JANUARY 2012

INVESTOR PRESENTATION

Staying The Course

PMD - TSXV

Forward-looking statement

All monetary amounts in U.S. dollars unless otherwise stated.

This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws concerning the business, operations and financial performance and condition of PetroMagdalena Energy Corp. Forward-looking statements

and forward-looking information include, but are not limited to, statements with respect to estimated production and reserve life of the various oil and gas projects of PetroMagdalena Energy; synergies and financial impact of completed acquisitions; the benefits of the acquisitions and the development potential of the properties of PetroMagdalena Energy; the future price of oil and natural gas; the estimation of oil and gas reserves; the realization of oil and gas reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; ANH/ Ecopetrol approval of transfer of title and operatorship of joint ventures; and currency exchange rate fluctuations. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of

assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of PetroMagdalena Energy and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, risks relating to international operations, fluctuating oil and gas prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the oil and gas industry, failure of plant, equipment or processes to operate as anticipated, acquisitions not being integrated successfully or such integration proving more difficult, time consuming or costly than expected as well as those risk factors discussed or referred to in PetroMagdalena Energy’s public filings with the securities regulatory authorities in the provinces of Canada and available at www.sedar.com. Although PetroMagdalena Energy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other

factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. PetroMagdalena Energy undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning oil and gas reserve estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the oil and gas that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this presentation.

Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The management estimates of

resources presented herein are arithmetic sums of multiple estimates of remaining recoverable resources (unrisked), which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes

of resources and appreciate the differing probabilities of recovery associated with each class. Estimates of remaining recoverable resources (unrisked) include prospective resources that have not been adjusted for risk based on the chance of discovery or the chance of development and contingent resources that have not been adjusted for risk based on the chance of development. It is not an estimate of volumes that may be recovered. Actual recovery is likely to be less and may be substantially less or zero.

Although PetroMagdalena has closed the acquisitions of its working interests in Carbonera, Catguas, Rio Magdalena, Arrendajo, Yamu, Topoyaco, and Mecaya, it is currently in the process of completing the required approvals from ANH/ Ecopetrol, as applicable, for the formal

transfer of title and or operatorship.

2

3

1. Focus on organic cash flow opportunities in our portfolio

2. Enhance netbacks, reduce costs, increase efficiency

3. Exploration success at Cubiro in 2011 now leading to increased

development activity in 2012 in the Llanos Basin

4. Maximizing value from assets in our portfolio – leverage

relationships with strong partners

EXPERIENCED LEADERSHIP

IMPROVING OPERATING CASH FLOW

HIGH POTENTIAL

EXPLORATION ASSETS

DRIVING VALUE

Focus on Value Creation

Goal is to increase production and reserves

Diversified

portfolio

4

CATATUMBO Basin •Santa Cruz (1) •Carbonera-La Silla(1)

•Carbonera •Catguas

LLANOS Basin •Cubiro(2)

•Arrendajo •La Punta •Yamu

PUTUMAYO Basin •Topoyaco •Mecaya

MAGDALENA Basin •Las Quinchas •Rio Magdalena

RED blocks: 2010 ANH E&P

blocks

Agreements subject to ANH or

Ecopetrol approval

(1) Operated by Mompos Oil and

Gas, a wholly owned subsidiary.

(2) Operated by Alange Energy

Corp. a wholly owned subsidiary.

Achieved Ongoing

Reduced G&A per boe by 54% Q3 2011 vs 2010

average

Increased Operating Netback by 49% 2011 YTD (9 months) from FY2010 average

Increased reserves at Cubiro by 86% *

Drilling program at Cubiro O

Exploration at Cubiro O

Spud Yaraqui-1X at Topoyaco – D, August 31, 2011

Farm-out 30% of Santa Cruz

Spud Santa Cruz-1 on November 20, 2011

Farm-out Carbonera and Catguas to YPF **

Sale and/or farm-out of other assets (Cerrito, Dec ‘11) O

5

Achievements Q1 through Q3 2011

* Petrotech report on Cubiro block, September 30, 2011

** Subject to ANH approval

6

86% increase in 2P reserves at Cubiro

Technical Report dated September 30, 2011:

