Managemenrt

& Directors

Charles Summers – President and Chief Operating Officer, Director

Prior to his appointment at Caspian, Mr. Summers served for eight years as general manager for Kerr-McGee Oil & Gas Corporation in Kazakhstan where he ran Kerr-McGee's offices in Almaty and Aktau and was responsible for Kerr-McGee's interests in the Caspian Pipeline Consortium and for the development of the Arman field, and the development of the Mertvyi Kultuk exploration block.

Mr. Summers was President of the Kazakhstan Petroleum Association for two years from 1993 to 1995. He was operations manager for Kerr-McGee in the United Kingdom and has worked in the oil and gas industry for 34 years. He joined Sun Oil Co. in 1974 and held various positions of increasing responsibility with Sun Oil and Oryx Energy in the US and internationally.

William Ramsay – Chief Executive Officer, Director

Mr. Ramsay has been engaged in private equity investments primarily in Kazakhstan since 1997. As a founder of Golden Eagle, he was actively engaged in advising companies on inward investment in the energy sector. Following the acquisition of Golden Eagle by Central Asian Industrial Holdings, he worked closely with Kazkommertsbank CJSC during which time a group of investors from Kazakhstan acquired a majority stake in Nelson Resources Inc. He became the chairman designate, and subsequently interim chairman of Nelson Resources Inc. on completion of the acquisition.

Mr. Ramsay has over 20 years experience in the Asian capital markets. From 1984 to 1990 he served as a director of Baring International Investment Management, during which years he resided in Korea and Japan, with principal responsibility for managing funds investing in the Asian equity markets. From 1991 to 1997, Mr. Ramsay was based in Hong Kong and worked for Jardine Fleming Securities as a director. His geographical areas of responsibility included Korea, Taiwan, India, Pakistan and Sri Lanka.

Brian D. Korney – Vice-President, Finance, Secretary & Chief Financial Officer

Mr. Korney graduated from the University of Alberta in 1976 with a Bachelor of Commerce Degree, majoring in Finance and Accounting and becoming a Chartered Accountant in 1978. In 1976, he joined the firm of Arthur Andersen & Co. In 1981, Mr. Korney joined the Robert W. Lamond Group as Controller/Treasurer with a wide range of responsibilities, including banking, insurance management, financing, administration of the accounting department and reporting to various regulatory authorities. From 1983 to 1988, Mr. Korney held the position of Controller with Sea Hawk Resources Ltd. and Mission Resources Limited. Mr. Korney joined Grad & Walker Resources ltd. in 1988 becoming Vice-President, Finance and Corporate Secretary, playing a significant role in its initial public offering.

In September, 1994, Mr. Korney joined Electra Energy Corporation as Treasurer and Chief Financial Officer where he remained until the inception of BriAlto Energy Corporation in 1996. BriAlto executed a reverse takeover on Highland Energy Ltd., which became Highland Energy Inc. and was merged into Ketch Energy Ltd., in May, 2000. During November 2000, he co-founded Innova Exploration Ltd. and remained there until August 2004. Brian was appointed CFO of Caspian Energy Inc. on November 1, 2004. In aggregate, Mr. Korney has 28 years' experience in many facets of the energy industry.

Non Executive Directors

Robert Pollock

Robert Pollock has been Senior Vice-President of Quest Capital Corporation since 2003.

Prior to joining Quest Capital Corp. Mr. Pollock was Vice-President of Investment Banking for Dundee Securities Corporation a wholly-owned subsidiary of Dundee Wealth Management Inc., a TSX-listed wealth management company based in Toronto.

Robert Cudney

Robert Cudney is currently President and Chief Executive Officer of Northfield Capital Corporation which he founded in 1981 and of which he has been the CEO since its incorporation. Northfield Capital Corporation is a publicly traded investment company owning interests in a number of diverse business activities.

Mr. Cudney has served as a board member of a number of different corporations in the manufacturing, mining and technology industries

Gordon Harris

Gordon Harris has over 25 years experience in the oil industry, having held various senior management positions. He is currently President and Chief Executive Officer of Choice Resources Corp., a TSX-V listed company.

From 1999 to 2003, Mr. Harris was President of Roseland Resources Ltd. and from 1997 to 1999, he held the positions of Chief Operating Officer and Vice President, Engineering and Production, of Vermilion Resources Ltd. From 1988 to 1997, he was Regional Manager for Europe, Africa and the Commonwealth of Independent States (formerly the Soviet Union) at Canadian Occidental Petroleum Ltd, where he established technical teams to develop and explore for oil in Kazakhstan, Nigeria, Egypt, Libya, Tunisia and the United Kingdom.

Mr. Harris also established and managed a subsidiary of LiflockResources Ltd. which produced over 5,000 barrels of oil per day.

John McBride

Mr. McBride is Co-founder and Managing Director of The CC Capital Partners Group. CC Capital is an entrepreneurial private investment and merchant banking group based in Toronto. Prior to forming CC Capital Mr. McBride was a private investor based in London.

With over 25 years of global investment business experience, Mr. McBride began his career as a trader on the floor of the Toronto Stock Exchange before joining Merrill Lynch Canada as a financial consultant.

Adil Mukhamedzhanov

Mr. Adil Mukhamedzhanov has served as Deputy General Director for Aral Petroleum Capital LLP ("Aral") in Kazakhstan since March 2004. Caspian has a 50% stake in Aral. Mr. Mukhamedzhanov worked in the project management department of JSC KazTransOil and the consulting and corporate finance department of Deloitte & Touche Central Asia. Mr. Mukhamedzhanov has a B.A. in Finance and Accounting from the University of Nottingham in the United Kingdom, and an economics degree specializing in International Finance from the Kazakhstan Economic University.

Maurizio Barnaba

Mr. Barnaba is currently Managing Director of EFAME Export Ltd., an entity which focuses on trading and providing financial, commercial, marketing and technical consultation in Europe, North Africa and Middle East for Defence and Oil and Gas products. His educational credentials include a Bachelor’s degree in Electronic engineering and a further degree in Economics, Finance and Marketing.