Karoon Gas Australia Ltd.

Karoon Gas Australia Ltd. has retained IndigoPool to market a farm-in opportunity in the Santos Basin in Brazil. Karoon has a 100% interest in five contiguous blocks in the southwest Santos, each being approximately 170 square kilometers in 200- to 400 meters of water. Karoon has identified two drillable, high-amplitude anomaly prospects with an upside potential of 1 billion barrels. A well is planned on its optimal prospect in the fourth-quarter 2010, and a 700 square kilometer wide azimuth 3-D seismic survey over the five blocks will begin in first-quarter 2010. Contact Les Finalle, 713-689-5860, lfinalle@indigopool.com.