OIL & GAS

Oktober 2008

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Profile

Operations
Oil & Gas South-Europe

Listing
Stock exchange

South-eastern

South-eastern Europe, close to Greece and Italy
Democracy since 1992
Pro free market economy
Privatizantion program underway
Working towards joining NATO and the EU
Received NATO membership invitation on April 3rd 2008
Candidate country for EU membership

Projects

Gas Field
160 BCF gas
7.6 mmbbl condensate

Oil Field No 1
27.7 mmbbl of medium oil

Oil Field No 2
22.6 mmbbl of heavy oil

Oil Field No 3
10.9 mmbbl of heavy oil

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Gas field

160 BCF with 7.6 mmbbl condensate historic reserve
Current production is sent by pipeline to an oil refinery near Ballsh
465Kmcf/d plus 20 bopd condensate from two producing wells
Stream net share 275Kmcf/d and 11 bopd condensate
Two shut-in wells taken over by Stream in May 2008
Engaging a rig to work these wells
Continuing with infrastructure upgrades
Gas to power plant scoping study by Poyry Energy finalized
Exploration well planning
Passive seismic program underway
Preliminary results out; complete model November 2008

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Oil Field No 1

25 API oil
62 existing wells, 24 actively producing
34 wells taken to reactivate
14 producing
Fracture monitoring Q4 2008
Lotuspetrol SRL rig engaged for work overs

Production increase tests start 10/2008
Radial jetting
Perforations-Acidization
Infrastructure

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Oil Field No 2

15 API oil
295 existing wells, 136 actively producing
27 wells taken over
Running staged rehabilitation program on 13 producing wells
Basic work over continues on all wells
Working on production pump upgrades
New PCP pumps have more than doubled production
Site preparation is complete
Production upgrades
New PCP pump installed in No 2 under test

No 2, 136 well up tp 25.2 bopd from 10.2 bopd with new PCP

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Oil Field No 3

12 API oil
212 existing wells, 81 actively producing
15 producing wells taken over
and 7 non producing for re-activation
Basic work over continues
Production optimized by surface upgrades
Basic work over completed on wells
Establishing production levels and new PCP pumps being installed
No 3, 186 production more than doubles

No 3, 186 well up to 15 bopd from 7.1 bopd after perforation

No 3, 193 well up to 19 bopd from 10.5 bopd after perforation

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Evaluation Period Plan2008 to 2009 – All crude oil fields

Operated Wells .................................. 85 (2008) – 43 producing
Additional ..........................................20-30 in 2009
Rehabilitation
(Perforations-Acidization) ....................20 wells
PCP Pumps .......................................20 wells
Radial Jetting ....................................20 wells

Infrastructure
(Gathering stations, pipelines, well site) 40 wells
Capital Expenditure .............................2008- $10.5 million
2009 (Q1)- ...................................................$ 9.2 million
Production Target ...............................2008- 250 bopd
2009- .................................................600 bopd

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Petroleum Agreement

100% working interest
25 year exploitation period with 5 year subsenquent extensions
Start up terms:
From (PEP) Pre Existing Production (6 month average before take over)
Stream gets 30% (35% for the Cakran-Mollaj field)
Yearly decline from base line
10% on the oil fields, 5% on the gas fields
100% of incremental production to Stream
Right to export 100% of the production