Company Presentation

Important Notice

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• Statements in this Presentation regarding the Company’s or its management’s intentions, beliefs or expectations, or that otherwise speak to future events, are “forward-looking statements”. Forward-looking statements may be identified by terminology including “could”, “may”, “will”, “should”, “expect”, “plan”, “except”, “project”, “estimate”, “predict”, “anticipate”, “believes”, “intends” and the negative of these terms or other comparable terminology. Such statements are based on the Company’s current expectations and involve a number of risks, uncertainties and assumptions and should not be considered as guarantees of future performance. These statements include, without limitation, statements about the Company’s market opportunity, growth strategy, competition, expected exploration and development activities, future acquisitions and investments, the adequacy of the Company’s available cash resources and the availability of future cash resources. Future results and developments discussed in these statements (and in particular, but without limitation, on slide 14 of this Presentation) may also be affected by numerous factors and risks beyond the Company’s control, including political or economic conditions in areas where the Company operates, trade and regulatory matters, general economic conditions (including currency and commodity prices), and other factors and risks. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update, revise or correct any of the forward-looking information.

• Statements in this Presentation relating to reserves and resources have been prepared by the Company based on internal management estimates, and are not required to be prepared in accordance with any applicable reporting standards in the United States or Canada (including, without limitation, National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities or the Canadian Oil and Gas Evaluation Handbook).

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Key Message

Since new management took over in August 2012, Baron Oil has focussed on turning the company around and enhancing its key assets in order to have a robust vehicle primed for growth

• Cash position: $ 3.5 MM plus $ 6 MM in deferred cash.

• Company’s cash resources are sufficient to permit Baron Oil to invest in increasing production at NBM.

• CEO and new board have ample support and excellent track records with financial institutions to raise money for selected deals.

• CEO has a wide experience in Latin America and converted successfully several companies in default.

Peru – self-sustained due to successful farm out of both Blocks

Block Z34:

• 12 prospects identified - prospective oil resources of 2 bn bbls • Farmed out to Union Oil & Gas for $6 m in cash plus 20% full carried interest through the

remaining exploration periods whilst keeping operatorship. • DeGolyer MacNaughton resources potential assessment - mean value of $2.6 billion or £1.90

p/share.

Block XXI:

• Farmed out (2011) to Vale for $2 m cash and $10 m of work commitment: acquisition of 8,000 km of aero-gravimetrics in 2011 (the base for defining a 2D seismic grid)

Colombia – bought out minorities partners & increased oil production

Nancy Burdine Maxime Field (NBM):

• Different petrophysical approach to existing Burdine’s well data showed existence of bypassed oil in The Villeta Formation, a well known producing formation (N & U sands)

• Three shut-in wells (B2, B4 & B5) being tested aiming at increasing oil production by an additional 200 bbls/d (total NBM 650 bopd)

• Baron Oil bought out NBM minorities partners, currently holding 100% of the NBM contract

Key Operational Up-date

Introduction

5

Key Statistics

AIM Company Ticker:

Shares on issue:

Market Price (July 2013):

Market Cap:

BOIL

1,169,513m 1.24 p

£ 14.62mm ($22 mm)

Major Shareholders

Highlights

• Baron Oil is a junior E&P company with a strategic focus on South America; it was floated in 2004 on AIM

• Focused on balanced mix of low risk appraisal and development assets and high impact exploration

• Colombia and Peru provide excellent investment opportunities with reasonable fiscal terms and relative political stability

Key Assets

Peru: • Block Z34 (20%) Offshore NW Peru / carried • Block XXI (30%) Onshore NW Peru / carried

Colombia: • NBM (100%) Onshore (producing) • Azar (20%) Onshore / (50% carried) • Rosa Blanca (5%) Onshore / (carried)

Name Shares % of Company

FITEL NOMINEES LIMITED 218,811,940 18.7%

SHEER ENERGY PTY LTD 142,511,810 12.2%

NOMURA PB NOMINEES LIMITED 69,375,000 5.9%

MR MARK PRITCHARD 59,166,666 5.1%

BARCLAYSHARE NOMINEES LIMITED 47,292,952 4.0%

LYNCHWOOD NOMINEES LIMITED 43,067,881 3.7%

TD DIRECT INVESTING NOMINEES 42,470,266 3.6%

SECURITIES SERVICES NOMINEES 37,048,335 3.2%

OTHERS HOLDING LESS THAN 3% 509,768,175 43.6%

TOTAL SHARES ISSUED 1,169,513,025 100.00%

Overview of Key Assets

Projects 20% (carried) 30% (carried) 100%

Block Z34 Block XXI NBM Azar

Geographic focus

Working Interest 20%

Status

Planned Activity

Farmed out to UOG Group in Apr-13. 3D seismic of over 800 km2 in 2011. CPR indicates mean prospective resources of 2 bn bbls of oil. Baron Oil Operator

Farmed out to Vale with 8,000 km aero survey completed. Baron Oil Operator

EIA for 2D seismic in progress. Will acquire 2D Seismic in 2014; drill in 2015.

