DECEMBER 2011

PMD - TSXV

INVESTOR PRESENTATION

Staying The Course

Forward-looking statement

All monetary amounts in U.S. dollars unless otherwise stated.

This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws concerning the business, operations and financial performance and condition of PetroMagdalena Energy Corp. Forward-looking statements

and forward-looking information include, but are not limited to, statements with respect to estimated production and reserve life of the various oil and gas projects of PetroMagdalena Energy; synergies and financial impact of completed acquisitions; the benefits of the acquisitions and the development potential of the properties of PetroMagdalena Energy; the future price of oil and natural gas; the estimation of oil and gas reserves; the realization of oil and gas reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; ANH/ Ecopetrol approval of transfer of title and operatorship of joint ventures; and currency exchange rate fluctuations. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially

from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of PetroMagdalena Energy and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating oil and gas prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated, acquisitions not being integrated successfully or such integration proving more difficult, time consuming or costly than expected as well as those risk factors discussed or referred to in PetroMagdalena Energy’s public filings with the securities regulatory authorities in the provinces of Canada and available at www.sedar.com. Although PetroMagdalena Energy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking

statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. PetroMagdalena Energy undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning oil and gas reserve estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the oil and gas that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this presentation.

Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The management estimates of resources presented herein are arithmetic sums of multiple estimates of remaining recoverable resources (unrisked), which statistical principles

indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class. Estimates of remaining recoverable resources (unrisked) include prospective resources that have not been adjusted for risk based on the chance of discovery or the chance of development and contingent resources that have not been adjusted for risk based on the chance of development. It is not an estimate of volumes that may be recovered. Actual recovery is likely to be less and may be substantially less or zero.

Although PetroMagdalena has closed the acquisitions of its working interests in Carbonera, Cerrito, Rio Magdalena, Arrendajo, Topoyaco and Mecaya, it is currently in the process of completing the required approvals from ANH/ Ecopetrol, as applicable, for the formal transfer of title and operatorship.

2

3

1. Focus on organic cash flow opportunities in our portfolio

2. Enhance netbacks, reduce costs, increase efficiency

3. Exploration success at Cubiro in 2011 now leading to increased

development activity in 2012 in the Llanos Basin

4. Maximizing value from assets in our portfolio – leverage

relationships with strong partners

EXPERIENCED LEADERSHIP

IMPROVING OPERATING CASH FLOW

HIGH POTENTIAL

EXPLORATION ASSETS

DRIVING VALUE

Focus on Value Creation

Goal is to increase production and reserves

Diversified

portfolio

4

CATGUAS

CARBONERA

CARBONERA LA SILLA

SANTACRUZ

CERRITO

CORDILLERA 33

VALLE MEDIO

DEL MAGDALENA 11

RIOMAGDALENA

VALLE MEDIOMAGDALENA 35

VALLE SUPERIOR

MAGDALENA 12 VALLE SUPERIORMAGDALENA 13

TOPOYACO

MECAYA

CUBIRO

ARRENDAJO

LA PUNTA

LLANOS41

Panamá

Brasil

YAMU

Catatumbo Basin •Santa Cruz •Cerrito

•Carbonera-La Silla •Carbonera •Catguas

Llanos Basin

•Cubiro

•Arrendajo •La Punta •Yamu

Putumayo Basin •Topoyaco

•Mecaya

Magdalena Basin •Las Quinchas •Rio Magdalena

RED blocks: 2010 ANH E&P

blocks

Achieved Ongoing

Reduced G&A per boe by 54% Q3 2011 vs 2010 average

Increased Operating Netback by 49% 2011 YTD (9 months) from FY2010 average

Increased reserves at Cubiro by 86% *

Drilling program at Cubiro O

Exploration at Cubiro O

Spud Yaraqui-1X at Topoyaco – D, August 31, 2011

Farm-out 30% of Santa Cruz

Spud Santa Cruz-1 on November 20, 2011

Farm-out Carbonera and Catguas to YPF **

Sale and/or farm-out of other assets O

5

Achievements Q1 through Q3 2011

* Petrotech report on Cubiro block, September 30, 2011

** Subject to ANH approval

6

86% increase in 2P reserves at Cubiro

Technical Report dated September 30, 2011:

