PetroMagdalena Investor PresentationJune 2012

TSX-V: PMD

www.petromagdalena.com

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 “to be”, “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, Catguas, Rio Magdalena, Arrendajo, Yamu, 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 or operatorship.

2

Forward-looking statement

Building On Our Success

Focus on organic cash flow opportunities in our portfolio

3

EXPERIENCED LEADERSHIP

IMPROVING OPERATING CASH FLOW

HIGH POTENTIAL

EXPLORATION ASSETS

DRIVING VALUE

Goal is to increase production and reserves3

Enhance netbacks, reduce costs, increase efficiency

Increase development activity in 2012 in the Llanos Basin following exploration success

Maximize value from all assets in our portfolio – leverage relationships with strong partners

Identify production growth opportunities in Colombia

Most secure country in Latin American in which to do business (1)

Oil opportunities are significant, proven reserves of over 2 billion barrels(1)

(1) World Bank, Doing Business 2010 and 2011 Reports (2) ANH Report

Consistently high exploration success in Colombia has encouraged investment - key success factor for future opportunities

PetroMagdalena is in the right country, focused in the right basin

500% increase in exploration activity – +50% success(1)

2004 2005 2006 2007 2008 2009 2010 20110

20

40

60

80

100

120

0%

10%

20%

30%

40%

50%

60%

70%

Number of wells Success factor

Succ

ess

Fact

or

4

(2)

Num

ber o

f Wel

ls D

rille

d

Track Record of Discoveries and

Production Growth

• 4 discoveries at Cubiro in 2011• 1 discovery at Cubiro and 1 at

Arrendajo YTD 2012• Increase in 2011 exit rate(2)

(4,181 boed) production of 76% over 2010

Focused on Earnings Quality

• Increase in NPV (1), at Cubiro of 180% to $383 million

• Q1 2012 is the 4th consecutive quarter of production improvement

• Q1 2012 is the 5th consecutive quarter of netback improvement

(1) NPV before taxes discounted at 10%. Source: NI 51-101 Technical Report, Petrotech Engineering, December 2009, December 2010 and December 2011. Reserves before royalties based on working interest

(2) Exit rate presented is the average production rate for December, being the last month of the year.5

PMD Today

Cash Flow Positive

• Doubling of revenues: $86 million in 2011 up from $44 million in 2010

• 100% funded 2012 exploration program

Agreements subject to ANH or Ecopetrol approval

(1) Operated by Alange, Corp. a wholly owned subsidiary.

(2) Operated by Pacific Stratus., a wholly owned subsidiary of Pacific Rubiales

(3) Operated by Mompos Oil and Gas, a wholly owned subsidiary.

(4) Operated by Gran Tierra

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Diversified Portfolio

LLANOS BASIN• Cubiro (1)

• Arrendajo (2)

• LLA 47 • Yamu • La Punta

CATATUMBO BASIN• Santa Cruz (3)

• Carbonera • Catguas (4) • Carbonera-La Silla (2)

BLUE blocks: 2010 ANH E&P blocks

PUTUMAYO BASIN• Mecaya (4) • Topoyaco

2009 2010 2011$0

$100,000$200,000$300,000$400,000$500,000$600,000

358,884394,039

538,985

Before Tax Net Present Value Discounted at 10% (1)

2P NPV10BT

2009 2010 201105

101520253035

6.69.3

13.3

2P Reserves (MM boe) (2)

OIL Gas Nat. Gas Liquids(1) Before Tax Net Present Value Discounted at 10%(2) Source: NI 51-101 Technical Report, Petrotech Engineering, December 2009, December 2010 and December 2011. Reserves before royalties based on working interest

2011 provided higher profit, light oil, reserves growth2P Light Oil reserves increased by 4 MM Bbls37% increase in 2P NPV (1), up $145 million

7

43% increase in 2P oil reserves$145 Million increase in 2P NPV (1)

8

Production

2012 guidance of 4,300 – 4,700 boed

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 20120

2,000

4,000

6,000

2286 24102713

3624 3847

Production Production Forecast

Prod

uctio

n (B

OEP

D) 4,300 –

4,700 boed

* Cernicalo-1ST put on production February 25th, 2012* Azor-1X put on production January 31st, 2012

Jan-09Mar-0

9May-09

Jul-09Sep-09

Nov-09Jan-10

Mar-10May-10

Jul-10Sep-10

Nov-10Jan-11

Mar-11May-11

Jul-11Sep-11

Nov-11Jan-12

Mar-12May-12

$30

$50

$70

$90

$110

$130

$150

Brent WTI Vasconia

USD

• Leveraging marketing strategy to capture positive premium to WTI.

