2011 Annual General Meeting Company Update 17 February 2012

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General Disclaimer

This presentation has been prepared by Sprint Energy Limited (“Sprint” or the “Company”).

It should not be considered as an offer or invitation or inducement to subscribe for or the

purchase of any securities in the Company. This presentation may contain forecasts and forward looking statements that are subject to risk factors associated with the oil and gas industry. Such

forecasts, projections and information are not a guarantee of future performance, involve unknown

risks and uncertainties. Actual results and developments may differ materially from those

expressed or implied. The Company has not audited or investigated the accuracy or completeness

of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Sprint makes no representation and can give no

assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and

assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any

errors in or omission, from any information, statement or opinion contained in this presentation.

This overview of Sprint does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself

as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

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Overview

•  Since September 2011...

ü  New Board of Directors appointed ü  Implemented 3 pronged strategy

ü  Raised $2.5 million via convertible loans

ü  Restructuring and recapitalisation well advanced ü  Established good corporate governance practices ü  Audit of company accounts completed by BDO and 2011 annual report issued

ü  Reinstated to ASX on 27 January 2012 ü  Undertaking detailed review of all assets and operations ü  Restarted production on Padre Island and at Sullivan City ü  Substantially reduced loans and trade creditors ü  Prudent creditor and cash flow management in place

ü  Secured exclusive option over Louisiana leases

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Board of Directors

•  Proven track record establishing, growing and monetising junior oil and gas companies

–  Key technical, financial and commercial skills with a focus on strong corporate governance

–  Internationally experienced in exploration, development and production

•  Over 21 years experience in the exploration, development and production

•  Has held technical and executive positions & been responsible for numerous projects

•  Member of the Australian Institute of Company Directors (AICD), the Society of Petroleum Engineers (SPE) and South East Asian Petroleum Exploration Society (SEAPEX)

Andrew Mattin Managing Director

•  Over 15 years experience in the finance industry, including investment Banking/Research

•  Former Director of Upstream Investments for Mercuria Energy Group & Head of Australian Oil and Gas Research for Merrill Lynch,

•  Wide commercial and investment experience in the oil and gas

Cosimo Damiano Non Executive

Chairman

•  Senior executive for Australian and international upstream operators for more than 26 years

•  Extensive experience in production operations, field development, drilling & coil and gas marketing

•  Holds BSc (Geology), MBA and Grad Dip Oil and Gas Eng. He is a member of the AICD, SPE, SEPAEX, American Association of Petroleum Geology (AAPG), & Australian Mining & Petroleum Law

Association (AMPLA)

Craig Martin Non Executive

Director

•  Holds a BSc, MSc, and a PhD in Structural Geology

•  During a 46 year career held technical, executive, advisory & Board positions with many companies

•  Member of the AAPG & a Distinguished Member of the Petroleum Exploration Society of Australia (PESA).

Jaap Poll Non Executive

Director

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Prudent Management

•  Trade creditors reduced from $2.14 million to approximately $0.84 million since September 2011

•  Prudent cost and creditor management

–  General and administrative costs reduced ~60% in USA and >80% in Australia

–  Focus on eliminating all historical creditors from the balance sheet

•  Convertible loans reduced by A$2.89 million and terms extended to end 2012

•  This process is releasing funds for investment in our existing and new assets

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A Three Pronged Strategy

•  Focus area... North America

•  The strategy...

–  Short Term (up to 6 months)

•  Retention, reacquisition and optimisation of existing assets ONGOING

•  Cash flow maximisation, creditor management, recapitalisation ONGOING

•  Rebuild reputation and relationships ONGOING –  Medium Term (3 to 12 months)

•  Low risk value creation through restart of production COMPLETED

•  Rework existing wells, if technically and economically appropriate ONGOING

•  Potential acquisition of producing assets ONGOING –  Medium to Long Term (3 months & beyond)

•  Assess acquisition opportunities in US ONGOING

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Padre Island Assets

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Padre Island Leases

•  Located onshore Gulf Coast, Texas

•  Asset review ongoing

–  Poor quality data set

–  Little upside potential

•  Renegotiating 4 Dunn McCampbell leases on Padre Island

–  Preparing lease amendment

•  Gas flowing to market from

–  Dunn McCampbell A4 well

–  3 wells at Sullivan City

•  Padre Island is a gas play...

