President Petroleum reported the acquisition of additional acreage onshore Louisiana, a new Independent US Reserves Report showing a significant increase in total hydrocarbon reserves, and an update on its US operations and drilling plans.

Highlights •Acquisition of highly promising deep exploration and production rights, with a projected net revenue interest of approximately 55%, at President Petroleum's existing onshore East Lake Verret ("ELV") field in Louisiana; •New Independent Reserves Report increases total Proved, Probable and Possible US onshore reserves by 450% to 12.9 million barrels of oil equivalent (mmboe) including the new acquisition; •US $310 million independently reported NPV10 of President Petroleum's Proved, Probable and Possible US Reserves; •Continued focus on creating shareholder value by moving 3P Possible reserves into 1P/2P Probable/Proved categories by use of the drill bit, as well as through further value enhancing acquisitions; and •First well addressing the newly acquired ELV deeper zone, the Kafoury 3 well, to be drilled in Q4 2010 and targeting gross possible reserves of approximately 19.5 mmboe comprising 110 bcf gas and 1.2 mmbbls oil ELV Deep Rights Acquisition At the time of the acquisitions of ELV and East White Lake ("EWL") in mid 2008 and early 2010 respectively, the Company highlighted the potential for further upside in addition to the proved, behind pipe and undeveloped opportunities.

At ELV, the Company has worked with local geoscientists, using their extensive knowledge of other fields and access to 3D seismic data, to build up a picture of the potential opportunities for further reserves. This work encompassed evaluation of existing producing zones and deeper potential which had been successfully exploited in neighboring fields. This detailed and thorough study identified prospects in deeper zones on a much larger scale than existing producing zones, substantially enhancing the economics of onshore development at a time when offshore Gulf of Mexico opportunities will be limited or suspended and ultimately with higher costs.

President Petroleum, with the encouragement and support of its largest shareholder, Levine Capital Management Limited, has now been successful in acquiring the rights to additional leases on 440 acres at ELV over deeper zones to depths of approximately 14,000 feet. The US $0.5 million cost of lease acquisition and prospect development is being paid in cash, with President Petroleum currently expecting to take an initial Working Interest of 80% in drilling the first well to casing point and a Net Revenue Interest of approximately 55%. Following this latest acquisition, the Company is now in a position to publish the new US Independent Reserves Report and to outline plans for drilling.

The initial well addressing the ELV deeper zones, the Kafoury 3 well, is planned to test the extension of the known field pays of the Siphonina Davisi and Marginulina D-1 sands and to penetrate the deeper Planulina and Cristellaria 'R' sands, which are substantial producers in neighboring fields.

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