he Presentation (“Forward...Equity placement; institutional, professional and sophisticated investors AU$4.2m Fully paid ordinary shares (at “Placement”) 169m Shares issued in

This document has been prepared by American Patriot Oil and Gas Corporation Limited (“American Patriot Oil and Gas” or “Company”). This Presentation, including the information contained in

this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither the Presentation, disclaimer not anything contained in such

forms the basis of any contract or commitment. This Presentation does not take into account your individual investment objective, financial situation or particular needs. You must not act on the

basis of any other matter contained in this Presentation but must make your own assessment of the Company.

No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained in this Presentation, including the accuracy, likelihood of

the achievement or reasonableness of any forecast, prospects, returns or statements in relation to future matters contained in the Presentation (“Forward-looking statements”). Any such

forward-looking statements that are contained in this Presentation or can be implied by the same are by their nature subject to significant uncertainties and contingencies associated with the oil

and gas industry and are based on a number of estimates and assumptions that are subject to change ( and in many cases are outside the control of American Patriot Oil and Gas and its

directors) which may causes the actual results or performance of American Patriot Oil and Gas to be materially different from any future results or performance expressed or implied by such

forward-looking statements. To the maximum extent permitted by law, none of American Patriot Oil and Gas’s, or related corporations, directors, employees, agents nor any other person

accepts and liability, including without limitation arising from fault or negligence, for any loss arising from use of this Presentation or its content or otherwise arising in connection with it.

This Presentation is for information purposes only and is not a prospectus or other offering under Australian law or under any others laws in the jurisdictions where the Presentation might be

available. Nothing herein constitutes investment, legal, tax or other advice. This Presentation is not a recommendation to acquire shares and has been prepared without taking into account the

investment objectives, financial situation or needs of individuals.

You should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek appropriate advice, including, legal and taxation advice

appropriate to your jurisdiction. American Patriot Oil and Gas is not licensed to provide financial advice in respect of its shares.

2

• Analysts forecasts bbl to increase from US$65 to $70+/bbl, peaking at US$80+/bbl until late 2020

• Banks also see this rally extending, supported by continued OPEC cuts and strong demand growth

• Reduced borrowing bases and requiring debt repayment is forcing asset sales and bankruptcies

“For now, our oil price forecasts (ICE Brent) are

unchanged at $78/bbl for 3Q’18 and $79/bbl for

4Q’18, with the price trend still upward.”

3

$17.0m Peak Energy $2.3

$3.5m Foothills $15.0

Magnolia & Burnett $3.2

$20.5m Total $20.5m

Foothills

Peak Energy

Magnolia/Burnett

Magnolia/Burnett

Reserves based on Third Party Engineering reports please refer Competent Persons Statement in Appendix slide 33

Mboe means thousands barrels of oil equivalent (BOE) with a BOE determined using a ratio of 6,000 cubic feet of

natural gas to one barrel of oil

6:1 conversion is based on an energy equivalency conversion method and does not represent value equivalency

MMcf means millon standard cubic feet

MMboe means million barrels of oil equivalent

AOW’s net Reserves have not been adjusted for fuel or shrinkage (estimated at approximately 3%) and have been

calculated at the wellhead (which is the reference point for the purposes of Listing Rule 5.26.5).

104.7 860.2 $3,068,000 $5,540,000 $2,250,000 Texas PSA signed AOW

297 2,848.0 $23,510,000 $32,914,000 $15,000,000 Texas PSA signed AOW

151.2 1,048.0 $2,473,000 $10,143,000 $3,200,000 Texas LOI Signed Various

552.9 4,756.2 $29,051,000 $48,597,000 $20,450,000

4

Acquisition of three Texas assets:

• 100% of Foothills Resources Inc assets

• 100% Peak Energy assets

• 20% of Magnolia/Burnett properties

• Acquisition price of US$20.5m for all three assets

• Total Reserves 2P Net to AOW from the acquisition: 6,492mboe (82% Oil)

• 1P Net Reserves: 4,755mboe acquired (total AOW net 5,295mboe)

• 2P Net Reserves: 6,492mboe acquired (total AOW net 7,032mboe)

• Production of 550 boepd net to AOW

• Estimated Production of 748boepd net to AOW in 2019 (achieved via capex programme of $1.8m USD including workovers,

recompletions)

• 1P PV10: US$48m

• 2019E EBITDA: US$12m (Post completion of capex programme at $US70bbl)

