PROVED PLUS PROBABLE RESERVES

Colombia

An independent estimate of the reserves in the producing fields in the Campo Rico and Matambo Association Contracts has been made by RPS Energy.  Revisions to RPS Energy’s previous estimates are made using additional production history, well and seismic data, and the application of different methodologies based on field maturities.

1. Source: Reserves Evaluation of the Gigante and Campo Rico fields, by RPS Energy, dated 17 March 2005, Evaluation of Vigia field, by RPS Energy, dated 2 March 2006, and Evaluation of Centauro Sur field, by RPS Energy, dated 1 February 2007, all adjusted for cumulative production.
2. Source: Reserves Evaluation of the Gigante, Campo Rico, Vigia and Centauro Sur fields, by RPS Energy, dated 13 March 2008.
3. Gross Field reserves are the total field reserves during the life of the contract, including royalty and participation of other parties.
4. Working Interest reserves are the total field reserves during the life of the contract, including royalty and participation of other parties, multiplied by Emerald’s working interest in the contract.
5. Net Entitlement reserves are the reserves attributable to the Company’s interest, after deducting royalty oil and entitlements of other parties to the Association Contract, such as Ecopetrol and other third parties.

Syria

Gross life-of-field Proved plus Probable reserves

The table below summarises the gross life-of-field Proved plus Probable reserves in Syria as at 31 December 2007, defined as total reserves of the field, including royalty oil, Syrian Petroleum Company entitlements, and participation of other parties forming the Contractor under the terms of the Contract for the Exploration, Development and Production of Petroleum with the Syrian Petroleum Company.

Net entitlement Proved plus Probable reserves

The table below summarises the Company’s net entitlement Proved plus Probable reserves in Syria as at 31 December 2007.  Net entitlement reserves are defined as the reserves expected to be produced during the term of the contract attributable to the Company’s interest, after deducting royalty oil, Syrian Petroleum Company entitlements, and the participation of other parties forming the Contractor under the terms of the Contract for the Exploration, Development and Production of Petroleum with the Syrian Petroleum Company.

1. Source: Independent Estimate of Khurbet East Field Petroleum Reserves as at 31 December 2007 by RPS Energy, dated 18 January 2008.