• Updated 2P reserves at Cubiro to 10.8 mmbls – an increase of 5.0 mmbls,

or 86%, compared to December 2010 report

• Updated 1P reserves at Cubiro to a total of 3.0 mmbls, or 73% increase

compared to December 2010 report

• Oil discoveries at Cubiro demonstrate exploration potential

• Production growth funds ongoing work plan for Cubiro

Cubiro L & M Oil Reserves (Mbbls)

100% Gross Net

Proved Developed

Producing 1,981 1,216 1,119

Proved Undeveloped 2,776 1,734 1,595

Total Proved 4,757 2,950 2,714

Probable 13,076 7,873 7,243

Total 2P 17,833 10,823 9,957

Source: Petrotech Engineering Ltd. report on Cubiro block, September 30, 2011

7

Cubiro 2P Reserves Changes in 2011

Source: Petrotech Technical reports: September 30, 2011, December 31, 2010 and 2009

2,570

5,831 1,123

972

2,079

1,233

1,831

0

2,000

4,000

6,000

8,000

10,000

12,000

Dec 2009 Reserve Report

Dec 2010 Reserve Report

2011 Cubiro Production & Technical Revisions

Purchase 32% of

Cubiro 'C'

Petirrojo Discovery

Copa B Discovery

Copa A Sur Discovery

Mb

bls

September 30, 2011

10,823

8

Daily Average Production 2010-2011

0

500

1000

1500

2000

2500

3000

3500

4000

Year 2010

Q1 2011 Q2 2011 Q3 2011 Nov 2011 *

bo

ed

Copa A Sur-1

Copa B-1

Petirrojo-1

Yamu

32.13% Cubiro Block C acquired

Arauco5/ Careto 13H

2010 base wells/ working interests

• Daily average for month of

November 2011

• Petirrojo 2 & 3 to be on production

in December.

9

• Re-capitalized balance sheet in February 2011 through equity financing

• Reduced debt by $31 million to $10 million, freeing up $1.0 million

per month of operating cash flow to fund capital investments in core

assets; working capital deficit reduced by $44 million since

December 31, 2010

• Enhancing operating netback from Cubiro production

• New oil marketing contract in conjunction with Pacific Rubiales

• Implementing initiatives to reduce opex

• Cost reductions generating positive trend in G&A per barrel produced

Ne

tba

ck

pe

r

ba

rre

l G

&A

pe

r ba

rrel

Strengthening operating cash flow

$-

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$-

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

Q2 - 2010 Q3 - 2010 Q4 - 2010 Q1 - 2011 Q2- 2011 Q3 - 2011

Operating Netback per barrel G&A per barrel

10

Enhancing Cubiro’s netback

• New 3-year conventional oil marketing agreement signed with

Pacific Rubiales effective February 1, 2011

• Three potential delivery points to Colombian pipeline infrastructure

(1) Management estimates, as of November 2011 (2) Agreement in place – delivery volumes only on availability (only 6,200 bbls to Dec 1, 2011) (3) Vasconia as of November 29, 2011 priced at WTI + $6.85/bbl

Illustrative summary of potential netbacks from crude oil sales

from Cubiro production (1) (US$ per barrel)

Delivery Point / Reference Price Rubiales /

WTI

Guaduas /

Vasconia

Araguaney /

Vasconia (2)

WTI (Nymex : November 29, 2011) $99.79 $99.79 $99.79

Benchmark Quality Adjustment +8.00 +6.85 (3) +6.85 (3)

Royalties (7.00) (7.00) (7.00)

Net Revenue $100.79 $99.64 $99.64

Production costs (Q3 - 2011) 14.50 14.50 14.50

Transportation & pipeline 16.50 22.50 10.00

Operating Netback $69.79 $62.64 $75.14

Property Work Program 2011(1) Approximate timing

Exploration Plan

Cubiro • 4 wells (2 Block B, 2 Block C) • 3 drilled, 3 discoveries

• Yopo well, Q4-2011

La Punta • 1 well (LP-4 dry) • LP-4 drilled Q2

Topoyaco • 1 well (Yaraqui-1X) • Spud August 31st ; preparing

to test

Santa Cruz • 1 well • Spud November 20th, drilling

Development Plan

Cubiro • 4 wells + 1 WO + facilities, including storage

• 2 wells completed in Q1-2011 • Petirrojo-3 dev well in Q4-2011 • Petirrojo-2 dev well in Q4-2011

