Exceed Energy EX-A.v

Exceed is a small producer that hasd positive cashflow of .006 in Q1. They have hooked up a good sized well on 6/14/08 that will almost double production to the 340boepd range from Q1 190boepd. Q2 will be similar to Q1 due to the late hookup but increased prices should boost cashflow to .008. Then a full qtr of increased production in the 325boepd range should move cashflow towards .02. That is a forward annualized cashflow of .08 vs the current .11 price. Very cheap!

http://biz.yahoo.com/cnw/080529/exceed_q1_08_results.html?.v=1

http://biz.yahoo.com/cnw/080618/exceed_at_lodgepole.html?.v=1

Additional cashflow should give them the ability to drill from cashflow or acquire additional land without significant dilution.

There are development sites around the Lodgepole well. EX-a.v has 15% WI.

Bobwins