Investor Presentation

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Investor Presentation November 2007
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Disclaimer

• Please note that no formal resource nor reserve
  figures have yet been prepared under any of the
  accepted standards and that any figures quoted
  are sourced from the field operator and have not
  generally been independently verified by Black
  Rock Oil Gas Plc.
• The information contained in this confidential
  document ("Presentation") has been prepared by
  Black Rock Oil Gas Plc (the "Company"). It has
  not been fully verified and is subject to
  material updating, revision and further
  amendment. This Presentation has not been
  approved by an authorised person in accordance
  with Section 21 of the Financial Services and
  Markets Act 2000 and therefore it is being
  delivered for information purposes only to a very
  limited number of persons and companies who are
  persons who have professional experience in
  matters relating to investments and who fall
  within the category of person set out in Article
  19 of the Financial Services and Markets Act 2000
  (Financial Promotion) Order 2005 (the "Order") or
  are high net worth companies within the meaning
  set out in Article 49 of the Order or are
  otherwise permitted to receive it. Any other
  person who receives this Presentation should not
  rely or act upon it. By accepting this
  Presentation and not immediately returning it,
  the recipient represents and warrants that they
  are a person who falls within the above
  description of persons entitled to receive the
  Presentation. This Presentation is not to be
  disclosed to any other person or used for any
  other purpose.
• Hanson Westhouse Limited ("Hanson Westhouse") is
  acting for the Company and no-one else in
  connection with the proposals contained in this
  presentation. Accordingly recipients should note
  that Hanson Westhouse is neither advising nor
  treating as a client any other person and will
  not be responsible to anyone other than the
  Company for providing the protections afforded to
  customers of Hanson Westhouse nor for providing
  advice in relation to the proposals contained in
  this presentation.
• While the information contained herein has been
  prepared in good faith, neither the Company nor
  any of its shareholders, directors, officers,
  agents, employees or advisers give, have given or
  have authority to give, any representations or
  warranties (express or implied) as to, or in
  relation to, the accuracy, reliability or
  completeness of the information in this
  Presentation, or any revision thereof, or of any
  other written or oral information made or to be
  made available to any interested party or its
  advisers (all such information being referred to
  as "Information") and liability therefore is
  expressly disclaimed. Accordingly, neither the
  Company nor any of its shareholders, directors,
  officers, agents, employees or advisers take any
  responsibility for, or will accept any liability
  whether direct or indirect, express or implied,
  contractual, tortious, statutory or otherwise, in
  respect of, the accuracy or completeness of the
  Information or for any of the opinions contained
  herein or for any errors, omissions or
  misstatements or for any loss, howsoever arising,
  from the use of this Presentation.
• Neither the issue of this Presentation nor any
  part of its contents is to be taken as any form
  of commitment on the part of the Company to
  proceed with any transaction and the right is
  reserved to terminate any discussions or
  negotiations with any prospective investors. In
  no circumstances will the Company be responsible
  for any costs, losses or expenses incurred in
  connection with any appraisal or investigation of
  the Company. In furnishing this Presentation,
  the Company does not undertake or agree to any
  obligation to provide the recipient with access
  to any additional information or to update this
  Presentation or to correct any inaccuracies in,
  or omissions from, this Presentation which may
  become apparent.
• This Presentation should not be considered as the
  giving of investment advice by the Company or any
  of its shareholders, directors, officers, agents,
  employees or advisers. In particular, this
  Presentation does not constitute an offer or
  invitation to subscribe for or purchase any
  securities and neither this Presentation nor
  anything contained herein shall form the basis of
  any contract or commitment whatsoever. Each
  party to whom this Presentation is made available
  must make its own independent assessment of the
  Company after making such investigations and
  taking such advice as may be deemed necessary.
  In particular, any estimates or projections or
  opinions contained herein necessarily involve
  significant elements of subjective judgment,
  analysis and assumptions and each recipient
  should satisfy itself in relation to such
  matters.
• Neither this Presentation nor any copy of it may
  be (a) taken or transmitted into Australia,
  Canada, Japan, the Republic of Ireland, the
  Republic of South Africa or the United States of
  America (each a Restricted Territory), their
  territories or possessions (b) distributed to
  any U.S. person (as defined in Regulation S under
  the United States Securities Act of 1933 (as
  amended)) or (c) distributed to any individual
  outside a Restricted Territory who is a resident
  thereof in any such case for the purpose of offer
  for sale or solicitation or invitation to buy or
  subscribe any securities or in the context where
  its distribution may be construed as such offer,
  solicitation or invitation, in any such case
  except in compliance with any applicable
  exemption. The distribution of this document in
  or to persons subject to other jurisdictions may
  be restricted by law and persons into whose
  possession this document comes should inform
  themselves about, and observe, any such
  restrictions. Any failure to comply with these
  restrictions may constitute a violation of the
  laws of the relevant jurisdiction

