HANGINGSTONE

• Superior quality reservoir including thick channel and point bar sands

• 10-37 meters of net bitumen pay thickness (6 wells over 30 meters, 17 wells over 20 meters, 22 wells over 10 meters (cutoff) net bitumen pay; 7 sections of over 25 meters net continuous pay and 13 sections of over 15 meters of net continuous pay indicated

• 55 wells cored and logged in last two winters and and 228 kms. of 2D seismic run

• 40 Million barrels contingent resources (Bounty share) (calculated from July, 2008 McDaniel engineering report)

• 417 Million barrels oil in place (Bounty share) (July, 2008 McDaniel engineering report)

• New project area in central west side of property confirmed

• Partner has developed a proprietary in situ bitumen-recovery process Combustion Overhead Gravity Drainage (“COGD”). The COGD technology provides an opportunity to significantly improve bitumen recovery economics through both enhanced recovery gains and substantial reductions in the amount of required water, fuel gas and diluents than that used in SAGD applications.

• All data necessary to support the experimental project application has been obtained and partner expects to submit a COGD experimental project application to the Alberta Government targeted by the end of Q2 2009. Regulatory approval is expected to take approximately one year with pilot start-up anticipated for Q1 2011

• Bounty has 25% working interest in 39 sections (9,984 hectares) of land.