Interim Report January – June 2011

Period April to June

– Net income amounted to SEK thousands -934 ( -4063 )
– Operating income from the oil business was tSEK 685 ( -1577 )
– Earnings per share amounted to SEK -0.01 (-0.02)
– Equity per share amounted to SEK 0.47 ( 0.31)
– Period January to June

– Net income amounted to SEK thousands -5439 ( -7850 )
– Operating income from the oil business was tSEK 558 ( -3716 )
– Earnings per share amounted to SEK -0.05 (-0.02)

CEO’s Comments

For the first time in its 10 years long history, the oil business delivered positive results , not only for the quarter but for the year. An important step has thus been passed and we are now proceeding with an intensive maintenance work in the field to increase our volumes. For our portfolio in general, the value decreased, mainly due to decline in Kopy Goldfields. We still believe in the gold and the potential of its licenses and therefore took advantage of an opportunity to buy more shares.

During the quarter we also completed a rights issue with preferential rights for shareholders which was fully subscribed without guarantors needed to meet their commitments. That a large part of the issue was subscribed without precedence because the company’s lenders chose to settle their claims for new shares in the company.

During the summer, we have also worked hard to prepare a distribution of our shares of Crown Energy, which we expect to carry out in September. What we really look forward to since the first time we will give back to our shareholders, as we strive to repeat in future.