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Black Rock Oil Gas Plc

• AIM-quoted oil and gas exploration company
• Principal interests in Colombia and the UK
  Southern North Sea
• Recent heavy oil discovery in Colombia
• Near production opportunities with significant
  exploration potential in Colombia
• Exploration potential in Southern North Sea
• Recent share capital reorganisation
• Competent Persons Report underway

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Directors

• Tony Baldry MP, Non-Executive Chairman
• Member of Parliament for Banbury for over 20
  years
• Former Parliamentary Under Secretary of State,
  Department of Energy
• Jointly oversaw the privatisation of the
  Electricity Industry
• Wealth of experience providing corporate
  strategic and financial advice

• Dr John Cubitt, Managing Director
• Chartered Geologist
• 27 years experience in international oil gas
  exploration and production including Forest Oil
  International, Shell and Force Petroleum
• Specialises in Board level strategic and
  operational direction, project management and
  asset evaluation

• Peter Kitson, Finance Director
• Fellow of Association of Certified Accountants
• 15 years experience in Oil and Gas with BP and
  Elf
• General management experience with, for example,
  Commonwealth
• Development Corporation and BP
• Chris Moore, Non-Executive Director
• Over 30 years experience in the international
  upstream petroleum industry
• Exploration, finance and asset management
  positions in BP, Tricentrol and ARCO
• Specialises in upstream project evaluation,
  negotiation and execution
• Adviser on strategic new venture development

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Current Capital Structure

• Symbol Exchange BLR AIM
• Market capitalisation 6.6 million
• Price as at 28 October 2007 20.5p
• High Low Share Price in 2007 18 55p
• Shares issued 32,160,407
• Options/warrants outstanding 577,018
• (200,000 exercisable at 50p per share before
  18/04/2009
• 377,018 exercisable at 25p per share before
  8/8/2010)
• Fully diluted share capital 32,737,425
• The company undertook a 50 for 1 share
  consolidation exercise in July 2007
•  

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Corporate Strategy

• Focus on generating near term cash flow
• previously non-commercial or undeveloped
  discoveries
• target bypassed pay and acreage adjacent to
  existing producing fields
• acquire production
• Balance low risk production with high quality
  exploration projects
• acquire exploration acreage in hydrocarbon
  provinces with proven potential
• seek significant equity interests to materially
  impact the company and maximise financial
  flexibility

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Progress on 2007 Targets

• Realise the potential of the Colombian acreage
• Acacia Este and Arce seeing activity in 2007
• Drill and test Acacia Este
• Discovered 16API oil
• Tested at 101 bbls per day, 4 strokes per minute
• Complete Arce Field steam injection test
• Steam injection has commenced and we will be
  evaluating production rates for remainder of 2007
• JV proceeding with appraisal on sole risk basis
• Have an active drilling programme
• Acacia Este drilled and 1 appraisal well on
  Acacia Este in Q4 2007
• Begin process to book net reserves of 2.5-10
  million barrels of oil equivalent
• Competent Persons Report commissioned
• Diversify the portfolio of EP assets in Europe
  and the Americas
• Continue to review opportunities to manage the
  portfolio
• Concluded that North American opportunities
  inappropriate at this time in line with market
  sentiment
• see disclaimer

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Targets for 2008

• Build on the potential of the Colombian acreage
• Acacia Este appraisal
• Conduct a rapid appraisal programme including
  long-term production tests, additional appraisal
  well drilling and 2D/3D seismic acquisition
• Submit a commerciality application to Ecopetrol
  and move towards development by year end
• Obtain debt financing for development
• Arce Field evaluation on going
• Possible acquisition of additional 2D seismic
• Possible appraisal well in 2H 2008
• Have an active exploration drilling programme
• On Las Quinchas, drill Acacia Este-3 appraisal
  plus possibly drill/test Baul and 1-3 extra
  exploration targets
• On Alhucema, drill exploration wells Arriconada
  -1 in 1Q possibly one other
• Book net reserves of 2.5-10 million barrels of
  oil equivalent
• Diversify the portfolio of EP assets in Europe
  and Latin America
• 1 projects in Colombia or Peru

see disclaimer
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Colombia

• Proven oil producing region 1.9 billion barrels
  of discovered reserves in the Middle Magdalena
  Valley region
• Colombia produces 556,800 bopd (2006)
• BP, Occidental, Petrobras and Lukoil are all
  active in the country
• Colombia is stable politically with President
  Uribe in his second 4 year term
• Colombia is economically buoyant
• Middle Magdalena Valley currently has limited
  criminal or terrorist activity
• Excellent infrastructure close to our licences
  including pipelines, refinery, trucking station,
  paved roads and a small airport
• Region consists primarily of rolling hills used
  for cattle rearing

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Colombia - Middle Magdalena Basin
50 joint venture with Kappa Resources Colombia

• 2 licences
• Las Quinchas Association Contract
• Alhucema EP Contract
• Las Quinchas - Acacia Este discovery and
  appraisal
• 50 -150 mmbbl potential
• Las Quinchas Arce Field continuing appraisal
  and testing
• Alhucema - drilling Arrinconada-1 and possibly 1
  additional exploration well in 2008
• see disclaimer