Transaction

• EV/1P: US$4.31/boe

• EV/2P: US$3.16/boe

• EV/2019E EBITDA: 1.8x

5

2,123.0 23,510

516.0 6,945

209.0 2,459

2,848.0 0 32,914

Goose Creek Field

Cleveland Field

Saratoga Field

• Harris, Liberty and Hardin Counties/4,393 net acres

• Unique opportunity to acquire a PDP-heavy asset prospective for multiple oil horizons

• Stable cash flows -- long life, shallow decline oil production

• Main asset is the Goose Creek oil field with smaller assets Cleveland and Saratoga fields

• 62 producing wells; 100% operated

• Average net production: 300 Bop/d (100% oil) - generally sells at premium to NYMEX

• PUD cases: 14

• Net 1P reserves: 2.8 MMBoe (85% PD)/ Net 1P PV-10: $32.9 million (89% PD)

• Shallow historical oil production decline rate of 2.8%/year over the last 5 years with a

modest level of recompletion/drilling activity

• Low operating costs in region ~$25/bbl

• Wells are economic down to a low oil price

• Producing formations: Salt dome feature; Miocene, Marg and Frio locations

• Numerous PDNP and PUD drilling opportunities targeting vertically stacked sand packages

(~40 productive stacked pay reservoirs between 800 and 4,500 feet)

• Strategic opportunity located nearby Lost Lake/Goose Creek OTEX Resources acquisition

AOW made in 2017

6

• Gulf Coast Non Operated sale

• 19 active wells

• Calhoun, Hidalgo, Jefferson, Liive Oak, Matagorda,

Willacy Counties

• Producing from multiple formations

• Vertical & Directional Drilling.

• Behind Pipe & New Drill Upside.

• Varying NonOperated WI & NRI.

• Net Production: ~102 BOED

• Total Proved Reserves: 663 MBOE

• Total Proved PV10: $3,819,000

149 765 2,473

174 1432 4,934

159 1199 2,736

482 3396 10,143

• South East Texas non operated properties

• 32 active wells, 4 injection, 15 inactive

• Polk, Tyler, Jasper, Hardin county

• Yegua and Wilcox formations

• Producing from multiple formations and

intervals

• PDNP and PUD upside

• Varying WI and NRI

• Net Production 50boped

• Total Proved Reserves: 386mboe

• Total Proved PV10: $6,324,000

7

• Harrison, Gregg, Rusk and Upshur Counties

• Deep East Texas Oil and Gas production assets

• Production is: 39 boepd and 630 mcfd gas (post restart shut in production and re-works)

• 1P Proven reserves: 859 mboe; US$5.5m PV10; US$22m revenue

• Operating costs in this region are a low ~$20/bbl so the wells are economic down to a

low oil price

• Producing formations: Cotton Valley, Travis Peak and Pettit

• Producing wells: 17 gas wells/21 oil wells

• 43 leases holding 4,000 net acres

• Numerous PDNP and behind pipe drilling opportunities

213 1,846 3,068

25 1,886 2,472

0 0 0

238 3,732 5,540

8

9

ASX: AOW, OTCQB: ANPOF

9 July 2014

$0.026

436,986,327

21.6m (ex $0.25/expiry Oct 2018)

43.1m (ex $0.045/expiry Sept 2019)

$11.4m

$0.24m

Nil

$11.16m

Defender Equities Pty Ltd and

Woodville Super Pty Ltd6.05%

*Pre Rights Issue shares

**Excludes Options from Placement subject to shareholder approval

Board &

Management, 11%

Top Holders

(ex Board & Management),

35%

Other

Shareholders, 54%

10

11

• Existing assets: Maximise value

• Free carry

• Monetise existing Joint Venture properties

• Acquire value accretive producers

• Low cost / distressed conventional producing assets

• Low decline / long life

• Acquisition strategy targeting 3,000+ boepd by end 2019

• Exit after three years

• Track oil price recovery

• Repeatable model

12

*Pricing based on $60 oil and $2.75 gas

-

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1,000.0

2018E 2019E 2020E 2021E 2022E 2023E 2024E

BO

EP

D

American Patriot Net Production (boepd)

Crude Oil Daily Production Rich Natural Gas Daily Production

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2018E 2019E 2020E 2021E 2022E 2023E 2024E

Barr

els

of

Oil

Equ

ivale

nt

(BO

E)

American Patriot Net Production per annum

Foothills CWS OTeX Anasazi Peak MB

13

• Focused on maximising value from existing assets and monetise existing acreage position

