B-G PARTNERS, LLC Started in 1983, Started in 1983, Has three managing members of the General Partner and over one hundred and fifty Limited Partners, Has three managing members of the General Partner and over one hundred and fifty Limited Partners, For fifteen years, Partners continued to purchase “ Class A ” locations as delineated by the Majors working in the Michigan Basin. For fifteen years, Partners continued to purchase “ Class A ” locations as delineated by the Majors working in the Michigan Basin. These partnerships were all “ rolled up ” into two Master Limited Partnerships in 2003 and These partnerships were all “ rolled up ” into two Master Limited Partnerships in 2003 and Page 2

Energy Business Consists of mineral rights to reduce personal liability for partners. Consists of mineral rights to reduce personal liability for partners. Partners receive their share of revenues as income from producing wells. Partners receive their share of revenues as income from producing wells. In partnership with a Michigan LLC, it has 594 sites that represent about 8,000 net acres. In partnership with a Michigan LLC, it has 594 sites that represent about 8,000 net acres. Each site may elect to participate (at cost) in the drilling/completion expenses and receive a pro-rata share of net revenue from a successful well rather than a royalty participation. Each site may elect to participate (at cost) in the drilling/completion expenses and receive a pro-rata share of net revenue from a successful well rather than a royalty participation. Page 3

Michigan Geology Map of Michigan geological location (Exhibit 1), Map of Michigan geological location (Exhibit 1), Formations are U shaped that is similar to the Permian Basin (Exhibit 2), Formations are U shaped that is similar to the Permian Basin (Exhibit 2), Antrim is 200 ’ at the edge and 2,000 ’ + in center of State (Exhibit 3), Antrim is 200 ’ at the edge and 2,000 ’ + in center of State (Exhibit 3), Dundee is in 3,000 ’ -5,000 ’ range, Dundee is in 3,000 ’ -5,000 ’ range, Utica-Collingwood shale depth ranges 7,200’ to 9,700’. Utica-Collingwood shale depth ranges 7,200’ to 9,700’. PDC is at the center and 9,000 ’ -12,000 ’ deep. PDC is at the center and 9,000 ’ -12,000 ’ deep. Page 4

Exhibit 1Page 5

Exhibit 2Page 6

Exhibit 3Page 7

All of BG’s sites have access to pipeline distribution. (Exhibit 4) Page 8

Exhibit 4Page 9

Bradford Gordon’s Geological Targets Antrim, Dundee, Utica-Collingwood, St. Peter Sandstone/Trenton and Prairie du Chien, Antrim, Dundee, Utica-Collingwood, St. Peter Sandstone/Trenton and Prairie du Chien, Prospects drilled and abandoned by major oil companies, Prospects drilled and abandoned by major oil companies, Several up-hole targets identified for redrilling in abandoned PDC wells using new technology. Several up-hole targets identified for redrilling in abandoned PDC wells using new technology. Page 10

Antrim Shale Formation diagram (Exhibit 5A), Formation diagram (Exhibit 5A), Comparison with Barnett Shale: Comparison with Barnett Shale:  i)Antrim Shale covers a larger area than Barnett Shale in Texas. Texas.  ii) A bullet point list of the Antrim compared to the Barnett Shale that is supported by government documentation (Exhibit 5B+C).  iii) It underlies all of the lower peninsula of Michigan and has as much potential as the Barnett, potential as the Barnett,  iv) Requires a good fracture system.  v) Antrim Shale, as a gas play, at depths of 500 ’ -2,000 ’, and 2,500 ’ + for the oils. the oils. USGS estimates success rate for finding new Antrim is at 80% … Bradford-Gordon mineral right ’ s sites USGS estimates success rate for finding new Antrim is at 80% … Bradford-Gordon mineral right ’ s sites (Exhibit 6). (Exhibit 6). Page 11

Exhibit 5APage 12

Exhibit 5B Page 13

Exhibit 5C Page 14

Antrim Locations Exhibit 6 Page 15

Antrim Shale (continued) Opportunities in Osceola County Opportunities in Osceola County  i)Seventeen identified properties should have an excellent potential for success in the Antrim.  ii) Evidence of enhanced fracture content within the Antrim locations because of geological structure associated with locations because of geological structure associated with currently producing fields. Page 16

Dundee-Fingerprint map of Locations (Exhibit 7) Primarily located in Central Basin where drilling costs are low. Primarily located in Central Basin where drilling costs are low. Various wells at Fork Field (Mecosta Co.) offer a unique chance to find additional oil at low risk; the location of the oil is known and has a significant percentage of unrecovered hydrocarbons. Various wells at Fork Field (Mecosta Co.) offer a unique chance to find additional oil at low risk; the location of the oil is known and has a significant percentage of unrecovered hydrocarbons. In the field, a horizontal well can have 4-10 times the productivity of a vertical well. (Exhibit 8). In the field, a horizontal well can have 4-10 times the productivity of a vertical well. (Exhibit 8). Page 17

