1111" .. Iectond e> ... .- lUioobic ~ .. ond .. ","I '---.;"'" In aliiNY ~ti ... ·~ ~ otaIliIco ... , MloJ ..... '*-... ny Ionpa;r OU" obili'Y IO~.

1bir...t..r ~kop ..... ~ .... wil~1J>"'''' boIII_ toIooboshipt or_..... • ..... inlO-.;c: rdaliOlllbips, wIK.Io ~_ ....... ofjoi. __ ,.;r,.,.,.,. pri ... ~<S OR! ~ . , ....... ,.if> 0Ibtt oil an:I . -.Ips ............ br;IJdIrC __ "., ~oquipomraaml_.... _ ... we ... ill ... ill.,... buoinoa. o.r ""'lIlY .. • . ",1y ....... jtoiD; -.. dopoIdo ... a ~"' ....... _",wfjdo will be....uu, 0IDi4c OU" ........ We _"'" be _W ...... iJIi ....... rdrlcooIIhIpo.. ... if.....tolUloul., __ ..... bo abl ............ ~ .. ill · ... '" . "' ..... N' I Hpowiolo ...... poo:-._reqoirce ......... , ..... du_.,.;vi ... we_ .... ~boioclinod .. .. OIl" . ' _..- .. iIoHll_OW ........ _ .......... __ ... oeI 'oipo..lf_ ...... n 'd 1 "'_ CliliblIohcd .......... nuI., _ tulIao........- _be ~riliiil. "liIdiooould <iftoUIl_ abllioy .. <>o;iJJtkt_ .............

, , ' " , "

• •

I· 1ap:I1www.-. .... IAn;liVftl ..... I ..... 11&ll4l/1X1011~1 J(j, ,,16...

, , , . 1J~ .... ~_tI( .. , "_ ... ; ".....,..Ow.6 ; '.-qw, ' __ , = '-.....-_IIH .. · ·rl ,dajl .. .,. ____ (,' <>4~.IIH~l{_,. ; Ow ' " '...ar<'-"'-.rl)-"""", 1Je; ..... V_~_,_. c __ ttr-__ ~"' .. • 100:. ' "

w ....

• .,

" , 1

•

'. . , , , . , ' . ~,

• , , •

1 ,

"

,

llo([17 "

•

2hf!27

C : 't, U: ...... ~ ........ _ .... .u __ ,. ___ .. -""'_,. : ' ...,.,.,.., _ ... ' Tlllloil"'_ ... I-""~Y~~''e.OIIcron ... _... • ... __ ............. 1 __ ..

_ and 0fIbtr p...,....1loa oM""';"" .... I.-ond ...... willi .... 1 ........... nu ......... dIIon I, l_irCIY 1_ .. ~ or .. I """ -.I ... .", 1tIo """",",,,iDes ~ ,h., Addio.:..lly, 0Ih0r ~ ...,..t in .... Ii .. oftulncas..,.~ willi .. tromli ...... ~ .... I" M!"~ oapi'" froIIol....-. .. in 6nliJwjoil'll -... wl1II .... pwpocd ... ponnors. CooqxtI.... ' , , looIUtio.~oI...,....w""est:n_ ...... .........,; ... wlidl.in~,..,.~_ .......... .........-._bt_ ".....m" In ... """'" __ .-.Keol quoI1Ged .... l ... IDIIIN)'~ Ihtir .,..." .. fi .... _ jidI ...... ~ ............. .nidI_Ii .. _ • ...-.peII~ ........... .ck6 .... _ .. ~,. , t ._be • ....,.... .............. ~"'oIodol~oooI_"''''-' 1f_ ... \IIObk ... ~ ....... ....,. .. O<ioqo.,.~ .. ~ .. _ tio imttiliO'..,. -Wly .0 .. " .... _ ....... of __ ",,'" ~ '*tdi~OIL

~...,._ ... d4 .. o/I~ ...... _..-I., .. ____ ~ o.r SIi'WKI' orvIokn~ ...... bIaI ...... If_ fili i .. c&ctivoly ........... IfOWIIl. ..... !....,Ial ...u". ..... d be

atvavlyalliOtlc:d. 0r0wdI1N)' pIoc<................ • . ~ and. --. "" _ OIII'III..., .... &no _""'*"' .... ........ dovd : capbililies,_.,-"'p .,.j __ .. fi....a._J04 .... wow, __ corm- .. Iirt, ni ... ~ ... _ new • 10) .... We..,."", be ... 10:

,

. ', al ........... _.......,..opollllllly,

If __ \IIObk ............ .,.....,t>._ ...... ' .... _~..aItI ...... -*lbt-.,. ...... byiM~ ... 1tido COIOId di=iri1l>_ ;roIIlIbilil)'.

o.r_wllJ~;" .... ~OI> ... obili ...... ~ ... j ....... ~; ..... l)'lFIIIpdfli1hol ..... • • .... """" ...... "" In_ I _._businooo. We ......... I ....... _ .... 1iII_oOoeyinllMdoals ......

INbiU1Y .......... lObIt ... i __ -.d-wJT-,.~_b";l

Qr...::oceoo ................ illlJilJ of.... • r _,+ I , .. lFlII ~ poor-. ... ~ -"'" .............. "-... ,""") ..... I"""'"'"" ... ~ .. _ ..... _ ... _~in onicr .. I_ ... -'op!~ !nvcs_

opponuid ........ ...,.. It,,""""''"' ... IId_b; if ........... --"'lydi_...m 1"'_ .....

'-w"u __ ",,,,,,-,,,, =1._ •. _ .. ~I«u. t , __ "...... .. _

pI- of- I, =...,. ......... __ ~_.rlu~ as.

'IIl!: ......... , .... __ oIl1OCOU1i .... __ for .... 00 ... -... .......... "'-'i,.ty. _'"""'"'i& ........ ocq.Ore, atpIcft for II1II ""'CIo;> oi' ''' ......... po ...... 6cs. UIdorr Il0l1_ .r ........... ,*c:opiIo!il!c:d"" 0/''';1 ... _ ... pr<IPttII .. Il1O)' '""~. -LlI .- .,.;1 ...... _ b ....... opon dIo ~ ..... 0("'; 1 ...... "" .......... tom P'O"<'i ............... Ilditt:h ... 01 ........ ill pi..,., ~. lIN. pi .. h :.ow.;. of_ ... 111 • ..-val .. of ~ ~ Ifllh .... of"", total petIod " '. -... 1M" "" oopiralioed ca.. o/'oil ond _ .. propetti .. ~ .... "I ..... cei l ... _ """thorp Itt<...- oflh:.,.,.,.. .. ....aI ... ln ft period then ended. Tli.1o cal led . _11 .. _ ..,.;...-... ' TIll. -. doe> "'" .,..,... ..... Aow 6"..,oporm~ O<1ivi' ... boo docs re<Iuco CU' ..... Int::omt .... ~. equi~ 'M:,....,.,. .... .:dti,._ ............ for 1he,...adodO ... l l, 2012of~$6' ,9miU;O'ond .... _ ......... ""'. ~_Io"''''''' ir.......odll)'pri_dodino .. i f_·, ia .... N 'H -..dodj_"' ..... .. . ,.......--. o.r ......... ",t ., .. _U.-U:jI-.»I ,..... • ...u,....,. _..., _ .:.0. ___ loa, .. 6Jd_ -"¥I«I,,,,,a..t-... '

, ,

llol l21

III ....... _ "'"' ~ 10 prill< f;Jb 100Il10 _' ern.:fII ",",01' ''' _ III fIr"*' t : .... __ /do oi'. _ ... pr\co-.... . . "" .. _ ......... 01 I "'1""""_t._lI'I1$oo:11 __ ...,,'iooi._ P'*""Iiai jOi .. ..:I I ........ _ P<*OOIiaI ....... foil -.I -.I ... priooI....., .. oUc .a--;·Ur ...... flo prico aoobIishod b\r 1ho ....,., .. oddi!ion, """ _Id!cw moy "- .... !be risk ofl.,.. In c:MaIn ci~" .. _ca, bltllOdiOW ;. __ in whk:It

• fOCft II. widtoUotofprlol di ........ __ okIhay pol ... b "'" P""h"'- ........ <ldr..ry paba_Ink ,~ tood;r: ••• et**d:_ I;

• ... ~ .... _~ ... __ IoI' .. potbm .... ".COt .. to

•

, -•

, • .' • • ,

•

lI'21i2013 4:4$ I'M ,

26 orl27

Cor "'" __ will dopa! "" ... ___ otour ............. _ ...... ,...:1 ~prOtI'-. Oil MI-..J .. e;1 I ..................... otrisk. Tbooorbkl_ .............. -IJ ..... ot='1 :aiollLo...lli>illly",..,- • ....... ...... , ...... go .. __ ...:I .... ......nI .. a..dol jMlb " .... lkon:I, ~ '" h,nc. ........ iN' oil ...:1_ ... prockad __ ... Jh.., .... __ ~Iy"'-')'*t, .. prices .... tad! oil ...:1_ ....... flo or><norowbl hive _it""'" JlFlac.. \'OIoci!i1l', n wlillib:ly ~ '" ~_ in flo IN, '~. lIaR <t.o: ",.-'elyof inll ........ i"'ladi ... bII rtlllmilOd kI, \he li>i"""ire:

.'

"'-iIi. bI fIni., dt.- b oil """ _ .. bybodlfd __ Old Oft!.-.;

... ~ofol"""'; ... "'"'"' ofNel ....... or __ widloil ...:1 __ .,.;

dooraII. on:!li>rei., -.-on:! """"of oil """...-nI .,.;

..,.".,..!dv ............ I ........ k""d by .... ~1On on:! ,.~ _," • ...:I1i::niF" ... " ....... \wxIieo;

......... c:tIIdi~_

,

A .... nOill doo iDoIl ...:1_ .. prices """'<I 0100 ocNctSd)' ,~ ..... ablllCy .. tal. _1IotooI copIlIollii _ w. drim .. oaivillts.

• 0. ...... _ . ....... "'........ I .. _ iIiI .... la .... diOCOV<ries ofoil or _ .. 10 ......... doIly ¥\oobIe quulillco. k b

diliM'" pi'I:ijetIh ...... 011 I' _.... r' ._, driU'" __ .................. --..... ofdrim .... ....... a to . ..... ___ ~ .. ""..........n.."Iricu.uI ... ~~.a. ____ ...... ..t ......... Ia ... ...... ...:1-..., lrodrilliDl; pi-. ond i00:00i .... 1 taUll oIprkot ~ ",'on .... odd!IlionoI odoooic ...... u..polMico • ......

E...., """",,......:I """ pmporty I' .. pe...s, ih .. oft iomI O-D) ......... _...:I visuoII.!:ooI"" ~ only aoioc .... iIi. '~\dI:aiil\'llil~_""~;''' .... Theydo..:>lolkN"" .... p_ "''''''"'' ..... 1..,;,...,. 1(1:!rdo. loom ... JftM'iI or ; ... UypnocU;ilok 10 odd!I:iooo, ....... oIl-OlOi ... dolo "'"""" I ... ldiol:olo ......... _ Ii '--i ........ 'No"""'" ~ __ .I ....... oI""fIO'dIues""_ ... wdh.lft:1J>Io I _......,.,.j... .. if coo;konIl .. e&nodortl .......... _ .. __ .... IM~ . , _ ...... I4i .. etioRI""I)'IIiiiIIoo_.w ciollyaa:csolW ... "'eli """'<I.........., I....,. ..... l:olli1l''' ____ .......... opcnilono.

IJ~ __ "'MI.""-.",, __ ,.,.,,_ ..... , , -.u,. __ '_"' __ ~"" _~ ..... r.-lt-

,

·Ii

flU< 011 Old __ ... coopIo ~ .. _ iIMoM .... udcobIe .............. y t..<llywelh. IoU; _ ..... 10 no _ povohDve

IoU; doDoc IIfO'IIoDo ou8iciaI "" ~ co ........ proftl .... drilli,., __ .. ODd ""'" __ C : ' _ 01 ...... 1 '*"'" .. l!OSIfti profIl..,_ ""'-........... , ofdrllll ... """'I'ie1ion 0IId opond ... _ In .d<lilk ••• , drilli .. _ or -', ......... !" ...... <WId....,ely Incrcoo!e '" ODIC ofOjMl"lli<WB, ond vorl"", ft.ld opcriIi .. OOI!Ill~oroI .. y ~Iy oIkt flo poob:don to-_fill Mil ... Th:se iXIiiiIll~oroI boo:Iuk doays iII"""'ri ......... maillliippi"O\'Ib or_lha-dooo ... of" .... ' ...... I • ....J~ ... ___ ....... '"d' . . .. ~I' ' ........ ..tdiscribuioooond ................. oIond ......... icaI....t;ri_ WOwill .... 110 oIoI ... dillli .... IheK...:Ii..... 11'40/) In~ .... n....be, _....t;ikn«dt! di .... hh_....-....:IcaIo SOW _ ........ .. "' 1-"-"' .... 011 __ .. ~.. ' ,

1I'211201] .,., I'M

:no027

1ep~1www.>«.p/1<rdO-.<td&tlldtalI213 ... .IIOOO11 Ul:(M 130 I »16.... .,

W~ __ "'_"_rdb_.P'ts: ... rl,.,-tlf_ .........

Wo ft)r ........ ., drill "" a .. ~.I """"'" 01_ ~ ... '-"--. ~ __ .......... be _ ., noi .. N'!id<rI:""'"I111.,"' .... hIIn<looeri ...... i. odi6.pricU$_oIoo_drilti .. _ ........ , + . ().r .....

drilli" OCIivitiel...:l iIIft drilli,. budaot ~n dopond tla drilli"r$Il", 011 ...:l .-.nl .. pica, Iho ",,",labilit)'...:l 00II0{ oapiw,I, drtll1,. .... prodI.Itdm tOlD, .... lobilily 01 drill;,. ,.,...i ....... oqulpaoor-. 1_ q,l .... .,.., ~~ on:! pi""li.., 1I'IRSp<InaIIco ............ ~ ~...:l ..... &Qn. kI addi~oa, "'9'drill'" ..,{villQ _ ... able" ~ ... yllOl be.. Sf .. odd __ prewed ~ .. _ ...... ·.U """""".--. ... lIido"....d """" ,,-... ............. ""_ r.....eh ....... &.rw;iaJ <>:lIIdilblordr$lll$ol ..... I'"

"

, .' • ,

"

•

lSofln

CtruI.r.,_ ..... "'.,.Itt-Wtl ...... ,.p1iJ«r .. ~' ..... lNopIn_~ __ ,.....MfII_,,,.,..,.,.. " .... "" ..... __ ' ... ,N .......

A loop porIi .. "' ........... is "'" armdy hold 117 pn»rioa lhIaI.. ';No ill PI)'kw ......... is .... bhod ... wi • .......... __ <hn .. Ibti, ....... dao t...... will ."pre. If ..... I_."p .... ..., will '- ..... """ Ie><icvriop h ,..1_ fJI'<IIIOfII_ 0...";11; .. pi ... "" ..... __ OK SlAlject Ie> <huvo t...cd ""'" • .-;"...!Ioct:n, "*" of ... hido..., 1>tyoft:I_....-, ;,.,hllll .. drillilw ..... 1I:, 011 on:! mIIn:I ... pri<:os, Iho .... lobIU~ _ "'" ofoopllol, drilll .. ond I'f'OIlu<don _ .... \tIlIili~ of driHlIw IIfYka II1II """' ............. ; .. .,....,IDII pipdino """""""" .. -.l .... .:1 ..... 1iIDrY __ f..",.,., ...... '" _ ........ 11 ...... 10 ...... "bet< .... <» "'" 1ooId • ...-oriIr"'. __ ... IDIIIhc>.b. k II l ildylhoi we will ..... be ___ ofllae_ 0.. ................... ""' ......... _ .......... <UIr<!I ................ ..rdrill .. __ .. """.t .. oddilicdl rilk at apinliOftl"""'"""'c In .... ICQIOftI.

___ f*.u __ NJ,.Ift~~ __ .j/II<t_~"'*"._~ot

~_"_I_~" __ --' Oil __ .... "';Iic:s _,.-lots .. detonIoiord _ .. ......w ""'-"'r """".:I _!Ioct:n,.oI1 "'_

OK ~ .... _ . 'IIbI1d pt\<>!!Ib 0I11RI1'IIIInI ~ ...... 8~ .. idtty in ........ }IOII'S, _ ".""1""'1 .... prices "frill ft,.,....lo ..... 6&re. PrI"" ftlQlOli"", will NY<. siplk:aN IIq*t """' ..... r-. Iho ....... tom ............. II1II "" .... • C'~ __ (lri'~~Doo ........ 1)I f'ri<:c ft..:o..ciono b 011 .... --' .. ........aI~es moy .. so I"""",,,,,, i .. _o. -"" "" ~ i.e--' i .... ... I-.I_ ... 1riMIr)< """""""'''''' ..-...._I<:vds.Dw .... pk:aofollond -... ~ ,..y ....... -'"' ""'- ........... _ioI COIIIIioiOII. • __ '"" ___ IIICI ~ .. d _,_.C ...... ___ 4 ·cboolt.

_tJG "'~...., /ftCfII..,.,u,...,., _, "".­, . foil .... lei """""1 " .;" .... u ....... • c!""'~ M>ject .. lei ';";1 end crioDDII .,...ioIct, ~ ........... lei firit;, JII'<III'"'IY

..... lIIII_a&cI ......... of __ ~1DO)I .... be~ ..... ""' .. >CIi ......... ado.~ .. III!Ii ........ cquipmerl'" "'_I<IIcn...:to "' ... ~ ............................. gopiooI oIopmoIlues. ~ """"' .... be ....... ..... .. i ........ ~ ..... ~ ,,_In ""'""'"" ... wlih..,. ___ ... llIbili1ia .... !hoy ny u..... l"';vI.bl.,. la ............ w!ih ..... 1!IDry 1<Il""...,.;not ....... As • ~~ ..... I\.Qre .... i ... """,,"11 cWd dcIerioraIc due Iii iqiJllliirYODfIItraitII, on:I .... pn>fIoobiliQr C<dd be I~ by .... obIlFOIIIO JIrO'r'Ido ""'" i_1IcIiIi0ll1O .... ~

• ...... _"~~I.,.,~ ___ "._-""'-"' .... !Idt .. ,,. ':d '.~""' __ Jl_.WWo'_ff~.

"' ..... 10 ... 1 .. oil 1onII_ ... Ihoi we ... _Iii pn!!Iuot, ... -.! "'" ..... _, "' .... ,_ ' wdb...,. ...... Iii ....... , ........ ." ... and dlsrl1oUI0II1ii ..... _ \\It .. I" oeI)" ... 1oaoI 1-........ ............ \tIlIiIl~ oh ........... , b -... ond 1Ihl..-"' ................. ~ 1--'" *"<1.....,.. and --... and , ......... 1iM &.olll,*...,. be iDIuIiekrni b <JIll -.Is. __ doll)' ,·oId. _ ill \be \aihs "wlidoo we ___ 1lU 01 ........ _ be ponkWrIy polila;!OiIc: .... _ ... _ ............ ..., ... ' J in __ .... di ....... _""*._ihM ... ~'-........ ...vcr plpdinekili_ no... ac.n "'"1...., ..... obili\y .. """,," end deYdop ............ II1II10 -.II1II ..... '_ oil end -..~~endllllY;......,._ . ..

• FIId .. _t, WuoIIot ocnIi~"",'" _ d~ 0.:01"", by """,,". doir&""" .... ln 0!'It ... moro or .... __ in whl<h .... wi" ............ _,.;_ ...,.1qIoit. otilD'l_ofoil _ ... """"" ~ ... io ..... dI,..;u .... l...u.a COIdi_ II" .I;.ylii ............ __

w~ "'""'too._,. _ '''I •• f -."ItfII ,''''''' .. 1N,.w"" dII~ .. _,

•

.... ' """_ fJI_ •• _ _ 1.-.., . .. "'!o opel ibII."...w. posiIiOl\,..........s ......... J onoI_ pi ...... 1'f-.2s ......... .-..... ,0<1 It>Ck ~ ....

... Iobillll' "".,.. .... Iocilily wlU be IUI!IdaI lei 1inI ..... lOll driJibw......-

CMcndiliodU~ liaoito_~Iei iho ....... ofiholitc'o.liiI_mlIhoKai ; ......... Oorbonowl .. t.r.. ... S'l1.5 _"Ian II ofDocao ..... 31,2012. o.r bonowi .. _ ~ !Icoom:i,"", .............. 1)', .... 1lIIY also be ...... ......... .II ... eItctl'" at,. II" "'" ...... __ "'" ooIioduIed ,C:« ... ,,';,"IIIkInI, w.."CO" 011 onoI iIIlInI ... ""_1lIIY ..... IU.. itIIkti"" hlo..-_ ... _ ......... _"..-"''''''_ ... __ ............. .....,._1.' 1 1_1._ of .... bonowi .. bosoo. Mdi1l..Jiy. _ CftIIIi. looiIiIy ........ _1Inoi1inJ_ .1iQ> 10 ...... oddilloaol l. ' I. " $1 end .................. <MIia6Not:illfIIkIL [

.;

•

,

• •

r-.. ____ lIoi>R ............ ,"".Uo. producOioolDll_ ...... ..". ..... ...cII __ , " ......

~(such.ool.t ... ~ ••• onI F*ftI~ ...... '·,_ordJ ........... '-_".......ni .. • ""_)wtll .... I.~~ ........ Ofcopital_ .... O".... '

'lilt..,. P"'"' _ oItddilionll ...,;w ........"...-1_ fi ....... a. ,OIl ... Of .i.. . , irdudi.joitI.......u.oI I'f'io<*. debt ~ 0Q0i1J -. .. __ -. Wo __ be MI!"NMjI' IrI idaIi&&. ...... ilIwoti",._ ,~. 110 ..

Ii .. period RqIIIimI or. oil. ond ... ""'O'1IOI.."fIo..p" .. e """"'" by"","" __ If ...... __ "~oddiII_ aopIlII, ..... __ ...,. "'" be ..mel_I(> _<lOr pI_ --'"" 01. ..... .. 1ft flo .......

Atty oddiQorlol eopi" raised 1IrOIO(III to: ... lAeqd\)' ... ill dillAt '" -....ship p<1~ "'_ ohIrdIoIdor$. RaW .... such QPitol ocdd obo ........ ' ioo .... IiIir _ ... .., 01_ equib' -'lies t.e.......,... _ ......... be...-d by .. .... p>OI "'" dinI cquI~ .,.". ..... oI, ... riia 1ft ... III iaft CI(IicoIo. 'Hn...,. be _ .................. lEW 1m, .. __ IodIde ... lou ...... __ WIdow .... _ .......... oI __ -c_,;q, .. odditiao._ ..... .-_ wltl «IIIinIIo 10 ... (1)' 11ICeaIi .... ~ ...... _tqlio- _ .... pi .... whidl.-y ....... ,...... dll\Jhoo.1Ib;:t.

"

, • • •

•

. ' , • , , .' • • ,

l

, , ,

,

•

2hfl21 lI'2lflO1l4:451'M

3001121

o.r obil~ '" _ .. "-<I,.. If a """" ow ), .., "" i~ bJ su:h &.:oor1. ibe ~1IoI ......." (btIofI ~", ... 10.1110011 a ....... .-y In pOI1iNw>. ..... lirilOCl ~hI..,., Iho Io<oIiooI or ..... oil .,.;1--..1 .... """ Ms ond pri<:eo otoll """ ............... 11>0 CCIiIIIIOdi!leo ...... (wblcll will i __ lho __ ~r_boted fi....,; ..... Iobk ", ... ) on<! 1110 ...,...... otl;oy~ f'\onher, ifoil or ................. "" ... CoOIIo!!O<IiIIM""'- deelint, ..... _ wililikay .. • 1Od"'" doa t ........... .,. inI:roue oor.....-. '"' ~OO/. tribe_ ot .... 1IoI ....... obI~ to..;.c holt &....,q...m.;.. ...... wIlII_IeI=" ... ---. is"", oOIIIIdaJ to oo<i.t; ..... CIIJI/IOI ..... (_to ... __ ... _ redu<:c 0. :, ' ID$>, .. " -.y "" requl"'" to_ "'"' """ ....... <1_ ........ _.-I •• pnc..or ........ ....a,. .. ..-..;,..-

We .." ..... ..-rdaI COllIS in ponuI,. fi.aRcopllOl fiowri,., i,.,IWl,.I",_ bori:I,.1oos. loP ...... -.wi,. ...... ~ , .... <>OJIq>I1""", ..... p.hll,. at dimbooionc.. _ at ooh<r _ ... We.., ..... "" ...... red "'.-..uo 0I(II>.<a&h .... ...,. lllea. ~ '" wiIllCMII .. I«UiIiG .... .." ........... eII ""I)'toMndy ~_ fi-'N <Ulll2ititn

.. 1 I(",..-Ml __ ,.. ____ > _ _ • ..,-.... __ .. 1 • ... 1lI

_oWf1-tf<a * I" '/u _ "'" _1(_--. 1loI. AnUI Rcpon ... F""" I~K corui ... a!I ..... of ..... ~ oil .... _ .. -. n.... ............ ~ ......

..v... -...;""" In:IudI,.......,d<a rcqIired bJ'" SI;C rftMi .. ", 011 at nmnJ .. piI:a, drill;" at topcnIl,. I ........ DjICtIdi ...... _ oroIovoilabilir)'oIl1n11. Tho,..,.... 01..-,.011 II1II ....... '*""" It~ ...

nu_ ............. ac..-.....ond= •• ~ •• "' .... ~ ...... 01 ......... 1,,;,01,, I ............ ~ond 'c ... tor ............... ~__ ... ItfLUib I ... __ "".h ......... __ ...

pricco.' I" ... _~""""""",opa'" I • I .... ~""""'l ..... _oil._ .. __ will va')' hIIIIhoooOSllnlOd.Nfltlpa-o...-..ccr;dd -wily ....... "'" ~ qo .. oIa ............ of_ ......... o.r p-opcnI .. .., 01 ... "" ..-pI!bI. '" ~oi:ooaobw ....... _ ~ bJ _",,",_~ en odjOC«l ... 9 .... ' ... In oddi~ .... we ... yl<\!l111 _moleS ofl"'l"od _ '" Id ... ~en bI-r, "'""'" ote>:pknllon'" _..-. )n\'oI1lne.oIl a -..I .. prioco'" _Ion:ort, _ciw_ ... be)(nl .... _.

AID, 1-"',20I2. IIpp " "'6)%of....... . ..,....... ......... fiod ....... oM I II 1 R,,, ",of """"",<nXvcI"""'rewva~."'&c.a,iIOl~"".. ' i'drlI!;,..p t .... Th! __ _ ,....., will ...... oIP~ a,i'" • mons '" dovcIop (101" __ AIIIIo:q:II __ ..... 011 ___ of ..... 011 • ....... .. m«YCS on! Ihc:.-...uri...o wiih_OpinCnI 01"""" .-..-.. in~ "'III SEC .. ,~ ....... __ .... Ia/' .."mI ..... willl;lo:ly'lIY ...... esd..-d <OPilOl"""""," ...... _0pmcIiI.., I»t"""'"'. ~ed .... -.l ..... '" moy I»t .. ..--Ow~. __ ,. • d _f'tUhe..t4"m!-.. ,,. tTl _"""'lentlnl/_,U,_ "'M

i "'-*--~ If.ioo ____ 01"011 or _ ... ""1 .. prOduood loy .... otIao _Ihc: Cl!*"ilyotn • ..no...~ .. : IOOic.a plpclu....

