Midwestern oil and Gas operations

In late 1999, the Federal Government of Nigeria issued new guidelines for the development of proven underdeveloped fields in the country. To achieve this, the Government recovered twenty-nine (29) abandoned and/or under-exploited fields from the major operators in Nigeria and their production rights were re-allocated through farm in agreements.

As a result, in 2002 the Government offered twenty-four (24) marginal field packages to Nigerian upstream oil companies.

Midwestern was one of more than thirty (30) indigenous upstream entrepreneurs that were awarded these marginal fields in February 2003.

The Company was awarded part interest in Umusadege Field located in OML 56, a Nigerian lease formerly operated by Elf Petroleum Nigeria Limited Joint Venture.