–  Gas market prices have collapsed (dropped ~50% in 6 months)

–  More attractive places to invest and operate

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Eternal Acquisition

Option

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Eternal Acquisition Option

•  Highlights...

–  Exclusive, non-binding, 60 day option to acquire Eternal and/or all its assets

–  Assets include:

•  60% WI in lease within Main Pass Block 32, offshore Louisiana

•  Exclusive option to acquire up to 60% WI in Raging Bull producing oil field

–  Assets present production, appraisal and exploration drilling opportunities

–  Consideration will be $4 million

•  The option is subject to

–  Successful completion of due diligence

–  ASX approvals

•  Sprint is assessing funding options

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Acquisition Key Features

•  Quick to execute with achievable funding requirements

•  New area – prolific oil and gas region, state waters, geographical diversification

•  High working interest position presenting farm-out options

–  Option to be operator

•  Potential to add immediate oil production through existing infrastructure

•  Significant appraisal and exploration upside with near-term drilling

•  Technical work commenced - can be managed from Houston office

–  Data set includes 3D seismic coverage, well data, production history

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Main Pass Block 32 Lease •  Location and size

–  Offshore, Louisiana

–  1109.82 acres

–  Approx. 4m water depth

–  Near 60 year old Poydras oil and gas field

•  Technical analysis ongoing in Houston

–  3D seismic and production data

–  Identified 10 appraisal and exploration

opportunities

–  Drilling targets identified across a number

of formations

–  Appraisal opportunity updip of ‘old’

Chevron producer

•  Preliminary estimated gross unrisked potential

recoverable volume in the order of 5 MMboe*

•  A number of these targets will be made ‘drill ready’ for a potential multi-well drilling campaign

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* Further assessment required – Independent Expert’s Report pending

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Main Pass Block 32 ‘Raging Bull’

•  Location and size

–  Offshore, Louisiana

–  Approx. 300 acres

–  Approx. 4m water depth

–  Adjacent to existing Block 32 interest

•  Owned 80% by Attic Investments and 20% private investors

•  Single well producing through wellhead production platform facility

–  Produces Louisiana Light Sweet Crude

–  Currently undergoing production testing

•  Preliminary analysis suggests potential for

–  Oil updip of the existing producer

–  Extension of the oil structure (yet to be confirmed by 3D seismic and drilling)

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Acquisition Forward Plan

•  Complete technical, economic and legal due diligence

•  Seek approval from the ASX for acquisition

•  Execute the Option with Eternal Resources

•  Complete fund raising

•  Settle the acquisition

•  Start work! Studies and preparation for drilling...

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Conclusion

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In Conclusion...

•  Sprint is ‘turning the corner’

–  New Board and management with strong oil and gas background

–  Strong corporate governance in-place

•  Working existing assets

–  Padre Island production re-established

–  Assessing potential upside using good oil field practices

•  Louisiana lease option – a new beginning

–  Option over near-term production

–  Substantial appraisal and exploration upside

–  Potential drilling in 1Q 2013

•  Thank you to all our shareholders for your continued support

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Contact Details

Andrew Mattin

Managing Director

Email: andrew.mattin@sprintenergy.com.au

Cosimo Damiano

Non Executive Chairman

Email: cosimo.damiano@sprintenergy.com.au

Registered Australian Office

Sprint Resources Ltd

Suite 304, 22 St. Kilda Road

St. Kilda, Victoria 3182, Australia

p +61 3 9692 7222

f +61 3 9529 8057

w www.sprintenergy.com.au

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