~";'. ''-' ~y avallabl. In .... o;><ntlIw _ It will be .........,. tor '""" tra/ISIIOftlliC plpelirJc:s 1Od.,.t>ori .. ~ '" be IIoiill Or, III k.- otol; tond "",Ida .... It will""........,. tor ... '" rely ...... ".ovlly "" tN:b to ......... oor JI"Odioo=tion, ..:oa b ...... --',.. II1II '"'-; oftidcroo"", ............ Wi ""'"I ..... C'wfcrwI)\ ,,-.oriIkI~ ht oddi"-l ' pipdjM~will"""""'rcdlotlle~IIIII'J'lnercrb b I" ... "' ....... toil""" I ...... m.... '"""'=II ia:< ' .. I .... "' ...... 2012 ... is .... t lto .......... "'""'-Thc-"'-oI_pipollaco"'~,. ........ Is ....... u.moI..., ... ~ _"" pooipCIIO<I. ~ COI'....:d1ed III __ "' ...... _ok: """'*ioni IOd tile avcilobllil1ond oootor capirol. lnaMiiloa, copila/ ___ ~ Ii""" .... obilil1 '" IIoiiId ~ ~ "' ............. produi::IIon '" _ ..... _en plptU ..... In """' ...... _ "'"""*' ..... prI)ilut1ien moy 1"",,_ ....... oI lyor we ""'iP"'" '" old in-.... wdb .,,'oi~~. pipolino.....,.,.,oi ..... ""*'11""""" ... 1 ..... ~"" III """" \00: .... prkoo 1hu ......... COl' ..... we "'"""" ~ wti<h.......u _ .... I) olIOctoor -,,,, of~ "por1Ioaor ..... pooducticn lIII)"aloo "" I*""*,,, or_ ill. t-.~ ... to p;t.... __ --. 1Id ...... .-.It of......&. 00I>IIi~ -'*r, .... oI"pipoli ... or;othoti,. ~_1icId labor ............... _ .... ..-..-;"' ..... 1 """""'en;". ; _"' ... ...;;.;.. , EwofJ'M=_ riob __ til fIIJ«f __ _ ..

AlI ..... oflhcoil ......... ..,buti ..... ~~ Iisb .... '--do ...... M;ect"'~ ~ pn;.l to • ..-...,.ofb;lonl, _lind. aamieipll ...... II1II ........... Eno11_,",,,,,, .. ,; ........... i I" tor, _ .............. • _ioolI __ """"~"""11t., ~_or"'_ci_ .. ' = .. ' ..... "-"'loa""''''I'''''''''',,· I iIi_ : .,.;.1' ................ w<ils ..... liIy .... be I i , lIIIiaoail'lld, I 'Ie ' ........ 1 ito .... '"' ........

01 i: 1i ",,.,.1 )' .... i ....... CoarpI""'" willi...,., I p : lmioto CMI""",,"," .... ~ ..... di ..... at .!nodIa:\' ...... ;" ibt l~ci&nes and ............. 01 ... _ ""I)' boo ---... 1lDwIt_ ..... ~ .... is .. oh:;""'. _ la wtO:<h_

I " . . , , lI:! lnol ] ~:45 Plot

•

•

"'JIO"I __ 100 """*'" .............. _ ...... tad lioIJilil1 ond poIOnIiollr..... eel cap .. ""fI'"'Iii __ __ .. _lk~olol~ __ .. or"""poIl_; .. ""'.ooilor __ Ii ... rix ... Ilobi~1> "".. .. ml tin! r-ia ""'..,. ................... _ 11>....-.,........ ' .... n.. 0WI1cdooI ol_ ......... lows .. .,...~ __ .... ...naIl ..... ptOd\l:VOOI ... Inaatx .. _oI_~ ... ~ " 'ore>plorMi.,.-=oIda.

" , ,

!

•

•

]10(127

3101' 121

F'*'-I __ 'o' H,tr-mw'ch'd ...u,-______ ,.., ___ ,.,._

H)<hoIIi. hc:cwI ..... tIUdo ....... _diad iI , .. Ia.., 00iaii(iI1iua ~ ....... ... IidonI 50ft DriI*iIiI ......... A<I. too.a.. ., cl~i< ...... Ia"" <alk<l tor b1b:r oruIrcltho -.., .• ~ .1In ""'" "' ............ . --,,,,,,,,,,.,., _ ortoo IOCIriqo.oo. s-roI pn;tplISIl . .... """"' ..-.Iliot..:IloOc:.q,us liioi. Ifl~ w<dd AtojooI: III ~I. houi .. l00 "'lllIIod"" ....... too SolI: Drirti .. 'Moler AcI. ril1hot.1ho El'NI 0!I'k< or R dl IIIIJ Devoko!>r-< (ORO) iI o:ono1UoIi ......... 60 ou:Iy" ~ ... ~bI. rtladonsI>polo«woai h)dnuIic h;:Ioo:t .. iInd driWrc ... _. 1100 "1~1I or1hol-.lycoold __ iho .... '1 I 'cl_ ... · fc . """' ..... """"' ... -,.Iri~iiiIi __ .... _ ~or' .' " C ..... ....," ...... tor I!YdnUi< h<viIc. IKliodloc~ ,It \IIC '" -"'-'1111""';"" -. SiJriIorlJi; _ 1oo:ooIi'd .. "",,,, AtJIiIkMI,y IiIIooIIOd or pnftbilOd drilll ... viIict, or ore : • I .. dooioI ....

........ it iI "'" pcuibIo .. tio;,;.. .. jiI"CiikI. ... fuooI..- "' ... ORO .. .u,.or ....... ~ cl...,.oddilionollidonl or _lq:IsbIionor ............ ~ ~i< ~ oqr ...... WmI, -. or Ioc:ooI rcoIri<II<n .. ~i< _. "....,. ~ ~ ho ............. ,,' iXiIIib:I 1Mb ...,., ..... BoI.IaeIord T1Tee forb __ oouIoIoIPli<:M&Iy 1_.,... ---' ..... phil -..d ~'-"'" ~ '" ... 11 .. doloy or '-It.,... obIlI\)'.,.a:velop oil .......... racr:'a.. Sec lto:m I. Roe!nc. ~ ~iiiIi"" -..d EoM' ...... otaI MallIn - ~k 11:«_ ....

_14,"""-~"~"",,,,,, __ ~_U ...... __ tlftd .. _ , 1' = __

for"--" Si .. Jlca:tUlard.-dle..... __ .. dlaIo ..... ond.-_ ... ondCl_-.. __ .. I. 'Il00 •

........ p:ililical -.. In Iho UiIOd S-"""'-IJ. Cenai • .-dI ....... bot *' ''' ................... _ ... WId .. "'*'" ord paoo. _., h .... """ ...... 1I<QIa..,1omUi<.- ord poIi~<aI dcboIe '-~ In PIlI ... ..toon.diooddo on:/. ~ I"'I~ ., 011 ono:l not>nI po .",1onoII"" ond prodooo:tIon. Mor\I:' -. ord Iho iedotaI.,....,.,.... .... i~ , """,,,,,,,,,,,"" ditcctoIIlIt ....-roIli .. ...-- IN ....u.;o.., ond bin lojIolIDonond .. p.d"" ..... d I_oddilionll ..... "' ... or ..... lpII ... 1ft ..,......,.; ... wi .. Oil drilllic on:/. pn><Iu::oiorI octI'r'iliao """ ....... \lit '" oItaniiiIi"" __ ""'""'"- ... l'IdI _ i ____ ._or _ flo _tor ..... oj .... prodl-. As....tt. _lMInOU 0DiiW 110 -'-"1..toCO""" IfrtdocIby. ri, ... I_1 · ...... I<tl<I .... ......,cIIIt_ilaIdl_-...

~'!tJw,., .... "' ... /d.w ___ ..,t:t,. ' '';.tUJ."", __

TIde 10001] ........... 1_1s ........ QPOloIe or..,...I.-I .............. (III1i'llho:U 1......tJc~ .. ~ TIde dci>o:Is moy",,", ID __ or_ 011 lid noto.nI .. 1 .......... ~oddili<lll, "'C ... 1Ioo.....t>lo., ota!n ~ I........,. ro.~ ... dei:btI "". " ' ''oIlp" .. , .. l>Ie bull or lit 011. ]f~IIe"'~ doco:J-. Ill. p(>SSibk thoI we moy 1_ 01 1 (0" panl ... 01'.,... rip, tide .... 1 __ In II1II., 114 proponI .. WI wlido doo ~d. dolIctt ",,1-. If.,... .. Opal;> ri ..... ~ _ "II\)' ..

.....-:t_ .';I .. IitI .... """ '. "'c """" I ;d. I ....... moy~ iqoolrcd.

Hlsu>aoil)', ........ ~ _ ........ or ...... Oldil1deri .. '" CUIII_Inorder., ...... poRionor _ 011 lid ...... ... po:(lO.o: ........... pa"\odicaIly. __ TlIo [Iod6.Frri Act. wti"" .... 1*M'I b)'CGwas II1II ollJ4d 1110 I .... In.h.i~ :!O 1 0. I"""i .... ro. ""'-Yom",,,,,,....,.,;,,q,i........a ro. eMIl n dcri .111"" ........u-. ,,'lido we Jor:o:.dl1""li:rred 11> '" " "'IPS" """ "I>tch ind .. oil lid .. bod&:irc.......:l ... """ 1_ .... _ S ........... ~ b)' doo Coom1oOdItl .. FtIono TnoIIoc c.. · r 'cn(O'TC'I lid ........ wi ..... ....u. ~01_ dosI.,-I by k (:FTC will ... """red ., ~..miliot..:l ro. dcoriIc ..... doai ..... d..;,. ............. ""'" if • ' tor--., <\000:00I ... tho doa I""""'" cIeori ... , I_ II ,. _........ , 'ir ...... _ ........ ..r ... _"' .......... ·• I ........... _or ............... r.c;' il;> If...,., .................... 1abk tor ndirC __ ._ clnolo or..... ..... .... iI)!. n.. Do6oS.F,""" Aa ............ .1'.'-oppI"""'clfloAd •• ~.r<quIranmlbot .. ciaI ___ ...... hooIb ........ ...,._ ., lo0<I$o or !lid.., u tiol ri$Ios. ~' ... btli ......... e will ~ l1li. WI ...... SldlcupIioa wlllmpoce., ..-.If ... oiL or _ I,.., If .... _ do.., wi .. ~ 10 __ or .................... I ...... .,... obIli\)'., ......... _ hrdaI. __ .tII.kdly ... ill ~ . ot,,_lrd/eelcol. bo oddiliM, ~ of _ "",iii",.".."., .. w.11 ...... Ihot we ...... bel;ote _ swopo beoomo ~ Ii> "'" d-qm]lti_ ... 11 ... illlil r"" of ........ - • .eJ"'" III .... ctc.I. requi_ will e......, ~ ...... ..., tord..,q ......... _C<fIIIiD .......... ............

..... __ .................... Nopood ....... DooI6-F_lw:Iand-..deri ...... cIo.Ioc ........ . ... _ Na., If"" do .... il\'.. ,ioI om ... we wiD'" roqWcoIWI "'* .... 0011-.1 tor ..... "'_ doerivooi"" ..... octicn-.duioc ........ (lndldi._ u.... '* ........ and lilla.-<<101Od ........ ) .. w. IIOCd Ii> , ........ dor;'''';"" <1,.; ......... >lIi .... Moo_co. Iho cncw Ih: Ii:dmoI ....... oft.D"'""", ~....,lIIlro:tiMionlIa'"

•

po.....- ..... __ ................. __ b""" ,I 04 __ ,'"""*"-.................. _ ..... .,. ..... I:YPOO "''''''...0..1 b ..... ..,.,...,k&ed ... _ if""l\ _ ...... _ iR--.lK.u.:..- ,.... .. _ """_"'-.lft wi." teopott 10.,... ................ COlaO IIqIidi1l' i ...... ror .. byrcohi"' .... "li1)' 11> ....... _ for ....... cxpoatlveo CO'_ ~p ~" ............. II> ",*""" «>11_ 00" -.:iD-.id d ... h ............. obl l it)' .. _ -ale hodfoo .. reduce ~ price ..-.iJIy1lld, Ou. 10 ~ _ s-s. loooMilloll.,....., i'we .... not reqWcd ID poot _coI~ or ....... __ ...... oad_ ......... doeI ........ _ ... .....--.I_ .. da ...... _..;IIb<~ .. CCIIIIf/1 .. 1dI1Ic ~F"'1\<:fo ~ " .. oad ....... olllcir ~i.a wlIl li)drbo ~....... i" incIuo;Iirt; ... "", h"' ...... __ ol<tW'W 1ft ~nNkIioao, doc:taoi .. 1hc lIcIooIIa ol ... __ WI ....... _ .. _ ""'" ftows. If we ...o.a ....... olderi..-l ............... , "' .......... l<~"Mioft ... reploII ......... raullI of"""",",,," ""1 beDorI-. ..,.., voIllile mI_ ""'" ftows ny be Ieso prodiClable, ...mc:b ....... _Iy 1m.. 0\1" obili\l''' plOD b...:lli.nJ ....... apendi ....... lao I voIIIIilil)'''''_'' __ tlC ........... ~ ofj~ FInlIly. 1ho Dod6-fr.* Act_ ~ ho~ "_"'''-liI)'oLoir __ IiIIIprioeo, ........... kC' I • .-it.lcd .. 'P""" ..... I'MIq:. _ 1 .... -.1-. : ti1J........".._ .. all _-..~If ... k1i11 i" .......... 1 ........ "''''''''''_. "ll prica, ..................... be 1oIMtody ....... "'" or... ~_ could...........,. ... .,... t.si_ ft.....w """"lion wi ....... 11 ofopcnliCll'lO.

.. • , • , , , • ~ • , , •

•

Uofl27 l/:I: II2OIH,4S PM

•

.. ,

, ,,"/_ ItJ _ __ ... #J~ ~ " 1..rtrMJ (tHIIr(}b, W.., """ N Uk If> «Xftr«d,J rqJ«I w, j/1UIIIdM __ In IN ..--

-... «ldn)I .,.... fi..,.",01 .. """, .. to'. _ ""'i""" '" pr<>'o'ide ._ .... ~ repn:lil1l: Iho .... lobili\Y of dooncial.rq»ni",ond "" prqIII'8IiCWI offt,..,qaJ " , ... Q 1Or....-l pwpOS<S in ~ .. I .... p>onlly. .... 10<C<II.nl11l: '-;n::ipla. Because ofllS irb:red limi"';""" n-n.J ............ 6 .. ,,";01 repor1i", n-.y..,. pm'<ftI <1< ....... mi ''''iI$. Also, ,....;...uons of~ eYlOI""""" 01"._ ....... Ie t\aIn porlods .., .,joel'" tho NIt .... C<Idr<>b may ~ lnodcq_ b<causc of ...... 1" ooMili<l<ll, or li'ioi !he de#"" of """1>Iianct ""lh!he poIf<ks or ~ .. y _otIIIe. If we oamoI """",de reliable filWd~ repot1I <I< ~ bud, 011" oepa!iClo .... opcrali", reM" oouId be .......... 'No como! be oenoin No ..... ct'R>m 10 ..... lDi'ri OU' Idemol _. will be _rJ ..... we will be 1Il1. 10 rrairuin odoqo ... _Is""", 0\1" 6 ...... 1 .. pn)CQ$eS on:! rep::>ninr. in "'" "'" ....... We ... ill be obIe II) <:(Idi1u: 10 OXJnfIIy will> .... obIipUono IIxIer Se<lion ~G4 oflllo ~ ...... of2002./urj foil.n 10 mai,..in ofIi>;%i •• iroomol _ .. '" dif'ficll1icsentOldCt<d in iq>l......,.; .. <1< inv<MI1I:"'" i ......... _ .. CI:I<J<I hum 011" oponti ....... '" or ....... '" fail 10 ...... <:ertaI .. reporUl1I:obiipliO<lS.

w~ ,.UI Tttt ... ~"""WJ'''' ~ (J'" ... " .... .." _ ... ,'_,,--U -1II(ff~"'--

. ,

•

• • ,

" "

..

•

,;

..

ANNEXURE B – RIGHTS ATTACHING TO EOX SHARES

.'

, ,

DEsCRIPTION Of' CAPfTALSTOCK

n;. r_ ... ill • .........,. ~ d_ ri&/lIS of _ connoa ,""'" -' pr<fcn'ed """" .... ..- pt<Wio.,... "' _ __ at """po<_"" _bylow<. 1bo r_. ~ of _~ flO<!<;, in_ ... ........,. onIjr .... iI quaIiflod .... .......,.byJel.....,. .. __ ol· .... ' __ by ...... _ .. fiI<d._ .. ""'~._of .. _ otUo """p<duI r""", oporl, .... ., .... 'W.- "'" ptOVi>;oo, "''''_ .....

0,;,. _ 01'''']101'''' ..,_ mooo.ooooblra of «IImM>n.1OOk, p.- v_ so.OOI 'per.!IIte. .... of. 1>1», ! I. 2()12, w. bod 3IMMJl ....... of .......... 1oXII-....dia,. Eocb _of our __ , __ .. _ .. _ ....... au .......... bo ""'<>:I on by .... -.. EJ.<tpII'<1r .... _ of _,."..,., Is _ ... cd by. pMJIioy --. .... -. ~ ~ by M<IIIIlIDII 10. ... 011 _10 be _ GO by •• I ' ll ...... be""",""" by. mojo<iIy of .......... _.,

1>o .... by "'" hoIckn '" "'" __ I'"""" lei _ Of~1«I by PfO", """".' .io&l<d .... EI""". -.n. proW:bl. by low Of .. ___ ot_JkN ..... ...t .... "' ... y ...... ~.,.nod .. _ of 011)' ..... _io& p..taT<d_ ,.., .... _of ... _of~ .. __ ~ .. __ .. __ "' ..... "" ..... " mel"", by ..... _bo .... 0 .... by. mojority of ....... _ II> ""_by .... -. of ooor<XlmlDOllllO<t, V<IIiq .. 0"",,"_. lloloknot ___ .. ...- .. ___ irl .... .-ot_,l!odool_-. .. ;mbo_

-.iByby_._ .............. .,I .... H_ot ___ .. ""'_ .. .................. .... __ • DOOIUbjoc<", , ;' arooovenioo.. There ... ""._. , · ,or.inkDI;roo<lpnMo ....... pr t .... _

.......... -. $,.;,;0.:. .. ptIf_ .... -r 'I'JII)' ......... 01. pm ....... 1<Idr. .........., .............. _ 01 ... -.

........ 01 our __ mel< II< _ II> ..... YO divido!odo _d ...... kfaIIy.-........... if ............ _ by ....

=::= .. ~-e;:..'"'::,!i:1l-:~~OC':''!!~~~~.~=::.~.,:=:. ,........._ ... ~_al __ """"-,., l' &_lbII)IpoOI __ ... , "to.' , . 1'I .r.c"dSlo<k ,

01.. __ of ...... ""' ..... _ zOO.ooo._ 01'"",,,,0<1.0<4, 1*""" SO,OCI1 pQ' .-. .... of)loy 11. 2012. w. "oodOO.b>m "ptd"omd._ ... ,b' fn,"Our_of~ boo ...... IhoriIy. __ byour.ML.IJ •• ID doo~ "'" isoue .... ~ .M ill ......... __ ... ID doo~ .... ,;p. .... reo" ........ priv\loceI "eodo __ _ mo)" I>< __ .... ri&bIo" <Jm<UMllOll_. " is _ pouibI< ID ............... eft""!" ....... ...,." _1'_" _ J:nf<nw:I __ .......... at_'of ___ omti.1 __ at..-. . ( . .....poo:k ripII atm. _of_fI_.-._""".oh<_ ...... ___ otUop.~di_"" __ .-. -. 11<-. _ at .... """"""".-. ~ m. ..... jd .......... ·of ow ""'"""'" ""'*- ... .....,.... or ............ ....... to. ........ of .... oompatt)'---by ..... --..

Ad.TIIo ___ of.<A_""_ ............ !!,..... Tho~ofltl_ ........ _~" ......... _ .... by .......... __ mo)"bm; __ _ ... __ oIoby._ .... fIe" .... __ .... __ .... _mi&ht~illt.io or ... """' ........ \

~ _ aIIIODI{ItI- ...... _ill. p=*tnI <rW1 ... marl« po!ce 1'0< 11<-"::"=-, ~..-C-S-of~'. Ow bylaws JC'O"ioio .... _y _....,mr..t.OI ... _ ID I>< _by .... .........- _

bo _ •• do>Iy'- .-. at."""''''''''''' .... by II< ___ of I~ of .... _~ votio.c_, SJ«;sl ,.,....,. of_,Id .... Ow \oyIowo prvoiok ..... p<cioI mootiop of ..... M ........ mo)" bo'- by .... boor.! of ~OI ..... __ ofl~"'1bo ......... _ ..... _IO_

, ,

" , • • "

, .\ .. , • • I.: .. ,.

" , : !

, , '. " • t!

, . • ,

, ,f

••

,. •

• •

__ ? ' . ",.. W' " ¥ ' . o..~. __ """-e_,,"_'fGr"=! ; 01: f' tar_.-.._.... " PC : ... 1Ic - , od._ ....... of ., " .. ~

F $ ", __ .. __ obiIiIyd_' I t ... triot __ .,_ ......... ' ........ · , r ._.-pea" .. 01--.... I I ... .y. . .. __ ...... "'_ .

1"!ooo!o.fI/~"'or ........ 0.. _of. ... .... ,.-...... __ be....-,._ .... ~ .. .. _b" .. fa- -r"-<o f."._ oIlIdrooiory.." •• _ ...... {ohI .. -... . t_ "'_ ..... Tho dI' ... ot_,....;.;oa. ... -.... ....... _. ' I ... I" ripIo, ~ _ ... oiI< "" __ • ........... ~ ,,-......... _ror._dIlilldaoy4llly •• _. '

, , ~A .. '_Jt ........

n.. ................... 1 ... ___ 10 w ... , .... _S<rri<>oo. _ .. 1- ...

Oot __ io_ ...... NYSE __ ... ~-V()O.·

.. •

, • , , , " ; j ,

»

•

, •

, ,

I

ANNEXURE C – AUDITED FINANCIAL STATEMENTS OF EOX

· ,

r.M£JlAl.J)OlL, l'IC. (I'OR."O!JU,Y \'OVA-eM ou. .. GAS, INC.)

CO~UDATI.D 1lAU.'iCE SKEm

"""""T """" Casb 0IId Cash Equi'4lerQ n..s. !w:c/>· ..... 0Ihtr Rccoh _ IftpoId E; _liliiii Ot..r 00rttiI_

""''''''"­PROPERTY AND EQUII'MUIT Oil on:I-.I Gas Pn!pMi ... F .. ' Cool Meobod

ProYed Oil lid NoIonI 0. PI ; -m'l ~OilarodNani Goo Plop" ....

Odoer ~ ond Equlprt'Im

ASOrO€O:MBU J I,

10.1 "'-'r-~"'­laI-'"'_'_~· ',~,p'lcII_ ... _""""-

,..... ~111'11 Eq!i: ........ ~Noc Pr.,.;dDrlIIq;ec-FoIr~ .. oCComnodi()' Ocrl" .. hu Doltu-eos.. Net"'~ .... "'""""'--- LlAImlT1£S Ao"IOSTOCKHOLDERS' EQUITY ClIItRENT Ll.l>1IlI mrs ..........

Foit '4] ... olQommdi1)' [loohori •• Aocruod E; .,.

ToIII C\rrerII UobIIIIieo J..O,'IC;-TERM UABII.JlU:S

:=;=~F~!!:r,,-....... RtIi_ ObIipci.,.. "

ToIII LJobllltico

"

rt'OCKIIOl.O£HS' EQUrTY 1'I'~ lod SoodE - 1'Ir"' ... $.001; lO.OOd,ooo S100ra "'*"'-t None Ioo\I:d orO 0:. eo...- SIio<:t.,.. _1.001; 5OO.QOO.OO(I Shno A.uItooriJood. loI,7J.4,6oIJ ... &,2M,06l s-. __ o..tIIrdi., re.spcd>'dy

Mdi~'" Paid-In C:aphal ........... n.I~' r..py

t! ToIIIIJeiUIies ... " ........ 'l ... n.· £q,j\y

,

.,

"

'"

lOU 1011

""., $ 100.Il9.421

S lO,m,lJ9

..,.. J"/,(l(l7,m g,174,()!1) 79,141.9f1

S I(lUJ9.~l'

)l2112011 .;45 PM

l5of l27

DIDlALD 0 11.. L'OC. (FORMERLY YQYAGER On. .. CAlI. ~)

CONSOUDAttO STATt.'I1I'.NTS op On:RATlONS

Il£VDo:lIl:S Oil INId Nanl (los Sol-. U. on Conmodity Der1Y011vc$ --1'r'Oduc!Ioa1!o; .... -­a.-.r II1II .............. E i I o.,.I<Ii<Ia of Oil "'" NIoInIc..,.,,; ... .... """'",011 0IIII _ c..1'ropa'iI_ [)qn<iM!oII on! AIr>:IfdaJIon """'""01'01--. ... AoioI RditarItrI 0bI1foIi<a OoIa on Acqoi ...... of& ' No< --J.NCOMJ: (LOSS) nlOYi OI'£RATIONS

0TlIt:R L'tCOMJ: (EXP£l'lSEi -""" ---lWw_("-) ToIal (lIhi:t ...,..". (b:pcnoo). NC'I

LOSS BEJOKE L'tCOMt: TAXES 1r'COMJ: 'tAX I'JIOVISION

>aT"'" Nee u.. ~ c-non SlIort _ 9asic w OiI_

~"A""''''() idi .. _ IIMk:ar>dOih..:l

,

2.m ,1ll 2.m,o ls

12.1'OJ ,~ 12.110,11 ' ,,-

Sl.l l$

" ...

,

• Tho _ ... oyi ............. t....,.r port of1btoca-;ol " uc_

,.,

,

,

... 26,129 , .."...

"'26,119 ~bl4O

""" ,.,...

711,44(1 102.743 "",'N 1,771,161 , ....... ~" ..

l,ln ,'"

""" '.m .... , ,n

1I'211'201H:4S PM

1601121

L\l£JW..DOIL, INC ( K)RMI!RLY1.'O'lMlf.1l On. ., CAS, INC)

CONSOUJ)"'TED STATEM£/'ITS orCAS" n.ows

C"'-SH n.oWS noMOP£Il.\1lNC ",cmnu:s ~~ Mj_ lei I\ccII:mLe No! ~ lei No! ea.h Pn:McIed 8y(Uood For)

Op<nII.A<II"'~": Dq:JkII ... of Oil '"'" NaoInl 0. "opalioos .......... <lIal..!NoM'OIO' p' ........ _ ... -"-" ..... oe,.,.,.. ..... 8oodo ,o....nl!lllGooolOoIoI Di_ ~ofOolol""""'COIII l,.<)1li'" OISpOMI ofl'r<lpcfl)' I/Id EqulpaICII "', d ... "'DitoxuI ... AsodReli ........ O:o)lF ... Goin .. SM at _lIbLe b SoIcC.;'";;,;iliet lbulbo.d~ .. DutYIIi ..... (loia .. 4"Ipoiokl .. cor&.i=, ~IJ-.I Cw4o« i E:lopc.a a..-Im,..,... '"'" UoabIUIies: _Iq'fnd<; _votoI .. ~!Q00t0er R<ee;v"lcoo (_) ()eo:ntie lnPrq:ooid Expcnocs ODd Clftr CwTuI_ -.- bo CJlloo;o"-an.....­"",-(o..::r-)ili._~

, ~(Doo:IaK)Ioo."""""FI ... r NnCash l'NvioW 8y(UIooI r ... ) ()ponIi.Io<:II"'~ ..

c.uH FLOWS FltOM IJIovunNC ",cnvrm:s CashRa*ved hnMorp~ Cash _Yiid .... NoIo Rllcdvoblo """'- orOlhor p, I ~ .... f4oI~ PrqWd DrlUq C-" " ..... Weo or ........ ~ Rot SooI. S<ariIIoa ... 1I!00Ioao:l-..0.." F ....