• 1 WO in Q4-2011

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(1) Management Estimate, subject to change

Estimated 2011 capital investment budget: $41 million (1)

2011 Work Program

• Capital expenditure program estimated at $50 to $60 million,

excluding commitments funded by farm-ins (Carbonera, Catguas).

• 65% directed to light oil exploration and development in Cubiro and

Arrendajo.

• 6 Llanos exploration wells, 4 in Q1, 1 in Q2 and 1 Q3.

• 10 Llanos development wells, 1 in Q1, 3 in each subsequent quarter

• 2012 Llanos exploration program:

Management estimate of light oil recoverable prospective resources,

company‟s working interest share is 9.1 million barrels Un-Risked and 3.8

million barrels Risked

• Capital funded from cash and internally generated cash flow.

• No near term financing required to fund 2012 work plan.

• Cash flow estimate for 2012 includes no production volumes for any

of the exploration wells currently being drilled or to be drilled in 2012.

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2012 Work Program Overview

Property Work Program 2012(1) Approximate timing

Exploration Drilling

Cubiro • 4 wells (3 Block B, 1 Block C)

• 1 contingent well (Block C)

• 3 in Q1, 1 Q2, 1 Q3

Arrendajo • 1 well • 1 well in Q1-2012

Santa Cruz • 1 well, spud Nov, 2011 • Well will TD in Q1-2012

Carbonera • 1 well • 1 well in Q1-2012

Development Drilling

Cubiro • 7 wells

• 3 contingent wells • 1 well in Q1-2012

• 3 wells each subsequent qtr.

Carbonera • 1 well • 1 well Q2-2012

13

(1) Management Estimate, subject to change

Estimated 2012 capital investment budget: $50 million - $60 million (1)

2012 Work Program

14

(1) Management estimate, 2012 estimate calculated with an $80/bbl WTI pricing

(2) Represents estimated revenues less royalties, production and transportation/pipeline costs based upon

average daily production of 2,800 boed for 2011 and 4,500 boed (mid-point of management guidance

range)for 2012

(3) Includes funds being set aside for May 2012 & May 2013 annual principal repayment of senior notes

(4) Management Estimate

2011E 2012E

Average daily production for the year (gross before royalties)(4) 2,800 boed 4,300-4,700 boed

Cash flow from operating netbacks (2) $58M $82M

Less: G&A $15M $16M

Less: Debt service (principal & interest) (3) $18M $24M

Less: Equity tax instalments $2M $ 2M

Net cash flow from operations $23M $41M

Cash position, beginning of year $6M $17M

Cash available from equity financing for work program $35M -

Other sources/ (uses), including working capital changes and

cash from asset dispositions (4) $(6M) $ 7M

Total cash available to fund annual work program $58M $64M

Annual work program expenditures (4) $41M $50-$60M

Annual Cash Flow (4)

15

Operator: PetroMagdalena Energy WI: A:60.5% B:70% C:57.13% Contract: ANH

Product: L/M Oil Area: 61,295 acres 2P Reserves: 10.8 MMbbl (1)

Production: 2010 A (Year Avg): 1,905 boe/d 2011E (Year Avg): 2,100 boe/d – 2,300 boe/d(2)

Llanos Basin – Cubiro

(1) Petrotech Report dated Sept. 30, 2011, PetroMagdalena

share, gross before royalties

(2) Management Estimates

About Cubiro

• Most prolific hydrocarbon basin in continental Colombia

• Currently producing from 18 wells in the Careto, Arauco, Barranquerro and Copa fields

• 86% increase in 2P reserves (Sept 2011 vs Dec 2010) (1)

• Improved marketing contract (Pacific Rubiales) and reduced opex has significantly improved the netback per barrel vs 2010

• 2011 Exploration program with three discoveries with 5.1 MMbbls (3) of recoverable reserves (2P) (1)

16

Llanos Basin - Cubiro

Polygon A :

Development Area

60.5% W.I.

