Fremont Petroleum Corporation Ltd. reported a significant increase in oil and gas reserves and resources for its 100%-owned Pathfinder Field based on a newly published Oil and Gas Reserves and Resources Report by independent engineering firm Gustavson Associates. The report confirms the Pathfinder Field has a C1 Contingent Resource (meaning with 90% probability) of 182 million barrels of oil equivalent (MMBOE 6:1). The Net Present Value (NPV10) of total P1 and P2 oil and gas reserves totals USD 34 million (AUD 50.3 million). This represents a year-on-year increase of USD 17 million (AUD 25 million). Over the calculated property area of 19,417 acres, this equates to approximately USD 1,750 per acre compared to USD 490 per acre when based off the Company's current market capitalization of AUD 14 million. Crude oil resources increased by 12% year-on-year from 54 million BO to 60.6 million BO, and natural gas resources increased by 13% from 540 billion cubic feet to 609 billion cubic feet. The table below summarizes Pathfinder's resources from a P90 resource to a P10 resource. The increases in this year's report comes off the back of the successful JW Powell and Amerigo Vespucci wells where new oil and gas discoveries have been made. Due to the natural gas liquids and high quality hot gas (~1,200 MMBTU) that is being produced from the Niobrara formation, the Company has received a barrels of oil equivalent (BOE) Contingent Resource estimate for the first time which highlights the significant size of the Pathfinder hydrocarbon deposit. Fremont notes that this report does not include any potential reserves and resources from the recently announced transaction to acquire a 5,990 acre adjoining oil and gas property. When included, it is likely Pathfinder's reserves and resources will again increase materially. The report illustrates the significant stacked-pay opportunities at the Pathfinder property with the Codell formation assigned oil and gas reserves for the first time. Oil and gas has now been discovered in four formations at the Pathfinder Property being, the Pierre, Niobrara, Codell and Greenhorn formations. The report was completed by Gustavson Associates in accordance with the VALMIN Code promulgated by the Australasian Institute of Mining and Metallurgy, and as specified in the VALMIN Code, the reserves and resources definitions found in the Petroleum Resources Management System (PRMS).