• In discussions with a number of parties to sell acreage position

• Existing assets located in proven hydrocarbon basins in close proximity to producing oil fields

• Multiple projects at various stages of completion

Northern Star Montana Williston 16-30~13-

24Nil 12,000 Great Western & Anadarko

Rough House Colorado DJ Basin 30 ~22.5 Nil 4,507Running Foxes Petroleum

(RFP)

Other ProjectsMontana, Wyoming,

UtahVarious 100 ~80 Nil 11,729 American Patriot Oil & Gas

14

mbbl = thousand barrels oil equivalent; mmcf= one million cubic feet gas; mboe = thousand barrels oil equivalent

*Data sourced from company presentations, annual reports and quarterly reports

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

SEA AOW ELK ATS FDM OEL BYE

Ticker

15

American Patriot AMOUNT

Capital raised AU$7.3m

Equity placement; institutional, professional and sophisticated

investorsAU$4.2m

Fully paid ordinary shares (at “Placement”) 169m

Shares issued in two tranches:

• First tranche to raise

• Second tranche underwritten rights issue to existing and new

shareholders to raise

• Rights issue fully underwritten by Capital Investment Partners

(CIP) current existing major shareholders

AU$4.2m

AU$3.1m

Placement price $0.025 per share

The shares when issued will rank equally in all respects with AOW’s existing ordinary shares

All shares issued come with a free option 1 for every 2 shares issued with an expiry 20

September 2019 and exercise price of $0.045. Note: The above illustrative capital structure excludes any options on issue

16

Trading halt 16 July

Offer opens and bids accepted 16 to 17 July

Offer closes 18 July

Suspension lifted and trading resumes

following announcement of Texas acquisitions

and completion of placement

24 July

Settlement of Initial Placement shares 27 July

Issue and quotation of Initial Placement shares 30 - 31 July

Rights issue Prospectus lodged 3 August

Rights issue ex date 7 August

Mr Pirera is a graduate of Monash

University where he obtained a Bachelor of

Business (Accounting) and is a Fellow of

the Certified Practising Accountants with

more than 30 years of experience in public

practice. Mr Pirera has a wealth of

experience in financial control and

management and strategic planning having

advised numerous public and private

companies throughout his career.

David Shaw is a Melbourne University

law graduate.

He is currently a practising solicitor with

his own firm, Campbell & Shaw Lawyers.

As a director on a number of private

company and advisory boards and has a

long history with the Australian Football

League (AFL) being the Essendon

Football Club President from 1992 to

2002 in addition to the former

Commissioner of the AFL.

David is a Non-executive Chairman of

Ambassador Oil and Gas Limited.

Mr Melosi is a Southern Illinois University

geology graduate with more than a

decade of experience in the oil and gas

industry.

Prior to joining American Patriot,

Nick worked with medium to large cap

companies such as Marathon Oil and

Gas, Sanchez Oil and Gas, Carrizo Oil

and Gas and BHP Billiton.

He is an operations, development and

acquisitions geologist with operations

and development

experience in over 250 horizontal wells

across US plays.

Nick has experience in development and

engineering driven drilling projects, has

performed reserve analysis on multiple

acquisitions and has

been involved with multiple

workover projects.

Mr Clark is a graduate of the University of Adelaide where he obtained a Bachelor of Economics and Commerce.

Alexis was appointed MD and CEO of American Patriot in early 2014.

Prior he was an Oil & Gas Analyst at Merrill Lynch and PatersonsSecurities covering small to mid cap oil & gas companies.

Alexis has had more than 15 years experience in the Institutional banking and finance sector where he held positions at Westpac Institutional Bank, GE Capital and ANZ Banking Group, working on transactions across the Energy & Resources and Infrastructure client base.

17

18

Email

Mobile

[email protected]

+61 401 626 014

+1 303 419 8434

1400 16th Street, Suite 400, Denver Colarado, 80202 USA

19

20

All Revenues in USD

M = thousands barrels oil equivalent

Lost Lake/Goose

Creek

Harris,

Chambers Miocene 100 75-81% 27 243.7 2,892

America

n Patriot

CWS, Anasazi

La Salle,

Gonzales,

Goliad

Various 50-100 49-87% 25 295.9 3,773

America

n Patriot,

Alta

Mesa,

Sanchez

,Belle

Total 52 539.6 6,665

*Production includes currently shut in production and some re-works

**Reserves certified by Independent Petroleum Engineers

21

• 100% GWI/average 75-81% NRI in Harris and Chambers counties Texas/340 net acres

