Kerogen Oil Production Group, LLC

1. Kerogen Oil Production Group, LLC • KOPG is an early stage start up company engaged in the design and licensing of process technology to produce kerogen oil (liquid similar to crude oil) from surface mined oil shale in an economic and environmentally responsible manner. • KOPG’s process is based upon a “unique assemblage” of previously proven technologies, and thus is considered to be patentable. • A provision patent submission was made in May 2012, and a Patent Cooperation Treaty submission (int’l patent protection) will be made in November 2012. • Our goals in our discussion with you include: • Sharing our plans and vision • Soliciting your thoughts, and • Gauging your interest as a possible participant in KOPG’s future

2. Kerogen Oil Production Group, LLC • CFO: Murray Air • Senior Advisor, The Taffrail Group • VP, British Petroleum • CFO, Ok Tedi Mining (Papua New Guinea) • 30+ yrs with BP Amoco • BS Ind. Mgt. Georgia Tech • MBA Harvard Business School • CEO: Chuck Keracik • COO Red Leaf Resources • Exec Officer Abu Dhabi National Energy Co • 30+ yrs with BP Amoco • BS ChE University of Pittsburgh • MBA Houston Baptist University • Amoco Research Petrophysics Program • COO: Evan Jones • Principal Talbot and Webster, LLC • 30+ yrs with BP Amoco • BA Knox College, Chemistry and Math • MBA Indiana University • Research, Montana State University The information in this document was prepared by representatives or associates of the Kerogen Oil Processing Group (KOPG). The information herein, and the sources of the information, are believed by KOPG to be reliable, but neither KOPG nor its representatives or associates make representation and/or warranty as to the accuracy or completeness of such information. All amounts, discussions etc are considered to be illustrative and cannot be assured to be indicative of actual facts, amounts or results. Any use, disclosure, distribution, dissemination, copying or reproduction of this document without the prior written consent or approval from KOPG is strictly prohibited and also governed by the provisions of signed Non-Disclosure Agreements where applicable.

3. Oil Shale Resource Potential

4. The Resource: Kerogen • The solid organic material found in organic rich shale, aka oil shale • Oil shale is the sedimentary rock from which all naturally occurring oil has been derived • Over geologic time, some shale is “thermally matured” with depth of burial, and the kerogen is “cracked” to generate oil and gas that migrates to fill oil and gas reservoirs or remain in the shale • Not all shale gets buried deep enough to thermally mature – it is these near surface shale deposits that are the target for KOPG technology 4

5. Resource: Shale Play Types as a function of depth / thermal maturity ~1,000 ft In-situ Heating of Subsurface . Thermally Immature Shale Earth’s Surface <300 ft Ex-situ Heating at Surface Thermally Mature Shale Mostly oil Bakken Niobrara Wet gas Eagleford Shale Dry gas Barnett E. Marcellus Targeted niche of KOPG technology 5

6. Resource: Scope of US Oil Shale • ~1 trillion barrels recoverable via pyrolysis from near surface shale (USGS) • These resource have been recognized to be strategic since 1912 (Office of Naval Petroleum and Oil Shale Reserves) • >>100 yr supply • Prospective global oil shale potential of 3 to 4 trillion barrels • Significant DOE and industry effort to commercialize oil shale since 1970s oil crisis • Today there is no commercial US oil produced from surface shale • Process nut has yet to be cracked due to:: • Technology • Economics • Environment • Without processing technology which meets these criteria, this enormous untapped resource is Moose Pasture 6

7. US Oil Shale vs Conventional Resources US Oil Shale Technically Recoverable Resource Billions of Barrels

8. Why has surface oil shale not been exploited?

9. Mining Costs Killed Oil Shale in the 70s/80s Surface Mine Productivity (Coal) Productivity (tons/man-hr) Sources: Annual Coal Report, (and predecessor report titles), DOE/EIA-0584 (years 1993-2003), DOE/EIA-0118 (years 1976-1992) Energy Information Administration. Dramatic Increase in Nominal Oil Price (versus Early 80s) Dramatic Increase in Mining Efficiency (versus Early 80s) Oil Price ($/bbl)Mining ($/bbl)%RevenueMining ($/ton) 1983 $29 $26 ~90% ~$13* 2012+ $100 $20 ~20% ~$10* * Nominal price of sub-bituminous PRB coal

10. Industry has been Pre-occupied with Processes that Combust or Burn Shale • Many kerogen oil extraction technologies involve the burning of kerogen residue (char) to provide the heat source for pyrolysis reactions • This heat is derived from either combustion gases or • From hot recycled shale particles • These methods were favored during the late 70s/ early 80s • Examples: Paraho I, Kviter, Fushun, Enefit, Petrosix, ATP, etc. • Today these processes account for all global production (20,000 bopd) • Problems: • Often lower yield (part of oil product is consumed) • Often lower API • High emissions and poor carbon footprint • Spent shale can be an environmental problem (due to high temperature) • Water often consumed to cool hot shale • Complex retort apparatus required (all are continuous processes) • Despite improvements in surface mining efficiency, these technologies still have not been embraced due to economic and environmental drawbacks • In its conception, the KOPG Process has been designed to avoid these problems

11. KOPG’s Process Technology

12. KOPG’s Unique Process Technology Key Characteristics: Surface facility in which crushed shale is heated in a steel vessel, aka retort kettle Super-heated steam is used as heating medium Batch Process, whereby a volume of crushed shale sequentially undergoes a: Pre-Heating Phase Peak Heating Phase Cooling Phase Empty & Recharge Phase Multiple retort kettles are laid out in an array, each with batches of shale operating at different phases of heating & cooling 12