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Colombia fiscal models

• Association Contracts (e.g. Las Quinchas)
• Production sharing under shared risk terms
• R factor (additional share of production
  allocated to Ecopetrol related to the ratio of
  revenue to costs but only applies to fields
  producing above 60 mmboe)
• Ecopetrol 50 back-in potential at declaration of
  commerciality, but pays share of back costs out
  of production
• Sliding scale royalty based on rate prevailing at
  time of discovery and 35 income tax
• Independent oil company take on small heavy oil
  fields 40-60
• EP Contracts (e.g. Alhucema)
• With ANH (Colombian Government Agency) since
  2004. No back-in rights for Ecopetrol
• Sliding scale royalty, fee of 30 of price
  exceeding benchmarks and 35 income tax
• Independent oil company take ranges from 50-60

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Colombia - Acacia Este

• Acacia Este oil discovery
• Drilled in July-August 2007
• Tested at 101 barrels of 16API oil per day
• Large structure
• Shallow depth
• Operator estimated target 50-150 mmbbls
  recoverable heavy oil
• 2 appraisal wells may be drilled in 2007/8
• New 2D seismic to be acquired in 1H 2008
• Long-term production tests to be conducted in
  2008
• Commerciality submission in 2008
• Development feasible in 2009
• see disclaimer

Acacia Este prospect
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Colombia - Acacia Este
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Colombia - Arce Oil Field

• Discovered 1984, heavy oil at depths of around
  3000 feet
• 4 wells drilled, 30 feet net pay. Arce 3 4
  tested 30 bopd
• Long term steam injection testing started in Q2
  2007. Ongoing
• Operator estimated gross 10-20 mmbo recoverable
• Commerciality statement was submitted in 2007 and
  JV allowed to proceed on a sole risk basis
• Peak production could reach 3,000 bopd after 5
  years. 30-60 wells may be required

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Colombia - Arce Oil Field
Oil gathering station
Steam injection plant
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Colombia - Baul Oil Field

• Shallow heavy oil, 100 net pay
• Baul 3 produced 16,610 barrels of oil from a 14
  sand in 1960-61
• Testing in 1Q 2008

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Colombia Exploration Opportunities
Las Quinchas Association Contract

• Large number of drillable prospects, from shallow
  heavy oil to light oil targets in the deep
  Cretaceous
• La Linda (37 mmbo in 2 separate fault block
  targets) heavy oil prospect
• Rio Viejo/La Tolda (24 mmbo target) light oil,
  12,000-18,000 ft target depth
• 50 relinquishment required in 2008
• see disclaimer

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Colombia Exploration Opportunities
Alhucema EP Contract

• Heavy and light oil prospects
• Possible extension of Chicala / Arce oilfield
  trend
• Juanes prospects
• N Morroa Cretaceous light oil lead
• 50 km 2D seismic acquired in 2H 2006
• Arrinconada-1 well (previously known as Juanes
  SW) to be drilled in 1Q 2008
• Exploration well possibly to be drilled in 2H 2008

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UK Southern North Sea
15 interest in Block 49/8c operated by
Wintershall

• Carboniferous gas find, discovered in 1989 and
  flowed at 5 mmcf/day
• Drilled 49/8c-4 in 2006 to appraise and test the
  Monterey gas field
• Drilling was very successful but technical
  difficulties during testing meant that flow rates
  were lt1mmscfd
• Gas was recognised from several zones in the
  Carboniferous
• Now moved into second 4 year phase of licence
• 50 relinquishment completed

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UK Southern North Sea
Monterey Gas Field

• Operator estimated mean recoverable reserves -
  165 bcf
• Recent positive economics for development based
  on horizontal well and fracture stimulation
  technology
• Future studies include a seismic facies
  evaluation of the Carboniferous reservoirs,
  pre-development studies and economic screening.
• Development possibly tied back to Cutter or
  Markham
• Production possibly by 2009
• Stinson Gas Prospect
• Operator estimated mean recoverable reserves -
  147 bcf
• see disclaimer

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Summary

• Black Rock has turned a corner
• Acacia Este potential company maker discovery
  in 2007
• 50 -150 mmbbls recoverable
• Tested at 101 barrels of 16API oil per day
• 1 appraisal well to be drilled in November 2007
  and 1 in 2008
• Long-term production tests in 2008
• Commerciality submission in 2008
• Development considered feasible in 2009
• Arce Field steam injection test still continuing
• Arce Field development allowed on a sole risk
  basis
• Additional exploration opportunities on existing
  licences in Colombia
• Economics for development of Monterey in UK
  improving
• see disclaimer

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Davidson House Forbury Square Reading Berkshire RG
1 3EU United Kingdom Tel [phone]
350 Fax [phone] www.blackrockoil.co
m Email info_at_blackrockoil.com
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