• Production is currently shut in but can be quickly restarted to 50bopd

• 1P proven reserves of 244 mboe; US$2.8m PV10; US$11m revenue

• Assets acquired from lender Solstice Capital LLC at the Bankruptcy court

• 65 oil wells all producing from Miocene zones/Salt domes at depths 1,200-3,860 feet

• Operating costs in this region are a low ~$22/bbl wells economic at low prices

• Cumulative production of 3.1 mmbl oil /230 mmcf gas since the 1950’s

• Existing 2D seismic has identified 8-10 additional infill drilling sites

• Focus is to return the shut-in wells to production and rework behind pipe zones

• Multiple locations for infill drilling targeting 50-100 boepd per well

• Existing infrastructure in place, wells fully equipped with pipelines in place

0 0 0

226.6 102.9 2891.9

226.6 102.9 2,891.9

22

• Anasazi, CWS assets located in South Texas and Louisiana (49-87%

NRI) (Mix of Operator and Non–Operator assets)

• Located in Goliad, La Salle, San Patricio and Gonzales Counties

Texas and La Salle Parish Louisiana

• Production is: 128 boepd and 123 mcfd gas (post restart shut in

production and re-works)

• 1P Proven reserves: 296 mboe; US$3.8m PV10; US$23m revenue

• Includes the non-operated Williams Gas unit and non-operated

producing oil wells owned by Rose Royalties

• Operators include Alta Mesa and Sanchez Energy large private US

oil and gas companies

• Significant upside potential for PDNP and behind pipe at minimal

capex to grow production significantly157.2 251.2 2,766

96.8 0 1,007

0 0 0

254.0 251.2 3,773.4

23

▪ 4,393 net acres

▪ 62 producing wells; 100% operated

▪ Average WI / NRI (PDP): 100% / 81%

▪ Average net sales: 300 Boe/d (100% oil)

▪ PUD cases: 14

▪ Net 1P reserves: 2.9 MMBoe (75% PD)

▪ Net 1P PV-10: $32 million (71% PD)

▪ R/P 1P = 26.5 years | R/P PDP = 19.4 years

▪ Shallow historical oil production decline rate of 2.8%/year over the last 5 years with a modest

level of recompletion/drilling activity

▪ 3,991 net acres in Harris County, TX

▪ 61 producing wells, 8 active salt water disposal wells, 3 SWD wells permitted (including 1

conversion)

— 100% WI / 81% Average NRI

— Includes vertical and directional wells in the Miocene, Marg and Frio formations

▪ Attractive operating margin: 52.8%

▪ Goose Creek oil generally sells at premium to NYMEX

▪ 40 surface acres owned within the field

▪ 152 net acres in the Cleveland Field in Liberty County, TX

— 9.5% (BPO) non-operated working interest in one producing well, Foothills interest

increases to approximately 30% APO

— 2 active salt water disposal wells

▪ 250 net fee acres in the Saratoga Field in Hardin County, TX

— 1 producing well

▪ Unique opportunity to acquire a PDP-heavy asset prospective for multiple oil horizons

▪ Stable cash flows -- long life, shallow decline oil production

▪ Salt dome feature; future development at Goose Creek targeting numerous, vertically stacked

sand packages (~40 productive stacked pay reservoirs between 800 and 4,500 feet)

▪ Oil production to date primarily from the Miocene and Frio; limited Vicksburg penetrations;

deeper horizons remain untested

▪ Goose Creek never imaged by 3D seismic and minimal 2D data; ability to identify untested Frio

and Miocene potential and lack of deep exploration in field make prospects for 3D attractive

Goose Creek

Field Area

Cleveland

Field Area

Saratoga

Field Area Total

Gross Acres 4,049 160 250 4,459

Net Acres 3,991 152 250 4,393

Net HBP Acres 1,388 - - 1,388

Net Fee Acres 254 - 250 504

Net Term Acres 2,349 152 - 2,501

TX

Goose Creek Field

Cleveland Field

Saratoga Field

Houston

24

▪ 3,991 net acres in Harris County, TX

▪ Current producing wells: 61 (Avg. WI / NRI: 100% / 81%)

▪ Average net sales: 294 Boe/d (100% oil)