N-1: 380 bopd B-1: presently WO B-5: 80 bopd after WO. Average production at 450 bopd. Baron Oil Operator

Negotiate contract extension.

Re-evaluate continuity of license Contract.

3D seismic acquired and interpreted. After La Vega East plugged & abandoned

Offshore

Peru

Onshore

Peru

Onshore

Colombia

Onshore

Colombia

EIA for well locations and additional seismic in progress.

Rosa Blanca

5% (carried)

Onshore

Colombia

2 commitment wells were drilled. Both were plugged & abandoned. Presently the Company is carried for 5%

PI&G is evaluating remaining potential of the Block

Board of Directors

Rudolph Berends, Chief Executive Officer Rudolph Berends, aged 66, has 39 years experience in the oil and gas industry. He started with Shell as an explorationist and has more than 20 years experience in Latin America where he has been the CEO/President of various public and private companies. Rudolph has a Doctoral degree in Geology/Geophysics and a BSc/MBA in Economics from universities in the Netherlands (Leiden/Rotterdam) and the United States (Stanford). Camilo Merendoni, Non-Executive Director Camilo Merendoni, aged 79, has 49 years of diversified experience in the oil and gas industry. He started as a Petroleum Engineer with Texas Petroleum Company in Colombia and has worked mainly in Latin America, the Middle East and Cental Asia. His career included stints with Ecopetrol, Petrobras, Hocol, Shell and Bridas Energy. He has degrees in Petroleum Engineering from Pittsburgh University and Advanced Management from Universidad de los Andes. William Colvin (“Bill”), Non-Executive Director William Colvin, aged 56, has wide experience in the oil and gas, and healthcare sectors in senior management and board positions of large corporations. He was Finance Director of British-Borneo Oil & Gas Plc from 1992 to 1999. From 1990 to 1992, Bill was Finance Manager/Director at Oryx UK Energy. From 1984 to 1989, he worked in a variety of financial roles at Atlantic Richfield (ARCO) Inc. He qualified as a Scottish Chartered Accountant in 1982 and holds a Bachelor of Commerce degree from the University of Edinburgh. William is currently a non-executive director of Energy XXI and Infrastrata PLC. Geoff Barnes, Secretary Geoff Barnes, aged 60, qualified as a Chartered Accountant in 1976 having trained with one of the major international accounting practices. After a number of years in professional practice, he held several senior finance positions in commerce and industry in the engineering and media sectors, including ten years at Board level, before returning to form Langley Associates, a professional accounting practice in South East England.

Management Team

Leando Carbone, Chief Operations Manager Leandro Carbone, aged 45, has more than 20 years experience in the oil and gas industry. He started with Total as field engineer working most of his time in Latin America where he has been the Country Manager of various public and private companies. Leandro has a Petroleum Engineer degree from Instituto Tecnologico de Buenos Aires in Argentina. Thomas Tidow, Country Manager Peru Thomas Tidow, aged 53, graduated with a degree in Mechanical Engineering from Stuttgart in 1985 and was granted an Executive MBA from the IESE Business School in Barcelona, Spain in 1992. Following a career in the German automotive sector, Thomas entered the natural resources sector and worked in senior management positions for Repsol, Vopak and Shell both in Peru and internationally. He has held the Country Manager position for Gold Oil Peru since the formation of the company in 2004 and has joint German and Peruvian nationality.

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Peru Offshore Block Z34

Description • Large offshore block (370,000 hectares)

• Located in the offshore Talara Basin

• Next to the Talara oil fields (~1.68 billion barrels produced)

• Block is in water depths ranging from 100m to >2000m

• Baron Oil 20% operator, Union Oil & Gas Group 80%

• Material prospective resources of 2bn bbls

The opportunity:

Forward action: Finalize EIA study for additional seismic and well locations

• USGS estimates that 1.71 bn bbls remains to be found in Peru, predominantly offshore

• CPR indicates mean prospective resource: 2 bn bbls oil

• Attractive fiscal terms in an emerging region

Current status • Acquired 2,013 km of 2D seismic in 2009; processed and

interpreted

• 800 sq km marine 3D in July/August 2011 interpretation finalised

• Farmed out in April 2013

Erika North 3D area

Erika South 3D area

Block Z-34 - Prospects Summary

Mean (MMbbl) ____________ ______ ______ _____ ______

Total Unrisked 1,329 1,937 2,821 2,029 (statistical summation) Note: Figures based on DeGolyer and MacNaughton report 15th March 2012.

