TEA I, II, III and IV

The company owns a 2 percent participating interest in Technical Evaluation Area (TEA) I, II, III and IV, which include more than 40 million gross acres onshore in the western flank of the Andes Mountains. This project represents a greenfield opportunity to identify prospects from an area that has had virtually no advanced geological study. Gulf United Energy intends to participate in the acquisition and evaluation of an aeromagnetic survey, the results of which could spur further geological evaluation through a 2-D seismic survey.