Victoria Oil & Gas: Fundamentals & Valuation Summary

AM I CORRECT IN ASSUMING THIS COMPANY IS ALREADY PRODUCING ?

Time to Re-Evaluate. here is recent outlook statement again.

Outlook

Victoria's prospective resource base is in excess of 1.1 billion barrels of oil
equivalent. It also has C1 and C2 proven and probable reserves of over 35
million barrels of oil. These are significant volumes for a company the size of
Victoria and the fact that we have successfully raised #20 million very
recently, in difficult markets, reflects both the confidence that investors have
and the quality of our assets.

Furthermore, we are now able to focus on building value via further acquisitions
and I can assure shareholders that opportunities to acquire quality producing
assets and substantial reserves still abound in the FSU.

In this regard, I would like to discuss the framework agreement signed with EPI
to sell gas from West Medvezhye to a new power station project in Moscow.
Although the domestic Russian gas market is dominated by Gazprom, companies such
as Victoria do have the right to market their gas production directly to
end-user consumers or through third-party agents provided that the gas conforms
to certain specifications and that there is available pipeline capacity.

As a potentially substantial gas producer, we clearly identify the benefits of
directly accessing the downstream gas market in Russia as a route to unlocking
the full value of our upstream operations. This allows us to significantly
improve our pricing and improve terms for access to the domestic pipeline
system.

The agreement we have signed with EPI is the first phase of what we see as an
important part of our overall strategy in Russia. Whilst we actively pursue new
projects in our core expertise of hydrocarbon exploration and production, we
must remain aware of the upstream opportunities that are available and their
ability to enhance the intrinsic value of our assets.