Polygon B :

Exploration Area

70% W.I.

Polygon C :

Exploration Area

57% W.I.

Field

Prospect

C5 37 °API

Palmarito C7 40 °API

Caño Gandul C5-C7 38 °API

Careto

Arauco Sirenas

Guanapalo

C7

30 °API

Barranquero Petirrojo

Altair

Copa

C7

Cernicalo

Q1-2012

Canario Sirenas

Sur

Turpial

Tijereto Sur

Q1-2012

Yopo, Q4-2011

Petirrojo Sur

Copa B

Copa ASur

Jordán

C7

29 °API

Copa C, Q1-2012

Highlights

• Operated by PetroMagdalena

• All production is subject to the sliding scale royalty rates of ANH and a 3% overriding royalty on total production from the Block.

• The Cubiro Block has been under an

Exploration and Production (E&P) Contract with ANH since October 8, 2004, exploration phases followed by a 25 year production period.

• Currently, there are seven producing oil

fields: Careto, Arauco, Barranquero, Petirrojo, Copa, Copa B and Copa A Sur.

• Currently producing from Carbonera C-5, C-7 and Gacheta formations.

• Acquired an additional 32.13% of the

Cubiro C eastern area on April 15, 2011.

• Three new fields discovered at Petirrojo, Copa B and Copa A Sur in Q3 2011

Petirrojo Field, Petirrojo South & Yopo

Prospects • Petirrojo-1 encountered 32 ft of net pay.

After an initial test rate of 1,545 bopd of

40 API light oil the well averaged 1,849 bopd (Company share, 1,294 bopd) over the next 15 days and remains on production.

• 2nd well (Petirrojo-3 dev well) has been drilled and cased from the same location

Q4-2011, 3rd well (Petirrojo-2 dev well) is currently drilling.

• Yopo exploration well planned to be drilled when civil work is completed, Q4-2011.

• Petirrojo South will be drilled when civil work has been completed, Q2-2012

2P RESERVES (1)

(Mbbls)

Petirrojo 2,036

RESOURCES (2)

(Mbbls)

Petirrojo South 1,100

Yopo 1,700

(1) Company share, Sept 30, 2011 technical report

(2) Company share, Management estimate, not yet certified

Yopo Prospect

Petirrojo Field

1 Km

Petirrojo-1

Carbonera C7

TWT Seismic Map

Petirrojo Dev. Locations

Petirrojo South Prospect

2P Reserves

(Mbbls)

Copa B 1,230

Copa A Sur 1,831

CURRENT TECHNICAL REPORT (1)

Copa B Field, Copa A Sur & Copa AN Prospect

• Copa B-1 exploration well encountered 41 ft of net pay. Daily average production during

October has averaged 765 bopd (Company share 437 bopd). ESP stopped working October 20th; the well went back on production Nov 9th .

• Copa A Sur-1 exploration well successfully drilled with Initial 4-day test rate of 1,114

bopd (Company share, 636 bopd) of 38.4° API light oil on natural flow.

• Copa A Sur-1 went on production Nov 6th .

• The Copa C structure to the south of Copa B will be drilled in Q1-2012

Carbonera C7

TWT Seismic Map

Copa B Field

Copa B -1

Copa ASur Field

Copa ASur-1

1 Km

Copa AN Prospect

18 (1) Company share, September 30, 2011 technical report

Cubiro ‘C’ Area – Copa Upside

19

2P RESERVES

(Mbbls) 100% Gross Net

Copa Field 3,008 1,718 1,582

Copa A Sur 3,205 1,831 1,684

Copa B 2,153 1,230 1,142

8,366 4,779 4,408

RESOURCES

(Mbbls) 100% Gross COS Risked

% Gross

Copa A North 3,363 1,920 60 1,152

Copa C 3,509 2,004 40 802

Copa D 2,340 1,336 40 534

9,212 5,260 47 2,488

Sept 30, 2011 Technical Report

Mgmt Volumetric Estimates: C7, C5, C3

Copa Field

Copa A Norte

Copa A Sur

Copa B

Copa C

Copa D

Producing Exploration 2012 Development

20

Highlights

• Arrendajo is 7 km NE of the Cubiro block

• Operated by Pacific Rubiales Energy

• 120 km2 of 3D survey completed in April 2011,

interpretation shows 6 light oil prospects on trend with producing oil fields

• Drilling two wells, starting in Dec. 2011

• Six prospects in the Carbonera formation have been identified: Azor, Yaguazo, Arrendajo Norte, Arrendajo Sur, Mirla Blanca, and Mirla