No! CI!Ih UIooI f or hNestI ...... !Md .. CAS!t'f1.ows IlWM fll'iANONC Acnvn1£S

l'Io6oods ..... .......,. ore-St:ock-N<lof'-COllI """-<do ..... -.... ofS<ooOor Scanod,.,.,.....,. tc.s ..........,.. .. Ro ....... OUI faoolllll' 1ft! nna I.-. PojLa 011 ~ OUt raooltitr_ Ta1li I.-. ~. <lISorOor Seo:.ftd......a...,. NoIos ...,.......oI~U&bIliIita Cosh!'ald b DdoI tssuonce eo.. """'"""' ..... E>oercIJe ofSlocl: 0pdGN ond Worma

)I<! CIob ~ by Fi ....... ,o,a;>'iIita

~ __ ~ olea., """' ..,_10_ CIo<b!'aldDui .. kPtriod Rot_ Cash "-Id o..t,.ft I'\;;r\od Rot _ n-

N •• Out ..... _ ......... ~ • OiI_J'ImnI 0.. " i oiw b;liidod 100._ h)..toIc:

, •

s (6.2,296,0911)

12.no.111 .",...., ')..II'

1,919j61

,., .. 111,2"

(1'.2U,&U) 7,311,690

, 1.1$4,<)4) ,

•

~

, (1,3'U,0s4) S ,.,...,.., .,.. .. ~" ..

1,311,1" ..... , .~ ...... 163,356 " .... 12.191

~'" "" . .. (1"20)

"..... """" (1.9'1$1) cm,.m -

""" " .. '" -

, 11800.000 , • I02S2.401 , O>.>M , 411.414 ,

1Il lf20U . :'" PM

..

• , . ~"-_ObIipI_

i JVdIIScs......,. Js;a..,. ole SIoct ... • £;' .. 0(

.. Uobilloi-=

.' 00...:1-.1 0..1'1 ......... at. I'ropcrv II'Id EqII pmtIII

., """ "'""""'-NoroCIoh Ac:q.Uilionorlluli .... __

.·~r Morbt ofC\Jlml>rl Sled: ........ ..

•

•

t.

• • • • •

• • • • •

•

JIlll2013H5PM

"01 127

'I , 1 EMERALD OIl ... ll'IC

(FOR/l4UtLVVOVACER OIL .. GAS. INC.)

CONSOUDATtD S'TA'TDIUi'TS orSIOClQlO1.O£JIS EQUrn' (DEnaT)

FOR THE l 'V.ltS I:XO£l) O£Q'.MIIE.Il l . 2011, lll1 l .uti) .'0 • ? .... -- .... , . _. ----- -" eo .... __ (t-)

~&.

T_ .......... .... a..... _DHt .... r JI,lI09 , ,...,,- , ..... S (U60.' 5aj S ,~-

Solo 0111.,6101 eo.rm:.. Shno. $7.4.2 Ptt-.o "...,. ". ......, ., ..

" •• US,217C ..... ""-"" CIf>iIII Raiw ".m " "" """- po , c...Nttol C. .... - (61,1'60) (67,760)

_ ........ "'F d ... " , ..... N.m ~ '" .. .......... --...00 57)76 S7.J76

~RcI_IOSIOCl , -- 120.710 ",,'" b$u!d 31~,22\I eo.rm:.. st.reJ , "'---- 319~ '" Y5l)aL 2.3SI.900 .... '-_If._ ~ --' ," ....... -- ),10f,1" ,,~ "...", .... ........., 1,149.-

~""'01-,,, l.Q:!I,162 ll!;!' 11,!:IS,4l6 l1.5IU71 ___ • .,.,,"rr Rt~ .... ~ __ ..... 4, ..... 6,1j(U19 •. ~ It.m,9t9 .... (2,26Q.o1SI) 36,26&.1(;7 ~ ",",*"., f)zfd .. of

"'"""' , S,7U • 23,043 " ... t...n I"ImIIin. II) Eoo:n::IM '" ..... 321,542 '" (110

~Sioc:kar.. c·

• .,. 172,121 172,121

c... ., Rd..t II> SIoct -- ,.",,, ,.",,,

IlItecIor r .... ~ II> SIoct 170j'9 -- 17O,lJ9

I'lol a.., ill J..boaliad 00/1II_ , A"'~bSale ... ..,._ « ... ~'~

~ _ De«_. 31, 2110 ~ f'InI.o II) Extrclto of

~77,176 .on J9.243,37'

...... '" .• '" .• '" Na l"l 1 too. EqoiIy Ottrirc l ,m ,7" ' .~ 46,600-", 46,602~'1

~SIocto..n G .. t,., U6J11 """ c ...... ' . ..-.... ......... """ 0p0i00tOw. ...... ... ... rx-F __ IOSooct

..... - "" ... "" ... "'''"' (I ,l4S.GS9 (1,lO,~)

• , , • 312112013 4:" Pt.I ,.

\

t9otll7

• ..... _ De ... _.31. :11111

c..:....:.. Shora Ioouod • c; , =rio. , .. 1Od.SIIodr;a... ~ s-.d< Forfri_ ~'*"'si.xtGnrl

Ciao>uwcl ... ~ .. RcIMuI II> SIIodr; ~"ori.nII

0INe00r Fe. R,t1_1O SIod< --Isooao! orc-mo. ~ iIr "'" AapUI~"'QrEmonld Oil Nonb .-....rl"" IDe.

Not" , "'E.qui0'

"""" ~ SpIll Rocoocillodon 0..0 lei Ft. i" • sa.... *~ -. _ Doft_.ll,lei!

n.:-

! "

• ,

I1Mft61 .,.. '''''' '" ,..,.,

" ('J.m) ,0,

I.66l.17' ''''' ll,l77.sU u ...

(151)

2-4,13:1,00 , 24,135

Ior!YJIwww.-..piA:doi~4talIWI4lIOOOrI44lOl1)01'~

< I7,OO?,'"

3.137,212 (U)

" 1,17'SI9

1.779,9(11

l.lo.. I~7

1],37",39

n.:53, I3-4

$110.439,530 ,

(7.17"'1) l'9,14I ,9tl , . 1,1JLI22

-

1, 111..SS9

1,779,901 ",

1. 1001,147

n.167.o12

_UW..,..,. .... Irq-oI,..., 01""- _

,.,

"

,

• •

•

9Oofl21

" ,

DlDtALDOIL, I.'IC. (f'OR._V\'QU.CUOlL 4; GAS,~)

Nolo.we •• I ' ,,_Statc __

l&ooa:>r*>l~ II-w:' '!"'"' •• , __ ...... ed "' ...... ___ .. I"'i"'i'*"~ ." • ilL_ Uoi-.l $-.ol A.-b("(iMP"),

• Rcymc 5P* SpIlt ,

'ltIo ~ '-'I oI<ti.-. ~. 1, .... 1 __ ... t JiIII,.,......., wtidtoll ~ .... of""""!.....tYod """ ~ of_ -=!< i1r..::ll _ $borce ol«OmL(lrL """'_{~., ....... odJ_ "'. raU. ofh:lionol shora). On 0<00I:0a" 12,2012, • "'\Iori~oflll! eoa.-t' ~ oppo.ed "'" ~ otaok'PIlt '!bit ....... SIO<k optl. dea se<!lhoiOMdtnd '" liq:s/lftlby"f!pr'<LlLi.-!y '4O,J)9.000. 1ho 0! 1 :di. ........ by~ly6.?OO,OOO"'"' ... O! ""'..., ...... by~4.loo.ooo. QAAP RqIi ... no to: m'<ne ""';';Jillk bo oppIiod I ... .......,ai\<d)'., 011 poriods pr...-I.,... rMI. oll ..... __ tnd OpIiooo" i_ t ibc:<1 .... _ bocn.tj.-d '" rdIecl Iho 1· ..... 1 _ ................. iL

CmboglCmbfpi",,_

Tk ~ t(InIl .... li .... y liqdd broau, .. ,. wiill imi(pLifi .... 1_ ... risk on:J orIIi..t II"IIU'IIkLI or ...... ...".,. (It I .. '" be cMh .......... Coob ........... _ ....... pri,...;ry ofi_"'-1,. bri __ on! """"'l' _ finis. Tho ~"""'pOoIlkal ......... _beUl.<hoclci,.and ____ n...._ ..... ' .... Uyavail&blelO'to: ~oa. dolly ,", .. "tddy boAs and ore Ii .... y ~d IIID1Ve. All 0I"'~, """,1_ ~QLaI; _ ...... IWll~"O ill l l. 20UhlO ......... ,idonl..".... ... h ... O t ,ll , 20IO *""",O,mMlI, 2011,~1Io:~_b ... I_"' __ ol_tr .. lalbIo_8q:j,.....20U.'--" ........... 1I1 _"'S2SO'OOO ....... r · .. 01..::11e:-wi . "'"'''_~'''''_''''''''Ml_-r'''''_ .. * .. U1;.....,.; I .... "'~1Ioa, olio ~It M;cl<l1O ScaliI)' _ ,,_ Corponcioa~ .... -...;0.11)' olilo 1l....:iol_1n "'...- ..... 0I1ho -.. ftrmo IMIbo c......,. .. I ........ ito ino au ... 1kl1o.

< fLIIl O!i!t Mq!pI

Tho ~ IlIIows fie .,11 <lISI """""' ol~,. for oil ODd -..; .. ""''''''6 whtrd:oyol l ...... reIoxd 10 Ihe ~ ....... ' ado." I 'oIoil '" -.... .............. "'" Lrririolljr ..... i.oed ............ __ ("i.I1 <lISIpooI"). $or:Io _ioodud<I..! ..... __ ."""""'ol ".,... __ ",_-: ..... 001""" .. ,\ , 01 • r CWT)'ir;;J ........ .... ......-u. .. : ...... _ol4i:u .. ~lrdooedlO ............... """~oorh1_ ........ .-..mIed Dc I l l ,2012,2011 ond20!O, obo~""lzal$loll," : 1. Sjl6,OO .. $O, ....... . -..,..or l_..wiea, wlid>iod_55I2,OfO, $411.414 ... 50, ~vd;<,ollllOCl;:t.oed .' .,d, .. _ MIar\a"",

lI:IltlOlJ 4~S I'M <

.<

• , .~,

910rl27

.,.p ... I .... bqed """'or-lillll: ... _ .. flo """,,"oIt1ono(I'-<Io r.d _1opmo>oI; 01011 .... ran.! po ~ Tho ~api_l_oI$362.6U ... IN jeW mIod Du:u"bu 31.1011. Tho ~ did not "",,,\alb. 1_ '" Ibt __ <..!odD!! be; )1.1011 r.dXlIG.

c.pilOllllOd """'" aocllle<! wi'" i~ 1""",,11<$II1II p"",,"'" hn-I,. JII""o'Od ........... __ 1I&ro _~ . ...... """ .... mi __ "" Fi.-dol A«<u:li,.SIa<","do -.. ("FASB")~,. ~ CodIftcallon ("ASC'1 411).20-2$ .... dopI_ II1II_ "" IN Iftt-of.~ 1n01hocI1Iucd "" flo OSIinled .... pvvo:I racrva. Tho _ Ot ~ ~ .... ",ltiIoId _ .. dopI"",," _ ... 1 _lime II...,. ............ "..T~: J.. -'fa!. Of abooidulal. ,

lb:Ir< flo III: ..... -*>I 01 ........... 101"" oil . ___ ~ P ...... I;II """'" 10K .;~,..,.. .... 1 :,~ ...... oI*"tmI _____ .""' .... _ ......... _""" ... 0II.....-.101l,.0I· 'iAooT"IT' ...... JII""o'Od oil _ .. _ pi ...... ""*01 .............. p~.:ItNojcQ .. ..".,..;..c;.,.(w\IhcM ~...' <II .... ..t..:), oranl1lUCd &i. >WI ... iflow ... , <II~ prOpt>"d .. Nt ... d;e<t .. IIII<IfIi>aliorl. ~ copilllillOd COID.-.d IIi:s "';lfo8, .. ticlll' ....... "" a ~ ...... I ....... """" i'.....,.,._ The ...-..z", ofesti_ a.n ... ..,-. ...... ~ by . ....,.,....pic:c:o b&1Od ""a 12·"""""wldmelio ........ oflho 011 .... noIInI .,.p1ceIln I'iJoo:I "" Iho finI do;)'or~ ......... 1eoo .... onoIOd bon ~1IftS 10 bo 1 .......... 1>1 ~m:I prO<lIcI,.1ho pro>'<d raotn'a. ( ............. toIf;i",.;.,.. or""'OII,. ; "" CIIIdi~), ..,., OIJ,I oppIioabie """ ..... _ onoolaNod..,...,..". 0 ,*,"0 31, Xlll, XII 1II1II Xllo, ... _""'_ofh~·.oillllll_ .. ~... j ''''cem ... _lldtby$$I,109,On, 5(1II1II $1;JT1, II1.ITII*'Ii~TboC_"'~"'oil __ ... p ...... "" ....... o:Ilu._u...of.hmo Xl, 1012by$ IO'I91,lJf.N ......... C ; ; ... 1TqIArecI1O'-" ........-01 ... oet ........ ...,_ofitooil_ -..I .. prOpt>"d .. In""_ofWI,900,692.SO_ l1;JT1,II1. ... "',-._"'" t ] 1, Xlll,Xl11 ..t:!OIO .....,.q;:,...,.

, 011 "" "''De' Gg I!s!ooc QuNJirl ..

EwctaI<I', __ ofJll""o'Od -...1, -..od "" ... qo ··w "'011 • <Un! ....... .,.-t ........ ~ onoI_ .. -. wi!lo_oobk--.,., IObo .ooe ... I h _eo"lh1I0/>0d..".....,u. ill ... -. .......... --...II1II

___.. .. _ .... _l'ui I C I ............ -.. ...... . _ ...... of .. I_ .. p .. _;...~. ""a.-.~t.b<liII"'.I.""""po",' 1 j .. ~by.::.nw_L" ' .,.avaI!obI ........ ~ .... ooI .... ,*, ~ .. ~ by ... __ .clF.moraId .. .. """cies. The ........ ad_ ... "'"" I,j I ... 11) ....... by --.Sewelt ....... od_ Inc. The..u.....clEaomId .. _col ......... oro I· 31.1012,2011 .... :!OIOhow _ 1"<1*"" ON! I" _lied I~ ...... doou .. lIh SEC,g .. on:! acw.ni,. ,1If"<Iaods.

,. ~ .. ..:1111tlt ITIIII""", d1111a1td J\No IItI""iIows Ifr4- Emn!d', dopItd ... m:I h .... h"'.ro.<:a!o"hlllions, ......

ITf'JI, ~_ .. dopkIionond i ........... ....to .....,..,...ay .. ito .... 10 ......... 0SIi_ EnxnId _ ito ......... .,..;-._Ib: pnoJoc:Ied ..... lIowIdcriYOd i<mllao:......... ... ln~uwieSEC~I ..... The !ado; ' . i u.'-<Ios<ribod .................... _ .. <k1I __ ~_au<litq.., ....... "'oepoI'I.

oapeo;Ii.-ell" no. .., "'&><nkI' • .-... i ;,. bEoioo."' __ ....... iIdIo;IioJdoo ..-Illr ..... l;IIcI .... _ ......... _po i,.,cI ............ __ ot)'or...t- . '-I 10_ i~;.. .. n ... J .......... "' ... Udi_ ....... be"" ...

Emerald', JII""o'Od ......... Ii_ are wlR11onot_ .. ~-. all ot_".".4 _ ""'&.:.nlly &om Ii:IIIlI .<S\~!:S. Ao ad!, .-vc ttIi ...... 1M)' .......-tally vtry from Iho IithNIt .....-.I~ .. or oil or.:! ............ ~If ' ...... .. coI.

,

•

• •

1:."lER..u.D 0 11 .. INC. (FOR.'\1DlLYVO~G£JI OIL. GAS. INC.)

Noot ... c •• ,'·,..n ... Stolt_~

"

""..... ..... , ....... lIOIoillOldnRnI .... Opc>Iia .... ocu604.<OII..JdE .. ' ~..w.""'''' •• Ii ... -.od_1hri • ...; _dwdiA li_ 01 ............... ,.,. ~'"* .. ~ 'I, 'u . .... -tbcllCi_ ... capItoIl>aI. MIl, ........ on:! ......... c:borp 10 ~"'" .. i~ OoprociOlion.",.,... ... WA'''' SJO,llt ond Sl,929 ... 1h:>-1"'-.U .... " 31,2012,2(111 .. 1201(), ~V<ty.

ASC )61).10-35·21 requi .. fill ...... 'i.ed os-. ...... INrI 011 ... ..ani ... Pf'OPC'1I ...... !eYltw«! for i""';mca .. bo»::c . ... r....a or -... ill ~ iIIIiic. hi ... o.ryI .......... or .. .- ""0' "'" be .-• .,obIc.. "Tho -";0IIII"" o(~ is baed """" .,.,.... ..... ofm"""rIII>d ,..... .... &ow.. bob< '-of .. rd..:I _ :flho ...,.. val"" oflbo __ IIc,..ti_ ad II.vc ouhlows, ... ....-....u.d be '\ ......... di....,.'*"'_ ... ...."q ....... ..,"" ~ lid ... fair vel .... n.:~.. .... , ' ... ...,. -....-~ ... -.:oiI..s __ ........ . ioed -...... lSah

TIoo ~....,... flo ~, val .. of.litbilicy b .. _ ~_ obIlpoiooI irI obo pori'" in _ ........ 111..,.,d or'" _I. oo:quired iird .... ' ...... oJi.l_ In,," <OfTYi._ crflho rcIoIod I_lived _ no. LI""mll' I, -mod .. i. ~ val ... """"'period, ...... copIIaIlX<I <OIl Is OopIeICd ""OW ... Ioill; ofproN:tiOll...md. Iflho 11~ 11l)' Is oeuIod fOr on __ 11*>1110 '<<(I0604"'''lOd, • plft ... :_ is~. '

Tho C ; " '"""'FI_ 011 lid _ JUre---=:! t-Ito ~ ... po t ri .......... _ ~ .. dellYa'OII ond~'" hall t ,ed .. .... ,..-,"' ... _ ... ooIl"-pricc"'-.bIy~ Thc.~_ ....... .....,..01

.... tr looIantlnIoI_ .. prO<" ___ ~"" ~1fIIl~ i '"", c:<dii._~ ..... DOl • ... 1 _ .. _ .......... ...,....,.oi~NOC"'" ' 11.lOll ... Xlll, .... Cta4*o .. _ .... ' __ ill ....... ~ I • ....ullive poroi.,.of_ .. """"oc:Iioa ........ 1OIo:I ... 0Id1s iII"tao;h it ..... ~ -'«I"'"~. C<lidtoll_i:o ....... IltP'O<b:d",,"''''''weU$. ;.

Tho Cor/ipofI)' boo 0ClC0Idtd b JIOclo.bued """ ..... IIIOIi""\IIdor Iho """'101",,, or ASC 7J"'J~". Tho C .... ~.....,.._. _ t 1 """V"""''''' ......... 1n 1110 6Jww::ial ..... .,.,.,.1100 veoII .. period 01 oqoicy.cl .... ftaI.,IPk>J<e __

; _ ........ t.ood ..... .,.._ liIi.vaI"'oIdoo___. .. oIrej 1 ax;1Ifta. f ... ~onoI ...... 1lot ~_"'A1rlS .......... nt.Iioromooiel. .... Io.· ... iii.vaI"'oI __ w , t ........... I01 ... _01 .... OpIoooJri<:irC_'''''''"tot''''''oIlq101y~ ..... , Loo .. ird""", ... '''I' • 'pt\cIo ... I .. II~Fork_ optc.lDI •• ,.a;pwadlboC : ) _""' • ..n.trol_obkRlpou .. I .. t aiue..... ... _1i(J .bMod...... : .... _01 .......... 1lIt~loc/ic¥wdoo _ ... ,....""" __ 1iIirt,.'.=........ ' _ti~ M ............. rIou:oe 1' 1, wet'II ... Il10 oit onoI ......... I.o.yCMl" ... .,..,.....:I ..... 01 ... opcI_ Tho CooooporJ"'" ... ~iled -..ct ............... ClIo toq)O< .... _01.,., opIionIM II> obtl..t oIloi ___ ~ mfac., ........ ... ~ty.1l!ct1hc ... ...z .. osd

"

• •

,

•

•

9) orin 312112(1) ~"" PM

904 of 127

E.\OlJtALD on... Il'iC. (JIOR.'1ERLY VOYACER on. ol CAS. INC)

Tho~ """"'""" Illr i"".,..,. lUeS _ ASC 7<6C-Il).lO. Dorcm.t iDI:orno __ on!liobili~ .... _ ..... _ ~dilb ...... bocw_ ft ~"";01 repMirelllll _ bucsofossets and Itobili~ .. and .. _1nII ~re"" __ ...... on! I ..... II1II1 wilt be indOc:l ,.1Ion .... dilb ........... "PC'*d 10 ~ ~"II_ Rq.i~ Iho """"_ of • ..,.Jllllion oIl~ lOr doelitrrod _ ..... ifil is "lIOn likdy hnrot" 1hoI_ .... ..,.... .... oi l of .... be .. fiu of debmlwc ....w,wilt .... be ..... iad.

The _ dIi:cu iom .. _" "'" ,,,",1I00I "'" be --"!ed in .... fillUldol SI"' .... my iflho po«ilion i ....... liktly_ .... ofbei!8..-lncd ir!he pooII~,," wete 10 be chell<¥<! by IIW"IIotChori1)< The ~bu _!he tal< pooIIlIoNllll:etlln 115 lax M.rns and detmninod 1hoI ......... "" ~n lax ..... ilions. As. """'~ Iho ~ ho$ , ...... dod "",..,...w,,_ 1111>11111 .. ia iu «mooI~ btll ..... ,-.

Buie nee iDI:orno (lost) ..... c:aromo:oshare i. _OIl .... .... in:om: (I.,..) dj.itlod by Iho weipetS ................ ofconm>n ...... ...-.Ii"llduri ....... period. Dlh'"<l ......... per oIwe _~ usi ....... ..-eip<>l ..... tutDer of_ w.. plus dlhf:i"" _ ._ equjval .... O<.tI1II>:Ii ... <Iori"ll1ho Pdiod ~"II"" -..y III)Ct __ In .... ~of dihlCCl ........ 1""" $hore, .,.,... _ beno1Iu IhoIwouId be ~ '4'0'1 ft OSIUII«I vesIi ... of_ rua101ed .............. 1ISSIrned .-.:;.., or....:Jtopciom (i.e., IwoIac:al_ ... ~,,) .. 1..,..-1Il!he""""" fJf'OC<eds ........... Iof lho 1raN)'-* moobod., .... <>Jonttlol """_ ... borzfiu .... IlIOn: lilotly nn notoo be ..... i....t 'MIM. I.,.. iom C<I<li ..... ~ <:Xi0ll; 011 ~Iy dihf:i'-e oeari6 ...... ni4il";,.. ... _Iht!reil<t .,.,1_ iom .... ~onof dilwd ..m .. 1""" ' IIrR. As .... ~ hod losses b .... )an endod. D«eI,'" )1.2012, 20 11 11t1112010. .... poICt1i.aIlydil..;"., ........ we<e ortIi-<lilllli"., on! w_1I'III not 1""lode<I in .... nee lost per shore e&Jat,m(lll. • ,

.... 0([><0 , 31. 2012, (I) 1 .... 7.701 ,"""""",.--:icoed 1II)Ct ..... WG'< t......:I &nd _"II'" rtprt:I«tpolmliolly di I";"" st.reo; (11) <12'.986 oIOOk opci ..... \hoi '"'"" i ....... lID! praerdy =rclllbio on! rtpf<SdII poI;<>1iolly dilllli .. 1hores; (lil) 410.716 _opIi"", II1II1 ...... pICCllu .... >101 ~ =rcl0lbi. &nd .""' ...... P<*n'iollydihlh-e noa; (Iv) 223m ,..."..,.. dIIII ...... issued ... presmiy.-.:isobIc. which t.ve .. .....moe price ofSU6; and (v) 892,'" ,"'anwoslhM ~ iss-! ond jnSCOIIy """';1OIb1 .. which .... .. =n:;" price of$49.70-

P-1O

, • ,

•

lI2 112OIH:4~ PM

9Sofl17

UI£AAlD OIL, L'iC. (FORMERLV VO\;\GER Ou. .. G/LS, INC)

Tho~ hoi ~ iIIII) ",",",wA~ dcrivMi, .. 1_ ,.;11 .. ,. ..... pr<mi ...... ooIiors IRI price _ II> """""" b o5:cI "'pAce -... 011 _ pon;oo orr..- 011 pro6.w;dOlL Tho ~' ....... oodi~dcrivMivc 1nsIrvnoraI .. __ II lilt oailiO...:I ... lo.duoW In doe con.oIidIIod to.i""",..,. dcrivMi .... _lad li .. li1ics. lftaoIiJed~ ... ...:I koooc:o In! ,,,,,,,,,dod Moed OIIb-... hob fIOt ""' ..... ofb doi •••• 1_ IIodo lh: UInOliad IRI tellUoooIltl*1IiiI1ooa. -ai. tc. .. _liCII<aaIofdcri...uva ... <ucdeoI hlb '-OII ..... oocIi~ dcrivMi..." Iii>: 011Il00 _1_' ... of ............

' .

• <

•

•

' "

•

,

:li2 ltzo lJ US Pl.'l

96ofl27

£M£R.,U.J) OIL, me. (tIORMERLVVOYAGEROIL .. GAS, lSq

Tho~ valolOlion.,.,; ...... 1IIb:s i .... considcrMion IIIC """ ...... ~ ... credit _ ..... 1h<~. credit ~ ord Iho Ii.rnc val .. cf""""Y. The OCIISIdttatlonoflho Ii<:bs muI .. In .. ..,;1DO!td exit poi"" IiJr ..,., ..... IVItI'" MOOt Of

liobtlity ........ a l'Olllott pi..,., poRicipat'. ,;e.... ~ btlieo.'fl .... lbi. 1Ippi~' pt'I>'o'idcs. ~ ncr>bi-. "";5ob1~ I!Id o:onol_ mctIoodo!CII)' for ......... ""''',oodIty dori"lllivc i_ (_ Not. t4- DorivOli", lnmrnerIs tn:I Price Jtjsl:~).