Exhibit 7Page 18

Exhibit 8 N Page 19

Utica-Collingwood Shale A Michigan geologist indicated huge potential for these shales, which will be proven after additional wells are drilled. An article from the 1/20/12 issue of the Michigan Oil & Gas News (MOGN) reported some details on the two wells in Kalkaska County. The geologist confirmed the analysis on these two U-C wells could be prolific. Page 20

Utica-Collingwood Shale (con’t) Through research on the top twenty selected abandoned PDC wells for the U-C Shale potentials, most of the wells ranked higher than St. Pioneer 1-3, which was completed as a first commercial Collingwood Shale well in Michigan in The geologist indicated the Bradford Gordon parcels in the counties (Kalkaska, Roscommon, Missaukee and Clare) have a good selection of wells that have been drilled through the U-C shales. Page 21

Upper PDC in Osceola County Drilling mud logs and structure maps are shown for McCasey 1-7, Noreen 1-18, and St. Burdell 1-5 sites. (Exhibits 9-12A+B). Drilling mud logs and structure maps are shown for McCasey 1-7, Noreen 1-18, and St. Burdell 1-5 sites. (Exhibits 9-12A+B). The fourth site, Zinger 1-1, has several additional oil/gas reserves in formations located in “ deeper productive horizons. ” (Exhibits 13A+B) The fourth site, Zinger 1-1, has several additional oil/gas reserves in formations located in “ deeper productive horizons. ” (Exhibits 13A+B)  Note: B-G has mineral rights in two other wells near the site. Page 22

Exhibit 9 Page 23

Exhibit 10A Page 24

Exhibit 10BPage 25

Exhibit 11APage 26

Exhibit 11BPage 27

Exhibit 12APage 28

Exhibit 12BPage 29

Exhibit 13APage 30

Exhibit 13BPage 31

Many of Bradford Gordon ’ s sites are located in Osceola County. As it has a large minority of mineral properties in the county, further evaluation should be on an area wide basis instead of individually (Exhibit 14, on the next page). As it has a large minority of mineral properties in the county, further evaluation should be on an area wide basis instead of individually (Exhibit 14, on the next page). Most of the top selected abandoned PDC wells for the Utica-Collingwood shale is located in that County. (Exhibit 15, on page 34) Most of the top selected abandoned PDC wells for the Utica-Collingwood shale is located in that County. (Exhibit 15, on page 34) Page 32

Exhibit 14 Page 33

Exhibit 15 Page 34

Potential Reserves The conversion of “ 6 to 1 ” from the gas equivalent to the oil are as follows: The conversion of “ 6 to 1 ” from the gas equivalent to the oil are as follows:  Dundee 20 Bcfe 3.3 MMBOE  Antrim695 Bcfe115.8 MMBOE  Upper PDC816 Bcfe136.0 MMBOE MMBOE MMBOE Page 35

Potential Reserves (continued) With oil currently trading at a premium over natural gas, Bradford Gordon, Inc., has balanced potential resources.  With favorable oil outlook in the U.S., for both the long and short term, the energy industry predicts more allocation of its capital expenditure to oil-favored projects.  This would enable several heavily weighted natural gas producing companies to be more balanced with oil and gas equal at a ratio. Page 36

Research on Selected Sites: Twenty of the abandoned PDC well sites were identified for re-drilling and offsets in potential reserves, which are located primarily in Osceola and Mecosta Counties. Twenty of the abandoned PDC well sites were identified for re-drilling and offsets in potential reserves, which are located primarily in Osceola and Mecosta Counties.  Comments on these sites are available on request; all have top ratings by a noted petroleum geologist.  Seismic surveys will be required but, over the ten year period, the total revenues from the Selected Six Sites is projected after drilling cost at $88.5 million, or at present value (PV) valuation of $25.6 million assuming oil at $45 per barrel and gas at $4.25 per Mcf.  The PV Valuation, on the next page, should increase in value once research on Utica-Collingwood takes place. Page 37

PV Valuation With PV at $3.034 billion and a 4% participation, the value amounts to $121.3 million - based on $80 per barrel. With PV at $3.034 billion and a 4% participation, the value amounts to $121.3 million - based on $80 per barrel. In another perspective on Bradford Gordon valuation, research on the holdings on the leases was recently valued at $440 billion, with development/ production costs estimated at $12 billion for a $428 billion profit. In another perspective on Bradford Gordon valuation, research on the holdings on the leases was recently valued at $440 billion, with development/ production costs estimated at $12 billion for a $428 billion profit. Page 38

The general partners view $100 million as the fair market price. Page 39

Comprehensive view of locations is on our website at Comprehensive view of locations is on our website at Spreadsheet has interesting Purchase Narratives on each site. Spreadsheet has interesting Purchase Narratives on each site. February 19, 2012 Page 40

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