Oeste

• Management estimates prospective resources of ~ 11 MMbbl unrisked, with addition of the new 3D seismic survey, ~ 4.5 MMbbl risked as the companies working interest share before royalties

• PetroMagdalena acquiring 32.5% working interest from Pacific Rubiales, subject to ANH approval, for $10 million to be paid out of production and paying all costs for Pacific Rubiales go forward.

Llanos Basin – Arrendajo

ARRENDAJO

(1) Petrotech Engineering report April 2010, adjusted for the 32.5% interest being acquired from Pacific Rubiales.

Operator: Pacific Rubiales WI: 67.5% Contract: subject to ANH Product: Light Oil Area: 78,102 acres

Resources: 8,259 Mbbl (1)

Stage: Exploration

CUBIRO

Arrendajo Norte

Q1-2012

Arrendajo Sur

Mirla Negra

Yaguazo

Mirla

Blanca Mirla

Oeste

Azor

Q4-2011

21

Topoyaco & Mecaya Contracts: ANH

Operator: Topoyaco - Pacific Rubiales (1)

WI: 50%, subject to ANH approval

Mecaya – Gran Tierra WI: 42%, subject to ANH approval Product: L/M oil exploration potential Production: Nil

About Putumayo

• Putumayo Basin is located in southwest Colombia

• High potential exploration targets

Highlights

• Partnered with experienced operators.

• The possibility of finding a large field and on trend with Costayaco

• PetroMagdalena Energy has a 50% working interest in the Topoyaco Block, subject to the ANH approval, with a 6% overriding royalty to Trayectoria. In addition, there is a 3.5% profit interest payable to

Grant Geophysical for the seismic work.

• PetroMagdalena has a beneficial 43% working interest in the Mecaya Block, subject to ANH approval, with no overrriding royalty and will pay 85% of the cost of the first 3D and well.

Exploration Plan

• One exploration well, Yaraqui -1X, (Prospect D) commenced drilling on August 31

Putumayo Basin

(1) Contract assignment in process subject to approval by ANH

22

Well: Yaraqui-1X

Prospect: D

Putumayo Basin – Topoyaco

Prospect ‘D; Resource Estimate -100% (mbbls)

PROSPECT LOW BEST HIGH

„D‟ 15,808 46,907 147,119

Gross

PetroMagdalena 7,904 23,453 73,560

Source: April 30, 2010 Petrotech Report (available at

www.petromagdalena.com)

Yaraqui-1X well spud

August 31, 2011, in the

central part of the

block.

The well reached total

depth of 10,651 feet

MD, targeting the

Cretaceous Villeta

and Caballos

formations, in a sub-

thrust structure called

Prospect “D”.

Testing is currently

being conducted.

23

Maximize Value From

Catatumbo Assets

Actions Taken

Farm Out Agreement for Santa Cruz:

• Retain Operatorship

• Retain 70% Working Interest

• Pay 40% of first well in Q4 – 2011, 55% of second well, 70% thereafter

Farm Out Agreement for Carbonera:

• YPF becomes Operator, bring extensive gas experience

• Retain 40% Working Interest

• Carried through US$23 million work program

Farm Out Agreement for Catguas: • YPF will lead exploration program

• Retain working interests of 15% in North area and 4.5% in South area

• Carried through 2012 work program

24

• Santa Cruz-1 is being drilled, and spud on

Nov. 20th, 2011, in the A Block which has

an area of 750 acres with a primary target

(Mirador) thickness of over 300 ft of high

porosity & permeability SS reservoir.

• The well reached 3,905 ft in November,

the 13 3/8 inch casing point.

