Ascent Resources Approximate Valuation

1. Valuation Based on Proxy Value/BOE Method, value dependent on fluid type and anticipated
2. Multiple prospects in blocks not included unless specifically mentioned, e.g. Po Valley, Snozz
3. Potential larger volumes in blocks not included, unless development has been indicated, eg.
4. Insert values in Yellow Cells only; purple and green are calculations

Date: 21-Mar-08 First Production Gas €/mcf Oil €/bbl

Shares: 304,782,042 issued 2008 3.0 25.0
0 options 2009 1.0 12.0
304,782,042 diluted 2010 0.5 8.0
2011 0.1 5.0

Field/ Dvpt Size (bcf

Country Licence Prospect Stage Equity Type or MMbbl) Recovery
Hungary Nyriseg Peneszlek-104 Dev 52.5% Gas 2.3 70.0%
Nyriseg Peneszlek-102 Expl 52.5% Gas 12 70.0%
Nyriseg Peneszlek field Susp 52.5% Gas 30 50.0%
Nyriseg PEN-12 Dev 52.5% Gas 12 70.0%
Nyriseg PEN-9 Dev 52.5% Gas 2 70.0%
Nyriseg FGY-2 Expl 52.5% Gas 17 70.0%
Zala Bajcsa Dev 45.0% Gas 6 100.0%
Szolnok Sz-1 Expl 27.0% Gas 45 70.0%
Sz-2 Expl 27.0% Gas 45 70.0%

Italy Latium Coast Fiume Arrone Expl 56.0% Gas 30 50.0%

ex-Anagni Bastiglia Gazzata Expl 50.0% Gas 186 60.0%
Bastiglia Rubiera Expl 50.0% Gas 165 60.0%
Latina Valley Strangolagalli Expl 80.0% Oil
Latina Valley Frosinone Expl 80.0% OIl

Switzerland Bern Linden Appr 90.0% Gas 150 50.0%

Vaud Essertines Appr 90.0% Oil 40 50.0%
Bern Hermrigen Appr 54.0% Gas 15 60.0%
Bern others Expl

Netherlands M-10-1 Terschelling Appr 27.0% Gas 230 60.0%

M-11-1 FA Appr 27.0% Gas
M-8 Expl 27.0% Gas
P-4 Expl 27.0% Gas

Slovenia Petisovci Dolina Dev 45.0% Oil 25 42.0%

Globocki Appr 15.8% Gas 150 60.0%

Spain Rocamundo 2 prospects Expl 50.0% Gas

Gabon Iris Marin 1.8% Oil 30 40.0%

Assets Drilling Rig

Cash
Shares
Anagni
Italy Latina Valley Anagni Appr 80.0% Oil 400 20.0%
uid type and anticipated production start up
ned, e.g. Po Valley, Snozzle, Frosinone
t has been indicated, eg. Phase 1 Bajcsa, Slovenia only

Conversion
1€ = £1 1.3
$1 = £1 1.9

Risked Year of
CoS? Volume 1st Prod Value MM€
1 1.61 2008 2.54
0.25 2.1 2009 1.10
0.25 3.75 2011 0.20
0.7 5.88 2008 9.26
0.7 0.98 2008 1.54
0.3 3.57 2010 0.94
0.5 3 2008 4.05
0.25 7.88 2009 2.13
0.25 7.88 2009 2.13
23.88
0 0 2011 0.00
0.4 44.64 2009 22.32
0.25 24.75 2010 6.19

28.51
0.15 11.25 2011 1.01
0.1 2 2011 9.00
0.3 2.7 2010 0.73

10.74
0.3 41.4 2011 1.12

1.12
0.7 7.35 2009 39.69
0.4 36 2010 2.84
43.64

0.00
0.16 1.92 2011 0.17
0.17
1.3
2.6
0.74
112.70
86.69
 28.44

0.25 20 2011 80.00

192.70
148.23
48.63
ovenia only

Comments
From envoi - Only upper sands produced on test
Larger part of structure, but missed - sidetrack possible, not 2008
Ops Update "candidate for redevelopment", vol from envoi
Smaller part of structure with PEN-102, total in envoi was 42Bcf
No volume known, assume 2Bcf
Assume upper Fm present, vol from Envoi
Estimate 3 Bcf RECOVERY per well, based on volume to date.
size from partner information
size from partner information
Total Hungary
Maybe residual value, but MOG doesn't think so
In place from Deltana prospectus
In place from Deltana prospectus
Insufficient Information to value
Insufficient Information to value
Total Italy non-Anagni
Volume from Cenkos
Volume from WHI history
Information from farmout to LGO
Insufficient Information to value
Total Switzerland
Gross Unrisked 2P resources for region, from draft farm out document
licence will take ages to develop
Insufficient Information to value
Insufficient Information to value
Total Netherlands
remaining 2P reserves = 10.7MMbbl quoted by AST
AST Annual report - 2/3 of field has produced 230 Bcf
Total Slovenia
Insufficient Information to value
Total Spain
Sterling Energy volume estimate 11-40 MMbbl- Themis Marin was dry
Total Gabon
No amount known for purchase of rig, estimate £1MM
see Rowie62 and taxislags posts
8MM LGO shares @5.6p, 404,350 AFR @130p
Total Value €MM
Value £MM
Diluted per share (p), excluding Anagni

Rough figures - CoS lowered after January test

Total including Anagni
Value £MM
Diluted per share (p)