• 1st quarter 2012 premium to WTI was approximately $10 per barrel.

Source: Bloomberg

Q1 2012 Avg. oil sales price = $113.50 per barrel

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Brent linked to Vasconia

It’s All About Brent Now

Q4 - 2011 Q1 - 2012 (3) MAY 2012 (1)

WTI Average (Nymex) 93.23 102.16 92.21Benchmark Quality Adjustment 14.14 11.13 10.80Royalties (2) -8.21 -7.06 -7.00Net Revenue 99.16 106.23 96.01Production Costs -19.20 -11.81 -12.00Transportation & pipeline -18.63 -14.19 -21.00Operating Netback 61.33 80.23 63.01

Illustrative summary of potential netbacks from crude oil sales from Cubiro production (US$ per barrel)

Client - Delivery Point / Reference Price : Rubiales/ Araguaney / Guaduas / Vasconia

(1) Management estimates, as of May 29th, 2012.(2) Royalties presented on a per barrel of oil basis. ANH royalty oil is taken in kind at the wellsite. (3) Production Costs and Transportation & Pipeline Costs presented are the average for Q1 2012.

• A 3-year conventional oil marketing agreement signed with Pacific Rubiales on Feb. 1st, 2011• A six (6) month oil sales purchase agreement signed with Ecopetrol on May 4th, 2012• Lower Trucking costs expected for deliveries to Cusiana or Bicentenario, would positively impact

netback between US$3.00/bbl and US$7.00/bbl. Projects to be completed in second half of 2012

Cubiro’s Netback

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G&A per barrel

$18.40 $11.20 $-$5.00 $10.00 $15.00 $20.00 $25.00 Q1 -2011Q1 -2012G&A per barrel sold

•Enhancing operating netback• Oil marketing contract in conjunction with Pacific Rubiales• Ongoing opex reduction program• Price of Colombian light oil moves to Brent reference

•Efficiencies generating positive trend in G&A per barrel produced

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Strengthening Operating Cash Flow

$52.27

$74.66

$-

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

$80.00

$90.00

$100.00

Q1 - 2011 Q1 - 2012

Operating Netback per barrel

43% 39%

• Revised budget with capital expenditure estimated in range of $75 to $80 million

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

• 2012 Work program to be funded from cash from operations, cash balances, proceeds from non-core assets dispositions and banking facilities to manage working capital as required

• Facility program to replace rental facilities and reduce OPEX. Preparing to install low cost natural gas generator for generating field power and replacing diesel

• To date in 2012, drilled 5 exploration wells and 1 development well

• 10 development wells planned for the balance of 2012, with 3 exploration wells in Q4 in the Llanos Basin

• The next 6 months are focussed on development drilling to grow production

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2012 Work Program Overview

13

(1) Management estimate, subject to change.(2) Management estimate, 2012E calculated with an $80/bbl WTI pricing. (3) Based on 2011 daily average sales of 2,664 boe at average netback of $55.84 per boe(4) Represents estimated revenues less royalties, production and transportation/pipeline costs based upon average daily production of 2,800 boed for 2011E and 4,500 boed (mid-point of management guidance range)for 2012E.(5) Includes interest of $3M and funds being set aside from cash flow for principal repayments of senior notes in May 2012 and May 2013. The 2012E amount is net of $4M in a trust account as of December 2011 to be used toward the first annual principal repayment in May 2012 of the senior

notes (TSX-V: PMD.DB).(6) Includes $6.0M of seismic and other costs charged to exploration expense, $35.3M additions to exploration and evaluation assets and $15.6M additions to oil & gas properties, plant & equipment.(7) Includes $11million borrowed in March 2012 and additional $10 million potential borrowing in 2012, net of amount to be replaced in 2012

2011A 2012E (1)

Average daily production for the year (gross before royalties) 2,761boed 4,300-4,700 boed

Cash flow from operating netbacks (4) $54.3M (3) $102M (2)

Less: G&A $14.7M $18M

Less: Debt service (principal & interest) $18.4M $24 (5)

Less: Equity tax instalments $2.1M $ 2M

Net cash flow from operations $19.1M $58M

Cash position, beginning of year $6.5M $14M

Cash available from equity financing for work program $35.0M -

New Cash Financing $15M (7)

Other sources/ (uses), including working capital changes and cash from asset dispositions $10.4M - (1)

Total cash available to fund annual work program $71.0M $87M

ANNUAL WORK PROGRAM EXPENDITURES $56.9M (6) $75 - $80M

Annual Cash Flow

Most prolific hydrocarbon basin in Colombia

Cubiro ReservesReserve Category

L&M Crude OilGross

(Mbbl) (1)

Proved 5,564

Probable 5,870

Total 2P 11,432

(1) Reserves before royalties based on working interest Source: NI 51-101 Technical Report, Petrotech Engineering, December 2011(2) ANH 14

Llanos Basin

Recoverable OilMore than 1,500 MMbbl of recoverable

oil has been officially documented in this basin (2)

Cubiro

LLA-47

Arrendajo

Highlights• Operated by PetroMagdalena • 4 discoveries in 2011, 1 YTD 2012• The Cubiro Block has been under an E&P Contract

with ANH since October 8, 2004. Exploration phase followed by a 25 year production period.

