Value Strategies

The Company is a privately held corporation. Management’s goal is to enhance shareholder value through the following initiatives:

Build Cash Flow and Reserves

The Company intends to substantially increase cash flow and proven oil and natural gas reserves through its scheduled active development program in California which is expected to commence early in 2023.

Pursue Exploration

The Company has world class oil and natural exploration opportunities in both the North Sea and onshore California. The Company intends to drill wells to test these significant prospects as soon as practical.

Enlist Joint Venture Participation

To mitigate risk and diversify its substantial exploration opportunity base, the Company will seek third party working interest participation through farmouts or other transactional structures.

Future Funding

To timely implement its future exploration and development plans, if the terms and conditions are attractive, the Company will seek to raise the additional capital it requires, through either an offering of equity or debt securities, procuring bank borrowings or a combination of these. The Company believes that the skillsets and contacts of its management team and Board of Directors will allow the Company, as and when appropriate, to execute an innovative and effective capital-raising and liquidity strategy to increase shareholder value.

Comply with and Benefit from Environment Social and Governance (ESG)

The Company is acutely aware of recent ESG compliance requirements. The Company is not only well positioned to comply with these requirements, but also is currently evaluating and plans to implement strategies, including CCS for additional value creation.