New World Oil and Gas has received an update to the Competent Person's Report ('CPR') from RPS Energy ('RPS') on the Blue Creek Project ('Blue Creek' or 'the Project'), following completion of Phase two of New World's seismic programme.

Key findings of the Update to the CPR:

■ The Company and RPS identify and report two prospects as 'drill ready': Prospect 'A' and Prospect 'B Crest'. ■ Probability of Geologic Success upgraded to 1 in 5 (21.1%) from an initial range of 1 in 8 to 1 in 12 in the previous CPRs. ■ RPS reports the following unrisked recoverable volumetric ranges for each prospect, both of which are modelled to comprise several potential stacked reservoir intervals within the Upper Cretaceous Yalbac carbonate sequence: ■Prospect A - P90: 83 MM bbls; P50: 202 MM bbls; P10: 400 MM bbls ■Prospect B Crest - P90: 38 MM bbls; P50: 92 MM bbls; P10: 183 MM bbls

■ RPS reports the following unrisked indicative success case Net Present Value ('NPV10 ') for each prospect: ■ ■Prospect A - P90: US $2.404 bn; P50: US $5.108 bn; P10: US $9.071 bn ■Prospect B Crest - P90: US $ 1.040 bn; P50: US $ 2.044 bn; P10: US $ 3.674 bn

■ RPS reports the following Expected Monetary Value ('EMV10') in the event of a discovery for each prospect: ■Prospect A: US $1.090 billion ■Prospect B Crest: US $440 million

■ Six sub-surface potential structural closures identified: two classified as seismic based drillable prospects (drill ready); three classified as prospects, and one classified as a lead. All located in the Upper Cretaceous zone that produces oil in neighbouring licence areas. ■ Although volumetrics have been reported for all six identified structures, RPS and the Company have agreed to report NPV10 and EMVs for only the two drill-ready prospects. Should these additional structures prove to be robust they will represent significant upside. ■ Seismic expression of the prospects identified to date looks very similar to the producing Spanish Lookout oil field to the south. ■ The Directors believe that Blue Creek is an excellent opportunity to access late stage exploration in a highly prospective area - blocks are located in the productive Petén Basin in Northwest Belize. ■ Improved quality of the seismic data provides confidence that the trapping mechanism element of a working hydrocarbon system may be present. ■ New seismic data demonstrates structural relief, particularly in the dip-direction that provides greater confidence as to the existence of traps. ■ Phase three seismic on the Project of Belize Lands will begin in January 2012 and be completed by the end of Q1 2012, the purpose of which is to complete seismic coverage on the remainder of the blocks. ■ Unrisked Volumetric and NPV results reviewed and accepted as reasonable by RPS:

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