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Ascent Resources plc

Ascent Resources plc. European Oil and Gas Production and Exploration Company December 2010. Disclaimer.

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Ascent Resources plc

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  1. Ascent Resources plc European Oil and Gas Production and Exploration Company December 2010

  2. Disclaimer The information contained in these slides and this presentation is being supplied to you by Ascent Resources Plc (‘the Company’) solely for your information and may not be reproduced or redistributed in whole or in part to any other person. This document has not been approved by a person authorised under the Financial Services and Markets Act 2000 ("FSMA") for the purposes of section 21 FSMA. These slides and this presentation do not constitute, or form part of, a prospectus relating to the Company nor do they constitute or contain any invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in the Company or advise persons to do so in any jurisdiction, nor shall they, or any part of them, form the basis of or be relied on in any connection with any contract or commitment whatsoever. Recipients of these slides and/or persons attending this presentation who are considering a purchase of ordinary shares in the Company are reminded that any such purchase must be made solely on the basis of the information that the Company has officially released into the public domain. Whilst all reasonable care has been taken to ensure that the facts stated in these slides and this presentation are accurate and the forecasts, opinions and expectations contained in these slides and this presentation are fair and reasonable, the information contained in this document has not been independently verified and accordingly no representation or warranty, express or implied, is made as to the accuracy, fairness or completeness of the information or opinions contained in these slides or this presentation and no reliance should be placed on the accuracy, fairness or completeness of the information contained in these slides and this presentation. None of the Company, its shareholders or any of their respective advisers, parents or subsidiaries nor any of their respective directors, officers or employees or agents (including those of their parents or subsidiaries) accepts any liability or responsibility for any loss howsoever arising, directly or indirectly, from any use of these slides or this presentation or their contents. These slides and this presentation do not constitute a recommendation regarding the shares of the Company. Recipients of these slides and this presentation should conduct their own investigation, evaluation and analysis of the business, data and property described therein. If you are in any doubt about the information contained in these slides or this presentation, you should contact a person authorised by the Financial Services Authority who specialises in advising on securities of the kind described in these slides and presentation. Certain statements within this presentation constitute forward looking statements. Such forward looking statements involve risks and other factors which may cause the actual results, achievements or performance expressed or implied by such forward looking statements. Such risks and other factors include, but are not limited to, general economic and business conditions, changes in government regulations, currency fluctuations, the oil price, the Company's ability to recover its reserves or develop new reserves, competition, changes in development plans and other risks. There can be no assurance that the results and events contemplated by the forward looking statements contained in this presentation will, in fact, occur. These forward-looking statements are correct or represent honestly held views only as at the date of delivery of this presentation. The Company will not undertake any obligation to release publicly any revisions to these forward looking statements to reflect events, circumstances and unanticipated events occurring after the date of this presentation except as required by law or by regulatory authority. By accepting these slides and/or attending this presentation, you agree to be bound by the provisions and the limitations set out in them or imposed by them and to keep permanently confidential the information contained in these slides or this presentation or made available in connection with further enquiries to the extent such information is not made publicly available (otherwise through a breach by you of this provision). Some of the statements are the opinions of the Directors.

  3. Contents • Company Profile/Business Model • Achievements/Activity • Focused Development: • Petisovci-Lovaszi • Peneszlek • Latina Valley/Anagni • Switzerland • Valuation and Share Price • Summary and Conclusions

  4. Profile/Business Model • Profile: • European oil and gas exploration and production company • Balanced portfolio with large near term projects • Onshore focus • Stable fiscal and legislative regimes • Industry specialist management • Proven business model • Business Model: • Operates through local entity in each country • Uses state-of-the-art technology • Cost effective operations • Disciplined capital management • Cash flow from production allows for debt servicing – non dilutive financing

  5. Achievements/Activity • Recent History: • Petisovci-Lovaszi seismic complete, first well PG-11 expected drilling mid Dec • Penészlek production ongoing from two wells • €8 million for Swiss asset sale – includes back-in rights • Anagni-2 permit expected shortly • Near Term Activity: • Four Petisovci wells planned for 2010/2011 • Independent experts report on Petisovci/Lovaszi – P50 412 Bcf / 68.7 Mmboe • 2-D seismic for Ripi field redevelopment • Anagni-2 drilling plan in progress • Permitting underway for Hermrigen-2 well in Switzerland, awaiting confirmation of firm drilling date

  6. Focused Development • Four primary target areas • Simple development models being initiated • Targeting know formations in productive areas • Proven business model

  7. 50% 75% 75%/26.25% 50% 75% Petisovci-Lovaszi, Slovenia

  8. D-14 Tested gas Slovenia L-309 Tested gas L-II Tested gas Pg-8 0.2 bcf L-I Tested gas Hungary Pg-3 & 6 0.3 bcf Pg-7 0.41 bcf Pg-1 3.35 bcf Pg-5 3.77 bcf Croatia Petisovci-Lovaszi Pg-9 Tested gas

