CEO, engineer Olav Ellingsen mail: Cell phone: Environmental friendly and cost effective production of oil from oil sand and oil shale

Introduction 2 Oil is the world´s most important commodity – either it be to fuel our cars or heat our homes. And it will be so for decades. But as the conventional oil is declining, alternative resources have to be found. By far the biggest resources of so-called unconventional oil are found oil in oil sand and oil shale. Canada has nearly unlimited resources of oil sand and produces at present about 1,1 million barrels of oil every day by mining operation, but with today´s technologies that comes at great costs both finically and environmentally.

Present problems in oil sand business 3

Technology Comparison 4 Conventional process: 1.Vast water consumption - 2,5 bbl water per 1 bbl oil 2.Extracted oil needs to be upgraded 3.High CAPEX and OPEX TarBlaster solution: 1.Zero use of water 2.Extracts and upgrades the oil in one operation 3.Reduce CAPEX with about 80% and with low OPEX

Team and Partners Tarblaster AS 5  Experienced team of 7 individuals with competence in engineering, geology, law, economics and commercialization of innovative technologies.  More than 200 years combined experience  Supported by research leaders:  Sintef Energy Research AS, Trondheim, Norway  Sintef Materials and Chemistry, Oslo, Norway  Université de Technologie, Compiegne, France  Financial Partners  Epi-V, England (Venture Fund)  Industry Leaders in Innovation Technology Commercialization Success  100 private and commercial investors

Business Case  Our product is the TarBlaster process  Our business model is to:  develop the TarBlaster process to a commercially proven level  attract customers  attract industrial partners  What does this require?  Demonstrate benefit to end user  Prove efficiencies and economics of process  Who is the potential customers?  Oil sand operating companies 6

Technology Development and Roadmap 7

Project Status  Process verified and upgraded oil produced in a test rig at Sintef Energy Research  Finalization of Reactor Design: hydrodynamic tests at Universite de Technologie, France  Pre-engineering of a commercial plant with a capacity of barrel per day completed.  Two patent filed – at present one granted in Canada. 8

Next Steps Towards Exit  Prove Efficiency Through Mass and Energy Balance Testing  Building of a new flexible test rig in France to:  Develop the technology through a strategic partnership with one or more clients.  Attract potential customers by inviting them to test their own oil sand.  Attract an industrial partner for commercializing the technology 9

TarBlaster’s Uniqueness 10  Competitive advantages  Extraction and upgrading oil sand in one operation  No water consumption  Increased cost-efficiency by sale of surplus energy  Reduced CO2 emissions  Why should customer choose our product?  Reduce capital investments  Reliable well known technology  Increased value of oil by upgrading  The oil can be routed directly to a refinery

Target Market 11  Volume in place 1,7-2,5 trillion barrels  Recoverable (probable)335 billion barrels  Surface mining reserves 35 billion barrels  Other proven reserves 98 billion barrels  Present production1,1 million bbl/day  Projected 20154,0 million bbl/day (*)  Tar sand moved per bbl2,0 ton  Water per bbl 2,5 bbl (if no recycling)  Leases in Alberta2.800 (*) At this production level it will take about 100 years to empty the proven reserves

Company Exit in Trade Sale  Value for the end user:  Low CAPEX and OPEX  Environmental friendly process  Easier access to leases  Remote areas  New product  Market opportunities  Patented technology  Low risk process  Public gearing 12

Business Case / Customer economics Tarblaster