Fnom lime "'~ ......... K<»Ini .. ~ ore Isauo<I by FASB .... _ odopItd by Iho ~. or.., .pedfiod etre.:ti"" dole. If not d1"" . .... ~ believes ht 110: ;""""of"""""'y Isauo<I owocIardI, wJacb .. iiOIyetdlCcti ..... will not 100 ..... omtaiaI impooI.on!tlt C~. """",,,idaed furonoial lUI ...... ""'" odopIion.'

Joiil \gpm

Tho """""'"'-' ~mnclal ..... " £1 .... ofDwclilbei JI , 201;!, 2011 an:I 2010 ]""10,,," 1h< ~ ofiho~""" I. ~ -. oflloo _ILoblll<let.""" ......... ofop:_ OfR)otn; 'CIlII'CII, I,IIM>I_ Il'I.

lH oCEsiTfM

Tho preporaIion of"""",,,lddod !DlllClil .-_ OAAP In k L\litod SUIo:s ~J($ G' i '_10 mal;o ..,;_ on;!

IISISUI¥'II"", lbota5:ct k ~ .".,.... of_ ond liobiliU .. and di .. I .. ,... ofOOiili...,.. _ ml liabilili ... at "" doto of 1h< o::onooIidotccl B.....,ioJ , ..... OR! Iho rq>OA«I ........ or ..... -aaoes 0IIII ........... doai .. 1h< ~ .. paiocL Tht ""'* si .. karI.,.,; ........ male 10 provcoI oil or>:! ...anI PI ~ vOIo_ !ioore <lndopo ... -...,;rreIeS ",11Ii,.", oer.m oil and..-..J PSI'e\I<niCI and ............. /ai. val"" or_VItI.,., 1 __ vai..ooo ofsbar<-booood ~OfI..:I .... valoatiOfo of <ie6:trod i_ wo:s. AoIuaI mullS ..,.di&r limo IIlCiO< ~

Tho ~ operaItI in one Indullry otg:IIICIf, ... lid> iok ........ 1IIi"'" ...... 1opmm ond produoIiOfiofoij ond _ po wift all orlhc ~.cpcraIioDII acllvid .. brvid8 _ ~ iolhc us. Tho~. C'"""'~ ""';vi~ .. on:i Ihc ~ OCIRIOIidotod --.os "'" po«U<I &oon<nlfi::elS e;wd"";'~ in1h< us., an:I1h< 0ifr1i001y Ill! II(i korCj~ """" 1_ o.:csIdo: Ihe us.

Reclysifigljpm

Ccnain ~fio:atl ......... _,.....'" prior periodI' reponed_ in o:rcIe<", ""'*"" wi"lho N'fUI period. ~QIL n- recl"';fio;oti"", did iiOI ioqpoct!be ~ ...... \cos, $1OdIooldon' eq..;ty or<ash ft.,...s.

a.. in R'V'IliIWPm04End

0> hiy 29. 2010. 1h< ~'s _ ofDitoo:lon ~. ~ in Iho ~.ftso'aI ~ <nil "'a ....u~ ... 1 oalerdar J'Nf hom "'"'cia ... s-boyofq""",,,ero pcrlocL The chqo! In~ .. pcrlod .. been .. ft_ID dU AmuoI Rqoon on F""" lo.K. ,Tho ~ fit<&l J'Nf end i. 0. ,. ,r Jl, on:I II>: ~<niI OfI Mardi 31, J .... 3(1 on:I s.,.,ot>a JO.

Tho ......... O;""""""i_ ~.....,iaI ' M' .. Ud\do Iho _ clEmctald Oil. Ii>:. and I. <II~otJd irdi...." "'lI<>lIy ."....,.;I..tosIdi.,; ... All . iiJlifi .... I'*"_ .. _ and 1niIISOCIi ... ha>'c been elimi..atod.

SOTt 1 "-CQlIISrnoN OF IMJSII'iESS

~ July9, 201;!, 1h< ~ tdtTod i ..... Se<:ui~ ... I'II'o:bIse Ajleeo>"'.(1ho "P'o.rcNo:le ........ ''''1'') with EmctaId 011 A 0.. NL (the"1'atM") ord &r.nld 011 NonII"""";", Ii>:. ("ElntnId 011 Nordo.........no."), a whoIlyownod "";<11." oflho I'IrenI ]I\nWIt'" whiclo Iho ~ ~ all of"'" _ .. capi1lll $Ol<I< ofEmctald 011 NonII AmIriea Ii:or opprOJ<imolejy 19.9%

lI21f2013 4:45 Pto4

o(k_shoreo ofkC ..... ij· • ......-._~ .... "'k.Iotl ........ Tho~......,._k~_or -.t Oil _ ArrIiortCl 010 July 26. 2012 and 1....:I1IP!"'O'Ci .... 1y 1.66 orill"'" .... 101110 _ Tho ~--.:I r-sldOiINcrill ~"11Ibi11li<s, 1 .. N:II .. ~1y S2(U llilliooo Iftdcbl-.d b,- &nonIdOO_"-riCI. T\IIi """"'ii .... ;.,a....., 4; I I}' 1(1,600 oct ...... 1oo*d .. D.oaeo....y, _1W:cIo oad _..... ·y4"..OO oct ........... s.dwosh 80sin ""otnr.lIMI_oil pb)' "'1Ma.. &Cokndo",", h D ~

r. ............ wlfliho ....... oliho EaoenId Oil NonIIMooriea"""",1IkIoa. ft"" ..o.irca ... _. "' ... ~ _ 01 di_ mI.,..s. orsI1hri. VIClIIlci .. "'''''' ftll'" witodlrtaors .. 1eoIcd h\I h~ .. _ ...... or ... "-,,. -.:I Of di.-n. Aloo.i1I-.....s ... wilto l1li: .1"" .. 01l1li: I:m:nIId acqoUitlor!, n ~_ illO ~ .., ..... os ",lito obi ol!iccn,. l.R. Rep (llIorclJl., 0.;"," b ... 1jI Ooid'~"" 0IIi<CIJ., Mib """'(Oid~oe 0IIi""J., MtArdrew kodislll (Praldml). I'lIuI WI ...... (Oi.fFU.otloi 0IIk00rJ., K..t CiroIortouII"(~ PresideoI ofElq>lcntionorsl 8 ....... Otwh ; . ) orsI Mil<looll R. 'I"Ioooq>son (0Ht Ac:cooni .. 05oor- mrc.ty OoId F" ...... oI 0IIIar).

F·1l

•

, -• . , .

•

•

}I'l11lO1l4:4j PM

98 of 127

EM£RALO OIL, INC. (FORMERLYVOYAGER On. .. GAS, II'\"C)

En'cnld Oil Nonh Alnorica'. S20.3 million In de\:CobIi .................. by"" ~ _ 0<JrqJri ..... 01$17.7 million 10 Ibr\:l: EnorvClpioal, u.c ("Iion>'") on:! US million pi'" ~ _ '" Pwcd. BOllI "' .... paid In IiII "" Sqo(uotla 21. 2012.

INcfaI "" "" Honz<n>dit ... __ "'0$ ill tloo bm of ... <M1'Ildi" fO)'&Ity _In and 10011 ofltJt oll ... and otber IICjl.ld ~ pro.b:ed wlaved icm oenain orltJt ~'. oll on:J noIInl .. 1"""_ he ofOill' and oil ........ _ of _0IlfII'I"I. production, traRspoIWion, ..tecI" oM ...,. odzr reUo<d or sl milM.xpenSe$. Tho ionol <ndi 1"81 _,eo' inolu:led • l.1S% COV<IiTidlni: IO)'OIty i_on Ernenld Oil NordtAlnori",,', pq>er"!i<$ in"'" Willi_ Ba$in orNcortlo oa-. bo OO<:(IOdao.::e ",ittollio iIW_ aedit ... w , .... i_Oil"'" credit ........... ,.. <:oJ*oIedlO i,dude a 0.9% ..... orIdi ... ...".tty _ in and '" oil ofb: oll, Ill'" .... _liqlid ilrdo",,",loood prod\Ii:oo! and _ /Ioro Iho~. propMi .. In ltoo Cirr>m RIvet Baaln or CoIonodo oM Wyomi~

Tho "'XfIlsi1ion 1000 1>00:0""""""'" for "'~"'" """l'isidon n>:tTod. Assdo ocq"red ond liobiliri .. ..........cI ... ...,.-..:o<d<d ot thd<C5ri1llOlOd fiir.-l~ '" of"'" ao::quili~ ......... Tho 1I10cad0n of"'" ~ pr\oe ;. bMcd """' • .-lUMionof <>:<lOin axIS II«[IIired..., liobiJj~ .. l$SimOd. Tho~ ,,,,,,,,dod. pin on the borpin p.rchuc ofEmmld Oil Nonh.-....:ri<l ... l"tOSIdtof ItJt dect I" In 110: C""-" $bar< pri"" ....... un ItJt am<ou>:emto'iIoiale (J"'y 10, 2(12) ond <1003,,_ (J"'y 26, 2(11) ofllle oo.psibon In __ willi (iAAt". A ~ ofltJt ""'I'-isltlon I. Dtlow:

, , ,

,."..,.. Oil and Naron! (las Proponi<$ 1..q>rovcd Oil on;l_ (las Pmpenia --""" """""' NetAssdo""""red £qo.Oty k6uod '" Emonld Oil 1'01-Gainon AcqWirion i:eoo: A<>Ijl.iollion Costs Gain on Al:q.bition, not

f~ Jo,jy 26. 2012 '" Dc«uobco 3),2012, ..... ~~ $194,417 in re> ...... ond $136,196 Of ....... ""'. -Ill'" EmIf!ld Oil NordtAlneri<o, reooItilll innot i_ dIri ... 1Io: ~ onIod l)e .... 31, 2012 ofS58,l2l.

F·1)

1I21f20U 4:4S PM

99ofl11

, ,

EM£RALO OU~ L'IC. (FOR.'l(ERLY \ ,()\ "GER OU, II GAS, INC)

Wd.- ......... SbrsO._ ••••• _s.le1llll Oi_

NOn:4 OILAlIDNAT1JRALGAli I'ItOI'£IOlES

,

.... -DHo_rll,

lG ll lOll

(<1.14) !'_-,!~"'l!'

9.614.m

The vol"" oftho~ 011.., _ .. poptnlc:s 0XIfIII", oCall """'"'" acquiildon COOII (lncllllll .. <:aloccpmlillnl .., dIo , ..... orSlOCl: """"'*ntion). drilll .. COIQ In<! ""'" ...:w;:1-.d ~bOIllEd"-' Acqu$iIl_..,..........t b IS pwdIl$OS ond, 00IXIIditCI); .... te$ItII of operaIIono.., i..,l..scd I~" _"'OI,.O<lIIOOIidoted __ of apen!i"", '""" tho ct.l",_ or ........ 1Ii~"" FWcluo p1_ .. a1loco1ed 10 ~ _ ~ on1beir __ lOr ............ limo oCd!o qhhIon. .. die poll, ~doN. hoYO boon bdod willi _ "'!IOOO' """ "" ~ ofoqojl)'....nda..

fOO'",,......wn .... J I,1012, "'c ; ,.,'ed Ii ' ~12.-'16_1IIi __ 1o"~1U-_ ..... a.. _ ... 11no F<ds '--_ ..... ova-. .... of..,.,.....:lD'lOldy $1.Jo1(1pu ........ "'1uIIbw'" ~ ............. ' allho~of-.!OiI _AIneriaL

• Tho.~ abo ooquirod opprO>:I_b'45,OOO not mira.J _ In oN Santwulllltiill or ... lbw, i.Co!<ndo'"

IOIIIIwesIOm ~ .. ~ ...... Niotnro ... 1'<tIJ. orlll: .:qoi,;~ ... or~ Oil N<lr'Ib An>:ri<a(Soo Nolo 1_ A<:<p.iohi"" ofBusl .... ).

~ Cl<Iober 5.1012'" ~ ..... red .c,451 "" 0<r<0 iD 1oI<:KaaIt~. NonhIWdo b 13,200,.. ..... a- Slaw""" ......... Ii ..... ~...,.dIOOICqIUo....moil_-.l .. I " t ''If ..s ........ ·oft:F~'*"'rI ... __ ..... pmmI.., .............. Thtolliocli ... ~_"''''_of'''~ ... S; • 1,2011. n."'-iIdIdod.~ ............ oddiIionoI wei .. ..,. -'II)' · ..... 1 pool ... _ -,. .... '" ........ or51.11 IlliI1IM, I>r ..... """'JUtt- pr!oo"'SIL<l .. iJ!ion. , Sod Nb ' r', If ....

Tht~o ..... ~".....y ",/'.100 ....... ..,..J ""'" In Iho Son:! Wah &.in of .... 0....... 0...... ~_ &lIn pr'OSpC'CIi ... b"'" Ni ..... oil shol. and ocher...,.,..". ..... bnIi .... l:nown 10 ~ oil.., _ po. Tho _ l""lldo""';n "'".,.0;1 ...... well . .... a (>.Irdl di_ -..1 .. ~plpo1! ... _ .. ~.,. 11.5 ..... In I. hm obo ~'. _ .. ~0II11od111ieo lo<OIOd InMo" ~ C .......... to. ~ pipoJl .. .......a!on 1""*"<1 ..... obo -.. orS-1n CIrbonc.....r. WjoomI,.. on- .... wa'C.:qU:nd In ooqln:liOll wid> dx .:qU:shion oIEBrWd Oil NMII AII>oria 011 July26, 2011 to.. Nolo 1-~ ofl:lolslnou).

Tho _.., ...... tcd ttra ~1pociooo.",,",,1 (obo "I'WIk11*lon.... "') wi'lll &Id: ORB uc. a I llIill)' oC&oct ,,-O,LoI..pojIIitty...w __ ............... ~-.....Ulllctlhtratid: i : .... .,oboe: .. _ __ ........... "'~ ......... _po<\)"'.f<IOPO"II ... I _~wI .......... ·S :_of_ ......... _ "'. _<hooi'Ri_ a.,,; ..... \oIl Tho cdl"";yc 1 It*! pooilbo ooaoI. of .',000..- ..... lft Row Coo.aIl\ Oobado .... 67.ooo..---.iIoMollllColny,CoIondoODlOort>onC'.oln)!; ~ Thooolleai> .. 1 'dd l_oI .... ~_

•

)12112004:.' PM

, 1lIIp:I ........... .-..,..,'" d~ oa/ ... ,.~ 11I3&oIJJOOOI I442O;' IlOI5116....

EnodtJa. '" <nm Ri .... 6oo.HoAMI l, ~ ~ by'" ~_ '~by l:tIok, .-l _ 1 .... .....-- of ..... """;'s.

F- 14

•

•

•

100 "127 lI2 lllO U ."" PM

EMEKALD OIL, 1.'1(;. (roR.'\oIEItLY VOYAGF.R. OIL" GAS, INC)

Nolo ... c.. '+w_StM •• oto

o..-y 7, 2OIl. .... ~ __ .. • 1kini~.... ...... EaoI M $ .s.r.ica, II, ....... "'*"' .. C ; 6 '-"-..... 111. wdiAd,j 45~......a.. ~ ill ioo _ pooIIi ... ill MoIJiI ~ CoIcndo .. c.t.... CeoIW:\I. ~(_s..I'_ "t i_E_).

til"""" Dm:lopn;<nI"jtb SI&wJ!II EmlO!)!im CsinpEy, Inc.

.... otcw .... l I. 2Oil. Ibo ~!odd ~ 1,700 ... .... !~ ""'Id eo.av;" Colo' ........ !.-.nie ~ ...,..,. .. wi .. I." DtI ..... <VTWOly hold bJ p:ocb:II .. willl s:...-~ ~ h:. ~). Tho ~ ... u"" ...... ,... ... drill; ... .toIi ....... dc • .....- """ .. _tio _"-,, ........ dwI.20ll.

.. J,Ioy lIXII, .... ~-"" no ... "'*" __ ~_ .... <All. ~pn.1i> ""","~""""oil ..t __ .. ~ in .... lI ... R.I<\IO Goo FIeld ift BlaIn:, HIli. n c-Coo.nies oe-. Uodcr dot _ ofotc p lt_ • .. ",~q,"""'bk ..... 1 t_IO<JbI~""_ Tho ... ,.,.ponyjcM:,....,...~ :'rapoaoibk fOr • ooordI..ci.otc..,.,:.;.v, """'"ri . .... kMn In ilO _ prqwirconol dl ........... asI.,......., """"'"I ......... prqe<:lCOllS on:! odri"""";onoflbo -:1 ",..-..

, loNer. I . 2009, " C ; O-""Iao ... n.,.Ilid(:Io __ ,.. .... ' ..... i1Io.iNfO.pony,l ... ~ .....

• .. d l.,...-, t.O.. u£'li>dcYakop _ ...... -.1I .. __ ....... ..,.;,,1IIotb of ........ in ... """'" Joi .. \haft, dIdool ... _of..a.l ........ Tho~"""".~""'~ wtlile.~ioovcIaOlld .. wdl .,...-......... I~ """"" __ 0IId 2(M wME,.1 ....... respcaI""" l'hojoinl_. .... ... oil pdos .... ' .... iII<asllftio' ~ .... Ii>_.n ...... ~ .. fie., I ........... bIoo:bof ........ bdriU.,. Tho~ """.P"I<d ia ... drillu.ofowo """I. wliho..... Earrw~ ... _ot.,.,.""......, oi;lteol onoIa.Io. l. 20:0. Tho ~~ ).0 ........ -......2010 MI oi;t ....... """¥'I ..... Ilx~wd .. Iftlloo hrtoq_ or lO ll "iIhOir joint _,...-.. n- ""'lis ... «nt1'II!y ...... CYOI......", b'~ pn>duoIIooo at_ ru.nol ... -• !'tOTE ~ It£LAT£O rA.KIYTIl.I.NSIIoCJlO:.s

Oot s.. ' 'Z2, 2010. s..-u""""", MI!act.oI tt.,. _1Iecl"'S<M,fJVl 0IId SI ,ooo,oooot __ '"""'''''--' ' II i<d)l Tho -.-., 0I ........ .....-.d ~ _ II; dQo::ribeoI ioos......... ._ iownoI M', U""""", 11;. ina' .--of .. ~ M'. R...,. it. b'oob:t ot JJl It< .... , ""'" is "''''d e o ' _.01Il00 ~ l1>li toro.I)r .. OoiefI?...a ... otIcu. Tho c-"I AudiI Conooi-. ..,..., . looIoIyof ! '; "iII ........ rr.i.·' .. eoIOfIII_ .... HsIrOllSaCllool. 1bo ...... .....-.dp . ) .......... poid .... I ... ru..., 10, lOU.

IOlofln ,

JJ2 lnoll 4;4$ PM

0.. ~ 2.20 11 . oho ~ ~ e-taln -. conoiooi,. "'~""'Ir 2$6 "" KftO In 0.... eour.r. _ ~ lOr a -' j¥dIooo price or$161,OOO. Tho ~ ..- ptrdaood ton>-. n:. ("SeI .... ~ a .. 1oM 1*1)< Tho Seller ond I. _ ..-... off ....... ~""" _ a __ pJ>Ii. __ ,. us. I o ... bI! 2-4, 2010. Tho a.u-ot oho b-c!oC.ohoSeiIer illftdIoy ........... irI'itoho_ofadinx:woCohoC I b II1I:I01 .... "" beo H·I_otleot ........ .....-ot ... ~O<r Iq_...:t • ." ..... 31.2012. no~ .. """"C ·.,.,.;e..alond _olod tit • '.,. prior 10 ito • ,I d .. _ ...... en ~.- AuOit 0.....;_ wIidoClOllli-.! ookfyoC ~", '''<II.-.,IOOtI .... _--. ............... hI .... diH ....... pab' ''''"'bIr .... ~ • .-Idaud .............. wet<.,..-cbIs<d bIr'" ~.Ihc Seller. orIliool "* peI" .... ond ",,_ ... Ieso fa .................. ..,-aoIlya""lIb!< 10 .. ...nil_IN'" pM)' 1OIdct ........... CO" ..... 1. 01"""'_ .......

,. . •

-

,

102 of 121

, ,.

t:MEIW..DOn.. L'iC. (JO~V VOVM:1:Jt 0 11. a G.u, INC)

_,,"ee- " '"~5tott __

NOTt:, ~RERRJtEDAND COM:MONSTOCK

Tho COfl'4llfO' .... _ 20.000.000 ..... of,., .. ,ed """k. No IIIweI. of l"<"" ed """" Wffe lowed • of D .... 31. 2012on<1MII .

.. s...r Mlo, IhI ~ coqoIoR<I. pri .. pi _o&ru.ofI14,6l.1 ....... of_MOckIO _led ""'-' •• ...twIpdooprieoofS1.42perolweb ... _.. • olS&fl'OOO'lUportofdlis.pri_pl .......... t..c I • ..-:rWb8> .... I 1iou_. __ .w ... o-No!Irfo,~~bI<.("GoatNonll;.1U : . ,lor .. -";vb l. 0.... NorIIo '-"VeOI 25,2">IIRsof ..... cood _SO<dofft c:......,. .. $67,1'1!0 ....... Tho air.aho! of ... .-iQod ..... _ 1116,)4(1 Of S1.42 per """"' -.. _ .......... YOlo. of...., oIwe of _"""" .. fit _ "'" •• d,"doeed. Thtoo ....... ,.........t............ ' ol,..o~ ....... oddi~pokIo .......

Q, ..... 10,20:0. fIt~"""""'1 ,oM .......... SoIdorOltf>r' ,ad<oo,UC(SfE) b II.J1U75 on<1 319.129'-" of, .. , ' _SO<d wi., ......... '" ofS2.l5lJ(lll. SfE'o ~ _ I.R. RqIo'. E-nt", o.ou- of LboC: ;at'

Q, rem., &. Mi l, ... ~~. pri'" pI~of l,ru,714""1S, wtidI()(OnIiSl6d or""" IhR ofoomnon __ ._ .. por"clut ".,..~rof. """" or...,.,...-,,- •• J.m.:ripd<on pri<>o onaOO .......... 1 b IDIOl "... po_ of~ Millon. Tho ""'1'<1$. pri .. of ........... I, 149.10 pew ",hole lIaro of_.1O<Ic Ibt. paiod oU~ ~ &om ... _orclool~Tho ... _of ....... 1hM .... I~~_ .. ofw ..... it892.lS7.Tho~10Nrt<I COlIS 0($3.)97.7'9 reI_ .. 1is _on. ... l:icll ........................... Lbo pr<o<:eo<lo ofltz ~ ......."lIddidcnE poi6.ln a ,,,Io.I .

00 5< ...... :za. 2012. "'" ~ _;oI:I,d • potoIk: ....... of 11,l9'2.l57 ....... or_ """" •• prbofU.60 ..... IMN b .... _ p ... ofru .. 11 ..... ' Tho ~ ,"",""" <tAof ~w ,.;1_ ....... til nr.a;on, wtidI_ ..... -.I ....... dIo p_ of ... .......aIoa......" oddi~'" F*kI-IoI.....-. Tho .... ,1 •• dcaed 10 actcioc ............ '-oI ...... ooI' ... ~ ..... P9I ...... of_"""".S$.60 ..... ~ Tho_p_ ..... fit _1_ ......... Sl.7 ""',rio., _ .. aoI po __ """"",.wr W aoillioa .... oIedod .. lIdawri.q dI ____ I .... Tho ........ __ c_ .. o..ot.«26,lOll.

Jrt./IWdo lOll, .",.~ 1Ia.aI .. _. 01.016 ....... of_.-><t: lO.....wva of ... ~. _~ t .. , Ibte.,; . ........... Tho ...... " ... ~lJ"_oobo_ ordlo.- Tho ... ,,",,,,of.,_I __ oopproiIi_b' S194,000« S20." ..... -... dIo _ .... omof ...... of"""""",, _00 dIo ,.., ., _ ... u luuo4. 1100: ~ ..... 004 $160,71' InJlwoo._ ......... wd ........ _ II;> dotsc..- In "" year...w Ott:u,oba 31. M12. Tho rmalodot or"" IioIr ""',., ofdotsc vaoa .... u caopIMIlad I.., "" UI a>OO I'00I.

, ,

•

< ,

'·16

•

,

l03of l27 ,

1Il11201l4:45 1'M

,

L\IERALD on.. INC. (FOR.Vll.;llLl' VOYACtR OIL II C.u. ISCI

SMtiIOCII ' I "._ ... sw._ ..

, II>M.y2(lI2, "'" ~ ~ 2M'''''''' of, .. k...: __ """*. _ .... """"" ........ :pkp ... will"" -.._

..:,..oJly O¥CI" two)'<On"" MIl)' 11,2013 or.! MIl)' Il,101~. /'4 Om I • 31 , 2012, ""'"' ... owoxI......., $lSI,OOO"" w • ...",.,u.t ~""~ rdOMd ....... ~ .-iClod ...... ". ~ will re<:<IpIi .. _ ..... 0II0tI ___ ....... "" ~ oQIi,.p<riod of"'" -'Clod _ ...... ". ~ .. __ 10% bf!,;"", ~ i;Jr "'" talriolOd ItOd<.

'" JoIy2012, "'" ~ Iuw:d ........ ""J,j.71~""'" of_ """* .. __ "' ... ~ .. __ ion i;Jr ""Ir .. ,; ..... no. -.. __ "I)' ~ "" ... _ <If ........ ". ........... 01"""' ...... 1-...1 ... 1Ipp'O'IICi.....,. 1:l1Q,OOO .. J1 .... por ....... _......,el._el-.... .......... _ .... """* ... if4u:d. 1110(, ; ;'. I ~761i .. I&' ; • " _ .. _ ...... ""',.-_D. _)I,2012n.: .. • .... ....... ioir ....... "' ........... <:apiII1 ..... no ... ,,, ..............

lllloty :0'2, 1Ib<~ _ IOJ, I4:I ,_--.1 _ ...... _ .......... i1:I oman ... .....", ...... _ UtvCIIaI ,,,k...: ..... wi .. _3',71~ ""...:hof ""y26. 2(1). 201' """:101 S, /'4 ofl);o I",," 31. :1012. ""'"' ... ~.-t1 $7U,OOO ofw.-..Ucc? ~~ rdolOd ... ID'CSIOd I'CIIIriaod SIOCk will. Tho Corr4wIY,.,.jll ......,. .. ~""_""'" "" ranoIn'V vcsd,.; period of"" ''''''''' """".ala. Tho ~ ... ......., • 0% bftillre ... ... ""..-i<led SIOcIr. will.

10. No_ .... 2012, "'" ~ isouod on .. pi ell6O.29' __ el_"""" ... _ ... 01'" ~. -.,00"'''' "" a..;,. -"_ n.:..,." ....... ""1 __ ........ of""'..-. no.liir ...... 01'1110 ...... 1.......:1 WIll ~S3)Ot.l" .. $4.07 peI' .... "" -.be val .. ell ".., 01 ........ """"'"' ... _ lie 0I0clt ... _ 1110 ~., &dS3-"N. ;"IIi~ • 110 ,_ ............ ... ,... ....... C- I lP.:I012

.... tler I 2012,doo~_?:1lO,5I5' .. · I h.''''' ..... ,; ·' .... I .. omc.n. ..... __ ; I'J , .. l. ... ~_,:h_ ......... iiiiIII._I6O,292 .. __ ' 2OPJ_20 ?4./'4oCD I l l ,20?2,~ ...