▪ Average net cash flow(1): $226,550/month

▪ PUDs : 5 with a total of 13 separate completions

▪ Net 1P reserves: 2.8 MMBoe

▪ Net 1P PV-10: $28.1 million

▪ R/P 1P = 28.0 years | R/P PDP = 21.3 years

▪ 152 net acres in Liberty County, TX

▪ One producing well (WI/NRI BPO 9.5%/7.6%)

▪ APO WI/NRI 29.5%/23.6%

▪ Significant Behind Pipe uphole potential in the Yegua A sand

25

*Pricing based on $60 oil and $2.90 gas

**2018 is 6 mth period

Metrics @ Base Case - $60.00 Oil / $2.90 Gas

NPV $55,185

IRR 46.8%

Annual pro forma $USD Year Ending December 31,

31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024

2018E 2019E 2020E 2021E 2022E 2023E 2024E

Total Production (Crude bbls) 184,403 424,292 524,343 542,728 568,488 603,309 600,077

Total Production (Gas mcf) 744,805 1,336,296 1,465,495 1,503,773 1,652,453 1,787,084 1,780,569

Net Production (Crude bbls) 80,409 223,287 265,684 246,423 231,002 221,425 211,050

Net Production (Gas mcf) 147,748 297,994 325,713 312,109 313,109 315,234 306,586

Net Production (mboe) 105,034 272,952 319,970 298,441 283,187 273,964 262,148

Net Daily Production (boepd) 571 748 877 818 776 751 718

Oil Revenue $4,929,779 $13,729,663 $16,367,315 $15,161,094 $14,190,806 $13,583,097 $12,937,670

Gas Revenue $428,470 $864,182 $944,569 $905,115 $908,016 $914,178 $889,098

Total Revenue $5,358,249 $14,593,846 $17,311,884 $16,066,209 $15,098,822 $14,497,275 $13,826,769

Total Taxes $392,861 $1,061,224 $1,256,536 $1,166,949 $1,098,349 $1,055,818 $1,007,484

Total Opex $883,864 $1,624,450 $1,639,163 $1,643,550 $1,595,737 $1,617,523 $1,637,634

Total Corporate G&A $812,598 $1,449,251 $1,523,397 $1,601,337 $1,683,265 $1,769,384 $1,859,909

Net EBITDA $3,268,926 $10,458,920 $12,892,787 $11,654,372 $10,721,472 $10,054,550 $9,321,741

Loan Payments - IO ($1,199,520) ($2,399,040) ($2,399,040) ($2,399,040) ($1,199,520) $0 $0

Loan Payments - P&I ($2,710,319) ($5,420,638) ($5,420,638) ($5,420,638) ($2,710,319) $0 $0

CAPEX

Drilling $0 $0 $0 $0 $0 $0 $0

Re-Completion $405,000 $1,959,806 $96,408 $96,408 $96,408 $96,408 $0

Workover $125,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000

Total CAPEX $530,000 $3,459,806 $1,596,408 $1,596,408 $1,596,408 $1,596,408 $1,500,000

EBITDA less Loan (P&I) less Capex $28,607 $1,578,476 $5,875,740 $4,637,326 $6,414,745 $8,458,142 $7,821,741

26

*Pricing based on current NYMEX pricing



31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024

2018E 2019E 2020E 2021E 2022E 2023E 2024E

Total Production (Crude bbls) 184,403 424,292 524,343 542,728 568,488 603,309 600,077

Total Production (Gas mcf) 744,805 1,336,296 1,465,495 1,503,773 1,652,453 1,787,084 1,780,569

Net Production (Crude bbls) 80,409 223,287 265,684 246,423 231,002 221,425 211,050

Net Production (Gas mcf) 147,748 297,994 325,713 312,109 313,109 315,234 306,586



Oil Revenue $5,745,986 $14,598,519 $16,454,051 $14,584,550 $13,202,602 $12,364,838 $11,617,083

Gas Revenue $434,136 $825,171 $866,317 $833,846 $856,892 $884,427 $845,580

Total Revenue $6,180,123 $15,423,690 $17,320,367 $15,418,396 $14,059,494 $13,249,266 $12,462,663

Total Taxes $451,379 $1,119,012 $1,254,869 $1,118,888 $1,023,074 $966,346 $909,371

Total Opex $883,864 $1,624,450 $1,639,163 $1,643,550 $1,595,737 $1,617,523 $1,637,634


EBITDA $4,032,282 $11,230,977 $12,902,937 $11,054,621 $9,757,418 $8,896,012 $8,055,749

Loan Payments - P&I ($2,710,319) ($5,420,638) ($5,420,638) ($5,420,638) ($2,710,319) $0 $0

