NAMIBIA | AFRICA Namibia Concessions Universal owns the following oil and gas concessions located offshore Namibia, Africa. • 2.7% carried interest in Block 1711 • 90% working interest in Blocks 2713A, 2713B, 2815, 2816 and 2915 • 40% working interest in Blocks 2813A, 2814B and 2914A • The working interest blocks above are situated on the boundary between the Luderitz and the Orange Basins, adjacent to the Kudu gas field which has a potential resource of up to 9 TCF of gas.

HIGHLIGHTS • The Namibian oil and gas sedimentary basins are under-explored, frontier basins demonstrating the presence of the same geological history as the Brazilian counterpart basins with respect to their depositional sequences, rock types and oil fingerprints; the Tupi discovery offshore Brazil, located in a similar geological setting, is estimated to be 30+ billion barrels of oil equivalent. • The Kudu field is estimated to contain 1.3 trillion cubic feet of proven natural gas reserves. However more recent exploration and analysis suggests that the potential resource could be as high as 9 trillion cubic feet. • Direct evidence of an active petroleum system includes the penetration of organic-rich, high total organic carbon intervals in exploration and deep sea drilling project wells, penetrations of potential reservoir zones with shows of oil and gas, and the accumulation of gaseous and liquid hydrocarbons in the Namibian offshore Kudu field. • Indirect evidence of an active petroleum system includes potential gas chimneys and gas hydrate zones recognized on seismic data, and the presence of oil seeps detected using satellite imagery. • Striking of hydrocarbons in two zones in the Kunene #1 well proves the presence of an active hydrocarbon system in offshore northern Namibia. • Namibia has a stable multi-party democratically elected government, with a recent budget surplus, and is the fourth largest exporter of minerals in Africa. • Namibia is strategically located with access to South Africa’s growing energy market as well as easy access to both the North American and Asian energy markets, via ship.

Block 1711A and 1711B (EL 1711) Block 1711A and 1711B, held in Exploration Licence (“EL”) 1711, comprises a total area of approximately 8,931 square kilometers. Universal holds a 2.7% net carried interest in these Blocks. EL 1711 is located in the Namib basin off the northern coast of Namibia along the international boundary with Angola. The majority of the Block is located offshore, however, part of EL 1711 is located onshore. Two individual prospects, the Kunene and Hartmann, have been identified by 3D and 2D seismic respectively, along with other undeveloped leads. The Kunene #1 well was drilled in 2008 to 5,050 metres. PetroAlliance, (a subsidiary of Schlumberger) estimates that the 4,698 meter to 4748 meter interval could contain 14 TCF of gas. (Note: This is NOT compliant with NI 51-101). In April 2010, the exploration licence was extended for an additional two years, placing the Block into the second exploration period.

Working Interest Areas Universal has a working interest in Blocks located on the southern part of offshore Namibia for a total gross acreage of over 42,000 square kilometres. The Company’s acreage is positioned around the Kudu Gas Field where a total of 1.3 TCF of proven gas reserves and 9 TCF of potential resource have been discovered.

Block 2713A and 2713B (EL 2713) Block 2713A and 2713B, held in EL 2713, comprise a total area of approximately 10,962 square kilometers. Universal holds a 90% working interest in these blocks which are situated on the boundary between the Luderitz and Orange basins offshore Namibia. The blocks are located in proximity to the Kudu Gas Field and proximal to Blocks currently being explored by Petrobras, Shell, PetroSA and Chariot. EL 2713 is currently in the first four year exploration period. The area is partially covered with modern 2D seismic, especially the eastern 2713A Block. This data is currently being reprocessed and evaluated with results expected in late June 2010. Degolyer and McNaughton (“D&M”), an independent engineering and reserve auditor based in Dallas Texas, have completed a Prospective Resource Evaluation Report for Block 2713A. D&M has reported an unrisked mean oil-equivalent prospective resource of 2.39 billion BOE (converting gas at 6:1) and a risked mean prospective resource of 567 million BOE. Universal is planning to conduct a 3D seismic acquisition over a portion of the Block with the objective of developing drillable prospects for future drilling programs. In addition, the Company is looking for farm-in partners for these Blocks to help lower costs and risk capital. 2713A Evaluation Report

Block 2815, 2816 and 2915 (EL 2815) Universal holds a 90% working interest in Blocks 2815, 2816 and 2915. These concessions cover an area of about 16,026 square kilometres. The Blocks are situated directly east and diagonally southeast of the Kudu Gas Field on the northern edge of the Orange Basin. These Blocks are located along the Namibian border with South Africa. Historical work on Block 2815 includes modern 2D seismic covering a large portion of the Block. The Company is currently evaluating the existing data through a service agreement with Integrated Petroleum Expertise Co. (“IPEX”). The Company plans to acquire 3D seismic over the southwest portion of EL 2815. The current exploration sub-period expires in September, 2010. Universal is currently in discussions with the Namibian government to request an extension to the Exploration Licence which will allow for the acquisition and interpretation of the seismic.

Block 2813A, 2814B and 2915A The three blocks comprise a total of approximately 15,282 square kilometres. Universal has a 40% working interest in these blocks, HRT Oil and Gas holds a 40% working interest (and is the named operator of the licence), and Acarus Investments holds a 20% participating interest. These Blocks are contiguous and are positioned directly west and diagonally southwest of the Kudu gas discovery on the southern offshore boundary of Namibia. Blocks 2813A, 2814B and 2915A currently have good quality 2D and 3D seismic coverage. The joint venture plans to acquire existing data over the blocks and evaluate this information prior to acquiring additional 3D seismic data.