OMV Exploration & Production GmbH

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Vienna, Austria-based OMV Exploration & Production GmbH has retained Scotia Waterous Inc. to sell all of its Venezuelan assets, representing a complete exit from Latin America. OMV holds a 13.334% interest in Empresa Mixta Boquerón. Estimated net proved reserves are 69 million barrels of oil equivalent and 92 million barrels proved plus probable. Current gross production is 8,300 barrels of oil per day from 10 wells at depths of 16,000 feet to 18,000 feet. Gross revenue for 2007 was US$155 million with cash flow of US$30 million. The bid due date is July 31. Contact Joe Amador, 713-437-5042.