• Updated 2P reserves at Cubiro to 10.8 mmbls – an increase of 5.0 mmbls,

or 86%, compared to December 2010 report

• Updated 1P reserves at Cubiro to a total of 3.0 mmbls, or 73% increase

compared to December 2010 report

• Oil discoveries at Cubiro demonstrate exploration potential

• Production growth funds ongoing work plan for Cubiro

Cubiro L & M Oil Reserves (Mbbls)

100% Gross Net

Proved Developed

Producing 1,981 1,216 1,119

Proved Undeveloped 2,776 1,734 1,595

Total Proved 4,757 2,950 2,714

Probable 13,076 7,873 7,243

Total 2P 17,833 10,823 9,957

Source: Petrotech Engineering Ltd. report on Cubiro block, September 30, 2011

7

Cubiro 2P Reserves Changes in 2011

Source: Petrotech Technical reports: September 30, 2011, December 31, 2010 and 2009

2,570

5,831 1,123

972

2,079

1,233

1,831

0

2,000

4,000

6,000

8,000

10,000

12,000

Dec 2009 Reserve Report

Dec 2010 Reserve Report

2011 Cubiro Production & Technical Revisions

Purchase 32% of

Cubiro 'C'

Petirrojo Discovery

Copa B Discovery

Copa A Sur Discovery

Mb

bls

September 30, 2011

10,823

8

Daily Average Production 2010-2011

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Year 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2012

Dec 2011 *

bo

ed

Copa A Sur-1

Copa B-1

Petirrojo Field

Yamu

32.13% Cubiro Block C acquired

Arauco5/ Careto 13H

2010 base wells

PetroMagdalena’s Gross Working Interest

• Daily average for month of December 2011

• Petirrojo 2 & 3 put on production in December.

9

• Re-capitalized balance sheet in February 2011 through equity financing

• Reduced debt by $31 million to $10 million, freeing up $1.0 million

per month of operating cash flow to fund capital investments in core

assets; working capital deficit reduced by $44 million since

December 31, 2010

• Enhancing operating netback from Cubiro production

• New oil marketing contract in conjunction with Pacific Rubiales

• Implementing initiatives to reduce opex

• Cost reductions generating positive trend in G&A per barrel produced

Ne

tba

ck

pe

r

ba

rre

l G

&A

pe

r ba

rrel

Strengthening operating cash flow

$-

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$-

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

Q2 - 2010 Q3 - 2010 Q4 - 2010 Q1 - 2011 Q2- 2011 Q3 - 2011

Operating Netback per barrel G&A per barrel

10

Enhancing Cubiro’s netback

• New 3-year conventional oil marketing agreement signed with

Pacific Rubiales effective February 1, 2011

• Three potential delivery points to Colombian pipeline infrastructure

(1) Management estimates, as of November 2011, for Netback per Barrel sold. (2) Agreement in place – delivery volumes only on availability (3) Vasconia as of January 12, 2016 priced at WTI + $7.35/bbl

Illustrative summary of potential netbacks from crude oil sales

from Cubiro production (1) (US$ per barrel)

Delivery Point / Reference Price Rubiales /

WTI

Guaduas /

Vasconia

Araguaney /

Vasconia (2)

WTI (Nymex : January 12, 2012) $99.10 $99.10 $99.10

Benchmark Quality Adjustment +8.00 +7.35 (3) +7.35 (3)

Royalties (7.00) (7.00) (7.00)

Net Revenue $100.10 $99.45 $99.45

Production costs (Q3 - 2011) 14.50 14.50 14.50

Transportation & pipeline 16.50 22.50 10.00

Operating Netback $69.10 $62.45 $74.95

Property Work Program 2011(1) Approximate timing

Exploration Plan

Cubiro • 4 wells(2 Block B, 2 Block C) • 3 drilled, 3 discoveries

(Yopo-1X discovery well) • Yopo well, Q4-2011

Arrendajo • 1 well (Azor -1X discovery well) • Azor-1X, TD on Jan 5th 2012

La Punta • 1 well (LP-4 dry) • LP-4 drilled, Q2-2011

Topoyaco • 1 well (Yaraqui-1X . . . non commercial)

• Yaraqui-1X, Q4-2011

Santa Cruz • 1 well • Spud Nov. 20th, 2011 - drilling

Development Plan

Cubiro • 4 wells + 1 WO + facilities, including storage

• 2 wells completed in Q1-2011 • Petirrojo-3 dev well in Q4-2011 • Petirrojo-2 dev well in Q4-2011 • 1 WO in Q4-2011

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(1) Management estimate, subject to change

Estimated 2011 capital investment: $41 million(1)

2011 Work Program

12

2012 Work Program Overview

2012 Work Program Overview

• Capital expenditure program estimated at $50 to $60 million, excluding

commitments funded by farm-ins (Carbonera, Catguas).

