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Redcliffe – Stallion. Dynamics of Amalgamation TSE-V: REL.A / REL.B www.redcliffe.ca. Presentation Guidelines.

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Redcliffe – Stallion

Dynamics of Amalgamation

TSE-V: REL.A / REL.Bwww.redcliffe.ca


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Presentation Guidelines

This Corporate Presentation may include forward-looking statements including opinions, assumptions, estimates and expectations of future production, cash flow and earnings. When used in this document, the words "anticipate," "believe," "estimate," "expect," “forecast”, "intent," "may," "project," "plan", ”potential”, "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, the volatility of oil and gas prices, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in oil and gas acquisition and drilling programs, operating risks, production rates, reserve estimates, changes in general economic conditions and other factors.


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Presentation Program

  • Redcliffe Exploration Ltd.

    • Formation

    • Drilling Activity

  • Stallion Energy Ltd. Acquisition

    • Deal terms

    • Metrics

    • Properties

  • Redcliffe Exploration Inc.

    • Pro-Forma

    • Growth Drivers


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Corporate Transactions

Redcliffe

Exploration

Stallion

Energy

Redcliffe

Exploration

Inc.

February 28/07

Redcliffe

Energy

(Private)

May, 2007


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Redcliffe Exploration Ltd.

  • TSE –V Listed

    • A Shares REL.A $1.40/share

    • B Shares REL.B $3.40/share

  • IPO Listed Sept. 12, 2006

    • Cash Assets YE 2006 - $9.0 million

    • Redcliffe Energy Joint Venture

  • Drilling 2006 13/15*, 11 Gas, 2 Oil

  • Announced Acquisition of Stallion Energy Ltd. November 21, 2006

    *Includes 2 re-entries


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Management

  • Daryl H. Connolly President & CEO

  • George Gramatke VP Finance & CFO

  • John Andersen VP Exploration

  • Brent Dube VP Operations

  • Bruce Hall VP Land

  • Geoff Upitis, John Kuhn, Colette Holfeld, Kevin MacInnis, Amanda Rebec


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Board of Directors

  • Daryl Connolly CEO, Redcliffe (REX)

  • Don Cowie JOG Capital (REX)

  • Glenn Hockley Ind. Bus. (Stallion)

  • James Rawls Rawls Corp. (REX)

  • Mike W. Seth McDaniels (REX)

  • Uldis Upitis Lotus Res. (REX)

  • Harley Winger Burstall Winger (REX)


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CurrentREXPropertyActivity

ALBERTA


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Prospect Area

Pembina

Wapiti

Highvale

Leaman

Gold Creek

Harmattan

Ferrier

* Subject to successful completion operations

Wells Result*

6 4 Gas/ 2 Oil

2 1 Gas

1 1 Gas

2 2 Gas

2 1 Gas

1 1 Gas

1 1 Gas

2006 Drilling


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Prospects – Pembina Area

  • Multizone Cretaceous & Jurassic

  • 6 locations & re-entry 2006

  • Targets 100,000 bbls or 1 bcf per well

  • Target IP’s 75 bopd or 1,000 mcfpd

  • To date 6/6

Pembina 1-18

100 bopd

Breton 3-29 1,000 mcfpd

Crystal 2-6

1,700 mcfpd

Minnehik/Buck Lake

6-12 completing

6-16 testing

6-9 500 mcfpd (off map)


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Prospect - Pembina

  • Nordegg oil discovery

  • W.I. 22.5%

  • IP 100 bopd

  • Acquired 2 sections at Crown sale 75%

  • 2007 Follow-ups

1-18 Nordegg Oil Well 100 boepd

2007 Locations


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Terms of Transaction

  • 13.50 million shares REL.A and $8.0 million Cash

    • Valued at $1.30/sh.

      • Transaction value $25.55 million

      • Land & Tax Pools $ (5.60) million

  • Stallion renamed Redcliffe Exploration Inc. (“REI”)

  • Parameters*

    • Production** $64,000/$27,000 per boepd

    • Reserves*** $18.35 per boe Proven

      $16.50 per boe 2P

      * After deduction of land and tax pool valuation

      ** Current/Closing Productive Capability

      *** Based upon internal reserve evaluation


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Stallion Energy Ltd.

  • Private Incorporated 2004

  • Production Current 300* boepd

    Tie-ins 400 boepd

  • Reserves PLA (Aug. 1/06)

    • P 84.8 mbls 2,039 mmcf 424.6 mboe

    • 2P 167.9 mbls 4,378 mmcf 897.5 mboe

  • Working Capital $600k (Sept. 30)

  • Tax Pools $55 million

    * Includes ORR at Leaman


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Proforma REI

  • Production at Closing (02/07)

    • Stallion 300 boepd +400 boepd tie-ins

    • Redcliffe 150 boepd +100 boepd tie-ins

    • Total 450 boepd +500 = 950 boepd

      Growth Drivers

    • Drilling: 25 wells planned in 2007

    • JV & Land Access: Redcliffe Energy

    • Gold Creek Area: Major Discoveries


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ALBERTA

Stallion

Property

Additions

GoldCreek

Pine Creek

Leaman

Gilby


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Joint Wildwood Area

  • Good Synergy with existing Redcliffe lands

  • Lower Mannville gas production

  • 4 firm locations on existing joint lands

  • Developing new opportunities in area

Conoco F/I

16-16

6-20

RedcliffeLands

16-6

13-18

Stallion Lands


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Leaman - ConocoPhillips Farm In

  • Lower Manville gas targets

  • Cased 6-20 as potential gas well

  • 37.5% W.I.

