Achievements

• Cirrus has built a substantial portfolio of exploration and development assets in the Dutch sector of the prolific Southern North Sea gas basin.
• Cirrus currently holds operated interests in ten blocks which contain three undeveloped gas fields, M1-A, M7-A and L8-D and the K10-Bravo undeveloped oil field. In addition, Cirrus holds a non-operated interest in a licence containing the undeveloped A15-A gas field.
• Total gross area under licence in the Netherlands is 481,400 acres.
• Development of the M7-A gas field (Cirrus 42.75%) is well advanced with production startup expected in the fourth quarter of 2009.
• The L8-D field (Cirrus 25.5%) was successfully appraised by well L11-13 which tested 30 mmscf/d in February 2009. The field is expected to commence production in the fourth quarter of 2009.
• Independent reserve auditors (GLJ, August 31, 2008) have estimated Cirrus' total proved plus probable reserves as 8.8 MMboe with an additional 1.0 MMboe attributable to the L11-13 well (GLJ, April 30, 2008).