• 65% to be directed to light oil exploration and development in Cubiro and

Arrendajo.

• 6 Llanos exploration wells planned, 4 in Q1, 1 in Q2, and 1 Q4.

• 10 Llanos development wells planned, 1 in Q1, 3 in each subsequent.

• 2012 Llanos exploration program:

Management estimate of light oil recoverable prospective resources,

company’s working interest share would be close to doubling 2P Llanos

reserves Un-Risked or approximately + 40% Risked

• Capital intended to be funded from cash and internally generated cash flow.

• No near term financing extpected to be required to fund 2012 work plan.

• Cash flow estimate for 2012 includes no production volumes for any of the

exploration wells currently being drilled or to be drilled in 2012.

Property Work Program 2012(1) Approximate timing - 2012

Exploration Drilling

Cubiro • 4 wells in Area ‘B’

• 1 well in Area ‘C’ • 1 contingent wells ( Area ‘C’)

• 4 in Q1, 1 Q2, 1 Q4

Arrendajo • 1 well (Arrendajo Norte-1X) • 1 well in Q1-2012

Carbonera • 1 well • 1 well in TD in Q2-2012

Development Drilling

Cubiro • 7 wells • 3 contingent wells

• 1 well spud in Q1-2012 • 3 wells each subsequent qtr.

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(1) Management Estimate, subject to change

Estimated 2012 capital investment: $50 million - $60 million (1)

2012 Work Program

14

(1) Management estimate, 2012E calculated with an $80/bbl WTI pricing.

(2) Represents estimated revenues less royalties, production and transportation/pipeline costs based upon average daily

production of 2,800 boed for 2011E and 4,500 boed (mid-point of management guidance range)for 2012E.

(3) Includes interest of $3M and funds being set aside from cash flow for principal repayments of senior notes in May 2012 and

May 2013. The 2012E amount is net of $4M in a trust account as of December 2011 to be used toward the first annual principal

repayment in May 2012 of the senior notes (TSX-V: PMD.DB).

(4) Management estimate; subject to change.

2011E 2012E

Average daily production for the year (gross before royalties)(4) 2,800 boed 4,300-4,700 boed

Cash flow from operating netbacks (2) $58M $82M

Less: G&A $15M $16M

Less: Debt service (principal & interest) (3) $18M $20M

Less: Equity tax instalments $2M $ 2M

Net cash flow from operations $23M $44M

Cash position, beginning of year $6M $15M

Cash available from equity financing for work program $35M -

Other sources/ (uses), including working capital changes and

cash from asset dispositions (4) $(8M) $ 7M

Total cash available to fund annual work program $56M $66M

Annual work program expenditures (4) $41M $50-$60M

Annual Cash Flow (1)

15

Operator: Alange Energy Corp. (1)

WI: A:60.5% B:70% C:57.13% Contract: ANH Product: L/M Oil

Area: 61,295 acres 2P Reserves: 10.8 MMbbl (2)

Production: 2010 A (Year Avg): 1,905 bopd 2011 A (Year Avg): 2,138 bopd

Llanos Basin – Cubiro

(1) A wholly owned subsidiary of PetroMagdalena

(2) Petrotech Report dated Sept. 30, 2011, PetroMagdalena

share, gross before royalties

About Cubiro

• Most prolific hydrocarbon basin in Colombia

• Currently producing from 21 wells in the Careto, Arauco, Barranquerro, Petirrojo, Yopo and Copa fields

• 86% increase in 2P reserves (Sept 2011 vs Dec 2010) (2)

• 2011 Exploration program with four discoveries:

Petirrojo, Copa B, Copa AS and Yopo.

• Sept 30th 2011 update from three discoveries with 5.1 MMbbl of recoverable reserves (2P) (2)

16

Llanos Basin - Cubiro

Polygon A :

Development Area

60.5% W.I.

Polygon B :

Exploration Area

70% W.I.

Polygon C :

Exploration Area

57.13% W.I.

