Midnight Oil Exploration Ltd. is engaged in the business of exploration, exploitation, development and production of oil and natural gas reserves. The Company’s activities are conducted in Western Canada. During the year ended December 31, 2008, the Company had a production of 1,834 barrels of oil equivalent per day (boe/d) consisting of 5,651 thousand cubic feet per day (mcf/d) of natural gas and 892 barrels of oil equivalent per day (boe/d) of oil and natural gas liquids. On October 31, 2008, the Company disposed of interests in certain petroleum and natural gas assets to Daylight Resources Trust.
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