CAPEX

Drilling $0 $0 $0 $0 $0 $0 $0

Re-Completion $405,000 $1,959,806 $96,408 $96,408 $96,408 $96,408 $0

Workover $125,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000

Total CAPEX $530,000 $3,459,806 $1,596,408 $1,596,408 $1,596,408 $1,596,408 $1,500,000

EBITDA less Loan (P&I) less Capex $791,963 $2,350,533 $5,885,891 $4,037,575 $5,450,691 $7,299,604 $6,555,749

27



31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024

2018E 2019E 2020E 2021E 2022E 2023E 2024E



Base Case ($60 oil/$2.90 gas)Total Revenue $5,358,249 $14,593,846 $17,311,884 $16,066,209 $15,098,822 $14,497,275 $13,826,769

Total Taxes $392,861 $1,061,224 $1,256,536 $1,166,949 $1,098,349 $1,055,818 $1,007,484

Total Opex $883,864 $1,624,450 $1,639,163 $1,643,550 $1,595,737 $1,617,523 $1,637,634


EBITDA $3,268,926 $10,458,920 $12,892,787 $11,654,372 $10,721,472 $10,054,550 $9,321,741

Capex $530,000 $3,459,806 $1,596,408 $1,596,408 $1,596,408 $1,596,408 $1,500,000

Loan Payments (P&I) ($2,710,319) ($5,420,638) ($5,420,638) ($5,420,638) ($2,710,319) $0 $0

EBITDA less Capex Less Loan Payments $28,607 $1,578,476 $5,875,740 $4,637,326 $6,414,745 $8,458,142 $7,821,741

Upside Case ($70 oil/$3.50 gas)Total Revenue $6,250,987 $17,005,510 $20,164,156 $18,717,702 $17,596,711 $16,900,669 $16,121,219

Total Taxes $458,817 $1,237,638 $1,464,715 $1,360,636 $1,281,147 $1,231,944 $1,175,725

Total Opex $883,864 $1,624,450 $1,639,163 $1,643,550 $1,595,737 $1,617,523 $1,637,634


EBITDA $4,095,709 $12,694,171 $15,536,880 $14,112,179 $13,036,562 $12,281,818 $11,447,951

Capex $530,000 $3,459,806 $1,596,408 $1,596,408 $1,596,408 $1,596,408 $1,500,000

Loan Payments (P&I) ($2,710,319) ($5,420,638) ($5,420,638) ($5,420,638) ($2,710,319) $0 $0

EBITDA less Capex Less Loan Payments $855,390 $3,813,727 $8,519,834 $7,095,133 $8,729,835 $10,685,410 $9,947,951

Downside Case ($50 oil/$2.00 gas)Total Revenue $4,421,187 $12,092,783 $14,361,897 $13,321,082 $12,507,001 $11,999,310 $11,440,342

Total Taxes $322,474 $875,871 $1,038,586 $963,899 $906,157 $870,235 $830,046

Total Opex $883,864 $1,624,450 $1,639,163 $1,643,550 $1,595,737 $1,617,523 $1,637,634


EBITDA $2,402,251 $8,143,211 $10,160,750 $9,112,296 $8,321,842 $7,742,169 $7,112,753

Capex $530,000 $3,459,806 $1,596,408 $1,596,408 $1,596,408 $1,596,408 $1,500,000

Loan Payments (P&I) ($2,710,319) ($5,420,638) ($5,420,638) ($5,420,638) ($2,710,319) $0 $0

EBITDA less Capex Less Loan Payments ($838,068) ($737,234) $3,143,704 $2,095,250 $4,015,115 $6,145,761 $5,612,753

28

Summary Reserves Position - Net AOW

Oil Gas PV10 Oil Gas PV10 Oil Gas PV10 Oil Gas PV10

Asset mbbl mmcf US$ (000) mbbl mmcf US$ (000) mbbl mmcf US$ (000) mbbl mmcf US$ (000) mboe

Peak Energy 213.0 1,846.5 $3,068.0 24.7 1,885.8 $2,472.0 237.7 3,732.3 $5,540.0 859.8

Foothills 2,123.0 $23,510.0 516.0 $6,945.0 209.0 $2,459.0 2,848.0 0.0 $32,914.0 2,848.0

Magnolia & Burnett 149.0 765.0 $2,473.0 174.0 1,432.0 $4,934.0 159.0 1,199.0 $2,736.0 482.0 3,396.0 $10,143.0 1,048.0