~_Iy~I''''''i~..:I_ .... '''Of\_ .. lied ... ", .......... iea"'" ............ Tho~wil? ......,. .. mqo<II'II'i"""""""'"_Iho.-.... '..".;'Vpcriod or"'~""""'1L Thoe • 6 hu_.O% fort.\!Ion _ I:or doo rt:SIriCiod """* will.

1100 ~ ... en",""",," SI.lt6Jn 1ft fCdonI __ w~_I1"'" _,... ' 1OOd< r-d'" oIioon ..tIidi ~.uu.. lOll. Of ... ---. ... ~<SIitrfts .. 1t " iU be i'CSf"I'I'Ibie i;Jr 562,na. oo'Ndo'" b<oc:n iow:11IIcd 1ft ...,..ai lIniIadmi ................ _ """'yoarorded D • 11.2012 """ ... ....,.;,.,._o($I.IJl,149 -*<Iu • ..-L¥Ibie li'OInol'600n" ofDewi .... 31 . 2012, Tho ~ o?!loen rarillOd "._"" "'" ~"""" 10 "'" ~ ift Ptbn.wyord~:I01 3.

• • Th:~ !i'IO\ntOiI ........ 1lon __ "-'_"'''~tIOd:ord, .... ictJIj_''''.'-of$4.6I4,O(I9 ·

IIniI SIl6.962I:or"")'<On_ D • ll.20ll_ lOP? ~""" Thn,,-.... 1.1"7.101 ' ......... :Ii ... , . , _ .... ... 17)91,19l- t j....-n .... . i ... _ ... 1_..-_oID 1 3?;2012 .. lidIllo--'","" ...................... "..;.-....... poricodell ,4~ n..~ .. ooIi.... I ... .,...._. lwillilbo ,_, . '_01"$332,613'" 599,3" .. 011_-..1.,. ,......,.. ... doo~_ D ... ll,llI ?2 ... !lOll .

....... ""

l04 ofll7

• •

J/2 lnOn ,,:~ PM

1050(127

.. . , , • ,

,

"

•

•

• •

,

tM£ItAl.,DOIl .. L~ (JIORM£RLY yoy.-.Gut OIL Ii. GIlS, INC)

Nect ... c 'I"''"~S-_ ..

Tho ..... ~ ....... ofoll ot>ckopllono.-ed dIoi~"" _ ended D N ) 1, lOll. lOll ord 2010 Wfft~ ......... .... _·SchoIes va)!don _I booed 011 ioI:I<n praeIII ..... 0;; ....... 0pII0III were ~

OIIJ1.pri! 21, 2010."" ~ ~ i. 0UIIid0 direaon tIOC:kopdono 10 ~. _) of 100.000 _of <>OJImIDIISIOOk .....:1_. $19.32 ptt shift. Tho ~ '-d ___ • IO'JI, fOrfd __ ... -. opIica. H 01000: ... JI, 2012.3'.1 " of_ 0pII0a0 "- bcotn """*' ... 7, loI6of-' opdono upI ..... 0II11Q l6, 2012 ...,..'''<>111 .. Il10 .. $I .... of~d Oil NoodI"""'""" .... ......ui.'7, '40opkD~ .. "'"~_ ...... _ ......... alkC ; ... -lII:r-Tho ...... of-.opdonoit ... ' I 04. __ ... ...-GlVlP. ThoIlit ........ of ...... = lcl· '. __ ft __ _ ... _ ......... """' ___ .. bt...-.... opIica. Thoec.c-... ... _ ... .....ui .. .,.._lIit """'" lit __ ended..... t 31, lOll.

Ooolio._ 11,lOIO, .... C , 0 .,_on ____ .. pudIOSO ...... onl,.ua_of........,.. out ~. W ,90 per.-e. Tho ~l..t __ • IO'JI, Itrii __ ... a- 0pII0IIL OIIJ..,..l6, lO ll ""'" <:lGI ...... ooquisirion ofEmcn!ld 011 NcriI A.tDeri", ~ op6<n became lilr""'-' Tho vepi"loflheM <IpIi<n n <OIwide:ed • ~&.l ... 1IIIIcr GAA/'. Tho flit vol .. oflho OpIIOIII<alcui. "" Iho modific.i"'_""J I .. "", Iho ....... "' .. \ftfIIIIOr1i:o:d _lObef'CllClrlOdoalho opI\onI. Tho~ ....... eed Iho.-lni ......... fII. va)",!nlhoy-.eno;\ed 0 IN 31.

~" , .. Mly20II . Ihoc.,...........-_ ......... IO_ ,1"_ .. ...,-.-.lofI4,2l6 ... 7.143_"'_

-.k._ . No. 521 .1' ond m" pot -.. 1'fIIjJt<OIivdy. Tho ~1Iu""-. 10% bfeiaro _ ..... ....,. Tho .............. ___ ""'" oll "''''" ......... V$i ... 1ho ... .....,._ of",".-,

000 Mq n, 2011, '" ~.- -a. opIiom 11> ............ ..,.. olio • II> Jl*d_ ...... 0I17,&5S ... ."._ """""*' ! '1'.S2I'OOpot ...... ThoC , 6 bad _. 1,",1brfeioon _"'-'~01>""'l6, 2012 ~ _ .. Iho-.ul .... "'£aIetaldOlI,...., .............. _opdono_&ily_ 1110 ...... ..,_"""""'1._. fIIDIII .... _ GAAP. 1110 &It ~.! .. ..,o.. opdono calcul_ "" Iho __ OIl ~ IOU ..... _Iho """'*'"'-..--t _10 be I'qI<IrItd OIl Ihe opI\onI. Tho ~ccptoIICd Iho .............. _ faI. VIII", In 0.. _ eno;\ed Deceuobe, 31, lO l l. .

0I>Jam-.y 6, lOll, 1110 ~.-""" 0pII<D "'., =,,1., .. II> poroftM ...... ofl,m .... of __ ......,.soIoI<. $11.55 pet ..... 1110 ~ ... .........:I. 10% '"'*' __ "" __ opioaI. Tho ......... _ 0II1ho """ _ _ i 'f:l1lIIY- 011110.-

" 0. MIrclo:lO, 2011, ... ~..-.oI iiIOd: 0pIIcm ".,<01IIII_ 10 .. cI_ • _ 01.50.00(1 ..... "'_ ....... ..... I '~ •• SI1.o1 pa' -... ThE ~ .. __ • 10% Irltt"... ........... CIpIi-. Tho 0pIi0nf ........ __ ........,._01 ... .....

CIo May 23.2012. ... ~ ...... ""'* "'*"'" II> _«re>I_ 10 put:hu.o. dO! 0(3'.71 ...... ,.r........,.,iiIOd: ......,Iooble. SIl.39 pot share. Tho ~ has.......o:l. I~ lrilturc nit ""Iheoe opCIonl. 1110 opdono ..... _ 30 ....... "'Ib 14,2$6 0pIi0Dl vepi .... May 23, lO ll onI20" ltd 1.141 "!'liON "..; .... No>....t>or 23, 201 •.

CIo Mq l4, lOLl. h ~,-.L iiIOd: opdono 10 """ .. " I..,.. 011_ 10 ~ ...... 011'-"1 ..... of _ ___ 1 ..... Sl'UOpot~. Thoc.,...,...,.J.l-*l. I,", lri:1_ .... "" ..... opcl-.CIoI ... y26,2012 ""'" <*"'l"'" lI<qIIioili<JD ols--kl 0I11b1Io,+,.....;"' ..... opIku __ Uly ......... Tbt._ .. or_ """"" b ....... , eel. _a.-_a.v.r. Tho air".,.., oI.h opcl_ .... <IIIIIOd .. 1ho IIIDdilka .................... .....uoI .. _ _ .. bc~ ... Iho"",,", Tbt~eli 1"" ·".-.-_IIir .... III",,_Iftde::IC •• 31 . · 201 2.;. . I . ,

OoJlil)r l6, lOLl. h~ ....... _ """"" .......... ond ...,..; ... fIIoJCC$ II> pad-. ...... ,.r12.lsn st... 0(

_-"* """""'sobI •• S7.U pot MR. 110: c.,...,...,.1Iu....-...d.I:d!bd ... ofO'Jl, 10 1'1>r. ... "-0pII0IIL

" l060fln

lW..c;..~"" .,...,..,. ... opd_ 10 ~ 1111.1<IJ ot-a of «WmlO<I tIO<t. """'"" _ .... y "" ...... -. "'"' ... _"'~ opcions ..... <qIally<I"U 16......,. "ilh 107.I~ opcions '-"OIIJIiy 16, 201 J trdlO1. ond lOIS. ,

o.:;Nootuba I'. 2012"'~""""'opIIor& .. _ .. ",,10)'00S .. ~.0>IaI0(1~"""d_ JIOd:.-ciabI< alS"'J po' "--n.. ..... YeS><d . ' .. , .......... __

..,.. 1"'4*l"'1ho ~'. I or ......... _ ol"""*-t.sed _ ,",c. __ rW!ood 10 opcions....., b ... __ ended 0-..... 31, lO l l. lOl l • .., 2010 ... SlAJ4,6Il. Sl14.llO.-.I $110,219, "",,",",veI)I lid of SO_ Tho ~ c:op;toIlm:I S:lt9J67 on:! 5109,611 inOOO ..... OaIJioft .... , OR! _ ... propenIeo rW!ood "--'i ... _ 1I>r .... __ cn:lod Dw;uiba JI.101l":ZOI I ,rapo<:oj~dr, NoOOO ........ {In~ ..... IO-..1i .. "I"iOl'll b lhoyewendedDoo iba JI, lO10 _ copcali"..d.

1070(127

, ,

, •

F·II

,

.

..

~_.-.,...fArdoi_"",{' 'IW ... lo'OOOl l442041lO1»16.....

EMERAI.OOn.., L'IC. (mRMERLY \ "OYAGF.R Ou. .. GAS, Ir.C)

A ..-yofOplk:Jnlh "",,......tod Oo>c:ul!a ] 1, lOl l, 2011 , orod 2010 b .. follows:

~­c....C .. Ton. l.atodt

( III ", • .,) v. ... ,

- --fi" - ---"

&.1',713 "-""'.'~' --","., .,- -= 32,71' $ lO,02 , 7,0 S 5«1,66(1 51,116 $ 11.90 6.9 S )(lZ,7SO

424,997 S 11.39 i.9 S 121-'00

"" .on "" ......... d .. 6 .,1"""_ • • ' ... "'>'OI ... ofW<ld<opIN>ra -ToIIII !nrinslt ....... ofopd_ exacls<rd 1bIal pwt ....... &oir val ... of ...... opd_ v_ dIai,. "'" ~

A ........".oflht ... of"'~' ~ opd .... III: oro I!a 3 I, lOl l and ...,.. Ni,.1ho ~ 1Im_ b .,foIlows:

,..... I . n .. J l , lOll

~ -ForIOilOd 1rbM!, .. dw po. I>eo l l ,lO ll

F·19

1010/'127

•

, "" ••• 6.14

41 0,716 j'====,~."!!

•

kIvIlwww~"'dIi'_""'/ P ' P~PP44lO4 PlOPSJ16....

R?"' ....... DPYidtro:? Yodd Ea;pected ""'!IIi 111)' "*ip:d ...... t>pc>:kid PlIO

&\l£RA.t.DOPL. L"IC. (fOR.\U:ltLYVOYAGER OPL .. GA$.INc.)

_f"c.. .' Ii" __ ._ ..

.'

0,91% .. 0,_ ~

",90% .. 116,1 nfo

''''' API..,kope;_ rot...., ..... "'" _ .. ..,.;1)'_ . .... ___. d prio< .. 1ho __ ApriP P6, :1010, _, ~

000IIt'I_ • .,..,..,of __ .,., tiolIilioieo .. -s, lao, ~ """ "'" _ , .... ,., of'*" ~ ... hoIdca of ..,.", ..... b --'. h:, ...,.;¥td _..., _of"""".".... 100 "'"", h:, • __ price P ... I0Il.". _" ~ ... .... 100 ,.. ..;" ... .....,.r.t;.;_.. ..... rauI~ """'" prbs of ... _ ..... hold '" ~ .. .... .,..- ........ "'"......,., Tbo ___ ido ..... i-J ~ ........... Ioo~-.._ price _ .. . ...s ........ _'bed ;. ASC1 P.,»)5:l, Tbo ___ prlce04_ ... b:~(Io. idi,..O P ] P,:IOIO .. s:44,ot1O _ "'" .. _(In ....... ......ued ~ :IOP O,.,. SPAM.

~,.,. SIJ,Ij,207 of..w Ii,_illed ~ <GIl ... 1_ .. 1ICIfmSIed .:... __ .... IIIICi.., .......... .. ,..., .o!O ..... ",bu ll , 2012, AIDeoeo,1bcf 31 , 2012, Iho ...,.;""" .... 1. ~ .. P lObo ......... lIed(fWI • .m&ktd ., .. .. potiool oflJ,-., Theot __ .., 1I&oj<CI1O o:..wo _ "" • ..-Ic1y ofiltlft...aa .. hictl .... h.:o, bw ... MIl ... "", 00, oho/IIOS b! aIi_ forftiIIft _ .-.II""" rn:I .... I-.. of.,... opdOlll, .....

100ofl27

"

· ,

• ,

,e;

•

••

, .

,

• ,

•

EMEJtALI)OIL, L'K:. (FOR.lIERLYVOU.CER OIL .. CAS, INC)

A.........,.. ofwanaro. p-.I ","""oyceo, ~ ............... _1Or "'" ~erdod Dt«>,tbu 31. 2012. lOll oncI2016 i • • ilIl" ... :

Worcw.d ........ ..... ~-,

.:.. ... iIe fi~ ~-- j"' ..... ! ~0I0e0a'1ba ll, 2<lI» , ", S., ....., -,~ 0WI0rdl,.0I0eu"t>e, 31, 2010 " 6,908,631 ..... E>=:i .... ~alOcao' .... l l .2011 "'''' OM " 2,4SI,2S1 ..... E'otn:i"'" 0IlscnIl ... D<:t:wi>er 31, "!l,l l '"'"

, OM ,. , On rebnaty !, 20 II , In cal ..... '"' .. ;milt sal. or I, 71J, 11 ( shIreo of DI)ImnOn IIt>ci< (see Nooo 6). ""' ~ issued

Inves10rs w....- '" ~. kUI of892.lS1 ..... of..,.,...,.,..,... '-";sabI. at $49.70 per o/IOrt.

fer dx yew.s erdod Dooe"i><, 11, 2012, 2011 ond 2010, ........ iniIrtauionptrllli .... '" .......... w .... bllows:

Weiallcd-avert# ~ fai r voI..,of .. ....- pceol ToIiIllrlrinslc val"" of .. .....- """""oed T<*I ~ taIr \11.1", of .. · ........ __ duri,.lbo)'tar

•

, , , , 21 11 "U.'!'=

$ 2.02' $ u .096,m $.12,625,000 S

Tho filI lowi,. ~ we .. uoed for .... BlIId<·Sotiol .. .- '" vol"" dr.....anl> ....... <hri",oho >-" ..-!)eo • 31.20 I2,20llond 20(1).

Tho 1IbI. below rdlecIO .... -... ofw.....a. 0IISIandi,.. 01 D_ ••••• ' 31, 2012:

•

llOofl17

Dt<ud>a 1,2009 O<w<A>eo 31, 2009 Fobnooty to lOll

-37.116 ,...." """ , 1,116.151

r·21

49.70

•

lI211201l 4:4S PM

EMERAU>Ou..L"IC (FOItMERLY VOU-GEM OIL .. GAS. INC.)

HMto.c.. Ii ..... .,........SoI ....

HOT!' ~l()R SlCtJREO I'tIOMISSORV NOTl:S

,.

.. So , ' :IGlOo ... "-1...-1 ....... oec.nd 1"""i*"'1 _10 lilt prtn::;poI_ of51' .. UIoo (flo ""N<*S1 Po ....... 1....,. fiaRdriUq-.l .... tJo I " ad';_ r.t)()t>O$ol ... _ ..... _pn...;ly"'_ .... Iop_ .... drilli. OIl ... C I-v' ..... - ....... PMI-,.,.nne:"'" \\lIli ..... Buio _ 1Iot;i;on'1lnIo Fortf __ ond ... __ ba ..... ~ "' ... or Basi"""""",,,,;ou. v-.. whb Stnraon.

Tho '*""" "- pooid in lUll on F..,."..,. 10. 2012 in"""""",," "iIIl tho ~"-; .. I .... Cl<dil IocI l tly ("ft: ~ Fl<ili\)"') wi'" Mec: , ric a.a u..,;1Od("MBL") 1_ Nooo , - F\I:YoIvI .. Oodi, FOci li,>,). Tho .......rlinl .......... ~ <lobi j.....,. _ ofSlI1'O ..... wri_ 011 .. dftoiOllpOlll< in""',...-""' tb:t 31. 2011.

NOn:, R£VOLVlNG CRDM'T FA(lUTY

Tho -ltc _ arAms IhII " .......... lobl. 11)1110 ~ ...... Trardoo A woo .. ode .. ' ...... ..,n..wly_ ""'" liz ... ...- ....... _ .. Hl%ptt ........ of1he 1ilIn ... ..-""'""ItdIO_ Itomlho ~.I_ in.."...d .-va __ II) be prO<ka>od *-1. cnade oil and _ .. pt<I!IOrd ... Tho ~ , .. il i1)' bod. __ of F......,. 10. 201J. 'T'-"" B .... "_'mod, ,_ .... , MBI. ~ ilI!tr. ..... ~ ond. 0IIbje<I1O __ ",ed revised ~ pI.-.:I IboJlll.kIIooool ........ C<lII:tiIionL, ........ Wld(qI ......... tnrdoo 8. O. dI .. _'" Ir_ ......... Tiwdoo B ....., ... lallx ...... --"b' """" ....... ~ ......... 10. 2015.

• n. ~ hod Iho opIiGoolOdaI.-"" I." ...... ..., ofu.... b ...-:hopocific _q ............... 4 -c f"';Ii!;y .. _____ aa4. Uder'hwdoo A. bonvwiDp ............... II> lie _""",.". ~ , boo'" 0Ibtd _ ("U8CIt' ...... d_i_ •• _.,..tlOt..l9Ql.pI ... ..,..., ....... 1.7~% .. .lD%, ? ' 1I._lIepa' $ of _~boKlhII_~,..bonvwbwollOldalIP*dUllOlt.tlu<dwoYdbeorw-.I_ ........ ... cwmo poI .. _ p.bIi ...... by ... Woil Sncc Soonol pI ... ,.,....d nqj ........ I ."" 11)2.1,,, dIopcndirwon mo ,.,ca' a at ~bae "'"' i, a.nonIIy 06>.~ed. Tho ~'-d "" opIion 10 dulpUlO .j",.,. prioirw mocIIoori .... Tho ~ •• 1 __ ... Trm:h> ........ )All" " talmo ~. Fadll~ w. poId 01'[ Tr.dIo B borTowIrw _d _1_ •• to&. ~ ., IlDOR:pI" 7",., Tho ~ __ on T_ D ..... 7.73N ",lion Iho Mw:quorlc fKill\)' ..... pold of[ _ P'O""'III W<te duo _Ihc Focill~ Ift...-.; In.h .... at.IlDQIl·_ ........ tho 1_<Ioy at .. _lfIod i_ poriod 0IIII1 . ... .... atoll _ ~ onlhc Iaot..,. atero::b Mon:tt, 1-. So , I ! mI D • I. All -.Htwpriec!poI ..... ....... ~ ...... __ <11 ... ~. Focilill<

Oohq26,lOl2,"'C ; , __ WI- 'l ...... ondit ......... oridiM8l. .. ...- .. ahIi .. _1II!ili\)' ..... ~ .. ~_looaS."'" I ieFociH\)' __ Sl ' .. ,lionol_dobtCllO. __ '--." lIII~ol ... <11",_ Goo ...... _IlDQIl ... IIooI ... pCIIO:IIioI., ~ • .,..; ...... olS20 "Uia>. ,... SI' .. Ilion drawn ..... ..od '" aSsn,. ........... ocdvldco ........ poId ilI .. 1 0<1",,- to. ... oqu:~o5rirw """"'''''''' ... s... • , 21. ~"

" ~ on ..... <IIdefM.j~ tho OIIPIlcobi. 1_ .. _ h ~e foolJl~ wtdd ..... I, ... '" j, 0IIII1hc Jerdm ccUd ..... ~ ~ _Il00 M8oquorie F.dlily« call 011 obI/aoIlClfll .... ..-anoinoi_ The ~ Focill\)' lei> uucI ...;.,... cvau OI3IiIOiul ... doliUt, ioolodftl, booI "'" I .... ""' ... lkilift " I*Y 1_ CIO*" '-.... doc Mooo,iori. f .,ili1y.""' ........ Y\olIIioa ole.! ' ... _" 'on 01 ".'_'- obt M!Icqo .... 1'oci1!\)'. lkilift" "'-""« , pri:ono ___ """"'IIo.OI .. _._obt~.Focilil)l'''''''--''olhC , : ........... 1ft' ...... ....naI. hi ' , ol ... ~ ~1IIIl"'1of ~i ..... iIilIn 10 l*YoIioNxaoaoII t..ru... 01 ,"""ili _ _ "'~FociUI)< ,

Tho"! :fWieFocililyrcqroiml"'c I .". ....... j ... hedoP<&.. , .. wilioMBLl:orero::b--",olfooU ",period

;~;';_;'~ "" ... ClIO wliolo ........... '11«110 .. _ ... , 10 ............ 1KIIIonoI '0'01_ b "lid>, ........... ' orifI """" ' ,\)' doriWI;YC .. """""WI...t rdoIl~OIOIl fi.w,d.prico ~kol ~_ ... "' _ ..... iD~lfoct ... ..,. '- _ 5(M, ....

111 0(121

•

.-,_9O'Ji.oC .... , ' 'J (., '"oj ' .. ' _~_~ .... d: ' p«>dooci._ TloofKi'iIl' .............. iboCI ; , .......... -..&-.:iII ...... IodIoIq ........... (._ ,.00" 1'OO~ ... OO' ...... nIio{ .. ......... J.lO .. l'OO~~ ............... ( .... 2.SO .. I.oo)n • ..,;Ii ..... ~ nllllmiloi~ =4 ·'(110 _ _ S~".,. b:oI ........ , ~' di ........ _ " ph adi., ODd ~ ... oellIed e><p<nIa),

,

11 2of121 JIl lnil1l 4:4.'l PM

EMDIAl.O OIL, L-.c. (R)L\WtLYVO'oJl,G ER 0 .... GAS. INC)

All oft.: ~'. obIl..-. ... .ro.r Ib: Mllt<,"k •• .. lIily OIII! \he """...:I ....... " .. 10$ wilb MIll. Wore MOInd by II ft .... jII'Iorily...,..;ty ....... ill lII'6'ond 011 oflb!: ~ .........

0. No;wmbor lO.20ll, ... Comporoo_ i"", " otedlt.. T(N "OaIit ..... _ .. 1") ... if! 'i1ItI1t r...., Blot, NA ("WeII.r....,., ...... ocl""--.ord .......... por\)'_ TIocOo6t ..... _.It ............ _ .. · 1 II ........ <ttdit "'111)' ''''' II • - ...... , oCS4O(I ";:0.,., ond ., 101Il0l bool .... ~_ "n:l7,j 1IIiI ..... ( ... -'foto1lt r.., Feeiu.n. Tho ~ fociUly_ poId ioo loll ... ~q, II lO, lG l2. TIoc ........... ..-bId debI ___ or 1119,)l)reI_I>"'~eFeeillly ...... wrl_oIrl>"""'_ ioo ... ~ •• odtlllD .".31. 2011.

...,..,.... booICw04 ........ \he ...... 111 F...., FICIIIIy wi ll _ "" _lO, 2017, ord __ dole. qoamo\llll -..I ............. Fodll\)' _ duo ord ~ RodeIami ....... or ... bcncwi~ _ will bt "" .............. t.l .. wi ...... Opdonl>eIo<:I .. _""""' ..... t u;IIiIII""f¥W)'oI • ..".,..~ .............. 1 I I ....... .....

A poniooIoClbo ...... ". F_ FeeiU\)' "" .. _ on s ";:lIi<ao .. iII k _ .... h ... i...-01-. oIcndio by WeI" F...,:'Ibo 0 ; e will PI&' II _ .................. t- 1.7'" I> 1.7N ...... Iiooe _cI'CKIIo .... cI'crtdiI """"'_ .. iO _" hIdI~""""I>"''''''' oIs"ooal O' I~oI ....... -.. 01 .... '-oIcndi. I.....d. TIoc~did __ ...... oIcndi1 .......... WeI .. F_ FocilllyilllOl2.

• fM;fo 0I""~ Mcidiori<oo n II ___ 110< Wells r...., r..:ilit)< Th< WeI" F.., Fadll\)' It .....-..I by ftnI

priort\)' ............. 11eno ond"""";'1 I.--"" .......... ly oi l _ ol"" ~ond .... ~ lodO>Jq. J>led¥ of1hcir ...... ;lip in Iholr ~"" ..m;d;.m.

ThoOcdlt ..... _ .......... e.-,."""u •• ""'I!dIdo_ ............. Ua:i~ ... .... iibilloyol ... C_1> ........... __ oddI ........ 1 ,. 1_ .... IMm;_clioiclmio ... or~OI><k; ............ t)1IOtolior • _,.,_ f """'ooIIIiIiooa;ord .... _or ___ -.-iIoi.11Ita.dit ....... I ... _~~_

.16_ .. a-..... -. ~ (0) lI"""ol <VTaI_ .. _ Iiobililia "' .... 1.00 .. 1.00. (1))11 _-.. IIIIio oIdeb1l> EIIfTDA ...... ~ .... &...r ....... "' .. ..,.. _l.50 I> 1.00. ODd (e) II .0«1 dwqt .......... 1IIIio tor lit! tbw bool ~ 01111 ... ).00 I> 1.00. Tho~ _ "" Pnooooplionc:c ..;110 ........... fill .. ............ o(Vee .. _ 31. lOll, ond I WIll •• _ obioUIcd tom Well. F ....

•• Tho~ hod SolO nilli""""",,obIe on;Icr ... 'M>I, F.., F'ooilily. oI'D ......... 31, lOll. Tho pri .... po! bot...,. __

OII ... Credi ...... _ .... _S21.' ... UioooIlDo' ! ] 1.2012

•

•

.. • l13of l27 ••

•

•

£,'I'Dl,.U.D OIL, lNC. (1'OR...u:JU.YVOu.GU on. .. GAS. L~)

NOTE Ie ASSET R£11lU\MElIoTOBUGATION

Tho ~,,",,_lUin::m!:IIIoi>IipIkJm"""i_wl"'" ...... 111 .... .,., t • ,,,,.arjto ptO\'tdolJ onI.-.a/ .. prOpcnia ond m_ &.::ililie$. lbIo< Ibo provif.ioI-. of ASC 4I o..:zo.l5, lilt filir vol ... "ra liobiU\y Ibt ... __ oWl ...... . oe: ... .-! ill "'" period .. wbidI it b ~ ond. COi' I odI~ u.:.- ill "'" '*"11 .. ........: or ... 1ad I.,. IMd-. Th!llohIl~Is_ .. j .. ~ ........ _poriod, .............. IJJtd....cil' I' '..qh.nllofJll'l>'ldOn """""" Ir ... 11iIbi11.,. Is ~ tw .. ___ ... ........... ~. "'" Of _Is ......... ...s. Tho au vol .. "' __ ..... _..... 'obI"'- IsOdti ' .... _-........ ... """'..nhln .... ftows ........ dI'" n I

....... Sl.,;lcMu..ao .............. *' .... _<1.(1) ..... _ .......... ""' .... II_ .. oUIi • .....-.,. '4 ' (WI. , l iI< ""' ..... I;(i11IirlRloIIooIoIo-.CU" ........ or .. )-. ..... __ ,,-p<riocI_ . o I JI. 2(12): .... (jo;)& auIiHdj_ riIIo-t. ~ _< ........ 0{7.11% b _or",,.... ill ... _".. petIo<I "-0.. I )1, lO1 1~ n-q.asl'OqliftsiPlCll'lllr" lIIdepi I>r ""'~ • • ..... or ... ........ '"'" _ ... _1OIaoiIiYe ODd ..t;o:.ct ........ ThoQlqwer """ IO_"'~ 1"'1~ b _ 01 _1Jia_tclifUllCl'llobli ........