• The Santa Cruz Block prospective resources are based on the 3D seismic interpretations and surrounding analog fields.

• The Santa Cruz Block has several faulted structures assigned prospective resources based

on the 3D seismic interpretations and information from the offset Rio Zulia field

Source: Management estimate of recoverable resources based

on the 3D interpretation and are reported gross of royalties.

Catatumbo Basin – Santa Cruz-1

Operator: PetroMagdalena

WI: 70%

Santa Cruz-1 Resource Estimate -100% (m bbls)

PROSPECT LOW BEST HIGH

„A‟ 17,000 73,000 308,000

Gross

PetroMagdalena 11,900 51,100 215,600

Source: Management Estimate

C: 700

acres

Total of

3480 acres

F: 420

acres

E: 580

acres

D: 230

acres

A: 750

acres

B: 800

acres

Santa Cruz – 1, Q4 - 2011

25

Cash position (September 30, 2011): $12.3 million

Debt (September 30, 2011):

Factoring Loan (maturing Oct 2012)

Bank term loans (maturing May/ Aug 2013)

9% Senior Notes (maturing May 2014)

$6.6 million

$7.9 million

CA$31.1 million

Share price (December 1, 2011): CA$1.60

Shares outstanding: 142.3 million

Options outstanding ($2.17 average)

Warrants outstanding ($3.50)

13.5 million

19 million

Fully diluted: 174.8 million

Market capitalization - undiluted (December 1, 2011): CA$227.7 million

Capitalization

26

Leadership team

Luciano Biondi

Chief Executive Officer

Gregg K. Vernon, P.Eng

Chief Operating Officer

Michael Davies, C.A.

Chief Financial Officer

Francisco Bustillos, M.Sc.

Colombian Finance &

Administration Manager

Jesus Aboud

Exploration Manager

Peter Volk, LL.B.

General Counsel & Secretary

Management

Jaime Perez Branger

Executive Chairman

Miguel de la Campa

Serafino Iacono

Ian Mann

Robert Metcalfe

Luis Miguel Morelli

Directors

Appendix

27

Assets in the most prolific basins

Area Operator (1)

Gross Acres WI Contract Stage Product Status

Llanos Basin

Cubiro PMD

61,295 60-70-57% ANH E&P Light Oil Core Asset*

La Punta Vetra 19,313 Up to 6% ECP E&P Light Oil Contract under

review

Arrendajo PRE 78,102 67.5% ANH Exploration Light Oil Near Cubiro

Yamu WOGSA 18,194 10% ANH Prod & Exp Light Oil Producing

Catatumbo Basin

Carbonera PMD 63,727 96% ANH E&P Oil & Gas Joint Venture

or

Farm-Out

Cerrito PRE 10,165 76-81% ECP E&P Gas

Catguas GTE 330,355 15%/50%

S N (2) ANH Exploration Oil & Gas

Santa Cruz PMD 40,058 100% ANH Exploration Light Oil Farmed out 30% WI

Carbonera – La

Silla PMD 12,558 58% ECP

E&P

Light Oil

3D seismic work plan

in place

Magdalena Basin

Las Quinchas PRE 124,493 24.5% ECP E&P H Oil To Be Sold

Rio Magdalena GTE 36,156 56% ECP E&P Gas/Cond/

Oil JV or Farm-Out

Putumayo Basin

Topoyaco PRE 60,035 50% ANH Exploration L/M Oil PRE now Operates

Mecaya GTE 74,128 43% ANH Exploration L/M Oil 3D seismic planned (1) See Slide 2. (2) Option to acquire additional 10% S/ 30% N.

* Working interest reflects post-acquisition of Jaguar E&P CPR Consultants, S.A Yellow background = Core portfolio assets 28

29

VSM 12

VMM 35

COR 33

VSM 13

LLA 41 VMM 11

MIDDLE MAGDALENA VALLEY BASIN

CORDILLERA BASIN

UPPER MAGDALENA VALLEY BASIN

LLANOS BASIN

2010 ANH Bid Round

Six E&P Assets

• Agreement for funding the

exploration commitment,

resulting in PetroMagdalena

holding a 10% Working Interest.

30

Colombian Pipeline Infrastructure