Impress Energy Limited

It’s a simple but good story

INVESTOR PRESENTATIONJanuary 2009F

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IMPRESS AT A GLANCE

Focused Cooper Basin Explorer

Achieving High Success Rates in the Western Oil Fairway

6 Oil Discoveries – 3 on Production

Meaningful Interest – 40%

Highly Prospective Acreage Holding

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‘CREATING VALUE THROUGH NEW EXPLORATION PLAYS’

• Simple company structure with focused activity and high equity

• The company is capital constrained not opportunity constrained• The company will substantially benefit from even a small rebound in oil

prices

• Growler Field is proving to be a winner with 2P reserves of 1.8 mmbbl

• The field area is unconstrained

• Production is set to increase above present facilities constrained levels• The Joint Venture is proceeding with the Mollichuta 3D Seismic survey

which will further improve success rates from current level of 55%. The seismic is a critical investment which will benefit future well selection

• Longer term success will continue but 2009 will primarily be a year of consolidationF

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WESTERN OIL FAIRWAY

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GROWLER OIL FIELD

• Now over 125,000 barrels cumulative production• No sign of decline• The field has 2P Reserves 1.8 million barrels based on drainage areas

(80 acres) around each well• The edge of the field is undefined as the OWC is 10 metres below the

currently mapped structural closure• 3P reserves are speculative but could be linked to Warhawk and

Wirraway discoveries that have similar OWCs• G-3, G-4 and G-5 wells intersected channel sandstones within the

Birkhead and have much better reservoir parameters than G-1 and G-2• The Mollichuta 3D survey is being designed to image these channels to

the extent that is cost effective and feasible• G-5 will be on production in March 2009 and is expected to naturally

flow over 300 BOPD and will offset any natural decline in the other wells during the year

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COST, COSTS & COSTS

Based on the Operator’s projected, conservative budget with average production at Growler of 1000 BOPD in 2009, the project is economically robust with:

• Fixed Costs: A$4.60 per barrel

• Variable Costs* (excluding Royalty): A$17.50 per barrel*Variable costs include road maintenance, trucking and Moomba tariffs

• Growler is positive at present oil prices• Growler oil receipts are based on Tapis, not WTI oil prices. On 15

January 2009, Tapis was quoted at US$49.00 / bbl. At an exchangerate of A70 cents, this equals around A$70.00 / bbl

• Tapis and also Brent, although related to WTI have a disconnected pricing structure. On 15 January 2009, Tapis was quoted at US$49.00 / bbl, Brent US$45.00 / bbl and WTI US$36.00 / bblFor

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COST, COSTS & COSTS

• At present, even with downward pricing on WTI caused with upwards of 30 million / bbl floating off the Gulf of Mexico and US inventory data showing close to capacity, a number of industry analysts in revising their WTI pricing assumptions have taken the view of an average of US$45.00 / bbl for the first quarter of 2009, increasing steadily to a long term assumption of $US85.00 / bbl by September 2010, with an average WTI price of $US69.00 / bbl forecasted for the year 2009

• Although we take on board the wide range of analysts’ assumptions and projections, we at Impress prefer to remain very conservative in our forecasting, so if the Tapis oil price is anywhere near US$70 for the latter part of 2009, Impress shareholders will be quite happy

• Impress is positive for the short and long term future of the Company

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GROWLER OIL FIELD

Growler EPT Daily Production

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GROWLER OIL FIELD

Growler-1 Prorata ProductionProduction Steady

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Barrels of oil per day

Well head pressure

GROWLER OIL FIELD

Growler-3 Prorata(on natural flow)

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GROWLER OIL FIELD

Growler Monthly ProductionOperator Budget Versus Actual

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OTHER OIL DISCOVERIES

• Tigercat-1 encountered a similar reservoir section to Growler-4 but the OWC is deeper than that for the Growler Field implying it is a separate pool

• The well should flow about 200 BOPD when tested• Production testing has been deferred until oil prices rise to avoid unnecessary

capital expenditure

• Pre-drill P50 reserves were estimated to be 0.7 mm bbl, but no reserves will be assigned to the field until some production history is available

• Wirraway-1 and Warhawk-1 are not commercially viable at this time based on the reservoir intersections in each well but the high resolution 3D seismic designed to image channel facies is being extended to cover these features and locate future appraisal drilling

• Santos operated field Charo is currently producing 800 BOPD from two wells with additional drilling planned following 3D seismic acquisition in 2008. Callabonna Field produced up to 200 BOPD from one well but is currently shut in. 3D seismic was also acquired over Callabonna in 2008For

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THE WESTERN OIL FAIRWAY

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SUCCESS RATES

• In the part of the fairway occupied by Impress, 11 wildcat and 5appraisal wells have been drilled resulting in 6 discoveries (55% success) of which 4 (Growler, Tigercat and the Santos operated Charo and Callabonna) are commercially viable at the current oil price. This is a commercial success rate of 36%. All five appraisal wells have been successful and achieved better than expected results (P10 outcomes)

• All wildcat wells have been drilled on relatively broad spaced 2D seismic grids. Post drill analysis based on reprocessing of the seismic data indicates 4 wells (including the recent Stormbird-1) did not test a valid structural closure

• If these bad tests are discounted the actual success rate is 6 out of 7 wells (86%)

• 3D seismic control eliminates, to a large degree, invalid structural tests from the well portfolioFor

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TIMELINE

February 2009: Mollichuta 3D seismic survey commences

March 2009: Growler-5 completed for production

April 2009: Facilities upgrade completed

May 2009: 3D survey acquisition completed

August 2009: 3D seismic processing completed

October 2009: Appraisal / exploration drilling programTigercat-1 EPT commences(Both subject to oil price)

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GEOLOGY / GEOPHYSICS

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RESERVOIR MODEL

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GROWLER CROSS SECTION

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PETROLEUM SYSTEM

• Oil generated in Early Permian and migrates laterally until top seal breached

• Oil then migrates vertically into Jurassic reservoirs

• Best success rates in structures close to Permian zero edge

• Structures in Impress part of the fairway appear full to spill point

• Seismic examples illustrate the relationship of Permian breach to Jurassic oil fields

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PETROLEUM SYSTEM

Reservoir Targets

Source Rocks

Cap Rocks

Growler-1 Wirraway-1

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SELLICKS-CALLAWONGA FIELDS

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GROWLER AREA

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GROWLER AREA STRUCTURE

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This presentation may contain forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in

these statements are reasonable but they may be affected by a variety of variables and changes in underlying

assumptions which could cause actual results or trends to differ materially, including but not limited to price

fluctuation, actual demand, currency fluctuations, drilling and production results, reserves estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and

regions, political risks, project delay or advancement, approvals and cost estimates.

All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

DISCLAIMER

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