1110 001"""1"1 ___ ... ~ _ ~ oi>IJIIIIon __ , .... dod In .......... "iII,,",..,.toI_ ar ASC 4 1().2().l5 '>fI' .. )'<III'I"- oa:..me. 3 1,2012 """ 201 1:

•

BtJIlriow ...... !!eli=- Ot>I~on Llabililia 1D:Ined ... ~"'" Ac:c:rtdon ofDi_on ...... R.eti_ 0bI~ ... w ........ RriremooII ObIi.,;o.

,.~

· '. ,

lOll :zeu S .s

, . !'==~ !'=Mgj",,~

.

• 1I'l1J'2(113 4:4' PM'

EMIJtALD O IL. rse. (I'ORo\U:R,l.Y l'Ol',\C lIt O IL" GAS, INC.)

n..1i:II ....... io.~ol .. ~_ol;,- .. ~{tIoldI)for ___ ...... n •• )1.2011, lO ll """ 2010 ..... _ "'~ ............... """"d ~1""WYi","''''''' _ .. ..-~

IISoll17

,-,<:Uia6onol"""""",..,... 01",",- .. , ~._

~ ...... -F~ SMa.tooy _

Bondl~" F<dmI SIauor)'­S- 8enefu. Not of f ..... a-a. ..... ~ ~ hrlble,~._

No .. ,nible ........ COOOS I'oIcI ""'F widI_. II>;. u.."' .... _I\l_ --

Tho C<Ii,opa'" oflhe ~'I "''''''''''' asxI ""ere" 1bI ..... .,

0."""" To:._ a.... ........ ~, ... -~ Dori.-'"

""" ""'" ....".,.,. NltQpcrooi,.,-~_(NCl.I) Eq.il)' .... I " o.n ..... ..... Oil ondr.:-.! Goo PNpMi .. """ .

•

1l"'I.93O l=~=':'~' , ,

1,75OJ1l

.,

't .

[MI;RAl.DOD..INc. (I'OR~YVOYACF.R OIL& CAS, INC.)

A1l)Dceuba J I, 2012, ..... ~ .. Us. Fediml .... opaaIilW I .... (NOL) ~ cU'U 42.ooo, "iKh<:>;>ire .. vor>oo&!. 4010$ from2Cl2911nqh 2OJ2 In oddililll\, !IE ~ bas ..... NOL ..."..... .... lIf"""""".-ly S50,11 2,OOO. D.ri1W 2012, .... ~ Nd . IRe SeotiCID J&:l ~"f_p ..tickny.....".;a ilS -';li1)' to o.ai l ;'~ i11 NOL~ \101..,;0., ............... lIf(;2S,O:U,ooo...:l (;2,1103.000 111\.., bcenOSlabllshed .. of!stI ..... ~I net de!l:tred IIIX..- .. of!'" ba 31, 2012 ...:l Dectolbe, 31, lOll • ....,..,..t>.d.y, .. .... .... 1I0Il011 of_ debred!U ...... 10 '* __ lil<oly ...........

tU _filS ore ....,.,..00<1 ody ill" laX posiIi_ """ "'" __ Iw.I Y ..... ..,. .. be SWIainod __ eXI'1inonOll by IIIX aWIorid .... Tho_~is.......-l .. "'I ..... _of_'''''''i$,,-_$Oper.;...l ib:ly .. be'''''li=~ulti ..... seal ....... ~ laX _IS ore laX _IS olai,...;l in .... ~. laX _ tho! do ..,. ~ ..... ....,.,..riOll on:! ...-_""'da. Tho ~ bas "" liobilitie& iII".......,.,.,ued laXbentftlS.

Tho IaX}'e.-s 200'>1 ........ 2012 mnaOn""",, .. ...,.;,.,.;.,., ill" US. bIcraIl"""", IIIX prpoon. Tho ~ 11.1 .. '"" ....... wid:! mOUlswe IaxiIW Wlairi .. ....t __ remdn open ......... ..won ill" Iho 1IlI.)'CIrS 200II ....... 2012.

Non: 11 FAIR VALUE

ASC II2G-Io-" deS .... fiII, ..... 1E, .. tabliola . hmowort h -.i1W ,..,. ........ IDler OM<P on;! ail ..... dl>oIooI.mI ....... fill, ........ _ Fair ........ i . doli""' .... ASC «ZG- lo-" ....... .,.,.,. ~"" tho! W(OJd be recei"o'«! b ....... or paid .. nn. ...... llobili\Y (.,<:Xli poice) In Iho ~nclpol or _ ~ """""' ill" lbe _or liobi lltyinOl\ <rioriy lr1ma<:Iioo btfwcen rmtIoct paniciparl:l 0II1ho ~ date. Tho st:!R1otd cIc:o<ri ..... fill , ........ Ii~ _ 00 lin>< la-el, olu..a. ofwlieh Iho first two .. considered obxr;ob1e and tho last ~e. """!MY be _ to........, fill, v .... wla<h ....... Il>IJow!J"C:

~ I -~ quoood prices In 0CIi,.., ~ """ .. _ible ot ............... due '"" idul!cal _ or nobilities. .. Lewd 2 _ q,.a _ ...... Level I """ on: <>bo<rYobIt, titbor dirocdy ... itdirealy, ,,,,,h .. q_ ~_ for s1mi1 ... """", ,,, llobilltles; quoIO<l priooo In""-""" .. nDI ocu...; ... _I,..,... ",",on: obiI<T> .. bI .... """ be ooo ...... . .,J by~. __ ill" srtroaorriaIly o!w: lIIn """ of1ho ""'"'" or liobilit1es.

Level 3 _ ~. ~ ..... ore ~ by liul. or "" rmrrIIeI OCIivi\y on:l. _ ..... iillifi".,. 11> ..... fiIIr ........ ofo!w:_ ... liobiJ;"; .. on;!1eu obsorvobI. from oIljoaivc IHU(;OI.

Tho I1>llowllW _. SIl'I'II:Ilri ... lbe ..... _ oflinlnoiall_.-..red. fair ........... reo,""" btosI. inlbe ,. COIISOlidalcd btl..,. ,hoet .. olOooalba 31. 2012:

116of121

_. (Lo""I I )

Slpllkl",!bdo.r 0 ......... t,....

(I .. v<ll)

SIpII\:aM

~ .. -"""'" (I .. ""U)

S (206.01') $

lI2 JIlO IJU$PM

ll7ofl27

lIIIp~Iwww.-.p' ArmW;S/",'''''''1 283&4J1OOO 114012041 )01 ,,86. .. , ,

•

EM£ItALDOIL,IXC (FO_IlLV VOV.C£ROIL &; CAS, L~)

Level 2 1llllCU00000isI of ...... omdity .sen.lti •• _lOIllllbiUIiO$ (See Noll! 14 _ Deri .... "" ~ ODd PrI"" Risk Mol ... 1). l'be flit VIOl .. oflho.....-;tyderi .... ..e _ bllilbili~ .. ore 0SIi"""'" by!he ~ by .aili>!,. .. QPiOn I'riclnImodol whic:b UIbs i.co -......:"";ooaI q~ti ... _ WlIOIility, -"" prices. t<IImCt)ll/'8Old<tS and <Ii_ -. _ ... jM>Iiftd UOOl!. .... l'be ~vali_ olio dog pn>violod by dird poni .. by uodaSlatof,,. 1Io: prici,. n>;>tIol.1ItS<><I, ~ .. ,...- val ... &om _lIfIc~ ........... orroi}'>i,.pricinJ_ inconain . ill8ll .... find ~1hItI1h>st-..i!ies In<Io in oo:ol"""-" Assured Cl'Cdit ...... odj' ........ , _ ... p<I:oIwm eredj. roD.., po.t>Ik l>ond yield spreacl! wi ~ dtfWt "'-"> spreado. .... oppIi«lIO!he~. C<IfI'IIIOdityderi .... ves. Si~fi.,..dIorF in olio qwItod Xwwatd """"" i:lr ~ond~in_voIOIiI;ty~lyl..mIO"'"' ...... odi .. ~intbt &ir val ... ,... .. ' ....... of_oil deri .... vc "'"to .... l'be fiilir vol ... ofoll dorivoIive"'"toKts 10 I'tn_ on1lo: """"';idolod ~ 0/11:«.

l'be~ • .-.IorIvOIi..e _01 illlfr\mOfQ i""ludo caob bI caob ..... voI .... _ recei...tllc. _ pa)abk _110: I'tVOIvi .. credll fiIclllty. l'be ~1IIICIId of"",,, a.:I <a$h<oq<ival .... _ r=;.&bl. __ po)M>I< spprood_ fiilit val .. btocsIIIe ofllri. _ ... or $hln-...... .-.;~ ... l'be bookvol .. oflho m<>IvI .. cttdi, tIoci.llty ~ l1li. val ... ~ o(its nOllli .. _ ~ 1110 ~ ""' dassltled.,., ctt<Ii. tkility ... Levell item";lII tile &irval .. ~.

NOTE 14 DERJVATlVl: L>;STRUM£N'fl! MiD PRICE RlSX MIllO.CE.~

l'be ~ Ilili= <CIrIIII»dity$W1p «IIInttI and eoMIess coil ... (pIad>os«I "....,u __ wri1lm 0lIl1 opIiOlll) 10 (I) _1110 dIi:cts ofvolOlility in pricea.,... on 1110 oil ~itieo;1 procIoIoes lflii >tIl!, (iI) _ C<IfI'IIIOdity price risk""" (iiI) po.;'" • btooo kvcJ of I20h H .... in .,..,. 10 M$lR i. <WI 0l00CIIt alleI:st • portion of il!! l:.pioal Spo/lIti,..

All dori .... "" pooi~"", are coniod at &bel. &It vol ... ClrlIIIo _idaKd bWn:t II-< "'" ore ~_at tile end of< ooc:h periood. BoIb Iho umIIioed and ~i"", pi,. "'" I"""" remti,. """ Iho ~ sotti ....... ofdoriVlll_ are , .... ded in 1110 loss "" """"",,,ty dori vltiv .. line ... Ihe _idated , ......... of oporationo.

The~"."- neIIi ............ <1>_ of ... indiv i ..... oil ","CKts _ d .... 6:n "'" c...em _ ODd liability are ~ <1>Il10 _ido>od bot"""" shootand 1110 ..,......,.... ...... ond liabilil)' are """"<I ... h: _ldaIod bot ..... III-.

1110 ~ 1"toI iztd • loss ... sottiod dorivati_ of~ I 91 lOll .. anatlaod looo "" __ ",,....tr;,ec of""",,,,, ... Instruraa of$111,248 Ibt 1110 year ended "" _ 31.2012. Tho C~ did noI<fItOr i<lO 6orivllli"" i_I"1""'" 2011. , The Ibllowl .. cabI~ .. fl_ open ~.""", __ .. ofo..:...bet 1 1. 2012, 1110 IMOOiaIed "'I ...... "'" lhe~ ,..ii/led ...... NYME.X t<iUtn:e poi"'" ,

Wel&llttd A.., "~=~ ___ ,~,,~"'_!!!.'h"'_"''-______ ,OO"-,,,,!!!m!!!',l f1It4,rite NYMEX Ro~~ .... Pri<ot

"".~ hnMy 1.2013 .1Jec<:o_ 31.201J .......,. I . 201 ' - o..:u.t>eo 31,20" .ram., I. 201$ _Febn.>oty 28. 2015

Toii!

, , , 0.00 , B!l:oo $ ",00 $

Cof.!$ col." In: ....,j 10 establish Ik>:lt Or.! <:eili~pri= onnclpalOd oil po:odu<:Iion.'n.r.e were!lO.,..... ..... paid '" :' receivi>d by"'" ~1't1_1O ""'.....t ... coil ....... " ... n.: follc,.l .. tabl<l'tIteotl _cosdes1 coil ........ , ....... of Do< -,I 31,2012.

&11_ c;;aa;:;: hnMy 1, 2013 - Dttanbt. 31.2(1) hnMyl , 20"- D ,. 31,2014 , ,

1180(127 ,

,

OIIjl1amlol p..n

7),389 $ 9O.IJO.-Sl03.SO ~,'25 $ 9O,00-$103..so

119ofl27

J~ I, ZO.1S _ Febnary U, ZOIS

.""' ,

.' -

•

F_27

,

,

1I211201H:<15 PM

EMERAW OIL, INC (FOR.\t£JlLVVOYACER ou.. .. CAS, INC)

_ .... ree'I:IotN_ItJStat ......

AlDo<:oaoboo 31. 2012, .... ~t.d dori...aiu 6....,lall"'~ ' .... dod on .... ~i_ .... .- ","",O$'" bth below:

---------------------- , .. ,., .. ", .. ".,.,"""., .. ,,'----------------CootIesoCol I ... CooIItuCol I ...

''''~ 'IbIaI Oooi~u_

Otri...aiu Liabi li~es: Casdess 0011.­CaoIItos CoH ...

-"""'" Thool Oori""';vc LiolHl;';""

Net Otri'IIi~ I'<>si~on

-­NcJn..c\nerIlilbiJiIieo N<Jn.antrIlilbili~ ..

CIrm'I; lIabi ll ...

-~ Qrto:rj lIabiHIi_

, ,

Tho .... ofdori.OIi .... .......,.;_ i ..... WS .... ri5l<"- .... ~ will be ....... '> _ .... fi....,ial '""'" ofRdl nnso.':ti ..... Tho ~ .... ....... ~.., .... willi Won, Forao &ri<, N.A. "* P"l"'ido b oI&oai .. PI)'bl_ .,.inot ...,.j,'IbI .. Ii'om __ dorillOlli .... i_ ,

OnJ......,. ~. 201), .... ~D>ICIkd a NYMEX .",..,. Taa$ 1:oam!dI ... (iiI dorivari .... $WOp _ ........ -....1 .... "'lIP ~ <»liar ....... .,taI <XIdIi nod h $WOp O<d <»II.,. <»1 .. _ u.o. sioW~ SlOop """""' ( .... No-. 16 - s.~ ... E....,..~

fOon: 15 CO,'4.\I.Jl'M£/'17S AI' I) CO",TINC ~NCII'.s , We-.., sd:>ject '> II~JIdon <Iain .,.j F ' b " i"~.,..t ~-r procetdI~ ..t .... 1n Il1o oodi..-y ....... o1boB1non., Wo :

bcii<>'C '" all lid! I;.;pi ... _ .... ..,.lih lr,> ho. ..... .....,.;al .m.-ene _ on .... ~ .. ftooudal pooltloo\ ..... ~

at""""o1~"'" " "

Non 16 SUBSEQ UE1O' EVE/Io"TS "

SMd}fiJ<h BaJ/n Sol,

<>!IJaruory 7, 2013, h ~_ ida a dofoniti .... a.ao_ w ;!h EM! ~ s.r.; ..... LP{"EooI'"). _ whiolo Il1o C""""'" Iu ~ 10 .. III., lIXIlvidocl 4)% worki .. lo1«CSI InO<d 10 cctIaIo oil 000:1_ ... 1......,.<b in .... s.nd_. a..; ... .......... i .. ~ ... r)o'902 l1l:I_ 01Il10 ~'. 45,(100 l1l:I ...... _In RcuI .... Modlll Coonioo, .. CokndoordCa:toonColnr, ~ ThoeflCc1i""lime b ............. oe .... l_will loe b_oed ..... Tho.k\siiwoe .... ........:.:!Ion i. ~ + • j '> 00<\1' dI.rl ...... flf'Sl_ o120 l l, sd:>ject" k 1IIIIi, &.o:.iod of """""*Y~oondiliono .... k c:ordition hi EtiII nI EtIck ORB, lLC ...... i"" ..... limtlrpri;orm .. IIii ........ by wlKh EooI ac:qU. ..... EnIeI:'s i_In .... ottIol~ oil and PI 1 ........ <b.

Thi oarepe .... _ ..... prIoe I, ~Ir SIM million, od:ljeco .. adJ_ b """;n oi~. do""" O<d li~ .. _ fi .. and lor ....... willi. prlD111)'1t1td ""Iiri ..... at befift l _ 3O, lOl l hi c:amoc be ren<Wod .. .-dod. 1he ~ is cum&iy ........... 'W ok oppropille 001 .. alJooalI"" I« dol. _on, Tho ..... i£I1!nO)' be __ (ilby nocuo1 a.ao « U"'" ork ponieS; (ii) by &.I if =<lin .... ........wi .... by .... ~ rqardl .. o....mdirt; royalty I.....,. .. or _ .. i_ .. i>OI ttuc; (iii) by "- if duirC .... ( .!-dan"';"" fullowi .. .-won orb A&I«> ....... IiU. defccls e=«l S% 01Il10 .... ""'" .. r .... oor1aln oi l otd ... 1taseb>I<b; r",) by EooI ifhn we O/i)' .... ';, ......... ow ... aaainot .... ~ ... mij:lll ....... , in . !!IOIOri.oI ..,...,... dJoa ... k <:e!tiin oil ............ po leuddds, .. (v) by oiiloer pol\)' ifEoolI, _ e ., ...... re E:de.Ii', i_ In_.-in oil ond ........ PI I " holds .'

>'

<

!20of I27 • li21i'2013 4:(5 PM , "

, ..

,

,

,

,

,

,

121ot 127 lI2 lf2(l l l ..,..' PM

I'.MFJlAUI 00., L~ (FOttMERLY VO~GER OIL" CAS, INC)

00 ,......,,9, 2OIl, .... ~ """""" i .... ~ on:! ......... , .... with.llird I*Il' ponMI" .. hido ... ~ ~ 1_ "'011 ............. propcrda In ""'Kond. ec....y, Nor1It Dokoca. f'1n1.w11O tho pwdwc ond ...... w ..... n • t(In'"1 ....... tho -",,"RIO $.1.1 ai'''''' p.r<_ prIco "' .... ~ ......... ~........, *'1 JI' ........ ofitl ......... 1iIOdo: •• pet .... val .. "'~ pet ~,~ 011'" ~ve-oIoor -.voI..-...~ ....... prkc or ... ~. __ prior .. . ....... Tho~'"-dtho ... "' __ ;D ... ;-,._ ..... 4d .. '-... .........,. """ . _ .... 5cariIi .. 1oD.<!I1m,. ' Il'fOOi f dIoySecliooo4(l)Ihno£n..C ; "io~ ......... ... ~porthoooprlcolilocolionb''''''''''''''''Iidcr ......... ",-,,~_..... • ... ~ .............. _........,IO ..... i'CIpCQIvI ...................... Iiaoc.

Oa fiIlof'*Y4, lOll. Itto ~ ........ t.o. ~ ................... ito.llild I*Il' ponuuI ......... e..c..,.... ......... _ <II 011 ... _ .... """,1Ioi iii M<X..KCoorq. Norio o.Ioo:Ioa.,....... ..... ~....... • .... ................ b'''' ~ SI.9I11iUIon~;rio< "' .................. C I " iaouod )ll,1'OO ..... "'''' -..... MOd: •• pct .... val .. <>IS6.05S per ot.o, J.Md 011'" ~1"idi ... voI ...... ,...; ..... .-. prkc "' ... C I ,.. __ prIor .. oIooIow. Tho~_1ho_"' __ in ... ;...,. ...... .......,..""_1ho "'II ...... """; uooa ....... Ito: Smrid. .. Act<>l 19l3 •• ........w. pnwidod by Soc1iOll4(2)........c Tho ~ I, ..... y ~ ... ~....-pri""oIIOC111ontorllO.~thIa- ... _"'-"....-ondool ..... ' .... ... ~.,a>d" rea:i_1ho ................... ...", taf>CClI~ .. 11or b' .... 1. frun Ii.,., .. Ii .....

Mlllf Our ~!i«wliia Pvrcltau ............

Oa r....,. I, 2013, Iho ~_ """ I ouuIdca ~ .. W, .. , wilh WOE Emerald Hold,.. u.c. I Odaww'oo IIttft:oj nobln~ I .. __ O-~ F1I..P • • ~IsI_i ... j limbod.pMncntip. ............. 1oIdo,.1n cd ............. ='"'a"'~oriJli ......... ~1oou:d .. 1ho ... _ ..... i:oIlowiIoc { .... locd''CIlI; tho ~.... I"): ,

~ ..... ofa _ 5crioo A ~ ,"Iiiorrod SlOe*, to.OOl .... ...Juo: per .... ( .... "Serlet A ".",,,", SIOot");

$,11:t,63) ...... "'. __ B ~P,,*,.uI Sooct. to.OOl pot """'" pet -., 1 .... "SorieI; B "."',"" s.ct");_

.................... iriliol_ , _"'1.III,63l ....... of .... ~_-*. to.OOl potval .. per""" ( .... -C-SoIod<"), ... iriciol coetci .. prIco ofSH7 per .......

Tho 5crioo A Pre ...... SIoct. 1ho _ B ........... SIOclt _ .............. "'~ .. IIefeIn .... - Socvida,. - Tho ... ,oito will ....... 1ho 1oo1O:n <boreof ........... .......,... "' ...... ofe-SIooI:..,.., 10 ~iIIIIOIy 19.1~<>Itho ....... ofeo.- SIOclt~ .. ofr ........,. 19, 201), Of ~ 16.49% of1ho ~.,,= odl,.CotmaoSlodr:"". 411""'" IIosb 1OId,.1010 _ Iho .,.....iao of too w..- Tho ~ II. ~y ..... i1uon,. tho ___ .. tor tho i......., of 1hc pod.""" """'" -..l ~1..t waII'IIIO .. downti .. whothor oquI~ orw;1Ior I iol>i li~ ........... I. rcqoi .....

Pri<or .. AprIl I, XII" tho ~ ny PI)" <I1v1_ "" too........u .. st.res ofStrics A l'I. fa ,uI SIOclt_ ln"'" or by t--=- '" addIlI"u.1 ...... otSerits A " dlu"" SIOclt vaI.-lIk 1iOI..-wt4ilMd IvetOiI' ndi<"C ptb ot .... C<omo<wo SIOdo; torobo ...... ·e"ve-..~.,.-.:Ii ....... Il ..... .."..... __ .. _<:nI-....IO~ ..... otC'_. SoodIII"~ prloc «pi .. """-""-'wciahOod ...... prkc; ...... f 1 tho<,..o, di ...... _ bo poW In ............. """ ... 1 ... e tC ....... I ........... __ obo __ ot~ •• E •• "",,~""" <>Ie- SOItod: 1sauobIc_ ......... ot ....... ....

. , 00 --,. 4, XI I ), obo~ ..... filI.Iowi<"CN~ ~ T.- .... ......u.. 011 ........... __ tho<

--"' ... _ .... eoIlar .... _ di""'-d iii .... II. 0001._.... • ODd Poi"" RiS.MIl $ , ... 1 ....... IfOd ~"""'oht_..tooll ............ "*'.oi ... _ ........ _....-_

)12 112013 .:.j PM

"

1Dofln

1IIp~1www.sec.p/!vdiW:!Jedpl .. 12&lI43IOOO II 0142041 31)1 SS86. •. ..

,,~

;::~f;~;:~~:~~_;.~h~_"'~ __ ----- OR/Bam") PbtdPrir • • f!'!_rn.. OOh~ ,.J....,. I.20ll_Doo ,..31,2013 S 91.00 $ 93.12 J....,. I ,2014 ~ Dooe"''' .. 31.2014 S 91.00 S 93.12 J""'"!Y I .20U ~Fdlr.-y28,20IS S 91.00 S 93.12

"'"

"

• ,I . ..

..

,

..

..

"

..

.. .. ..

lI.W20114:4SPM

£.\lER.A.W 01l~ !riC (mR.\lERLY VOYAGER On." GAS, L-.;c,j

N., .. t<>C-,.d _"I SIIIOIIOIOI.

Non 17 QUARnRLY RESULTS orOPERATIONS (UNAUOm::Oj

Q.,tur.dod "'-IIll, J_JO. SoJll<_rlO, o.u_.31,

WH ~ --In<:(:mo (Lou) i<>m Opu ...... oe.e.._(~},Noo

Not IrIlome (IMo) Not lou Per c."m.:.nSl=- &.io ord dilw:d

WH ~ --"""""" (Lou) fiuq 0puU"", 0\h:t'1rIlome(E>pense), Noo N .. -..(lou) NeI Lou Per eocr.non SI= - Besic aroj dil.ie.1

, , ,

,

, ,

1,81l,674 , 2.3 10. ISI

""'" ($06,6C?)

"'" 0.01

•

If.W201l 4,.5 PM

(UNAUDIT£O)

010. NotInl C;_ ElpIo ........ ,,_ ..... AttMdo. OIlond ooAnI .. aI .. re8ect ..... ~ prices or"" ~"" told Of ..... i=d wilblW"PrlJiClO ~_ b ~ri ...

not prOOlJ I...."..,., 1IId ..... ~ poovlsIom. 1'roducd ... _IIICI .... liftiilll tGSII \n<vTed ll>opcnIC .-.I n1r1A1. ~ve .... 11 • .-.I NlIIed oquIpmtOI incl..:liilll ...... ..,.. _ ....... ,.Iobot. ""'rs """ .... _ -.!tIl, """,lett Old boI .....-. 1'todu<:IioIo ... I,dude procU;1I ... ord ... 0 . .... __ DopiOlion '" oil Old -..I .... _ d .... 1_10 ~I:t.d """'" ImmocIlfo ""'I\OWotI. 04A0tocion, ond do>'Ol~.,.;viIicf,. btU .. "'_ .... do 001 incl .... l ___ ._ ................ _ n..rcMlJof ___ tr"'~·'lIIlond_ .. ....,.u:.;o.."'vhI""pio<l*dIa'" C ,..O-.rcIad 01""" ......

c.a ,.."._c...,."",c.a n.._J.:ono:IbooQono:I_ .. ~ . ' ................ 11

c- IaNTod b ... y*, ...........,~ ...... Ii_ ~Propct\y~,;om ...... 0.. ~,-, ..

