February 9, 2004

AMMONITE CAPITAL PARTNERS
HOSTS DINNER AT CORONADO CLUB
IN HOUSTON DURING NAPE CONFERENCE

Gryphon Exploration's EVP Ron Krenzke begins his presentation as Oil & Gas Investor Editor Lesli Haines listens attentively.

Houston's exclusive Coronado Club was the venue on February 4th for an intimate Ammonite Capital Partners, LP reception and dinner for 28 friends and clients following the Icebreaker for the North American Prospect Expo ("NAPE"). Ammonite Capital Partners continued a tradition established two years ago by Ammonite Resources of organizing a fun social event with good wine, excellent food and cheer, at which the firm also presents an interesting and timely technical talk. The PowerPoint presentations are informative for both professional explorationist and industry financiers alike. The technical theme for the February dinner was "Utilizing Leading Edge Seismic Technologies to Reduce Risk in Petroleum Exploration and Development". There were three mini-talks between the courses of the gourmet dinner..

    Ammonite Resources Chief Geophysical Advisor Kevin Hill gave a presentation that showed how certain seismic attributes can be manipulated to identify hydrocarbon charged reservoirs in carbonates. The technology was applied to a 3D survey over a Smackover Formation discovery in Arkansas to successfully direct a horizontal development borehole from one porosity pod to another – like stringing pearls, in real time!

    Ammonite client Gryphon Exploration is racking up an outstanding track record of discoveries on the Gulf of Mexico Shelf. One of the factors which is contributing to this success is a regional pre-stack time migrated ("PSTM") 3D seismic database. Ron Krenzke, Gryphon’s Executive Vice President Exploration, explained what PSTM is, and showed a case study of how the processing enables explorationists to image hydrocarbon charged reservoirs where previous interpretation of the same 3D data showed nothing!

    The third "mini-talk" was by Ammonite’s Calgary-based client Rosetta Exploration. Chairman Jim Malcolm discussed how Rosetta is using a proprietary noise attenuation technology to enhance the clarity of seismic data to better define hard to image combination stratigraphic/structural traps in the Western Canadian Sedimentary Basin.

    Wines served with dinner included Iron Horse Viognier 2001from California, Rosemont GSM Syrah 1999 from Australia, and a Trimback Gewurstraminer from Germany with dessert. A great time was had by all!

Ammonite friends, clients and consultants at the Coronado Club dinner on February 4, 2004.

Rosetta Exploration Inc. Chairman and CEO Jim Malcolm begins a presentation on his firm's proprietary process for seismic noise reduction.