Pan-Ocean Energy Corporation Ltd.

Paul L. Keyes was named President and Chief Executive Officer of PanOcean Energy Corporation December 1, 2004. He began his career with Exxon Production Research Company and rose to the position of Chief Geologist with Exxon. In 1981 he joined Forest Oil as Exploration Vice President where he was responsible for exploration and production activities of Forest Oil in the USA and internationally. In 1991 he started his own geologic consulting practice which led him to be involved in the study and analysis of an extensive portfolio of international oil and gas fields. He returned to the U.S. oil and gas industry in 1993 as Senior Advisor and then Vice President of Exploration for Pennzoil Exploration and Production Company. Subsequently, he returned to consulting and it was in that role that he has advised PanOcean and predecessor companies since 1998. He has been a director of PanOcean for 5 years.

Dr. Vingoe is a former BP employee who, over his 20-year career with that organization, rose to the position of Chief Geophysicist and General Manager for Global Exploration. He left BP in 1995 to participate in the IPO for Novus Petroleum Ltd. and, as one of two executive directors, to help launch the company. In 2000 he took up the position of Managing Director of Sasol Petroleum International and is currently based in London. As Managing Director of Sasol (one of PanOcean's partners in the Etame field) he has specific knowledge of Gabon to add to his broad global knowledge and experience. Dr. Vingoe is a graduate of the University of Birmingham where he received both his M.Sc. and Ph.D. degrees in Geophysics.

Mr. Welty is Chairman, CEO and Director of Sterling Resources Ltd., a public Canadian oil and gas exploration and development company. Previously he was President and CEO of Canadian Fracmaster Ltd., President and CEO of Bow Valley Energy Inc. and Chairman, CEO and Director of Asamera Inc. Mr. Welty is currently a Director of Talisman Energy Inc. and has previously been a director of several other public companies.

Mr. Hanlon is currently President of The Sage Group Inc., a petroleum sector service company. Previously he was a Director and Chairman of the Board of Wascana Energy Inc. from 1984 to 1997.