• •

, "..,..,~

IJ'1.I67 9,1501,1»4

$ llJWJIl

Elo:ll&lol\..,.. b '""""""" proponia. .. _ by _ . C-..... &cIocIlalbt"l 01lOI pool_too Ililll,...-.. iD::vnod Of .. """" ....... oIwod ltd <leaned ImpoifoI. Tho ~ Mi<ipllOO "-O>d..iClod ....... win be IIICIIdod Ill '" ~_, n i

, ,<Wd'Ibo""" ...... ~ Tho~'"ombk ... ,..mc. ... "'"' ~ ... 6epledon ...... Tho fi>lkM'\rw Ioor IW, of",p""iJoeoIOOSIIO>d\idotd It. I ; t rioooOlO I_ 31. lOI2 by~ ~ "

, "" ; 'Q AaJoIJIIIoa E , I t

Drlilic -OI"'~G .. MHo ..... ... Rr,""",,~ o.u

S H151117

I • aood ... wi1lo """""' ... "" ~ oil lOll! ""'"' .............. .,.;vi~ .. i, pi , j in"" t.lIowi ... 1ObI ... It<:wrve "'anbl ..... _n .. ....aiD illfonnalion r<prdiillllilon;onoclut1lon ond dioa:uMd cUi ....... "' ... _""" by _I ... I'<Ir<i IC .... COnouI_ k It'd Oldi"" byNed>otlrd Sewell a AOIOciIlCS, ID::.

OU_~nla. '--0-n.: iI>Il-q""" prcsoM "" ~"*"_ 0(1 .. ptOIIed 1111 """ ..ani .. __ n.: ~""""""t.. IhM _ .. __ ................. ~ .11l>.,... .. odo1i ...... , ... u ..", __ IAbIe.Itaa'voIr~'".

~ ... PfOC'CIO ol"*"-.w ~ IOn ... • ..... at oil""" -... ... 1hM_ be -.dlo .......... Old Ibo _ Ie) at-. ___ ___ b. r..donat ... """II)' at .... !abIe _ """ 0I~ ..... poIo&IeaI lao.. 10""" J'" ..

•

'"' •

,

•

Pro-IO"' .. ,1ordlftX'>'eIoped __ ... V h' ,31,2009 IlcvIsIca cL/'rcYiOlli EsI_ ...... ~ Pnrved Dovdopod ..... tlIdrveJopod Rtio.r. .. 01 V , .... ll, :!I) IO

RoNlslON ofPrevlOlli ESIi ..... ~ DiOCOV<rico...J Oher AcIdiIiON ...... M

Pro-IOovdopodwUdt,elapc:<l~.D l,3l,20ll 1tcYbI_ cLPrnIoui EM!

£ ........... akswObotAololi_ ,' ; " _01"' 1 .... " , t ""","0..11, 'n'" .. ' ..... ~OIV .. 31,1011

r-tdDonlt,rd_ ... " 1" ...... IO .. oIopod~.D I ,31,2009 ""","Oo.,I,p,~~.D o! ,]1,:(1)10

"""'" Dtve\opooI ~ III Otau .... ) 1, :!I)II I'I'oved Dtvdopod Reoavao III Duxn ... ]1, :!I)I2

P ..... ~ ..... d_IW" F'n:Md \.hI<YeIopod RooervcoI 01 1)0, ,,_ 31, 2009

Pnwod tlIdrveJopod ~ • v..:.e.m.. 31, 2010

Pro-IlhIoonlopedlw ... "' ... U.... • 31,2011 Pro-Il..h<kvclopodRacrvaIllJ) • ]1,:(1)12

'.

_IG.. 01 !MCf) (aLS)

1"',130 ll,oI&9)

I Il,WI ,

.......... __ .. _ ' ~1iaofoil....,-..L ..... _ .... LP I..!~ ............ "'._oobk arIIIN)'IO ... '_.oolol.La""",...,...,. ........ , .... ou ....... ~ ............. ~~~.............. . ok,d , ~ rcse..... .. prv'o'OII __ <III be.. 1 110 be , ..... "coI iIo:ooocb ~~h .. ;t,..o..; •• """" "'" ; 1III!.ad a .......... wdo;"l ; 1 .......... lodododb-_b- .. IOdo __ ; .. IiJIo~oI"_" uialhei • .

' ....... obIllO' !"" 1tooy .. 1doooU<d lO ll< .,l lcoI .. ifia Jbo cal G .. -"'

$I 'L_M_,-Dh< '~Nftc.u /~_o"",n....o.

Tho toI ............. ...-... doodi ..... .-n0l"~1.' ... ""Od We _-" a....,.....q IOprv'o'OIIoIl ..., ___ ... ....... _ ......... La .,dooli .... _ oLli--.:l """ ... <0010 IIows rdaII~ 10 Pf'O"OII 011...., -.II ... ..... ... colla ...... ,..;fo ... _>aka oL ASC t)1-11"""'. f\Qn -" iftIIows .... on .... , ,col to, IpplyI~ ........ ;ricosol oil .... ~ PI b Il10 ... 11_ os ofDtoud>o ll. :II), llO"';......t AlIre ~ f\IIft '""""'"""" 1IId...,.. ; i"" ..,. ..... CCIft'4OUItd ~ "'_~iht ~tInS 1O"'llII:Vf<IiIlftdo"'opi~ond ~"" """"" 011 ond........ ... ' ___ .Il00 ...., orlhe >-" buoj "" ~ ___ .............. "" of c:<i .. ", ",,""",ole; CiIOOdhic .... FII>ft I""""", w. ~ were ........... ~ oppIyIII(I"W'lP"i_)'OO"CI!d w..., 10 AotIre pmo.>c ""'" ~ ... 1111~1O_'001 011 ond .......... .--. I ......... louis ofJK'lPCllios ;"",/yooj ond "",cndill on;! lOIS conybwOI'ds roIaIi", .. 011 ...., .......... prcdoo:l,. """rid ... F\IIIn _<0010 ftows .. dIKaned 111Il10 '"'" of 10"- ...... 11 .. dori ... flo SlIIxIofdi""" oraue ofoSi ........... IlIA ..... ftooq, ........ ,....., ... inllows ny Y8Q' ... oddaololy, """ .... 1IIIdordl""" ............... 1101 ,... Ily ' ........... Ioi.-: ....... "' ... ~oIl on;!_.............. '

12601"121

-,

.. ..

•

•

'_ll

•

, ,

•

;

-""' ..... I'IIIn ~"" c­..... Oc>tlup, ... eo.. -_ .... tl6ro NoI CM/o InIIowI 10'1i Am.IoI Ob<tuo: "" Eoai..-d ~~Ca$b F ...... Slao<lordl1*l t.-. O(Di~ FuI>re 1'1« c.h FIowJ

Tho twd ... ...,.., ......... prica b"'" _ ~ 0., I*~ ) 1, 2012 _~uo>od" ",kc:toppllcoiblc •• _ .... """ .,..i1)l dllbaliab COl. wdl-t>yowdl ..... lei ..-i ....... i;ood _"" prka ................. ~ __ Tho priors fOr .c , .... ....... ""i ........ iallowJ:

" ' .. 1 1, 2012

" , ) 1, 2011

" ,4 31,2010

I!oct! ... ,. ofPeolod ~ <OCOI IIllllNoInI au I'roolJcod. Nee or~ CosIo ~III'II!~ .. Prc-~oo.Iy&ll 10...·01;1 C-_IlIri ..... ~ Ntca-."'~III:Id_ ... Cooo a... III ...... Or:> ........... eo.. ReYhIoao oI'Quncy IIIIIlloi.£toi • ~"'OI_ o-. .. ~,.... .... ? "'--.010 noce a...,.. ...... ...:1 .......

. ,

,.

121 ot'l21 . .

",...-c. .., , '"

, , ~ , , . ., , 00 ~

n" D.O' .,,'

('13,411) ',!I1,I11

-

ANNEXURE D – OVERVIEW OF EOX’S BUSINESS

8of l27

IU. I . .... i . ...

•

· A1'I"1';UU . REPORT O~ FOR.'! lo..K •

.~, · ,

EmnJd OiI,Inc.,. Moru:oo .... ""',..;".,("E'.monI4,. Iho ~. "we. ~ ....... or "<v"), I •• ~ il1dcp<ndell 1I!<pkntiOIl .... pr>:>Wcti",,~ toc...ed "" "'" _I~ nr...,..- wdls .. !he WiUiSlOn Basin in Nonh ou.-an:I Mc:IoD'IIL ;;

" 00,hjy26, 2(112. .... ~ .... __ !iii"" ofEraorald Oil _"""""ca. ...,., ibrmtrly Emerald OiI,IIIe.. &om EoocnId

Oillk. Oos NL "'" approxi-'r Ui6 rilliortof ............. of .......... .-. ""hid! ' ....... *'<1 "I'I"'O"i~y 19.~of_ oUmIId;"'CO<mIC1I\,IOtk .. ofdlo ~l~daIo. A$l""I of .... ocquisi~"", w< ~ 10 _in EI>IcraId Oil Nom AIncri<:o'. I~Uti ... indudl~~r$20.J milliaD ill debllnolodod i ..... ...,;qWition ___ opproxi".;yll),6OO .......... I~ in DInI eo.ny, No<\kDolo)co ond opproxi .... ly.'.OOO rei """' In Iho s...:I Wosb 80sin N"~ *">Ie 011 pt.,.ln __ Colondo and ~ ~ III t<JD"Cttioa willi !be <Iooi .. of"'" ocquisitiaQ, five tJIi1<i ........ bc. or .... boon! of dirtelOrS resip:d, ...J ...... v.....,; .. w.... fillocl "';111 dirccIors .. l«:Ied by 1he -.ioi .. ....,w. of .... b<>ord of directQr:s. Abo in ~ will> ..... <i<>si .. "'''''' a<:qIUIll .... ..., ........ illO ~"_Ci" ",jib six olIIoen, J.R.itogro (_* QIlI...--buaiy .... a,;.rE>=.llvc 0lI'l=), Milot Kt;u (OIi.fE>o:ocWve 00=). Mo;Ardrew IbdisiU (Prui-J, Paul w ........ (ChidFi"""W om .... ), Karl 0stefb<Jir (\1ce /'fesiderl of&plonU"" oo:>:l Soli"... l,'loveJop<mrf) .... Miu:h<U R. ~(Cta<f ~ .. OIIioer-lOnntfly _ OlI.fFl.....,ial omoer).

F .. I1.....u. "'" .krII1rcor .... ocquisiti"",'Wc took1be "11 ......... ..,.;.,.., .,

"

el!ar¥:d.,... """" tom ~oo Goos. Inc. 10 Emmld Oil, Inc.;

o:t.rp:I !be dcku I)<ti>oI !Or.,... """""'" ,1Otk ndtd on "'" NYSE MKT &om "VOO" 10 "EOX"; , ~ .... 2011 "'PlY _ve PI .. '" I_the '"'*'" or ....... of.,... Oo.r.non.eocltllJborized fOr 1........,., __ hpl""'l.5 m!11loII~

Si..,.1ht ooqIisid"" ofElnetald. Oil North Amor><:a, we Iqon _illlli"l!:on...,.,... drilli .. JII"ICrOIII in McKomi< c-.y, . NonhI:lokoa We believe d>o odditi,",of~ .. capoIIiliti .. """ides inI:roiI>ed ~ ....... Iho pWrinsand dmi.,.. .. ofwdl oSe>elCJpIIIOIlI ond ;.."... (lOr I~ ~ prospecto ond __ '" portntt I"idI oo;IIm. We _car ond pi .. '" C(IIlII .....

'" """" ... offi<o, ___ drim.,.oaivi'1 ine.. WiliiSlOtl!laoin, and as dtv<1""",""" l<tI.i'1l~ ond ",oil ~ iOlpr<7V< '" ernm. ~ ond well ~ '"" pi .. '" ..... IWI! de ,"·.Il .. ,... or<! driUil1ll oro! ~_1I!dftquoo no we beli_ ' ........ bcOI pn<Cices in Iho .....

h ., M ofD. am 31,2012, we bod -","-l)' 46,000 ""' ....... in Iho WiUistOn 8uin. Pro lOnna leo- cl<*<l ond pordlDg

ocquisili.,... in lO13. we...-.iy hold oppt<I>imoIely SI,ooonetaMS. We hive IdenIlfied ~lyl79net pooerria1 drilliq,; ~ OIl iii • ..".. ~..., lOr oil in Ibo BoIiIznond n.eo Forb i:nr.J-. Tho lIIIjori'1 of _capilOI ~ueo in 2013 .... e<pcQed '" be dirt>Cltd "",'11<1 drilli'lll~ ~ or.:! n.eo Forb wells. We pi .. ", I"......, our......,..,... tarII'$ «>11«:6 .... 1lI<:tnical, land. Moncial, and in:lustty operati .. o;cperi."". '" """""" ..... Ope, aICd " 'Oil developmefll p«IIJ8III in .... w;m_llto.l. _ .... bd~ """idoo .; ... ~ .... ri~_ """"" ""capitol ",hil. """""" ....... ""*lie ........ of ..... -.. '

;.

•

.>

We Ill"" b«n rr.ditvon:!"",""" 10 ___ lei .... or . ..... _""..,.. 1 ' ...... lei ""-........ _ ........ on:! ,.ori<i. ,_ In __ ... '"" ... I'll .... ai,n .......... Moo! ndq .... flit _ ............... II1II mAIIIly benoftei .. b boIh .. on:! k _ I*'J!,"". ,*,"",I~ nI ,,..,,... _ """"'. ~ We .... 1-.1 .. 0CQIi ... """"' ...... ICd .......... ~ • ";01)''''_ ;ochdi ...... PI""- on:! b l_ 01_IlI00I; lei ~ pri<lO <>CIIIdclmlion.

,

• ,

•

1001111 3Il11lO1l 4:0 PM

Ii orl27

~ .. o. ... Iot-...

0.. f<lll\o<y 19. 2O Il ................ Ed • pi •• ~ ... 1" oI5li_ ol_ .. 0- Er""IY L.P. ("W"I" 0-~ pon.o .. ,..blclt., I • .....J ............ i_ trfiSO ,,"UIM, we iM\lOl! "'" ll>l ...... I .... "",... DMt Enav:

!OO,OOO ..... of. _ Soria,. Poo; .t ~ Stock, $0.001 por >'III", per .... Ilho -sen.. " Poci .. oc! 50>0t";k

'.II4,6JJ _ til. _ S<rioo n ~",.", ' ... s.t. so.OOI por ..... per "- ldoo -sen.. fI "",1.,,4 s.ad"); _

.... ...-., pwd-.o Oil lritiol ,.....w J.114.63) .... ol_ 00IIIIUI_k. SO.OOI pw >'III ... per"'-t ..... ioioiol Ottdoe pric<ol~." per shore..

no. Seria" ",.L,od Sloct .......... .., cIivid<nl_ ollO%P/it _ ~ • ......v"-- Moodioll.Joo>o lO,

!.: .6;rJ,!.. "":n~,.~~ "':~~I':. ~...! I~ ~~ =!:---=~!ri":'r.:!:"':~::: ': o:reditoro, Irli'O'. __ Ill)' <II...,....."" .,( ...... 10 _ ... ___ '" "Il' __ or ..... J-....,.,.. liqIMooI,. dlJlriliUlon I. tho ......... wi'" J'tSpO<C iO ...:10 ~ ofStrlM,. Pn!r..-:t SIOCI;. cquol 10 "'" ..... olloO(l) .... or prior F<III\o<y 19. :IOU, SI IUO. (2) t- F<III\o<y 20, 201S ........ Fttn.y 19. 2016. $110.00. (3) .... F.....,. 20, 2016 ....... FeJonaoy 19. 201J. S IOS.oo Oiid (4) tbu ..... 5 10(1.00 IiiioI (\01 .... .........t oM ~ di.- _ (flo ., IqU i , ",.r..a....,. I'rior lei Ajoril l . 201S. .... ...,1*Y*'icl." ...... _" ............ _ d .... (-l iii ..... ()') .,.'-ol (A) 0iIIdi __ oISct1a,. Po.!i::o,a! SICido: >'III....!. iho _ >'&I ........ _ pel' _ pudooM prkc oliho StrIa,. P>dnooIJ SICid: and (II) ... lddirlonol wona lei porcbooIo _ of'C<)ImIOIi mole; pi'O"Ided lhilou:Ii dividen:ls _ toolilld 1ft ..... oritM .... 1IIi1 .... cobi;a;n shordiOldcr 1iPP"O"o!" _ ... ........,. olOl\)' Iildloknl .. ...-Oiid Ii'O' Wtes or <CIMiOII_ Iooo.IoloIe _....m.. "',..... __ ... -. WiI_ iho ...... lei ......... oIoIres ors.na" Po.b ,oc! SlClttI:o,,1ooIc .. I" pM.""' ............ Liqo ........ ",.b "';"'100 __ . ' , .. :. __ <qUIl ...... ~oI~sIw"tS ...... ..-of_ .... a "", ~ ....... aI ............ _oI ... SorIa "Poc"' ,od SICido:_b ri"lei rcqooIre .. lei 1""'- ... _,. ........ 'od 5aod: ..... 'tq.idMiori. Pre ......... 1be SerIes" "'",: .. «1 s...:t _,.,. ..... ",-l~ """'.,... ~.Iid. tu No opedftod..,.,."....t Ii'" wi" J'tSpO<C lei, ....,.. (JIr:r ....... ~ .. .,... ..... ..... _ IIaIllrooI ... Sorleo " Pref«mi SIock. .,.,....... ol divido:<ds on.,... «JDm(ID..:de or ........ jlftior tIOet, ro:Ie<o¢ ... or ~0I_0ICidr; .. ....... .,.;.1 __ ~ oI..",.,.l_t-· .. l\lM'" OQ'> ,d ... ol"""'"" ...... ol "..... ..... ~ klilty ",,, Vo\:Ils f.." Boo*., NA. ok hoIcIon vioboe $crieoo A "'_n4 SICid< hro;e '£1ooool .,..cifial ..........-J rip w;1h rapott lei, _ ......... "'" ___ or ..... by ... vi... . ".. ... cIooo., ioo 0(\1..... ri o, .. liaItfilOolor ~_''''''d'''''''' ,,·i*_ollioas Oiid ....... or ., •• =. ~ 10 ,.licll ". Oi' OU' _dlori", ,.. ... d poy .. IMr l iM>i1i1)' 1"_ viSlhX\.OOO "" .... tho ...... ollld:l.u' ...... ....."...re. ,

Tho Stria 8 !'rd .. nd S1odo:;" nllled .. -....,1......,. I. 2020. uo ..... Ieaiao ol di.-w$ -.:l 01' 011 __ ....... iIIid lei. _01 ... _ of ................ I slQll< daa. ___ ol_ B ",.b,«I SICid< t....., -. Tho Serico B ",.".aI S1odo: 10M ... dloIdmI ri,.. oM. Itq.idoa ........ aa olSO.oGI ..... -. C. -.:l ................ .a.o.y I. 2020 __ ,"""-Ioow",,," .. illpor\, tho tho...... II,. ...... ol_ 81'\,b,od SICi<k.., "" ;40 , prkc per __ equoI .. SO.OOI •

• Tho .. ...- <dill< !he IiOId<n ........... ~ ......... 01_ 01"""""",, IIOC:k cquollei oppro>:I~y 19.1"," of OU' .... ol __ .. ., odi ... olFdInary 19. :IOll . .. ~ l6A911.vi""'~C =SIOdt"",dil_ to.is.u,.. ..... _oboe...m..01 ..............

.............. 1OQ/r00;l' FelllO'

10 eoo.,",~", wi" .... _. ~ Eao!o&Y InvaICioM. w. ~ ..... cnodll &cilily wi'" WoII. ~' ... Sort; N ..... II> 011_ b ... ~ viclivicl<fdl; ........ "',«1_ .......... 11> _. 0-~ Oiid iod ide addiilonol ddUoiliooll rel ..... II> ok ;-vidoe Soria" _ Selies 8 1'1.1:, ,ed s...:t.

3Jl1120114:'5 I'M

1201'127

• ,

,

•

•

•

I) 0(121

.... hall ocquisl~ .... we lmood !he ....... of_SIQck in .. Uon;e """,!he """"""'" tom Ihe rq:I~"'_ onkrlhc s.a.i~., Ac1 0(193) ... .......ted. prOVided b)o Se<:\lon4(2) ........ t I..bIe< Ihc ,="..r0ildl ~ """ sole .. oe • _..,-..:I,...;..x..nplOlht •• llcr.

s-IlMzp\o A21ho$olo

0'.....,.7. lOl ), __ WoJdcIlIohIYo .. _.wldiEalI ' . s.n;"" 11'("£oot"). ...... wtOdo ...... ' • ...... 10 ",,1_ .... vWod~J'" .. ~I_ !fIon:Il> corGia oil on:I_ .. I".,toldo In Ihe Son! -" 8aUt, ~ IIIJPI'OXI..-Ir 31,000 ... __ ~f_46,OOO ......... _10 R<Io.a""" Mo&It Coonieo, CoIonMIo 0IIII c:..t.oo.ew.y. W)ooai. Tho . 1IotIi ... """ iwlho ...... ,.,. orlho 1 .... ".111 bl!he dolo ..r,I""'. whi<ll i, ",,*",d 10 00<\1' d<rirc Ihe fi ... quoncr oflOll, diJ"'" I> ,,",OOII,kII ... otC'. ,_, oI""'IlI<:>OO>:Ii1ionl """ !he <OII<IiIioo IIw ElllIoIWI F.IIICt GIUI, UC ~",dy pai:ImI. .... ..-. tIT .. hiclI East will I<IQIIIte fack', I_ ift Ihe.". oil mI IIIIOn! CIS 1....mI ..

n.. _ ... sole price ;, ~.-ly 510.0 nilllooo. oot;... I> ..u_ fOr ......... lille driiocu on:I ~ ... bmdill on:I b -.. ....... . pri-r .... ..,trq: ..... Ilcift J_JO,lOll ... '*""'NfUIC"I-od... I I ,.,., .. _ ... ...,.Il10 ... _ I (I) tIT __ .. 01"" .... (~) IIf EM! it ........ ,tp'''''' __ ..... tIT ... ~ -"""'...,...,. i _ ... w~"""" _ ......... ; (Iii) Ill' East if dorVoc "".~ porio<I i:!I......,.'-";"" of"'" .=a=." ~ ... __ '" ..rtho fItt ...... 0(", ccnaio oil ...:I ..-.. IMsoh>Ido; (io) Ill' &III'''''' ... ~ ", .. b" .. , .. 011 0101"" .... ""_ tad, 10" II'IIIOriaI ......... elIOcI on Il1o oil on:I _ .. 1..,.mIds. ... (o) by tIIhot I*V IfEoslIs ..-.bIt I> «>11111 .. fL*k'o i_ 1.1he oil 0IIII reanl .. Icucholds.

" .... dwMt'" .... 1>epI__ '*i!lioc_ioot.+=K kCood)< _O"- lnNo ....... JOll. .... _ ......... · ·lydrilled line..... ' "ello on:I_ 100 ............ oIltIlllrc _ .... opcrMOd .. ell ... 1dI_""'; __ Ii. *illllll_ Tho ""' line...... • wlls ... _ .. tqjIo hnoR .. ...noo.. by"'"'"' orlrsc_ oflOl). GoilLllllroo-.d" we ~ ... .......... tom oil nllllOn! .. pn>:IuoaI tom OW op<r*d IoaehoId IIQsilicn ... m I ............... "" a 0I_0¥Cn11 ~

~ 011 01_ oil mI"-.. ~OII""" iom prodI.o;dOll in .... lieh .... porticl ..... on" ~ bai, aitllW'lde dliod-pony "*"'-In -..ell, *illc MII..,...I""" InspoclratoOlI 0IIt ~h. _ ~ \\I: \)pIaoIlydccad .. _ chilli .. ~ I> _ pmril OIIIIinI ... tho drilJqolwdll. f'rior 1O_ .... ,.drill lrc. ow,........ _ I'OII'ired I> PI'I"'i<k oil _ <Jiott, -.J .............. r_ wIdU ... dai.,.-..! >4*1._1........ ';'1) I> ~"'II>'" dri'~IlI_ """ ... _tOO 01 ... well 1>"'''''''' ofllwir ~ .... O£-" ........ ifQ!be ........ ..,;L llllOl l, .. e~.-,d 100 .. *l11ltw0l0l1 .. ...,...., .... 11s "'" iM;:, ......... 01 __ , ~ lolOI2 .,., "" ..... Ibno-..l ........ _.ell drillllll "I'JI"fUIi~ on ....... b)o-<aoo ItM!I mI ponIei~ II> '"'II .,., ... """"" "' _ .... rnn tItrQh;>Ido ..... IopOII _ esI! ...... oI,j!iJla: ._ ..... Ie oil .,., .. lIn! .... .,.".nx..r"'" __ .... ~ .... dl ""'" ...... _pt<Ij«c. u ... ell ... _ .....

"'" _1M Ope> _........,..!iDeo~ .. '"'" ~OI<II"~" I......rly. We ~ I> 0DCIfdi .. 1O ""'..........,..;0 01 _"","od . toaoow_ 1 j ...... IIIO ... ~.,.· ..... litdliliolby_oltrud<..--..on.Ihe ..... l hetod, •• U_ 1""IftI!I'"'I...t plltd;.,. "a: tob. Fer _ ...... p I~ propcnies. .... __ .. ~ lJL""foIly...to.lMIIJdI "'" oill1111-..l ... '"_ tom ...... l. III .. -tadt_ hr. .. .. inerac. eM ........ ,.-, __ .... O. I I lIIIonof_ ott.. t ='1" I>

Iho "I'I""p<"ioI pipet"", _"'.... .. "'" """'~ • 'w MII ... ...u. .. iodI \W'I/;q pa1ios ~ ... prodIaioa \\I: .. ""_II ""' ............. :=n<toI1:l' 0011 .... .,....ud .. "'. "..;ay""",-, .lft"lIil .... _ prioof. .... ~ ....... ___ ... 1IIMb. Tho prkc. whidl produ<1Ion II """,...,.wI)' I, ~od I> "" "'"" _ hoi!. Wllli_ ~ SwoetCnolO hm Iho ~""" nn.. f Olb _ rock I •• .....JI,.I .. l ~ API 011 .... 1 • ....rill' ...... Il10 ... pipoU ... l~ o.r ........ dI~ai Mill lOll _1JI!IIO>! .... JySS .• l ..... 9bI below New yortM<r<:ni1e ~ (",r-'YMllX") prid ... This di5:tenclai ..-... IILtboddcd 1raNpCIItIIion0DSll iII.......t,.oll """ .... \O'til_ .,Il10

"'~ 1013c.,.b1 .... '

F ... Lbo 1:1.-.".,.., peolod -'Ire r •• 3' , lOll, .... pion I>,.,...r. ~ SS6 mi llion .. wdl .ktdopu .. ~ II> ""

,

'" ,

•

• ,

. •

•

-• . -

• -

!"'02' ltlllXl13 . :4S PM

l5oi l27

--Thooil..,;l_ ... ...."iI b.twIy~~ .... porIIcUIywi.-'''''' ............. "''" I '''''''I_IMn! ... .. _1ks0lld 011 ord _ ............. Our .. iiI\' lei ofICai,dy __ h depc.du. "" .......... cat,. ,'~oi ....... ........... n;>tnI ... ond .... ru....iaI ............ * ................... til ...... ..."".,. of"";", ond I_pend ... oil """ NIIInI __ """""" .. It. No"" lttF I<clIIicaI ...ta ond.- fi......,;..j ord opI'rIId<nl ~ 1Iwl " '. do. .... oflbe ..... ""'~ .. oDI cdy .... In "'" oo::q\IIoi1i<lrl, ~ doMIopnortand ~on oroll on:Il8IInl .. _ bot olIO hove reftnl,. opmdoao. __ mI_ JII'OdU<:U lflii ......... oIoc1rt<I1;y. We 01 ... ~ wi .......... oil oN -.. .. ~ .. IO ....... ~Il~ri. __ "'1'"; ... ~ tit drill~"'" ~ orwel l .. 0enmIJ".. oil ..c 1'MInI ... prica dcdiN, _ .. "'*% ... drilu....,·, I_ ........................ ~" _ .... Lable.lA-u.b\. lil)'p;o..i...-. drill ....... ~ _ lit io ........ qply hal .... , .... s..: ...... Iii. 1UJk.,...".,. ~/JIoIt'" ~ 1'/#<410 c:pI_.-IofrwIop I1lI MtI_,... -.. """'''' _-'" __ pt'Ofk1l<M __ ,..,., __ I0I0-...