Field Prospect

C5 37 °API

Palmarito C7 40 °API

Caño Gandul C5-C7 38 °API

Careto

Arauco Sirenas

Guanapalo C7 30 °API

Barranquero Petirrojo

Altair

Copa

C7

Canario Sirenas Sur

Turpial Q1 -2012

Tijereto Sur Q1-2012

Yopo, Q4-2011

Petirrojo Sur Q2 - 2012

Copa B

Copa A Sur

Jordán C7 29 °API

Copa C, Q1-2012

Highlights

• Operated by PetroMagdalena

• All production is subject to the sliding scale royalty rates of ANH and a 3% overriding royalty on total production from the Block.

• The Cubiro Block has been under an Exploration and Production (E&P) Contract with ANH since October 8, 2004, exploration phases followed by a 25 year production period.

• Currently, there are eight producing oil

fields: Careto, Arauco, Barranquero, Petirrojo, Yopo, Copa, Copa B and Copa A Sur.

• Currently producing from Carbonera C-5, C-7 and Gacheta formations.

• Four new fields discovered at Petirrojo, Copa B, Copa A Sur and Yopo in 2011.

Copa A Norte Q4-2012

Cernicalo Q1-2012

17

Petirrojo Field, Petirrojo South & Yopo

Prospects • Yopo discovery well spud on December

11th, 2011, and drilled to a final depth of

6,790 feet (MD). The well initially tested at a stabilized rate of 752 bopd with 4.7% BS&W for 6.5 hours at an average wellhead pressure of 265 psi.

• Petirrojo-1 encountered 32 ft of net pay

with porosities averaging 29%.

• Petirrojo-2 encountered 31 ft of net pay with porosities averaging 29%.

• Petirrojo-3ST encountered 29 ft of net pay with porosities averaging 29%.

• Petirrojo South will be drilled when civil work has been completed, Q2-2012

(1) Company share, Sept 30, 2011 technical report

1 Km

Yopo Field

Petirrojo Field

Petirrojo-1

Carbonera C7 TWT Seismic Map

Petirrojo South Prospect

2P RESERVES

(Mbbls)

Petirrojo 2,036

CURRENT TECHNICAL REPORT (1)

2P Reserves

(Mbbls)

Copa B 1,230

Copa A Sur 1,831

CURRENT TECHNICAL REPORT (1)

Copa B Field, Copa A Sur & Copa AN Prospect

• Copa B-1 exploration well encountered 41 ft of net pay. Daily average production during

October has averaged 765 bopd (Company share 437 bopd). ESP stopped working October 20th; the well went back on production Nov 9th .

• Copa A Sur-1 exploration well successfully drilled with Initial 4-day test rate of 1,114

bopd (Company share, 636 bopd) of 38.4° API light oil on natural flow.

• Copa A Sur-1 went on production Nov 6th .

• The Copa C structure to the south of Copa B will be drilled in Q1-2012

Carbonera C7 TWT Seismic Map

Copa B Field

Copa B -1

Copa ASur Field

1 Km

Copa AN Prospect

18 (1) Company share, September 30, 2011 technical report

Copa ASur-1

Cubiro ‘C’ Area – Copa Upside

19

2P RESERVES

(Mbbls) 100% Gross Net

Copa Field 3,008 1,718 1,582

Copa A Sur 3,205 1,831 1,684

Copa B 2,153 1,230 1,142

8,366 4,779 4,408

Sept 30, 2011 Technical Report

Copa Field

Copa A Norte

Copa A Sur

Copa B

Copa C

Copa D

Producing Exploration 2012 Development

Carbonera C7 TWT Seismic Map

20

Highlights

• Arrendajo is 7 km NE of the Cubiro block

• Operated by Pacific Rubiales Energy

• 120 km2 of 3D survey completed in April 2011,

interpretation shows 6 light oil prospects on trend with producing oil fields

• Azor discovery in Jan. 2012 will be followed by the Arrendajo Norte-1X in Q1 2012.

• Five exploration prospects in the Carbonera

formation have been identified: Yaguazo, Arrendajo Norte, Arrendajo Sur, Mirla Blanca, and Mirla Oeste

• PetroMagdalena acquiring 32.5% working interest in December, 2011, from Pacific Rubiales, subject to ANH approval, for $10

million to be paid out of production.

Llanos Basin – Arrendajo

ARRENDAJO

(1) A wholly owned subsidiary of Pacific Rubiales Energy.