Gross Unrisked Prospective Resource Potential

Prospect

Low MMbbl

Best MMbbl

High MMbbl

B 133 229 410

A 183 321 579

C 124 225 415

D 35 59 103

G 39 65 119

I 69 120 216

L 113 199 376

M 85 146 258

R 36 63 112

OS 64 115 206

T 102 175 326

U 72 125 217

Lead Fatima

Prospect B

Lead Daphne

Prospect T

Prospect U

Deep Lead 1

Deep Lead 2

Deep Lead 3

Lead Capac

Lead Rafael

Lead Andraea

Lead Edie

Lead Alicia

Lead Pedro

Prospects A and C to S

Lead Gaspar

Lead Will

Lead Queta Lead Mateo

Lead Gracia Erika South 3D area

Erika North 3D area

Prospect B – Direct Hydrocarbon Indicators

Amplitude brightening at crest -

hydrocarbons

Flat spot – gas/oil interface

Peru Onshore Block XXI

Current Status: • Farmed out to Vale for $2m in cash plus up

to a maximum exploration programme of $10m

• Supreme decree signed and final contract imminent

• Geochemical survey complete

• Fugro Airborne survey completed (8,000 km)

• Seismic acquisition required to define targets

The opportunity: • Frontier basin with structural targets identified

on geophysical data with reservoir seals

• Near to existing hydrocarbon discoveries

Next step: After acquisition of 8,000 km of aero gravity / magnetic

survey and interpretation (2012); 2D seismic in 2014 and

well(s) in 2015 planned

Description: • Located in the onshore Sechura Basin

• Baron Oil 30% operator, Vale 70%.

Colombia Nancy Burdine Maxime Fields

Description: • Located in the Putumayo Basin of Colombia • Production contract with Ecopetrol (exp. Oct-15) • Partnership: 49% Ecopetrol (carried)

51% BOIL (operator) • Surface: 26,186 acres (106 km2) • Royalty: 20% • Seismic: 85 mi (135 km) of 2D Producing Fields: Burdine & Nancy from the Villetas Formation N & U sands • Wells: 7 drilled Maxime: 1 abandoned well Nancy: 1 producing well @ 400 bopd Burdine: 1 producing well @ 80 bopd 3 shut in wells 1 abandoned well

The opportunity • T sand in Villetas & Caballos formations has been tested with

oil but never developed.

Next steps: • Evaluate whether production could be restablished in B1

• WO campaign in Burdine - aimed to increase +140 bopd from B2 & B4

• Total NBM oil production target around 620 bopd

• Negotiate contract extension to fully developed NBM oil potential (Villetas & Caballos Fm.)

Seismic/Map Time Map

Colombia Azar Block

Description: • Exploration block in the Putumayo Basin • Partnership: 60% GTE (op)

20% BOIL (carried 50%) 20% Lewis Energy

• Total Acreage: 47,224 acres (192 km2) • Seismic: 37,066 acres (150 km2) of 3D • Wells: 3 exploration wells

Next step: Currently assessing whether the block should be relinquished or continue with next exploration phase

Colombia Rosa Blanca Block

Description: • Exploration block in the Middle Magdalena Valley • Partnership: 95% PI&G (op)

5% BOIL (carried) • Total Acreage: 109,695 acres (444 km2) • Seismic: 37 mi (60 km) of 2D • Wells: 2 exploration wells (drilled)

Next step: PI&G evaluating new geological model plus new petro physical assumptions for the block

2D seismic program

ROSA BLANCA Middle Magdalena

Valley

Conclusions

In Peru, Baron Oil is fully carried in 2 very attractive exploration blocks (Z-34 and Block XXI).

In Colombia, several shut-in wells are being re-evaluated with the aim of increasing field wide production. The first worked over well (B-5) was a success.

The Company has a number of short term milestones that offer the potential for substantial share price growth:

• Colombia & Peru both offer excellent investment opportunities within existing producing areas and relatively low risk carried exploration opportunities.

Since August 2012, Baron Oil has had a new management team with excellent track records and relationships with capital markets.

16

Contact

Baron Oil Plc

Rudolph Berends CEO & Chairman