OPERATIONS

Marauder is currently pursuing oil and gas opportunities internationally, targeting high impact exploration prospects that have the potential to make a material impact on the company.

Marauder currently holds 5506 hectares (2753 ha net) of mineral rights in the Panuke area of the Scotian Shelf, offshore Nova Scotia. Marauder holds a 50% working interest in all rights above the base of the Cretaceous in PL2901 and PL2902, both of which expire in December 2035. These Production Licenses contain the shut-in Panuke and Cohasset oil fields.

Panuke and Cohasset are Canada's first offshore production project. They are located on the Scotian Shelf approximately 55 km southwest of Sable Island and 200 km off mainland Nova Scotia. The fields were discovered in 1973 (Cohasset) and 1986 (Panuke) and were produced by Lasmo Nova Scotia Limited and PanCanadian Petroleum starting in 1992. The fields were shut-in in 1999 during a period of low oil prices after having produced over 44 million barrels of light, sweet crude oil.

The Panuke and Cohasset oil fields lie within a marine embayment on the western edge of the Cretaceous-aged Sable delta complex. The fields produce from predominantly marine shoreface sands of the Mississauga and Logan Canyon Formations. Oil is trapped in drape structures formed by differential compaction of the Cretaceous marine deltaic sediments over highs in the buried Jurassic carbonate fringing reef complex of the Abenaki Formation.

Marauder has a substantial land position in the shallow oil rights in the Panuke/Cohasset area and is evaluating opportunities to exploit both the unswept and bypass oil potential in the existing pools. In addition, there may be opportunities to drill for new discoveries of oil along the Panuke/Cohasset trend.

In 2005/2006, Marauder participated in the drilling of the Dominion J-14/J-14A wells on trend with the Deep Panuke gas pool that failed to encounter economic quantities of hydrocarbons. Marauder had a minor working interest in the Deep Panuke field which was sold in July 2009.