(2) Petrotech Engineering report April 2010, adjusted for the 32.5% interest being acquired from Pacific Rubiales.

Operator: Pacific Stratus Energy Colombia (1)

WI: 67.5% Contract: subject to ANH approval

Product: Light Oil Area: 78,102 acres Resources: 8,259 Mbbl (2)

Stage: Exploration

CUBIRO

Arrendajo Norte Q1-2012

Yaguazo

Mirla Oeste

Azor Q4-2011

Arrendajo Sur

Mirla Blanca

Mirla Negra

Azor and Petirrojo Trends - Upside

Producing Exploration 2012 Exploration 2013

Development

Arrendajo Norte

Yaguazo

Azor

Mirla Negra

Carbonera C7 TWT Seismic Map

• Azor discovery well spud on December

24th, 2011, and drilled to a final depth

of 7,225 feet (MD). The well initially

tested 752 bopd with a 1% BS&W over

an initial 8 hour period of natural flow.

• Arrendajo-1X will be drilled after testing

and completion is completed on Azor,

civil work has been completed.

• 3D seismic evaluation identified four

new prospects on the Azor trend.

• Mirla Negra-1X was drilled in 2008 and

tested oil in the C5 but was not

declared commercial

22

Topoyaco & Mecaya Contracts: ANH

Operator: Topoyaco – Pacific Rubiales

WI: 50%, subject to ANH approval Mecaya – Gran Tierra WI: 42%, subject to ANH approval Product: L/M oil exploration potential Production: Nil

About Putumayo

• Putumayo Basin is located in southwest Colombia

• High potential exploration targets

Highlights

• Partnered with experienced operators.

• PetroMagdalena has a beneficial 43% working

interest in the Mecaya Block, subject to ANH approval, with no overrriding royalty and will pay 85% of the cost of the first 3D and well.

• PetroMagdalena Energy has a 50% working interest in the Topoyaco Block, subject to the ANH approval, with a 6% overriding royalty to Trayectoria. In

addition, there is a 3.5% profit interest payable to Grant Geophysical for the seismic work.

Putumayo Basin

VENEZUELA

Carbonera Block

Santacruz Block

Carbonera La Silla

Catguas Block

About Putumayo

• Putumayo Basin is located in northwest Colombia and is the western extension of

the very prolific Maracaibo basin in Venezuela

• High potential exploration targets

Highlights

• Partnered with experienced operators.

• PetroMagdalena has a beneficial 100%

working interest in the Carbonera Block, subject to ANH approval.

• PetroMagdalena has a 70% working interest in the Santa Cruz Block, and is drilling the Santa Cruz-1X well.

• PetroMagdalena has a 58% working

interest in the Carbonera La Silla Block, an Ecopetrol association contract.

• PetroMagdalena has a beneficial 50% working interst in the northern area of Catguas and a beneficial 15% working

interest in the southern area. Gran Tierra is the operator.

Catatumbo Basin

Catguas, Santa Cruz and Carbonera Contracts: ANH

Operator: Catguas – Solana (1)

WI: 50% N, 15% S, subject to ANH approval

Santa Cruz – Mompos Oil and Gas (2)

WI: 70% Carbonera – Well Logging WI: 100%, subject to ANH approval Product: L/M oil exploration potential

Production: Nil

(1) Wholly owned Subsidiary of Gran Tierra Energy (2) Wholly owned subsidiary of PetroMagdalena.

24

Maximize Value From

Catatumbo Assets

Actions Taken

Farm Out Agreement for Santa Cruz:

• Retain Operatorship

• Retain 70% Working Interest

• Pay 40% of first well in Q4 – 2011, 55% of second well, 70% thereafter

Farm Out Agreement for Carbonera (1):

• YPF becomes Operator, bring extensive gas experience

• Retain 40% Working Interest

• Carried through US$23 million work program

Farm Out Agreement for Catguas: • YPF will lead exploration program

• Retain working interests of 15% in North area and 4.5% in South area

• Carried through 2012 work program

(1) Farm Out Agreement for Carbonera in process and subject to ANH approval

25

• Santa Cruz-1 is being drilled, and

spud on Nov. 20th, 2011, in the A

Block which has an area of 750

acres with a primary target (Mirador)

thickness of over 300 ft of high

porosity & permeability SS reservoir.