  9. Penészlek, Hungary - Production

  10. Anagni-2, Italy

  11. Anagni-2 Anagni-1 Fontana-1 Anagni-2

  12. Surface oil seeps Surface gas seeps Flowed gas from Muschelkalk Flowed gas from U. Jurassic Bunter and Malm gas shows Tertiary-Mesozoic oil & gas shows Traces of oil and gas in Tertiary Traces of oil in Cretaceous U. Jurassic gas shows Oil & water from Rhaetian; Oil & gas shows from L. Jurassic Traces of oil and gas in Lower Cretaceous Switzerland Flowed oil from Rhaetian

  13. Switzerland

  14. Summary and Conclusion • European oil & gas business – onshore focus • Generating cash from Hungarian production • Rapidly maturing portfolio – short term value generative • High profile, high impact work programme for 2010/2011 • Low share price relative to risked Net Asset Value

  15. Appendix 1 - Ascent Licences 2 - Ascent Corporate data 3 - Ascent Board of Directors

  16. Ascent Licences

  17. Ascent Corporate data • Listing/market AIM • Ticker AST • Share Price 7.0p • Market Cap 36.3 million • Entry on AIM 10 November 2004 • Shares in issue 516.662 million • Nominated Advisor finnCap Limited • Nominated Broker finnCap Limited • Company No. 05239285 • SEDOL B03W6Y8ISIN • ISIN number GB00B03W6Y84

  18. Ascent Board of Directors John Kenny - Non-Executive Chairman John has enjoyed an extensive career in the oil and gas sector where he has an excellent record of creating shareholder value. He co-founded the JP Kenny Group of Companies, which traded internationally in oil and gas engineering, sub-sea survey and inspection, and shipping. He was a founder of JP Kenny Exploration & Production Ltd; the forerunner of LSE listed JKX Oil & Gas plc. He holds a degree in chemical engineering from University College London and is an Honorary Fellow of the College. Jeremy Eng - Managing Director Jeremy has extensive experience in the independent oil and gas sector and a wide network of contacts within the sector. In his 26-year career in the industry he has specialised in operations and technical management for the independent sector. Prior to joining Ascent Resources, Jeremy was CEO of a private upstream gas company and Technical Director of WPN Resources Ltd, a Canadian junior-listed oil & gas company. Previously he worked for a successful petroleum engineering consultancy business. He started his career with Schlumberger and after earning a Masters degree in petroleum engineering worked for Premier, Tullow, Lundin and other independent operators. Simon Cunningham - Finance Director Simon, a certified accountant, has extensive energy and resources experience having held senior corporate finance roles with diversified engineering services group Ausenco Limited, international renewable energy provider Energy Developments Limited and independent power producer NRG Energy Inc. Prior to joining Ascent Resources he served as the Chief Financial Officer of Reverse Corp Limited, a telecommunications provider with operations in the United Kingdom and Australia where he was responsible for all aspects of the finance, treasury, investor relations, investment analysis and company secretarial functions. Cameron Davies - Non-Executive Director Dr. Davies is an international energy sector specialist and the former Chief Executive of Alkane Energy plc.  He has an excellent track record of exploration success and growing profits in a quoted energy company. Beginning his career as a geologist, Dr. Davies has over 35 years experience in the oil and gas sectors.  He founded AIM listed Alkane Energy plc in 1994 and managed the business from original concept through venture capital funding and an IPO, to become a profitable operator of gas to power generation plants using Coal Mine Methane as fuel. He has a PhD from Imperial College, is a Fellow of the Geological Society of London and a member of the European Petroleum Negotiators Group, the London Energy Group and the PESGB.   Nigel Moore - Non-Executive Director, Chairman of the Audit Committee Nigel is a Chartered Accountant and was a former partner at Ernst & Young for 30 years until 2003. For the last ten years at Ernst & Young he specialised in the oil and gas sector, advising large international companies, providing significant input to strategic options, new opportunities and delivering shareholder value. Nigel is also on the Boards of Hochschild Mining plc, JKX Oil and Gas plc, Vitec Group plc, TEG Group plc as well as Production Services Network Ltd, a major Aberdeen-based Oilfields Services company. Scott Richardson Brown - Non-Executive Director Scott is a qualified Chartered Accountant with wide experience working with AIM, FTSE 250 and FTSE 100 companies.  Beginning his career at Coopers & Lybrand’s (later PricewaterhouseCoopers) in the Banking and Capital Markets division, Scott then became a Partner in the Corporate Broking/Finance division of Oriel Securities Limited where he gained significant experience in a range of sectors including oil and gas.  In his most recent role of Corporate Finance and Investor Relations Director for CSR plc, a FTSE 250 semiconductor company, in addition to the day-to-day capital and corporate finance activities, he managed a number of corporate transactions.

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