13. KOPG Technology Advantages • Mechanically and operationally simple • Employs proven physical principles • Low Capex/bbl and high ROCE versus typical E&P projects • 100% of solid kerogen in the rock is converted to products • ~7% of the energy in the oil and gas produced is required to heat the rock to pyrolysis temperatures (KOPG recycles this thermal energy) • Suitable for remote areas • Energy Self Sufficient (produced gas is used for fuel) • Net Water Producer (native water is liberated from raw shale) • Carbon footprint lowered by using produced gas (>50% hydrogen) • Spent shale, returned to mining site for reclamation, has been steam cleaned and water washed • All processing is done in contained facility where emissions can be minimized / managed • Ideal candidate for Cogeneration (electricity and steam) • No wellbores, no fracking, no aquifer pollution risk In sum, KOPG technology is capable of satisfying relevant technical, commercial & environmental design criteria 13

14. Economics of KOPG Process

15. KOPG’s Business Model Revenue to Licensees $ 1 trillion barrels KOPG Technology Licensing Drives Licensee Return Drives KOPG Investor Return

16. Example Commercial Development(Single 10,000 barrels per day unit) • 20 yr Project • 73 mmbo • $350 million Capex ($5/bbl) 16

17. Return for KOPG Licensee (Single 10,000 barrels per day unit) Attractive Pre-tax Income Benefits: • Massive Reserve & Production Adds / Replacement (73mmbo & 10,000 bpd for each unit development) • Low Capex ($5/bbl) • Attractive Pre-tax Income ($20/bbl) • High ROCE • Significant Upsides with Scale • Lower Oil Price Penalty • Lower Assumed Transport Cost

18. Return for KOPG Investors Revenue Drivers: • Initial licenses issued in 2014/15 • First license in commercial production by 2017 • Assumes only thirty 10,000 barrel per day licenses by 2028 • KOPG receives 5% ORI on 2.2 billion barrels Cost Drivers: • $27mm for 3-Phase Work Program & Organization Costs to point of positive cash flow in 2017 • Thereafter, minor Organization and R&D expenses Net Cash Flow: • Cash Flow of $10mm p.a. in 2017 steadily rises to $250mm p.a. in 2028 • Enterprise NPV10 approaching $1 billion • Significant multiple on initial investment possible, i.e. 10x to 100x

19. Timeline and Next Steps

20. KOPG Timeline 2015 2014 2016 2012 2013 Final US and Country Patent Submissions Provisional Patent Filed Preferred Global EPCM Contractor Engaged KOPG Established Join HTC License #1 Int’l Patent Sub License #2 University & Nat Lab Engaged Phase 2 Phase 3 Phase 1 Period of Organizational Expansion Initial Capital Raise

21. KOPG Funding NeedsFor Front-end Loading Thru 2016 • Technical & Commercial Feasibility Study • Lab Analysis & Simulation Tools (Design Basis) • Kinetics (reaction rate) • Fluid Properties Characterization • Equation of State Model (EOS) • Thermodynamics & Heat Transfer • Compositional Finite Difference (CFD) Simulator • Materials & Metallurgy • Environmental Analysis (spent shale) • Pilot Demonstration Apparatus • 1/10 scale for critical engineering dimensions • Single Full Scale Retort Prototype • Establish operational reliability • Business Operation • Business Development • Office & Administration • Legal: patent, licensing, etc. • Of this, $7 spent in 2016 (Success Case) Phase 1A $0.3mm Phase 1B $3mm (University & Nat Lab) Phase 2 $6mm (Global EPCM Contractor) Phase 3 $7mm (Global EPCM Contractor) Other $11mm (KOPG)

22. Purpose of the Work Program Phase 1 technical work is being undertaken to calibrate modeling tools used to forecast oil, gas and water production rates, oil quality, steam requirements, etc. These tools will be used to size prototypes and optimally size a commercial scale development system. Phases 2 & 3 technical work includes the construction of a reduced scale prototype and single full scale retort kettle to demonstrate, for the avoidance of any doubt, that a commercial scale operation will work as intended. Our project management focus is therefore directed toward eliminating investment risk arising from: • Cost • Schedule • Production Rate & Operability The work program is not designed to prove that the technology will work, but rather to properly “front end load” a common solution applicable to all future development projects. Technical elements of the KOPG process which have been previously proven include: • Pyrolysis • Phase behavior of hydrocarbon systems • Thermodynamics and heat transfer • Fixed / expanded bed reactor technology • Gravel bed filtration • Steam generation facilities • Production facilities • Mining operations • etc. The primary risk is considered to be the operating reliability of a commercial scale retort kettle. As this is a manufacturing operation, each retort kettle will need to be efficiently emptied of spent shale and reloaded with raw shale approximately 2 times per day. This risk can be readily mitigated by the work program. In sum, KOPG Process is a unique assemblage of previously proven technologies.

23. Process Design Considerations KOPG Investor Capital • Environmental • Responsibility • Contained Surface • Processing • No Water Required • Energy Self Sufficient • >50% H2 fuel • gas • Technical • Feasibility • Hydrous Pyrolysis • Proven • Work Program to • Validate Process KOPG Success Land Reclamation (to high standard) • Commercial Viability • Vast Resource • Low Capital Requirements • (on per barrel basis) • Exceptional Returns KOPG Investor Returns Licensee Project Returns