Overview

Unbridled Energy is an independent natural gas evaluation and production company specializing in shale gas and tight gas sands (“TGS”) opportunities in two main basins within North America; the eastern US Appalachian Basin and the Western Canadian Sedimentary Basin. The Company is applying a lower risk production enhancement strategy, with the latest horizontal drilling and fracing technologies to shale gas and TGS formations in the Appalachian Basin and Canada. The Company has offices in Pittsburgh, Pennsylvania and Calgary, Alberta.

Highlights

• Specializing in Shale Gas and Tight Gas Sands
• Low Risk Production Enhancement Strategies
• Latest Horizontal Drilling and Fracing Technologies

UNE has signed an agreement with a public utility in New York to drill a well to basement in the Company’s New York field as part of a project to perform a strategraphic test of the deep formations. The Company retains all oil and gas rights in the formations to be tested, and will have the right to complete any formation that the Company believes can be commercially produced for hydrocarbons. The location was selected based upon 2D seismic data over UNE’s acreage. If the deep formations are evaluated and do not contain commercial quantities of hydrocarbons, the well will be plugged back to the Medina formation for a completion in that zone. The well is expected to spud in Q2 of 2009. In Q2 or Q3, 2009, the Company also expects to test a new Devonian-aged shale interval that exists across its New York property. If economically successful, many existing wells can be recompleted into the shale, and new vertical and horizontal wells could be drilled.

In Canada, the Company expects to test a new thick, deep shale interval in an existing well by Q3 2009. Winter weather conditions will prevent testing before then. The shale interval exists over the Company’s acreage position. In Q2 2009, the Company also plans to perform a large acid stimulation in the Elkton dolomite formation in its 16-21 well. Simulation results show a potential of 3 to 5 MMscf/d after the acid stimulation.

Chief Properties

Chautauqua Lake, New York

On April 2, 2007, Unbridled acquired a 50% WI in 13,280 gross acres in the State of New York. The property was originally producing approximately 250 mcf/day gross, largely from the Medina TGS formations at depths between 3,000 to 4,000 ft. The wells have produced a cumulative 7.3 bcf since production commenced on these properties in the late 1980’s. Two of the wells produce from the shallower Bass Island trend, which is a naturally fractured carbonate formation that produces both oil and gas. The property was purchased to exploit hundreds of new well locations and to recomplete existing wells. The Company leased additional acreage in 2008 to expand to approximately 15,000 gross acres. Six new wells and 4 recompletions were performed in 2008. This effort more than doubled the field’s production to over 550 Mscf/d gross.

Unbridled’s consultants, Schlumberger Data and Consulting Services (“DCS”), a qualified third party reserves evaluator, have established discovered resources on these properties ranging from 64 to 112 bcf. The DCS report as of 12/31/2007 shows net reserves as follows: 3.1 Bscf Proved, 4.9 Bscf Probable and 23.9 Bscf Possible.

Ohio River Play

The Company owns a 50% WI in approximately 30,000 acres and is the operator of 4 wells in Jackson County, Ohio. The Company and its Joint Interest partner, Equitable Production Company, drilled 3 horizontal wells into the Devonian-age Lower Huron shale formation in May-June 2008. The wells were completed using 7 or 8 stage stimulation treatments. The wells were flow tested at sub-economic rates. Additional formations are being evaluated for drilling new wells. The partners have established an 11 township “Area of Mutual Interest Agreement” (AMI). This acreage acquisition was based on management’s research of old wells drilled prior to the development of modern technology, as well as its close proximity to natural gas sales lines and other economic horizontal Lower Huron wells.

Chambers Area, Alberta

The Company holds an average of 41% WI in 12,160 acres (19 sections) in the Chambers/Ferrier area of Alberta, northwest of Calgary. This area has become an active multi-zone drilling play, given recent drilling successes and the significant gas and condensate resource in place. Unbridled, and its partners, drilled and completed the Chambers 3-17-41-11 W5M well (“3-17”), in multiple formations, with the primary zone being a TGS formation. The well was placed into sales at an IP over 1000 MMscf/d and 50 bbls/d of condensate during November 2007 and continues to produce as of February 2009.

In Q3 2007, the Company drilled the Chambers new pool well, located at 16-21-41-11 W5M (“16-21”). This location was high graded with the use of 3D seismic, in conjunction with the results of the 3-17. The 16-21 well was successfully drilled under budget and encountered numerous gas bearing formations, including a large Second White Specs organic shale zone. The 16-21 well was completed in the Elkton hydrothermal dolomite and produced at 1 MMscf/d after a small acid treatment. The Company plans a larger acid stimulation in Q1 2009 that could improve production to between 3000 and 5000 Mscf/d.

Management

• Joseph H. Frantz, Jr. – President and CEO. Mr. Frantz is a shale gas and tight gas sand specialist who has worked on unconventional reservoirs for 18 years. His areas of experience in unconventional reservoirs include project management, exploratory and development evaluations, well tests and production data analysis, reservoir stimulation, reserve studies, hydraulic fracturing and multi stage horizontal well evaluations, and gas storage projects.
• J. Michael Scureman – Chief Financial Officer. Mr. Scureman brings to the Company 15 years experience in the natural resource industry. Prior to joining Unbridled, Mr. Scureman served as the CFO & Treasurer for the Allegheny County Airport Authority of Pittsburgh, Pennsylvania, which is responsible for the operation and management of the Pittsburgh International Airport and Allegheny County Airport. He is a Certified Public Accountant and has a BS in Accounting from Pennsylvania State University.
• Robert P. Pryde – Vice President of Exploration. Mr. Pryde joined Unbridled from EnCana Corporation where he served as Geological Advisor emphasizing on shale gas opportunities in Western Canada. Prior to this, Mr. Pryde was Exploration Manager at Tom Brown Resources, focused on initiating exploration prospects, setting goals and targets within the department with a special focus on achieving higher technical standards and results. Mr. Pryde’s experience also includes the role of Group Leader/Senior Exploration Geologist at the former Alberta Energy Company and has held positions as Senior Exploration Geologist for Norcen Energy Ltd. and Gulf Canada Resources Ltd.
• Michael R. Hogan – Engineer. Mr. Hogan’s background is in the E&P and midstream oil and gas industry. His 25+ years of experience include domestic and international executive management, acquisitions, divestitures and financial responsibility for companies valued in the hundreds of millions. His technical experience includes managing successful drilling and well completion projects ranging from shallow development to deep high pressure, high temperature directional wells and the construction and operation of compression and gas processing plants and regulated natural gas transmission pipelines and facilities.

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