Lost Lake/Goose Creek 226.6 102.9 $2,891.9 226.6 102.9 $2,891.9 243.7

Anasazi & CWS 157.2 251.2 $2,766.0 96.8 0.0 $1,007.4 254.0 251.2 $3,773.4 295.9

Total 2,642 2,863 $31,817 1,038 3,421 $18,250.3 368 1,199 $5,195.0 4,048 7,482 $55,262.3 5,295

TotalPDP PDNP PUD

Oil Gas Oil Gas

Asset mbbl mmcf mboe mbbl mmcf mboe

Peak Energy 237.7 3,732.3 859.8 237.7 3,732.3 859.8

Foothills 2,848.0 0.0 2,848.0 4,585.0 0.0 4,585.0

Magnolia & Burnett 482.0 3,396.0 1,048.0 482.0 3,396.0 1,048.0

Lost Lake/Goose Creek 226.6 102.9 243.7 226.6 102.9 243.7

Anasazi & CWS 254.0 251.2 295.9 254.0 251.2 295.9

Total 4,048.3 7,482.4 5,295.4 5,785.3 7,482.4 7,032.4

2P1P

Reserves based on Third Party Engineering reports please refer Competent Persons Statement in Appendix slide 33

Mboe means thousands barrels of oil equivalent (BOE) with a BOE determined using a ratio of 6,000 cubic feet of natural gas to one barrel of oil

6:1 conversion is based on an energy equivalency conversion method and does not represent value equivalency

MMcf means millon standard cubic feet

MMboe means million barrels of oil equivalent

AOW’s net Reserves have not been adjusted for fuel or shrinkage (estimated at approximately 3%) and have been calculated at the wellhead (which is the reference point for the purposes of Listing Rule 5.26.5).

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• Management and deal making strength to source new opportunities

• Competitive advantage with in-house operational capability

• Significant due diligence with team in place focused on Engineering, Land and environmental

• Partner with equity

and hedge funds for

equity finance

• Partner with banks for debt to optimisethe capital structure

• AOW has no current debt outstanding

• Acquire low cost and/or distressed conventional producing assets

• Targeting four acquisitions per year

• Expansion of reserves and resources base, drive efficiencies and aggressive build out over the next 12-18 months

• Maximise reserves and production from existing acreage

• Target significant &

attainable production

growth;

• 2019 = 3,000 boepd

• Mitigate risk by

focusing on brownfield

assets, low borrowing

levels and

conservative

acquisition

assumption

• Target 30% +IRR and

ROO of 3x

• Become a significant

producer that captures

the benefits of oil price

recovery and

improving market

conditions

• Dual-list to NASDAQ

• Exit after three years

plus post achievement

of production

milestone to mid cap

oil company or Private

Equity fund

30

Property Name of Engineer Organisation Date of Report

Foothills Chris Cantrell Independent Consultant March 1, 2018

Peak Energy Greg Hibbard Terra Petro LLC January 16, 2018

Magnolia & Burnett Ryan Price POCO LLC June 1, 2018

Lost Lake and Goose Creek Kim Galjour Petro Partners Inc September 14, 2017

Anasazi Kim Galjour Petro Partners Inc July 25, 2017

CWS Ryan Price POCO LLC October 31, 2017

The information in this report that relates to the oil and gas reserves was prepared by the following Independent Engineers. All are members of The Society of Petroleum Engineers (SPE). The reports have been

prepared using definitions and guidelines consistent with the 2007 Society of Petroleum Engineers (SPE)/World Petroleum Council (WPCI)/American Association of Petroleum Geologists (AAPG)/Society of

Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management System(PRMS). The reserves in this report are based on and fairly represents, information and supporting documentation reviewed by

the following qualified Petroleum Engineers. The individuals mentioned below have consented to the publication of the reserve and estimates for each of the assets in the form and context in which they appear in

this announcement.

This document has been prepared by American Patriot Oil and Gas Ltd ("AOW"). This document contains certain statements which may constitute "forward-looking statements". It is believed that the expectations reflected in these

statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual

demand, currency fluctuations, drilling and production results, reserve and resource estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial

market conditions in various countries and regions, political risks, project delays or advancements, approvals and cost estimates.

American Patriots operations and activities are subject to regulatory and other approvals and their timing and order may also be affected by weather, availability of equipment and materials and land access arrangements, including native

title arrangements. Although American Patriot believes that the expectations raised in this document are reasonable there can be no certainty that the events or operations described in this document will occur in the timeframe or order

presented or at all.

