Fairborne Energy Trust

Mr. Grandberg graduated from the University of Saskatchewan in 1993 with a Bachelor of Commerce degree. After graduation Mr. Grandberg went to work for a national accounting firm where the majority of his practice focused on the oil and gas sector. Mr. Grandberg obtained his Chartered Accountant designation in 1997. Following public practice Mr. Grandberg joined NAL Oil & Gas Trust where he held numerous financial positions during the past seven years, most recently the title of controller which he held for the past five years. Mr. Grandberg is a member of the Institute of Chartered Accounts of Alberta (ICAA) and the Canadian Institute of Chartered Accountants (CICA).

Mr. Pyke is the Vice-President of Land and Contracts for Fairborne Energy Trust, a position he formerly held with Pivotal Energy Ltd. and Cigar Oil & Gas Ltd. until completion of the Arrangement between Fairborne and Pivotal in July, 2003. Mr. Pyke was the Vice-President, Land Contracts for Barrington Petroleum Ltd. (a public oil and natural gas company) from August, 1997 to August, 1998 and prior thereto was the Vice-President of Business Development of AEC Oil & Gas Ltd. (a public oil and natural gas company). Mr. Pyke is a graduate of the University of Calgary where he received his B.A. in Economics in 1978. Mr. Pyke is a member of the Canadian Association of Petroleum Landmen (CAPL) as well as a member of the American Association of Petroleum Landmen (AAPL).

Mr. Young has been involved with numerous start-up to major oil and gas companies during his 30+ year career and has been a director of several public oil and gas companies on both the TSX and TSX Venture Exchange. Mr. Young has been Vice-President, Exploration of Fairborne, a position he held with Pivotal Energy Ltd., since completion of the arrangement with Pivotal in July, 2003. Prior to Pivotal he was Vice-President, Exploration of Cigar Oil & Gas Ltd. (a public oil and natural gas company) which was amalgamated with Manhattan Resources Ltd. to form Pivotal in January, 2003. He has also held the position of Chief Executive Officer of Winstar Resources Ltd. (a public oil and natural gas company); President of Sunrunner Petroleum Corp. (a private oil and natural gas company); Executive Vice-President of Backer Petroleum Corp. (a public oil and natural gas company); and Vice-President, Exploration and Director of Backer Petroleum Corp. Mr. Young graduated from the University of Alberta with a B.Sc. in Geology in 1973 at which time he began his career with Gulf Oil Canada Ltd. He is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA) and the Canadian Society of Petroleum Geologists (CSPG).

Mr. Alspach joined Fairborne Energy Trust in the role of Vice President, Business Development in early 2005. Prior to joining Fairborne Energy, Mr. Alspach was a co-founder and Vice-President of Operations for Enermarket Solutions Ltd. a Calgary based private energy divestment advisor. Mr. Alspach's diverse acquisition and divestment experience allows Fairborne to target and successfully acquire value added, accretive transactions. During his tenure, Enermarket collectively managed a broad range of divestments on behalf of over one hundred Canadian and U.S. based oil and gas companies. Prior to founding Enermarket, Mr. Alspach had a successful prospecting career at a number of senior Canadian oil and gas companies. Mr. Alspach graduated in 1993 from the University of Alberta, with a Bachelor of Science degree with specialization in Geology. Mr. Alspach is a professional member of the Association of Professional Engineers, Geologists, and Geophysicists (APEGGA) and an active member of the Canadian Society of Petroleum Geologists (CSPG), receiving numerous volunteer and service awards during his career.

Dr. Richard A. Walls has a diversified and broad background throughout the oil and gas industry in Canada and the United States. Most recently he was the President and CEO of Fairborne Energy Ltd., the predecessor to Fairborne Energy Trust. Currently Dr. Walls is President and CEO of Fairquest Energy Ltd. Prior to Fairborne, Dr. Walls was President and CEO of Canadian Midstream Services Ltd., which was purchased by Duke Energy Field Services (DEFS) in 2001. He has been involved in all aspects of exploration, production, gathering and processing within the oil and gas industry for the past 28 years, and has been responsible for significant oil and gas field discoveries in western Canada and the Texas Gulf Coast. Dr. Walls is a recognized expert on Devonian oil and gas reservoirs in western Canada and the author of numerous articles published in various technical journals. Dr. Walls was an exploration geologist with Shell Canada Resources and Canadian Hunter Exploration Ltd. during the mid and late 1970's. He has served as Vice-President of Petrosec Exploration Ltd. (1980-1983), President and part owner of Kentex Oil Corporation (1983-1988) and President and part owner of C&W Energy Ltd. (1989-1993). More recently, Dr. Walls was the President & CEO of Pan East Petroleum Corp., which was sold in November 1998 to Poco Petroleums Ltd., and Canadian Midstream Services Ltd. Dr. Walls has held directorships with several oil and gas companies and is the current Chairman of Fairborne Energy Trust, OXEN Inc. (parent company of the Alberta Watt-Exchange) and Stylus Energy. He has served as an advisor to Duke Energy Field Services. Not coincidentally, Dr. Walls was born in Fairborne, Ohio in 1948. He received his B.Sc. from Morehead State University, M. Sc. from the University of North Carolina and Ph.D. from McGill University.