  • Earned 8 sections

  • 5 more potential locations being evaluated

ConocoPhilips Farm In

Potential Locations

6-20 Earning Well

Cased


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Pine Creek - Stallion

  • Nordegg/Gething play

  • Recent completion at 6-36

  • Recent Nordegg well completion at 7-3 tested 3,000 mcfpd

  • Spud 14-35 in March 2007

  • Target reserves 1-2 bcf, production rates 1-2 mmcfpd

Recent Completion 7-3

14-35 Location

6-36 Gas Well

Pipelining


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Prospects – Elmworth/Wapiti Area

  • Multi-zone oil & gas targets

  • Core area focus

  • Synergy to Stallion Gold Creek property

  • Est. cum. 150,000 bbls or 2-3 bcf per well

  • Est. IP 120 bopd or 1,000-2,500 mcfpd

Elmworth

Wapiti

Gold Creek

Wapiti South


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2007 Locations Wapiti Area

  • Drilling/deal focus 2007

  • Wapiti 5 locations

  • Increase exposure through trades (Progress deal), Crown sales and farm-ins.

  • Long life reserves

  • Year round access

Locations

Locations

Gold Creek


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Gold Creek

  • Lower Cretaceous and Triassic gas and oil targets

  • 5-2 Discovery well

  • 3D Seismic over northern block

  • Farm in to Devon and Husky

  • Operated by Fairmount Energy

  • 4-11 and 13-25 gas wells

4-11 Gas Well

5-2 Oil Well

13-25 Gas Well


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Gold Creek- Gas Discoveries

  • 5-2 oil well - capable 60-100 boepd

  • 4-11 gas well - tested 3,400 mcfpd and 240 bopd

  • 13-25 gas well - tested Zone-1 3,500 mcfpd and 150 bopd, Zone-2 3,500 mcfpd and 250 bopd

  • Combined W.I. 30% - 40%

4-11 Gas Well

3,400 mcfpd & 240 bopd

5-2 Oil

13-25 Gas Well

Zone-1 3,500 mcfpd & 150 bopd

Zone-2 3,500 mcfpd & 250 bopd


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Gold Creek 2007 Drilling

  • 4-6 Wells planned for 2007

  • 3 D seismic control

  • Acquiring additional 3D coverage

  • Focus on expanding acreage position

  • Increase processing capacity to accommodate new drilling

Locations

Locations

Location


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Redcliffe At Closing

  • Redcliffe Exploration Inc. (REI.A)

    • Production 450 boepd

    • Awaiting Tie-in 500 boepd

    • Net Working Capital ($3.0 million)*

    • 2007 Capital Budget $15-20 million

    • Undeveloped Lands 15,100 net acres**

    • Proposed Wells 25 wells

      * Preliminary Estimate. Total bank lines $7.5 million.

      ** Includes JV lands with Redcliffe Energy Ltd.


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Capital Structure

  • Closing: February 28, 2007

  • Market Capitalization: $40 million

  • TSX-V Symbol: REI.A, REI.B

  • Class A Shares 23,800,000

  • Class B Shares 1,140,250

  • Ownership A Shares: 43.3% Redcliffe

  • Ownership B Shares 100% Redcliffe


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2007 Growth Drivers

  • Gold Creek (4 wells - 500* boepd)

  • Wapiti (4 wells - 650* boepd)

  • Pembina Program (17 wells - 1000** boepd)

  • REL Merger (400 boepd)

  • New Exploration Opportunities

  • Synergistic Acquisitions

    * Based upon un-risked production potential of 2,000 mcfpd plus liquids

    ** Based upon un-risked production potential of 1,000 mcfpd


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Redcliffe Energy Relationship

  • Private company incorporated Sept./05

  • Raised $13.6 million privately Dec./05

  • 2006 Activity

    • Acquired Medicine River oil property

    • Drilled 3/3 gas wells

    • Generated extensive prospect inventory

  • Formed Redcliffe Exploration Ltd.

    • Provided management services

    • Provided initial prospect inventory

    • 50/50 on all new prospects effective Sept/06

  • Combination

    • Will explore merger of entities Q2/07

    • Production 90 boepd; Tie-ins 300 boepd


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Summary - Redcliffe

  • Acquisition of Stallion

    • Accretive NAV and CF/share

    • Adds 700 boepd with drilling Upside

  • Merger with Redcliffe Energy (private)

    • Adds +400 boepd

    • Increase land and prospect base

  • 2007 Drilling Program

    • Up to 25 wells

    • Significant value/production exposure

  • 2007 Opportunity

    • Prospect exposure/acquisitions


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Production Growth

REL.A

(250 boepd)

SEL

(700 boepd)

Redcliffe

Exploration

Inc.

2007

Opportunities

2007 Drilling

Redcliffe

Energy

(400 boepd)


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Redcliffe Exploration Inc.

TSE-V REI.A, REI.B

An Emerging Junior

www.redcliffe.ca


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