No representation or warranty, expressed or implied, is made by American Patriot or any other person that the material contained in this document will be achieved or prove to be correct. Except for statutory liability which cannot be

excluded, each of American Patriot, its officers, employees and advisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this document and excludes all liability whatsoever (including in

negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission there from. Neither American Patriot nor any other person accepts any responsibility

to update any person regarding any inaccuracy, omission or change in information in this document or any other information made available to a person nor any obligation to furnish the person with any further information.

All dates in this document are for calendar years. All references to $ are in USD, unless stated otherwise.

31

We have employed a reserve-based approach to the valuation of the subject interests which currently have production or activity. Oil and gas mineral interests can be valued based on aprojection of revenues received from the oil and gas volumes that are likely to be recovered from the properties in the future. Such volumes are called “reserves” and fall into severalsubcategories, as further described in the attachment entitled “Petroleum Reserves Definitions”. Such projected volumes must be commercially recoverable to be classified as reserves.

Reserves associated with producing wells are categorized as proved developed producing reserves. The value of the wells in this evaluation was determined on this basis. Additional valueexists in the undeveloped or behind pipe categories for the subject ownership. Valuation for these reserve categories was performed using guidelines set forth by the Society of PetroleumEvaluation Engineers.

Economics for the reserves identified in the producing properties described above were modeled using revenue and net interest information. The future pricing applied represents the five-yearNYMEX strip as of May, 2018, with price differentials and product shrinkages calculated from the actual received revenue data. Lease operating expenses were calculated on a per month perwell basis and were applied in the model for the purposes of calculating economic producing limits. State of Texas severance taxes and estimated local property taxes have been deducted fromthe revenue streams. The consequences of federal income taxes have not been considered in this evaluation. The historical data used in this study was sourced from the Texas RailroadCommission through various commercial data suppliers. Tables of economic calculations displaying all significant parameters are attached for all cases.

We have estimated the fair market value of the producing reserves as the 10% discounted value of the projected future revenue streams, 75% of the 10% discounted value for Proved BehindPipe reserves and 60% of the 10% discounted value for Proved Undeveloped reserves. Cash flows in this report were determined on a monthly basis and compounded annually. The discountfactor and adjustments are considered a reasonable value metric considering the risks involved, including but not limited to poorer-than-anticipated results, commodity market price variations,operator decisions and mechanical failure.

Net Present Worth at 10% (NPW-10) NPW -10 figures are net present value of future net revenue, before income taxes and using a discount rate of 10%. The estimated future net revenuevalues utilised do not necessarily represent the fair market value of American Patriot oil and gas properties. All evaluations of future net revenue in this presentation are after deduction ofroyalties, drilling and development costs, production costs and well abandonment costs.

Financial projections including Earnings before income tax depreciation and amortisation (EBITDA) projections in this announcement are based on detailed financial modelling using adiscounted cash flow analysis and include assumptions on oil and gas prices, discount rate, production estimates, reserve life estimates, operating cost estimates, capex estimates and taxationassumptions. These estimates and assumptions are subject to change and as additional information becomes available these estimates are likely to change and impact these financialprojections. As a result these estimates of future EBITDA and other estimates are, by nature, forward looking statements and subject to the same risks as other forward looking estimates.Specific key assumptions used to generate these estimates are as follows:

Reserves and production estimates are based on the Independent Petroleum Engineering estimates and are based on the determinisitic estimation method• The oil price assumption used in the reserve analysis is NYMEX strip pricing and scenario analysis of $50/bbl flat, $60/bbl flat and $70/bbl plus or minus differentials. For the 2019

EBITDA estimate we have used the current spot oil price of USD$ 70/bbl• Operating costs were based on 2017 actuals• The existing PDP, PDNP and PUD estimate are based on the production from all operated and non-operated wells• The 5 year capex development plan is based on development of the PDNP reserves using workovers, recompletions and restarting shut in wells.• Type curves are based on historical production data• Average royalty payments are based on each individual field and is approximately 20%• Standard Advalorem and Production taxes to production in the State of Texas• No new drilling is assumed to target the PUD 1P reserves or new drilling to target the 2P Reserves

32

Documents

he Presentation (“Forward...Equity placement; institutional, professional and sophisticated investors AU$4.2m Fully paid ordinary shares (at “Placement”) 169m Shares issued in