MAIN FACILITY AT CARETO

CUBIRO

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Llanos Basin - Cubiro

Polygon A :Development

Area60.5% W.I.

Polygon B :Exploration

Area70% W.I.

Polygon C :Exploration

Area57.13% W.I.

Producing Field

Prospect

C537 °API

PalmaritoC7 40 °API

Caño GandulC5-C738 °API

Careto

Arauco Sirenas

GuanapaloC730 °API

BarranqueroPetirrojo

Altair

Copa

C7

Canario Sirenas Sur

AlondraQ1 -2012

Tijereto SurQ1-2012

Yopo, Q4-2011

Petirrojo SurQ2 - 2012

Copa B

Copa A Sur

JordánC729 °API

Copa C, Q4-2012

Copa A Norte Q4-2012

Cernicalo Q1-2012

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DEVELOPMENT• Two development wells in 2012, one in

Petirrojo and one in Yopo.• Petirrojo-1X cumulative production

block over 240,000 bbls 40 API oil produced

• Developed a plan in order to replace rented facilties to reduce Opex

EXPLORATION• Petirrojo Sur-1X exploration well will be

drilled in Q4-2012, civil work was completed in Q1 2012.

1 Km

Yopo Field

Petirrojo Field

Petirrojo-1

Carbonera C7 TWT Seismic Map

Petirrojo Sur-1X Prospect

2P RESERVES(Mbbls) (1)

Petirrojo 1,569

Yopo 1,415

CURRENT TECHNICAL REPORT

(1) Reserves before royalties based on working interest Source: NI 51-101 Technical Report, Petrotech Engineering, December 2011

Petirrojo & Yopo Fields, Petirrojo Sur Prospect

COPA FIELD

Copa-1X

Copa-4

2P Reserves(Mbbls) (1)

Copa 1,710

Copa B 1,379

Copa A Sur 2,375

CURRENT TECHNICAL REPORT

DEVELOPMENT

• Copa-4 was drilled NW of Copa-1X at the projected OWC and found the reservoir sands ≈ 20 ft higher - additional drilling further west is planned to determine reservoir limits.

• Copa-5 planned to be drilled in Q2-2012

EXPLORATION

• The Copa C structure is to the south of Copa B, an exploration well is planned for Q4-2012.

• The Copa A Norte structure is between two producing fields, Copa and Copa A Sur, an exploration well is planned for Q4-2012.

Carbonera C7 TWT Seismic Map

COPA B FIELDCopa B -1

COPA ASUR FIELD

1 Km

Copa AN Prospect

(1) Reserves before royalties based on working interest Source: NI 51-101 Technical Report, Petrotech Engineering, December 2011

Copa ASur-1

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Copa, Copa A & Copa B Fields

Copa Field

Copa A NorteQ4-2012

Copa A Sur

Copa B

Copa CQ4-2012

Copa DQ1-2013

Producing Exploration 2012 Development

Carbonera C7 TWT Seismic Map

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Copa Field Main Facility

Treatment Capacity = 12,000 bfpd Storage Capacity = 10,000 bbls

Copa, Copa A & Copa AS Fields

2P RESERVES Dec 31, 2011 Petrotech Technical Report

(Mbbls) 100% Gross Net

Copa Field 2,991 1,709 1,572

Copa A Sur 4,157 2,375 2,185

Copa B 2,570 1,468 1,352

9,718 5,552 5,109

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Highlights• Arrendajo is 7 km NE of the Cubiro block• Operated by Pacific Rubiales Energy Corp.• 120 km2 of 3D survey completed in April 2011,

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

• Azor discovered in January 2012 and was initially put on production on January 31, 2012.

• Four exploration prospects in the Carbonera formation have been identified for Drilling: Yaguazo, Arrendajo Sur, Mirla Blanca, and Mirla Oeste

• 3D seismic required to map complete trend, expected to be acquired in 2013.

• PetroMagdalena acquired 32.5% additional working interest, from Pacific Rubiales in November 2011, subject to ANH approval, for $10 million to be paid out of production.

