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Corporate Presentation

DRAFT. Fair Sky Resources Inc. Corporate Presentation. FAIR SKY RESOURCES INC. September 2006. Fair Sky Resources et al Macleans 12-2. Fair Sky Resources Inc. Corporate Overview. Fair Sky Resources: Public Alberta based O&G company

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Corporate Presentation

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  1. DRAFT Fair Sky Resources Inc Corporate Presentation FAIR SKY RESOURCES INC. September 2006 Fair Sky Resources et al Macleans 12-2

  2. Fair Sky Resources Inc Corporate Overview • Fair Sky Resources: Public Alberta based O&G company TSX-V Trading Symbol "FSK“: ~12,500,000 shares (FD) • 25 gross wells (~60% net) to date (~85% success rate) • ~600,000 Boes Proven/Producing reserves • ~3,000,000 Boes Proven + Probable reserves • F & D costs of ~$7.50/Boe • Additional +20 prospects scheduled for fall 2006/winter 2007 • Land base of +150,000 acres developed & potential undeveloped year round access existing underutilized infrastructure

  3. Fair Sky Resources Inc Growth & Structure • Proven Management Team with strong investment backing • Strong Land Position: Balanced Risk, Growth Oriented Prospect Inventory • Strategic Farmin properties with exploration, development & exploitation opportunities • Management and Directors Own ~25% of Company

  4. Fair Sky Resources Inc Net Asset Value/Reserves

  5. Fair Sky Resources Inc Share Capital Shares Iss’dCapital Current Shares Outstanding: ~11,400,000 ~$15,500,000 O/S Options: 1,070,000 ~12,500,000 (FD) boes 6:1 equivalent Value Proven + Probable Reserves: (August 2006) ~3,000,000 boes ~$78,000,000 ( 10% disc. Forecast Pricing) March 2006 F & D costs = ~$7.50/bbl P+P (PNG property cost to date ~$21.9M) NAV = ~$6.25/share

  6. Board of Directors & Key Personnel Fair Sky Resources Inc Tim R. Kemp, BSc, Founder, Director, President 20+ years industry experience: President AC Energy, public company; VP Boyd/PetroSearch, Oil & Gas project management company; Operations Geophysicist , British Petroleum western Canada; 4 years Geophysical field contracting ; Past Chairman CPA Geophysical Committee. Brent Walter, LL.b, Founder, Director, Secretary Partner ProVenture Law LLP; practises securities & corporate/commercial law; serves on a number of public & private corporations; Member of Law Societies of Alberta & Saskatchewan, Canadian Bar Association James Surbey, B Eng/LL.b, Founder, Director VP Corp. Dev. Birch Cliff Res.; 20+ years industry experience; previously a director or officer of: Maximum Energy Trust, Big Bear Exploration Ltd., Stampeder Exploration Ltd, partner at Howard, Mackie Barristers and Solicitors. Cameron W. Dow, BA Econ., Founder, Director Partner Daunheimer & Dow LLP Chartered Accountants. Chartered Accountant Designation in Alberta; Director public and private corporations; prior General Electric, Deloitte and Touche. Joseph Dow, BA Econ., CFO Founder & Principal of Dowwest Management Accounting Ltd., Graduated U of A 1978 and is a Certified Management Accountant, 20+ years in Oil & Gas Accounting Jasmine Smith, BSc. Sr. Manager Administration, Investor Relations & Corporate Finance +10 years experience; BSc. from (U of H); CIRI member, Office Management, Executive Administration, Corporate Finance & Investor Relations

  7. Fair Sky Resources Inc Peace River Arch FAIR SKY RESOURCES INC. AREAS OF ACTIVITY Central Alberta Utah Energy Property Central Saskatchewan SaltLake

  8. Fair Sky Resources Inc Carbondale ~100 Sections developed & undeveloped lands Multi-zones: Viking & Manville Gas Leduc Oil 13-10 Producing 1.) Crown, Freehold & Farm-in Lands (Canetic & Advantage Trusts) 2.) 4 wells tied in, producing ~ 700mcf/d 3.) +20 additional locations 4.) Under Utilized Facilities 5.) Year Round Access 15-24 Producing 1-32 New Drill 8-04 Producing 5-24 New Drill 7-19 Prod 3-11 New Drill

  9. Fair Sky Resources Inc Westrose Multi-zone Manville Gas Down spacing applied for on Glauconite Gas 4-28 New Drilling 1.) 6 section farmin (Advantage Trust) 2.) 2 wells tied in Production ~1.5mmcf/d (~1mmcf/d behind pipe) 3.) Facility upgrading & additional wells being prepared 14-20 Prod 5-28 Cased 8-20 Producing 5-24 Tested

