Annapolis management has a combination of oil and gas technical, business, financial, accounting, taxation and legal expertise. Mr. Williams and Mr. Forsyth began their careers with Bennett Jones, barristers and solicitors, in Calgary (Williams in 1981 and Forsyth in 1989) and moved into the energy sector with a public company, Stampeder Exploration Ltd. (Williams in 1993 and Forsyth in 1994). Stampeder grew from 500 boe/day to 34,000 boe/day while Mr. Williams was COO. Between 1997 and 2006 (pre Annapolis), both principals were involved as founders, directors or officers with six private oil & gas exploration & production companies. All six companies have been sold and produced annually compounded returns ranging between 39% and 239% and an average 5.8 times multiple on invested capital to original third party investors.

Mr. Poelzer has 14 years of direct experience in the Canadian oil and gas industry. Mr. Poelzer has served as CFO of a number of private oil and gas companies, including Passage Energy Inc. and Berland Exploration Ltd. Mr. Schink has 31 years of direct experience in the Canadian oil and gas industry. Mr. Schink was a Vice President of Canadian Hunter Exploration Ltd. and founded and was President & CEO of Berland Exploration Ltd.

[for further information on each particular investment, please click on the company logo]

Company Name	Company Timeline	Sale Value	Multiple of Return (*)	Compounded Rate of Return (*)
	Dec 1997 to Nov 2000	$253 million	10.2X	116%
	Jan 1999 to May 2001	$91 million	2.9X	57%
	Oct 2001 to Jan 2004	$115 million	3.7X	78%
	Dec 2001 to Jul 2005	$172 million	3.4X	39%
	Jun 2004 to Dec 2005	$132 million	6.3X	239%
	Apr 2003 to Jan 2006	$105 million	3.2X	52%
		sale value weighted average	5.8X	100%

[* based upon initial subscription price paid by third party investors]