(1) A wholly owned subsidiary of Pacific Rubiales Energy Corp.

Operator: Pacific Stratus Energy Colombia (1)

WI: 67.5%Contract: subject to ANH approvalProduct: Light Oil Area: 78,102 acres

Llanos Basin – Arrendajo

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Arrendajo Block Azor discovery - Upside

Highlights• Azor-1X was drilled and completed on January 31,

2012. The well tested at 870 bopd. Average production for March and April 2012 was 830 bopd natural flow adding 560 bopd to PetroMagdalena’s gross working interest production.

• Three development locations identified on the Azor structure planned to be drilled in the second half of 2012.

• Mirla Negra-1X drilled in 2008, tested oil and water in the C5 but was not declared commercial.

• Azor Sur exploration prospect identified south of Azor and north of the low quality sands encountered in Arrendajo Norte-1X and Arrendajo Norte-1ST.

Highlights• PetroMagdalena signed a binding letter of intent

with Interoil Colombia E&P Inc. in respect of a 50% participation to farm in on the LLA-47 Block

• Expansion of current Llanos exploration play – LLA-47 covers an area of 447 km2 south and on trend with the company’s main Cubiro block and other producing blocks in the basin

• Two additional years of active drilling expected• Interoil has a 100% of the working interest on the

block and is the current operator. • The Company has agreed to undertake a $30

million work program commitment in the three years of Phase 1 of the E&P contract with the ANH.

• Transaction is subject to approval by the ANH. In addition, the Company shall pay a $2 million signing fee upon receipt of ANH approval.

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LLA-47 Block – Exploration Potential

(1) Wholly owned Subsidiary of Gran Tierra Energy(2) Wholly owned subsidiary of PetroMagdalena.

22

Update mapCatatumbo Basin

Catatumbo Basin

Carbonera

Santa Cruz

CarboneraLa Silla

Catguas

About CatatumboLocated in northwest Colombia, the Catatumbo Basin has high potential exploration targets. It is the western extension of the very prolific Maracaibo basin in Venezuela

Highlights

Carbonera: 100% working interest, subject to ANH approval. MOU signed with YPF to farm out 60%.

Santa Cruz: 70% working interest.

Carbonera La Silla Block: 58% working interest, an Ecopetrol association contract. Mompos is the operator.

Catguas: MOU signed with YPF to farm out 70%. Northern area: 50% working interest. Southern area: 15% working interest; Gran Tierra is the operator.

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Topoyaco & MecayaContracts: ANHOperator: Mecaya – Gran Tierra WI: 43%, subject to ANH approval Topoyaco – Pacific Rubiales WI: 50%, subject to ANH approvalProduct: L/M oil exploration potentialProduction: Nil

About Putumayo• Putumayo Basin is located in southwest

Colombia• High potential exploration targets

Highlights• Partnered with experienced operators. • PetroMagdalena has a beneficial 58% working

interest in the Mecaya Block, subject to ANH approval, with no overriding royalty and will pay 85% of the cost of the first 3D and well.

• PetroMagdalena 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.

To be summarized and organized like slide 24Putumayo Basin - Mecaya

Mecaya

24

Cash position (March 31, 2012): $3.7 million

Debt (March 31, 2012): Factoring Loan (maturing October 2012) Bank term loans (maturing June/September 2013) Bank term loan (maturing March 2015) 9% Senior Notes (maturing May 2014)

$4.1 million$6.2 million$11.2 millionC$31.1 million(1)

Share price (June 4, 2012): C$1.25

Shares outstanding: 149.2 million

Options outstanding ($2.16 average)Warrants outstanding ($3.50)

13.7 million19.0 million

Fully diluted: 174.8 million

Market capitalization - undiluted (May 30, 2012): C$163 million

Capitalization

(1) $10.4 million repaid in May 2012.

25

Management Directors

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 AboudExploration Manager

Peter Volk, LL.B. General Counsel & Secretary

Jaime Perez BrangerExecutive Chairman

Robert MetcalfeLead Independent Director

Miguel de la Campa

Serafino Iacono

Ian Mann

Luis Miguel Morelli

Nelson Ortiz

Head office 333 Bay Street, Suite 1100 Toronto, Ontario M5H 2R2

Colombia office

Calle 95 No. 13-35/43 Piso 4Bogota, D.C., Colombia

Investor RelationsInvestorrelations@ petromagdalena.com

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Appendix

Jan-11

Jan-11

Feb-11

Feb-11

Feb-11

Mar-11

Mar-11

Apr-11

Apr-11

May-11

May-11

May-11

Jun-11

Jun-11Jul-1

1Jul-1

1

Aug-11

Aug-11

Aug-11

Sep-11

Sep-11

Oct-11

Oct-11

Nov-11

Nov-11

Nov-11

Dec-11

Dec-11Jan

-12Jan

-12

Feb-12

Feb-12

Feb-12

Mar-12

Mar-12

Apr-12

Apr-12

May-12

May-12

0

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40

60

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140

0

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140

Colombia E&P* International E&P** S&P/ TSX Energy Index S&P/ TSX CompositeWTI Spot