The _1.-... 1 ...s ............. prooM:e <IepaIds .......... bo)'OI"d _«WlII'OI, ind<.dl"C Iho .-oldoonootl< ~ onoIlqIono <lfoil -.I nICIrII! ...... praxisI\' end ~\y oI-..l ... pipelln:s -.I ........ ~ kllid ... ~ ... oil_ -... ...... --.Of.......,sd'" """'..., '" _ .. oA_ -.I I00I .... ' ...... ,,;_ 'Tho 011 ..... _ ... ~ ..... $ : _ ..... --.s"' ...... J4 .... """'Vondblreqoj_ac_. .. < ... ItId~..... ..

OWCII; po' -.w11I..-n1lybttoldllprlectliood"'"""oiI_ 0..-_ .. ~Io. i ' 1.,11<""",_ ..... _ ...... __ """"'bIscd ... "'dillb 'd .. ....,."""'_priooI. womy ............... --.. .......... , 1111 of ..... <IpInItd ptOdo.cdon ond we rely on .... ......t6rc i_ ponnctI ..... , 011 of 0.; .............. ~ o.r ,_ t wlri:i"C i_ pomm irdldo I vwicIy of O>q>IonIion ond pr<w;b.ri<In 000 ........ , """ '"'FpotIllc;ly holed ~ 10 ~l, privootly..........d~ ... So. hull iA. Ri* F...,... _ III! QW/I g .ip(fI .... -.. ".".rat<d_ ..... j ' -.I ......... Qr<kwl __ "-~ .,..,.,s/oltS""_ .... '''ml'''',..dtpr,..'''''/wI«_upmIH,,­___ Ii_*" fI/f«Md ...,. ... <Ii., r(_It~, ~ __ "" .... "'~~"_/wJ;I' "" ,iii< d. IIu ..... /;/_ , .......... «IfIId ~,,-.rid ___ qf«1 ... _ .. Mil ,,-.... iM.

.......... """_ .. AA'c ... 00r~_.

We'<\o..,. ""'" "" ptpaoI.eaI .-. !u. ""'--. _..,..... is """'IIrixdofr-dlold i_ Mi<a .... _ ord pmvioi_ of'"'" ,,_"'II$!hoI provIdo .. tho rilft .. drill m1 "';ruIn .... 11. lD .peaSe ~t _ Alii .... .......... Ihot tonVI .. 010"..,..... posid.,.. .... _blllIhod LIIir'C SWdonI _ _ .. k <III ord _al .. i"""'" Ib< --10--"010"_" .trip.-w-Iofi __ pri...,. ...... _ml~_ .... ,_'_ ... ,

b>; ........ __ ,. ... -,.....-dprlc .... O"O'.weIIlt .. lI .. had .. ' '. I~; 14"',,1s q od lId~toy~ ............ _ooodnoo$ .. kq;.Ii!rcl .... 1 '_bcq .. I t 0I0cr1 1 d_,.; ....... ~w...ot ..-I for • .ml ~fII,.,bodrilkd .. ore"_ ..... h_ is II;Id1ll"~ .... Gh..,,0I0",.... .. <kvdop_~p t

~ ord ... t:IrftIIl*" of~lilll .. 1ho "'111 ... BosIJo, .... do not bolltYO 1_ <"I'i""'- "'ill nl<rilJlyatkt ............

-~ , c..r._oaJ Rt~.001 1:...,_ .... 1 Mil"",

Ow .... ··c _-.;ea .. _ .......... • e .. ,...:Illmicoa- "' ......... .,U..:l_ "" ]I ";""..1 ... he (lilt iIdAy ... -.

lI'Z lf20U US PM

,

1601111

.. \Nbk 10 ~ ... &.on -""'" ,""*"''''.......0; ... """' ..... 1._ $iiJll6out • .:pe"di_ ... ybe ...... '"" CO ~ywiltl p a"_ II~ one! rq' Soc. one!..., t. .. * ~01 ~ efk:t 011_ S"''''''al .::ardiIIOd ond reooIIS ofOpa'Olioow..

, ,

• , . ,

• •

1701127

£. b ••• alM-...

Oor..... • nI .. $ ....... 1IIbjc;;o IO.-n. _ ...... fiodcnI. _ nllo<ooI ...., ....... tric • ~1O _~OI ... _Il00, In:lodi .. .... ........ __ ~ ... ·i ..... W_*"'_~oI'd_ioIsilll> .. ............... nI ~1O .. Jotynl'-1"" Tho _1reniI in __ lqjolmmnl ...... on p-.l1)' ;. --...I oricoct ......t.dI.,.,.; fi l lreni! will HltIyCOlti ..... These I.ws _ rep""'" .. y:

reqWe flo ooquililionol'. pcm;j'~"""" ~ I;d)R _1nI:Oi ... ~ drilli .. __ ..t ilr cenajnOthor a,iNa;

t;.;.~ ........ ~ dri'u.._ .... aoili .......... latdobiltl""""""'''*-...:I ....... __ _ ~

The pm;itI ~ .". .... ~MlIIB,)I \;0 ...;"'" 10 ~ _flcllionand renewol "" I ...... .......,;d ... ~ auhoritlcs 1Iwc ... _orlO ~ Ibtit ~..t vIoIMIono ..... tt;ca '" fi-. Irj...,.."., ~ both. ..

• _· ........... _ ... in .. • .... Ie: ,..; ... _""kot!Io.....u.-..;t-._' ..... o& .... nlhw<"" -"'I.-._b .... e>;><n1i_IO~y .. ifI~........ l1li...,' ,a.Ne> .. tt ' .... -..,1._ .. --. .olllwo ...... to .... i;; ......... _.......or_ ........ &:.1 ............ ...t, .... oU """_ .. .......,.iA ....... .

Th: fbllowl .. 10 • .....,. 01'_ or ..... ood;ll ............. and ..... ,,_ '" «Nett .... oporIIi"", .. ~ , ThoCo; ... d .... I ... _.M.es_.~on,andU ... IIIl" ..... (o:.:RCL\)and~ __ I"""*

ltib,jojnl _ ........ 11oblIi\Y ... .,..,.... _ ..... _. ortJ ... _ ... P"'*B wi<; d ....... or~ • • wF .". ... di~ of .... J,..p ' .,...bn:I ........ Ii-. ~i''''''.. ...". .. .. I~ .. -....... __ tinl ponialOtilt ...... .". peo.-III ..,""'-.....-v.-. .. Iq;cd:y-by ................ " ' _ .. Ieacd u.. ... ~ ThoF-.I RaoIrooc-.. _a-.'"1'A<1(RC1lA)_ 1 ·1. __ ... _ .... """""'0("JoI14_·."" .. ·tBzwdws_·_ ........ thoia l I": of .... fi ... nlPt hiosilo.· •• ; ...... A1 ...... ~ ..... wIy ad ..... pcroIcuI> tom ill """"tioII or__ II • .... ..... _1&,.. ~ ...... ","","""", IIII;f ~ _~ liaiiliQl rei""'" PO' 'I ....... poroItta .. 1-.1 "" , :."' .. In -'<IitiOll, 111"""-' RCJI..\ d_ifies <:enain 011 kid _ .. _--. - ouclI .. ~ ond ptOd .................. ooWl bt _lostIn. 4. s.-dws ......aihoreb)' 0II0kirs0ldl ....... d>}ecI'" """'" ... 1 .... 1BI!d11 .. """ disposal requi .. ........

Tho a.t.nI Sdt DrI.q _ ..... (SOWJr.) ......... ~ bjcdoot CoiIroI (lIC) _ ~1II«I1ftIcr tho SOWA nI __ ................... ailn .. WIll ....,....;...01' .. 11 ....... <1..-1 wd~ Tho &.~_CIII P.,*"",,"........,.. (f.PA)diro<d)",1 I , ...... UC ........ __ nli;;"*"kl .... I. I"' ....... b ..... o!~ __ _ obtaiBooI t>d:ft cIriI '~"*" _~ "~Il,""" -"'l~....;. 1 •• _ bt ... idIdoI partoolctll)' '" __ ... ~ ;, .... -.. .... _"'._ ... _.c..=·I'IlII\IIof~l;yoll"""_ .. 4tin ..... ~ ... _ ~....,. raUl kI &_ p<JaItks. and ~_...,.._ ....,110;. nI l\at11llo....- tilt SDWA""" _ I ..... In _"'" lIirdl*\)'eIal .. ...,. bt ~Iod l;y l...Jowr." .......... ponIeo <laImI .. datqos b aI-.cl"" _"'!'PI;'" propoo\7 __ .,oj bodily Irj",

0... """ ............. ~ '" tho Wen! a-_ M""" ........ .- ...... Tho Clean _ Act.,oj .. mit. .... """ ....... _cj;-..or ....... _.oI~"""_ .... _"' ........ _bo>dIa,_ ......... m...... .. .c-._ -. foil_ 10 ....... ,...... .. b ...... di I .... _ ...... , 10 ct.il ... crlaW>oI paatd ......... "'case ...... di~ __ 10""';;._"",, __ • • lid<r ... a... ...... I4. ... El'A .... ~ ..... _....-.i .. .. : ... of ..... .,.ROII>f[Th._roqW'a_.....dfadliMolOoIMai!Ii;d¥ido>al.....,m. ... _ .......... _ • ......... petDOil Soaoo of ............. ,...,. ..... pmMs b d~ 01'-.. .. _ ........... JIll'! 01' _ "'~ CYOIUOIIoiI or ............ opmIior.. ..., will oppIy b -.. ...... disc""",, penni, _ ...... _ o¢oti .. ..",. _ ditdw;p-....-.....-; .... 11 """" 01'.,... "'Ii~ .... We btl l ........ WI wil l bt ablolO Qblail\'" be 1,.,1_.-, tht$e pc:rmilt, w ...... """"""'" WIII ... " __ 8cati .... '" ex!Ki .. &dll1i.,. ... opo;Mior;I ..... _ .......... _ ll ...... 011 .... n..... lows ..... roqoiro "" ............ "'"'''''''' . ... adonofSpllll'tc'.u-.c-u. WlllCOO _II .. PI ..... ~OIIwi .. ..,; .. ..... of .... Sen </IMIIi. of ... 1.

Tho iW<raI a- Air ...... _Ibk _ 1Iwo ..... """'"""" of...-.... poII_ ......... t ...;.", perrioi,. .... _ ....... 4; ; :..IlIootof_ .. -..In&llfi ...... ""UA ... "' .. <I I Jwo:I Ii ="'_Iap ............ rloo; .......... emiJ4Iono .... _ .... pall_II0p0dftod-.F_"""_~ ........ _ ....... ' .;,....;vc,

If.I ' l2OlJ U' PM

1I0rl21

eMl on:I cri_ per&lri ..... ..,., .. ~I_ ";110 "" P<ftIIiIl ....... rcquI....- 01., h$cqI 0.. Io.i. "'" on:I ~ _ 1-. 0Id.- CW.,...&no. • II>e Opd"""," 01 ...... 1<:. «0 ....... ~ by ... fill)' bt, u. CMal. CImmIIan:a IInI;\ lOOPU;-'~"'" 10 penailS Old talrialOOII ....... 1ho .. _ ....... osIOOII ofolr poli_

n.. EndarFe<l Spocict "". (EM) ....... '" <It!IIR dtot. 0<t!.11i .. do II(Jtjeopordi .. ..-.Iar.,nd. th "" ..,;....J. 5ahon:l pI_ JI'C"'Ies. _desInIr . 1IIOditjr Iho crilial t.bi.- ofOld>$pOOIea. Udo< IiSJo., <::q>kNt_ .... Jr«Iu:tIOII __ .... ,,'ell .. _ br bIenI _ io I • ..,y .... oiIolboly i""';' or.iOOl*d1>o ... .,..,;co <JI' ilS hobI ... IlS.o\ pto.1dr:. b <ri"'" paooI .... bwililiol orioI ..... ofESJo.. CihI" _ ... pn:wiodo .,.-10"""" pIIII """"'" ..... _ "",,"710_ ..... i_ iod .... tw.I_1IIIt -;l)IlioIilfd ...... FISh'" 'WdI11O~ .......... F""",,, Coo ......... ... IA 0 • AD.. eo ~,*,_7 llin! ~ "'" on:I ... ~ t'-k..........- ...... AIItIouF "'~ 1IdIe\~" _ I _ .... II I :i.II <GqJI'-'o wIIllOld> ....... ..,a- iot'- _ or ..,_,"';5 '#i<iIn of. "*'" OS I. ad_ MJIjcct .. lOoittti"*" '" _lOmodItjr_opcnIi_ ... ~ iln:o ..... dioaldi ............ ~ do. ........

,

• •

,

• ,

1901'127

IIY<'-Jk f""""""iJtgC~"rJ

Thopxli.,.or~ .. ~t.o.-ybtooo:rooIlleMjcaot ... 6tM"""'''''''''''''''~i<I$,~ """ 1Iw..,...oJ ~ o.r.o...._ poooociol ___ wi .... _ ot~ hb; .. """ III ""*' "" ... ......... k" .... btaI rabcd II oil \e¥ds, iodudUw, i:donoI, ........ 10001. no- bow: bccn .... M*i .... h)dnU .. hcui .. _......,.._~..; .• __ I __ disposoI. _ _ .... iQo"""_~ t L I~"~"""""'_""" ..".... ol..,._" f i<o ol_ . ..:1 p.jII" """"'"':. boon _u._ ill poooibIe c&ao ......... ...- AlPPlies. _ wdI _do< ~ol~ 1 bode ~ic hcwi.1IO<Iric;oa bow: '*".....:1 by_...-.,. iIr _,.... -.. anmI" II'Cft

..... 9CM of.1t oil """....: ....... U. de-itlo<l .. ~ us. ~ IojoIhuIIc -u.. 'No ond ocr; t C,*"", ~.-..top. _po ..... ond;.u.y--....,~7·;"olt~ ...... _rqonIi .. well~ ............... W. ........ ord bd;e.-. _ ~ ~ ........... ,ibtd po .n ...... Ip ... _ "'"' i'c<hUIio hcui .. _ """..,.. • ....... ~ri.to_sqopIl."

'_I"'~. A/duocII~io hb; .. I. rosrJ- pri,..;ly .. n _ -. .,.u,_ ..... -,~ .. olllevdJ '- fodonI ..

• .; 1;001 ......... aI ...... IIIil......u.,.; .... ociw&. F ............. '" 2011." us. 5 _,'ot&.orv ...... nSbol< OM 1'0 , '= .. 5 t '_ •• 1 .... _ol .... s- •• )olF'.-"""-y_. l1ooSol ... * __ -.,..twi"" ....... ' ........ I_"& ... IdIy ....... io_ ... Iol ... b· of~io txui., Ono\..-c :1.1OI I . 1ho $, I "Ii ......... , .. NiOk\Yo.yRqon(Iho·1tq>orI"). ... twcIo ....... ""'luoI...ty ...... ~ ,;"01-.1 .. (-,,,,,,,,,, IIqo8ti ~ __ boo_) _ .. b ito. wiloloyohUic t.ui .. 011""""""" !lloi ..... VMiaI ... hori_ .. 'O!1s. Tho $I t " .. , .... Idomi ..... .,... prI..-, _ 01 .......... in:::oodi .. pooo1bW ..... poll"""'';' poll";"", ~of'" <:GtI'mDI:r <UItc procIu<Iion,""" poaotIlll:o< ~ __ ""-.o.u....t. I,""'" 1110: S\iI:, .. iii .... .... ttl _.11st of , ....... £,.:.;"'" __ ire. """"W _ ...-. ccoo:mricoIIoro Ill. qIIll." PI",""""" of....., .~) """ q": II). discloswe or iKMI .. Gllid """"",*!ion, red>;tlonofdiQd hi ""'. C<IIti_ dcYtlopmtll oft>e.l pratlcn. onoI Joolo:taI ~p of rac.do ort:I doveIo;omcro: wi'" ~ .. ,,~oraJ ... 1110: s,~, ... , .... issued Its fI,.j Rcpon In ~ 2(111, "iKIO _ dod iqoI __ orotoe$lt ...... , ........ k' docI ... byfodonl oncIowe....., .... WOwlll ............ ..,.;lOrft :..-a~ __ I'.. • ... 1001_ oncIlq' ........... --H .. l<4ivid .. ....wioc .. 1i>donI __ lovUo.<Ndbovc ... _.........-onl~oaivillcs.

O"';"20I2. .... aw-oflOlld~... (BlM)po.....- ....... .,. ..... tp.dk~ .. h;IonoI ... Tho ... 1 d ._ItqIIin:(I )poDIic<iodoooftof ........ .....:I ioloyohUk ......,._ .... (1) __ .. well«n ~ .. wrify",",1I<i<Io ....:I .. ....u.<UItc--.n,.: ....... ""'''''' I · .. onoI ()) ............. ,.!'. ....... ". _ .... pi-. kI ~ J<r _ i .. hcIIrioc noidl tIIoIlow _ ..... sufIoo.. OnJ-...,. 21, lOll . ... 81..\1_1Il0l10_ wlhllawu. i. ~ .01101& IDl woWl .......... """ .... ot~ .. _ reprdi .. 1\I'IkIoI1t h:uUc toto:. ill M" ,

DIIi",2012. 1100 EPA poo;-.l """ ..... Ji .. _1100 Soli> Dtt~.",...,. _ ~"'" i_ ofponoi .. tor .... UiO of 011" b!I_. '""...,.. .... 10 ~k '-iIC: ICIMties. The draft ......... NIl ... b- EPA pormJ, ....t ...... ..-.... EPA i. otoe Ji<niI'II .. -\)'. roqoI ......... tor "-I Lol • ....:I b ~ic: hcui .... ·0110."",,""001 .:,' ' ..... j,,· .... 1be ponoilli .. _ 1'Ci1s. •• """";poicooof"-l hU b EPA -.,- iii " .... _ ponoilli ...

lIIoEPAio .. '<M)SIOd)!Jw ........... ...,.,of ......... ktlO' ~""'''''' ....... me -. ....... ""',; ' ...... .-in._ JOt pooblio _ poet tcYIew1ll1014. laaddiliotlo too EPA .. _y._ .. .....-od .... ~,,;I ODd _ ... 'F ....... ~.-".. '*'" 5cua: Pc,b".u !aldado win be oppIicoIoIo: .. _ly ..,IIed",", fro<:anoI ... n ... well • oobIi ...... n. "'"' .... ~

Wo o:ordou ........... new .... po"""*,,, Iqi.Lui ... onl ... .,:011 ............... ...,.....;111_ ... ocr too.i ...... AIur IOJdIIknl twerol. _ or Io<al .......ted ....... ~io ~ ....... 1Ql)' be I"",*" in ..... 1n wticlo _ CCIniko buoi ..... <:<IUd '-',!II .... _11 u ....... "'" copcnll ... topilol oncI «JIt1II ...... _ u .. .,11 .. iIolay _ obili\)' ....... 10, oU ono! _ .. raco:va. f ... odditioraJ iii ......... __ 1A. Ri* FKQ1_ f .......... " ... ~~ ~"''''' IqtIlQf(a.t<:aMd 1 __ _ '-.fU"ld __ IO"u..wl",.",w,.,.~

Sip ..... -.. _ ......... bow: toeta ..... -.t .. tt;_.:.w IIIil """'" ....o.c; .... 01 ..... dIwooIo t.o cIr¥elop<ol;'" ..... potiikal iSSlk 10001100 UoIIId SDIOIIIIil poboIl)c Ccnaioo.......ell ....... "'"' ..................... ___ IOtI_ tt..,....: ,.,.... """" ...... -'- KcoaI oti ... 1k: ~.., poIi""'" _ 1M tea...I \a 1*' ... ..-__ ......... itw;:i""""' .... I..,-..l ............ _,"""~~.'_ono:I ... ~_bow:_I .... _

,

• •

cIi_III_,.m ... = $ _ po ..... ".,.,"'"' -1opoIadoo.",",,..uDan <>:>Old i_ odcIi"","" ""*'<i"", ... requi,.",.... '" .... a ....... ,ill 011' drlltirwlllll prodocIi""lI<Iivi1ics ond __ ... <>foll .... t" .. MefI)' ""'"""" ,,'hid! ctUd lnc:rusc <>peI'IIIi,."""" IIIIl dmIInl ":Ir oi l pr<)<Iu::to. AJ;...:I!, 011' """- ...... d be ..-Rally ""'-'Y'~ by domes1io oM l-...icnollcaiJlOli .... 11qCIOd 111 oonrollq dOn1l1e<:horv:,

,

•

lO<>f127

2Iof127

~jlwww ...... p /A,,;hh .. sledpr!doIaII2S384l/OOO11442()oj130155S6.H

\\Ie <U'I'O!llyJ.,. I' IiJI ti .... ~ o.r OHfExec"; ... Offioet, Miohad Km5, and "'"' (hcfFillln:iAl 0IIi=, Paul '11" ......... , .. mponoibl. for 011 """';01 .,..,t"f"""Wed pol~,.detlol .... None ofo...""1'loyea _..-.j"", 10 0 collccll> .. borpi ...... "", ..... Ifdrllli,.ond pnIduoIi<ln""""ities ""'"'- 10 i,."....., "'. rr.y hire oddllionolllOCbllcai or odmiri<nli ... I"" ..... d .. fJIII"Opri*- \I/o _!IIi,. ord will COIIIi .... 1O UIo< Ib: """,1= ofIDd."."d.1W <OrnIII_ ond ...... .,101010 pcriOrm.ari<M pn>h<.IonAI $tr'I'ices, pani .... .ty In the .... of_r ... .-irw. ,"'.11 drllll,."'" ... 11 ~ ...... opcI'IIi-.

OIfkeLout_

0Ir .....::uI, .. ol!i"" ... 1ocaIod .. 1600 ~ A_ Sui'" 136(1, l)oro;a, {»)orad(> SOOO2. o.r land...,......,... ~"" i, _ .. 2718 Mo<IIno AY<:ftJ/II, Sui'" 220. llill .... Moram. 59101 . \I/o bd ..... "'"' ......... olIl"" spocos Y<\II bo "'-II'Iiti ... lO..­.......... for me i>o.,.eabJ. We.

o.r 1.....ml<lo<:<JD'll .. or ___ and 1II.~,"".-..1 ~ plop u, ~o< ~ _ ..... Rql .. ,utdo< W .... -.. We 18 ... "'II • !eel eaoh ..... Ibr "'" <k;\>doped ond....:\eYe1opod o=qo and produoIi .. ond <>pIQnIIOry " 'dll btl_In _ 2. ~ All of"", oil "'" noIInl po prcpa1Ies ond rei .... opcnIi_ ....... 1td """'- 1n1lll! Ulitod sw.s, """".,.,.....,w bas delcmi1lC>d 1hoI w. !rove """ reponabIe sciJlll'l"«.

_bIc t.t.on.tlocl _ R.o jllOOU 10 50 • ..,. H_ ..

o.r _'" -""10 _e .... ddolJ.com. ........ IobI. on!hi. _ .. """"'"lrMsIor 1I.eloIioM,. lluof <!war:..,.,,,...""" ...,.,... "" f""" IQ..K.......,.,my...,.,... on F""" IO-Q. o.mtI repons on Form S-K. Sec\ion 16 reporIS Ibr olll=s ond di_ MIll _, .. do ... to _ ~ .. _ .. -, J"*'IicabIeoftet""' eI«U'<ri<llOlly filelhooo tnMetUII with. or IinOsh """'" .-.101.10. tho SEC. Tbese fil~"" Ill'" .. ",lobi • ., 1111! p.l>Ii< .. 1hc SOC', f\tIlk Ref=ooe Itoom II 100 F SIreet. /I,'E, Room IS8O, ~·OC 2~9. Tbe pWlic "'"yoblai" irbttlW.,.,on"'" operIIlonof!be N>lic Ref:re= Room bycall~ tho SEC .. I·SO().SECOJ30. Elt>t:InxIic 51i,.. with Iho SEC..., obo ...... lobIc OIl"'" SEC w._ I1 ___ ~.

\\Ie 1rI-.e ..... "",ltd to _ .. obsilO "... Atdil Cctrrnittee a.n.r. Coa4"'laaIion Cctrrni_ 0.-, ~nIIIint CaImIttee a..ur and"... Code oflluli .... COId.o::I ond EtItieo. in.oddl~on to 011 porti .... -' i-...m ....

• , ,

,

Jl2 I/10114;~S PM

EMERALD OIL AND GAS NL

ACN 009 795 046 PROXY FORM

The Secretary Emerald Oil and Gas NL PO Box 535 Applecross WA 6953 Fax Number: +61 8 9315 2233 I/We of being a shareholder/(s) of Emerald Oil and Gas NL hereby appoint ______________________________ of or failing him/her _______________________________________________________________ of or failing him/her the Chairman as my/our proxy to vote for me/us and on my/our behalf at the General Meeting of the Company to be held at 52 Ord Street, West Perth, Western Australia at 2.15pm (WST) on Friday, 24 May 2013, and at any adjournment thereof in respect of [ ]% of my/our shares or, failing any number being specified, ALL of my/our shares in the Company. If two proxies are appointed, the proportion of voting rights this proxy is authorised to exercise is [ ]%. (An additional proxy form will be supplied by the Company on request.) If you wish to indicate how your proxy is to vote, please tick the appropriate places below. If no indication is given on a Resolution, the proxy may abstain or vote at his or her discretion. I/we direct my/our proxy to vote as indicated below: FOR AGAINST ABSTAIN Resolution 1 Reduction of capital and distribution in specie □ □ □ Resolution 2

Approval for provision of a financial benefit to related parties

□

□

□

Proxies given by a natural person must be signed by each appointing shareholder or the shareholder's attorney duly authorised in writing. Proxies given by companies must be executed in accordance with section 127 of the Corporations Act or signed by the appointor's attorney duly authorised in writing. The Chairman intends to vote all undirected proxies AGAINST each Resolution. If the Chair of the Meeting is your nominated proxy, or may be appointed by default, and you do not wish to direct your proxy how to vote in respect of a Resolution, please place a mark in the box.

�

By marking this box, you acknowledge that the Chair of the Meeting may exercise your proxy even if he has an interest in the outcome of the Resolution and votes cast by him, other than as proxy holder, will be disregarded because of that interest. If you do not mark this box, and you have not directed your

proxy how to vote, the Chair of the Meeting will not cast your votes on the Resolution and your votes will not be counted in computing the required majority if a poll is called on the Resolution. The Chair of the Meeting intends to vote all undirected proxies AGAINST all Resolutions. As witness my/our hand/s this day of 20 If a natural person: SIGNED by:

Signature Signature (if joint holder)

If a company: Executed in accordance with section 127 of the Corporations Act

Signature of Director Signature of Director / Secretary