Update from the Field – Great Bear Petroleum’s Drilling Program and Upcoming Activities Speaker: Ed Duncan – President, Great Bear Petroleum

July 31, 2012 Anchorage Marriott Downtown

Contents “Update from the Field – Great Bear Petroleum’s Drilling Program and Upcoming Activities”

....................................................................................................... A

Biographies ................................................................................................. B

Ed Duncan

K&L Gates LLP

“K&L Gates Alaska Shale Conference”July 31st

2012

• Great Bear Petroleum Operating LLC (the �”Company”) has prepared this presentation for the sole purpose of providing background, 

strategic, and other information to inform interested parties of

the business activities and objectives of the Company.  It is not 

intended as an offer, invitation, solicitation or recommendation

with respect to the purchase or sale of any securities.

• This presentation and its contents is made available in solely for use at the K&L Gates Alaska Shale Conference for review by the 

attendees at such conference and may not be reproduced or disclosed to third parties or made public in any way without the prior

express written permission of the Company.

• The Company and its respective managers, members, officers, employees or agents do not make any representation or warranty, 

express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or 

forecasts contained in this presentation, and such parties do not accept any liability for any statement made in, or omitted from, this 

presentation.

• Before acting in reliance on any information contained in this presentation, such parties should conduct their own investigation

and 

analysis in relation to the Company and its operations and should check the accuracy, reliability and completeness of the information 

contained in this presentation and obtain independent and specific advice from appropriate professional advisers.  This presentation 

does not purport to be an exhaustive compilation of the information presented or that a prospective investor may require.

• This presentation contains forward�‐looking statements within the meaning of Section 27A of the U.S.

Securities Act of 1933, as 

amended, and Section 21E of the U. S. Securities Exchange Act of

1934, as amended.  These forward�‐looking statements are based 

on management's expectations, estimates, projections and assumptions.  These forward�‐looking statements include, but are not 

limited to, the plans, objectives and projections of the Company’s management for future operations, performance, business strategy, 

budgets, financial position, costs, production, and potential revenues.  These statements are not guarantees of future performance 

and involve certain risks and uncertainties, which are difficult

to predict.  Actual future results and trends may differ materially from 

what is forecast in forward�‐looking statements due to a variety of factors.

• All forward‐looking statements speak only as of the date of this presentation or, in the case of any document referenced, the date of 

that document.  All subsequent written and oral forward�‐looking statements attributable to the Company or any person acting on 

the Company's behalf are qualified by the cautionary statements in this section.  The Company does not undertake any obligation to 

update or revise its forward�‐looking statements to reflect events, circumstances or changes in expectations after the date of this 

presentation.

2

DisclaimerINTRODUCTION

Source: Energy Technology Systems Analysis Program (May 2010) 3

A Global Game ChangerUNCONVENTIONAL RESOURCES

4

Reestablishing Alaska’s Energy Prominence Through Responsible Resource Development

GREAT BEAR’S LEASE POSITION

MapMakers Alaska 2012

5

Initial Focus AreaNORTH ALASKAN TECHNICAL CASE

FOCUS 

AREA

Modified from Kelly et al, 2007

Source: Alaska Department of Natural Resources, Division of Oil and Gas 6

Central North Slope Seismic TransectNORTH ALASKAN TECHNICAL CASE

Public Seismic Line ARCO 80‐07 & 80‐06

WestEastTotal Length ~120km

• Hue/HRZ @ ~8,000 –

13,000 ft depth• Shublik + Lower Kingak @ ~10,000 ft depth

7

PetroMod Petroleum Systems Basin

Evaluation: Shale Oil Fairway Mapping Project

SCHLUMBERGER INFORMATION SOLUTIONS

8

Shublik OutcropNORTH SLOPE TECHNICAL CASE

9

Great Bear Petroleum Operating LLC

Focused Super LIDAR and 

Hyperspectral Imaging  project to 

support environmental studies and 

development planning

3-D Seismic

10

10

Alioth 1

Duhbe 1

Megrez 1

Mizar 1

Merak 1

Alcor 1

Regional line extracted from Great Bear 2012 3-D

11

Operations Update

12

Planning for Success and Participating in Securing Alaska’s Future

A STAGED APPROACH TO DEVELOPMENT

Phase 1

Proof of Concept(Data Collection and  

Play Tests)

Vertical wellswith horizontal 

sections 

Vertical wells to be 

drilled to Shublik, 

cored through all 3 

main shales

Multistage frac

tests 

are planned

2012  2013 2014 2015 2016+

Phase 2

Pilot Production(Mobile Processing Module Approach)

Gravel pad (up to 24 wells)Up to 2 production modules (5,000 to 10,000 BOPD

each)

Facilities (drill slots, yard piping)Pipeline to PS1

Pump station tie‐inPower

Gas compressionTanks

Water disposalRoad

Phase 3

Full Development(Production Ramp‐Up)

Create Development Corridor8 pads (up to 192 wells)1 Central Processing Unit

Tactical growth east and west from initial Development Corridor

Targeting 1 newDevelopment corridor per year

Ed Duncan President and Chief Executive Officer Great Bear Petroleum Operating LLC Ed began his career working North Alaska regional exploration plays 30 years ago. During those early years, the team mapped, leased and named the Kuvlum prospect in Camden Bay, lead the technical evaluation of the Artic National Wildlife Reserve, planned and managed wellsite operations for Sohio Petroleum on the Kaktovik-1 well in the ANWR, mapped and leased the Pt McIntyre field leases in 1985, and conducted regional source rock sampling and mapping across the Brooks Range outcrop belt. Ed's 30 year career as a Petroleum Geoscientist and Business Development Manager has been global in scope and has provided opportunities to evaluate new business across many of the world’s petroleum provinces. Ed has extensive experience in full cycle commercial evaluations and has managed new country entries, basin, play and prospect scale evaluations around the world. Ed and his wife, Attorney Karen Bryant Duncan, co-founded Great Bear in 2010. Great Bear is a private company focused on the exploration for, and the sustainable development and production of, unconventional resources on the North Slope of Alaska, with a particular focus on shale based oil and natural gas liquids. Having secured approximately 500,000 acres, Great Bear has established a dominant position in the heart of the unconventional play fairway south of the Kuparuk and Prudhoe Bay fields. Ed possesses a Bachelors and Masters Degree in Geological Sciences from The University of Texas at Austin. He also holds a Doctorate in Business Administration (Bedford University). He is an active member of the Geological Sciences Advisory Council at The University of Texas at Austin, the American Association of Petroleum Geologists, the Society of Exploration Geophysics and the European Association of Geoscientists and Engineers.

K&L Gates LLP