Inde

x

WTI

Spo

t

Colombian E&Ps are trading at compressed multiples relative to International E&P companies = growing value gap

Source: Bloomberg; January 4, 2011 – May 23, 2012*Colombian E&P: Azabache Energy Inc, Anatolia Energy Corp, Brownstone Energy Inc, C&C Energia Ltd, Canacol Energy Ltd, Sintana Energy Inc, Gran Tierra Energy Inc, Loon Energy Corp, Pacific Rubiales Energy Corp, Parex Resources Inc, Petro Andina Resources Inc, Petrodorado Energy Ltd, Petrolifera Petroleum Ltd, PetroMagdalena Energy Corp, Abacan Resource Corp PetroNova Inc, Petro Vista Energy Corp, Quetzal Energy Ltd, Sagres Energy Inc, Stetson Oil and Gas Ltd, Shear Diamonds Ltd, Talisman Energy Inc, Vast Exploration Inc, and Petroamerica Oil Corp.**International E&P: Antrim Energy Inc, Enhanced Oil Resources, Inc Bankers Petroleum Ltd, Bengal Energy Ltd, BNK Petroleum Inc, Candax Energy Inc, Caspian Energy Inc, Caza Oil & Gas Inc, Coastal Energy Co, Falcon Oil & Gas Ltd, Encana Corp, Epsilon Energy Ltd/Canada, Heritage Oil PLC, Husky Energy Inc, Ithaca Energy Inc, Ivanhoe Energy Inc, Jura Energy Corp, Energulf Resources Inc, Niko Resources Ltd, NiMin Energy Corp, TAG Oil Ltd, TransAtlantic Petroleum Ltd, TransGlobe Energy Corp, Vermilion Energy Inc, East West Petroleum Corp, Eco Atlantic Oil & Gas Inc, Emerald Bay Energy Inc, Patriot Petroleum Corp, and North Sea Energy Inc.

Value Gap

27

Valuation Gap

Area Operator (2) Gross Acres WI (2) Contract Stage Product Status

Llanos Basin Cubiro PMD 61,509 60.5-70-57.13% ANH E&P Light Oil Core Asset

Arrendajo Pacific Stratus 60,252 67.5% ANH Exploration Light Oil Near Cubiro*

La Punta Vetra 18,913 Up to 6% ECP E&P Light Oil Under review

Yamu WOGSA 15,534 10% ANH Prod & Exp Light Oil Producing

LLA-47 Interoil 44,676 50% ANH Prod & Exp Light Oil Near Cubiro

Catatumbo Basin

Carbonera Well Logging 41,506 100% ANH E&P Oil & Gas Under Review

Catguas Gran Tierra 330,354 15% / 50% S N (1) ANH Exploration Oil & Gas Under Review

Santa Cruz Mompos 40,058 70% ANH Exploration Light Oil Exploration

Carbonera – La Silla Mompos 12,558 58% ECP E&P Light Oil 3D seismic work plan in

place

Magdalena Basin

Rio Magdalena Gran Tierra 36,131 56% ECP E&P Gas/Cond/ Oil JV or Farm-Out

Putumayo Basin

Topoyaco Trayectoria 60,035 50% ANH Exploration L/M Oil Under Review

Mecaya Gran Tierra 74,128 58% ANH Exploration L/M Oil 3D seismic planned

(1) After Farm Out to YPF WI retained would be 4.5% S/15% N. (2) Subject to ANH /ECOPETROL approvals. * Working interest reflects acquisition of PRE’s 32.5%, subject to ANH approval. Yellow background = Core portfolio assets

28

Assets in the most prolific basins

29

VSM 12

VMM 35

COR 33

VSM 13

LLA 47VMM 11

MIDDLE MAGDALENA VALLEY BASIN

CORDILLERA BASIN

UPPER MAGDALENA VALLEY BASIN

LLANOS BASIN

• Agreement with third party for funding the exploration commitment, resulting in PetroMagdalena holding a 6% Working Interest on COR 33, VMM 11 and VMM 35 and 5% Working Interest on the other three blocks.

2010 ANH Bid Round - Six E&P Assets

30

Colombian Pipeline Infrastructure