• The Santa Cruz Block has several faulted structures assigned prospective resources based on the 3D seismic interpretations and information from the offset Rio Zulia field

• A contingent exploration location has been identified in the C Block to the north of the Santa Cruz-1X well.

Catatumbo Basin – Santa Cruz-1

Operator: Mompos Oil and Gas (1)

WI: 70%

C: 700

acres

Total of

3480 acres

F: 420

acres

E: 580

acres

D: 230

acres

A: 750

acres

B: 800

acres

Santa Cruz – 1, TD Q1 - 2012

Santa Cruz – 2, TD Q1 - 2013

26

Cash position (December 31st , 2011): $15.0 million

Debt (December 31st , 2011):

Factoring Loan (maturing Oct 2012)

Bank term loans (maturing May/ Aug 2013)

9% Senior Notes ( $10.4MM maturing May 2014)

$5.1 million

$6.6 million

CA$31.1 million

Share price (January 16, 2011): CA$1.08

Shares outstanding: 142.3 million

Options outstanding ($2.17 average)

Warrants outstanding ($3.50)

13.5 million

19.0 million

Fully diluted: 174.8 million

Market capitalization - undiluted (January 16, 2011): CA$153.7 million

Capitalization

27

Leadership team

Luciano Biondi

Chief Executive Officer

Gregg K. Vernon, P.Eng

Chief Operating Officer

Michael Davies, C.A.

Chief Financial Officer

Francisco Bustillos, M.Sc.

Colombian Finance &

Administration Manager

Jesus Aboud

Exploration Manager

Peter Volk, LL.B.

General Counsel & Secretary

Management

Jaime Perez Branger

Executive Chairman

Miguel de la Campa

Serafino Iacono

Ian Mann

Robert Metcalfe

Luis Miguel Morelli

Directors

Appendix

28

Assets in the most prolific basins

Area Operator (1)

Gross Acres WI (3)

Contract Stage Product Status

Llanos Basin

Cubiro PMD

61,295 60.5-70-57.13% ANH E&P Light Oil Core Asset

Arrendajo Pacific Stratus 78,102 67.5% ANH Exploration Light Oil Near Cubiro*

La Punta Vetra 19,313 Up to 6% ECP E&P Light Oil Under review

Yamu WOGSA 18,194 10% ANH Prod & Exp Light Oil Producing

Catatumbo Basin

Carbonera Well Logging 63,727 100% ANH E&P Oil & Gas Farm-Out

Catguas Gran Tierra 330,355 15% / 50%

S N (2) ANH Exploration Oil & Gas Farm-Out

Santa Cruz Mompos 40,058 70% ANH Exploration Light Oil Exploration

Carbonera – La

Silla Mompos 12,558 58% ECP E&P Light Oil

3D seismic work plan

in place

Magdalena Basin

Las Quinchas Pacific Stratus 124,493 24.5% ECP E&P H Oil To Be Sold

Rio Magdalena Gran Tierra 36,156 56% ECP E&P Gas/Cond/

Oil JV or Farm-Out

Putumayo Basin

Topoyaco Trayectoria 60,035 50% ANH Exploration L/M Oil Under Review

Mecaya Gran Tierra 74,128 43% ANH Exploration L/M Oil 3D seismic planned

(1) See Slide 2. (2) After Farm Out WI retained is 4.5% S/15% N. (3) Subject to ANH /ECOPETROL approvals.

* Working interest reflects acquisition of PRE’s 32%, subject to ANH approval. Yellow background = Core portfolio assets 29

30

Well name 2012

Quarter

Cubiro Block Cernicalo-1ST 1

Tijereto Sur-1X 1

Copa C-1X 1

Turpial-1X 1

Petirrojo Sur-1X 2

Copa A Norte-1X 4

Arrendajo Block Arrendajo Norte-1X 1

Carbonera Block San Roque-1X (MBOE) 1

2012 Exploration Program

31

VSM 12

VMM 35

COR 33

VSM 13

LLA 41 VMM 11

MIDDLE MAGDALENA VALLEY BASIN

CORDILLERA BASIN

UPPER MAGDALENA VALLEY BASIN

LLANOS BASIN

2010 ANH Bid Round

Six E&P Assets

• Agreement for funding the

exploration commitment,

resulting in PetroMagdalena

holding a 10% Working Interest.

32

Colombian Pipeline Infrastructure