Due Diligence Review of Proposed Eagles Ledge Energy Refinery November 2014

Due Diligence Review of Proposed Eagles Ledge Energy Refinery Prior essential research is used to determine: Feasibility of the Project Qualifications of the Principles Adequacy of Capital Degree of Environmental Impact

Due Diligence Review of Proposed Eagles Ledge Energy Refinery Feasibility of the Project: Assess the project’s scope and design Review the project’s production logistics Examine targeted markets Assess adequacy of capital

Due Diligence Review of Proposed Eagles Ledge Energy Refinery Qualification of Principles: Assess Triad’s capability to perform engineering and construction of the project, including the review of relevant experience and outcomes. Assess Eagles Ledge’s capacity to manage and capitalize the project—both during construction and in the operational phase.

Due Diligence Review of Proposed Eagles Ledge Energy Refinery Adequacy of Capital: Provide Devil’s Lake with information relevant to assessing the economics of the project, including market information regarding industry fundamentals as applied to the Eagles Ledge energy refining project.

Due Diligence Review of Proposed Eagles Ledge Energy Refinery Environmental Impact: Review adequacy of applicable permitting requirements in safeguarding quality of life in Devil’s Lake. Generally assess environmental impact of the project.

Due Diligence Review of Proposed Eagles Ledge Energy Refinery The Due Diligence Team—Alston & Bird: The Firm—One of the 50 largest law firms in the country, reflecting leading practice groups in diverse areas including a significant, well regarded, environmental practice based in Los Angeles, CA and governmental affairs practices in Washington, DC.

Due Diligence Review of Proposed Eagles Ledge Energy Refinery The Due Diligence Team—Alston & Bird: Earl Pomeroy, Senior Counsel—Extensive experience with Devil’s Lake community, gained as a part of the effort to shape the federal response to the Great Devil’s Lake Flood, between 1998 and 2010. Jocelyn Thompson, Partner—Extensive environmental law experience, including oil refinery, permitting, mitigation and regulatory compliance issues.

Due Diligence Review of Proposed Eagles Ledge Energy Refinery The Due Diligence Team—Baker O’Brien: The Firm—Engineering consulting firm with extensive experience in performing technical and economic due diligence analyses of energy projects, including oil projects.

Due Diligence Review of Proposed Eagles Ledge Energy Refinery The Due Diligence Team—Baker O’Brien: Daniel Finelt—Operational and consulting experience, including clients’ work in refinery feasibility studies. Holds a B.S. in Chemical Engineering and MBA in Finance. Kevin Waguespack—Experienced in process engineering, operations management, and facility expansion supervision. Holds more than 22 years of consulting experience, including feasibility studies and mergers and acquisitions support.

Questions?