  10. Fair Sky Resources Inc Macleans Creek Gilwood Oil Play ~150,000 bls proven reserves ~430,000 bls proven+ probable reserves 12-02 Producing 1.) Crown & Farm-in Lands (Advantage Trust) 2.) 2 wells tied in Production ~150 bls/d oil 3.) additional program to deliniate drilling locations 7-03 New Drill 07-01 Producing 06-02 Standing

  11. Fair Sky Resources Inc Boundary Lake Half-way Gas Zone Initial 1st test well24 hour flow test 5.3mmcf/d (tie-in fall 2006) 1.) Crown & Farm-in Lands (Advantage Trust) 3.) Purchased with partner June Land Sale $1.0M Parcel 3.) Multi-well program 2006/2007 (4-5 wells) , election on 2nd well for June/July 2006 4.) +5-10 BCF reserve potential 10-19 Testing 5-24 New Drill 5-17 New Drill

  12. Fair Sky Resources Inc Central Alberta Acquisition - Access year round - Net Pay: 10-15m - Aver well:Gas 2.5 Bcf Oil 1.2 MM Bbl 1.) Purchased multiple sections of undeveloped acreage on Trend 2.) Fair Sky has 33.3% WI 3.) number potential wells: 20 4.) Operations: 2007 Field production: + 2500 boes/d/well BOEs Production +40M

  13. Fair Sky Resources Inc Moose Jaw Multi Shallow Gas Zones & Bakken Oil (Down spacing on as drainage unit) 1.) ~100 sections Crown/Freehold exploration & development land 2.) completed ~600 km seismic program 3.) multiple anomolies locatedl 3.) 1 well drilled/logged 5 locations being surveyed & licenced Drilled & Cased

  14. Fair Sky Resources Inc Fair Sky Production By Area 2006 Area; Exit RateQ2Q3Q4Winter 07 Mcleans Creek (Oil) 150bls/d 125 bls/d 120 bls/d 120 bls/d Willingdon (Gas) 15 bls/d 15 bls/d 30 bls/d 130 bls/d Carbondale (Gas & Oil) 135 bls/d 125 bls/d 250 bls/d 450 bls/d Westrose (Gas) 125 bls/d 60 bls/d 350 bls/d 500 bls/d Boundary (Gas & Oil) 350 bls/d 700 bls/d Moose Jaw (Gas & Oil) 400 bls/d* TOTALS: 425 bls/d 325 bls/d 1100 bls/d 2300 bls/d (85% success) 66% risk 725 bls/d 1500 bls/d * Moose Jaw production dependent on Facilities Estimated Exit Rate 2006 (66% Risk) • Q3 production reflects facility constriction • 350 bls: up-grade, pipeline construction • completed early 3rd 1/4

  15. Fair Sky Resources Inc Fair Sky Proposed Capex Program to 2006: $20.0M Area Q3 Q4Winter 2007Capital Mcleans Creek (Oil) Willingdon (drill 1 well) $0.5M Carbondale Completion (drill 3 wells) (drill 4 wells) $4.0M Westrose Completion (drill 2 well) (drill 3 well) $4.5M Boundary (drill 1 well) (drill 2 well) $5.0M Moose Jaw (drill 1 wells) (drill 2 wells) $3.0M New Prospects $3.0M TOTAL 2 wells 9 wellls 7 wells $20.0M Incremental Cash Flow Growth Projection

  16. FAIR SKY MINERALS INC. • Fair Sky has approximately 1,100 mineral claims in Beaver County and Iron County NW of Cedar City Utah • Uranium exploration program underway in Iron County Utah • Strategic properties: Uranium potential in the area exhibited radiation levels in excess of 10,000 cps with molybdenum/tin and zinc geochemical anomalies • Former uranium producer, Staats mine to the north of the property

  17. Area of Mineral Claims • Former uranium producer, Staats mine to the north of the property • Airborne electromagnetic and spectrometric survey carried Spring 2006 large 2 X 2.6 km radioactive anomalie • Large uranium anamoly situated in center of mineral claims • Proposed financing of up to $6.0M @ $0.50/common share being carried out • Fair Sky Resources to become minority shareholder

  18. Fair Sky Resources Inc Contacts Fair Sky Resources Suite 860 401-9 Avenue SW Calgary, Alberta, T2P 3C5 Attention: Tim Kemp, Jasmine Smith, President & CEO Sr. Manager Corporate Finance 403.264.5337 403.803.2657 FAX: 403.537.0074 403.537.0074 email:TKEMP@FAIRSKYRESOURCES.COMJSMITH@FAIRSKYRESOURCES.COM

  19. Fair Sky Resources Inc Forward Looking Statements This presentation may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuation, and uncertainties resulting from the potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

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