Each Director of our company has been elected to serve until our next annual meeting of stockholders and until his successor has been elected and qualified.

Michael K. Paulk:  Mr. Paulk was elected President and Director of our company in July 2001.  From October 1994 to January 2001, when it was sold to Chesapeake Energy Corporation, he was the President and a Director of Gothic Energy Corporation ("GEC"). GEC is neither a predecessor nor affiliate of either us or our subsidiary, Gothic and there was no affiliation between Gothic and GEC prior to January 2001.  GEC was engaged, until its acquisition by Chesapeake Energy Corporation in January 2001, in the acquisition, development, exploration and production of natural gas and oil.  Mr. Paulk has been engaged in the oil and gas industry for more than fifteen years.

Steven P. Ensz:  Mr. Ensz has been Vice-President, Finance and Chief Financial Officer of our company since July 2001 and is responsible for our financial activities.  From March 1998 to January 2001, he held a similar position with GEC.  From July 1991 to February 1998, he was Vice-President, Finance of Anglo-Suisse, Inc., an oil and natural gas exploration and producing company.  He has held various positions within the energy industry, including President of Waterford Energy, an independent oil and gas producer, for more than the past 18 years.  He is a certified public accountant.

Brian E. Bayley:  Mr. Bayley was elected a Director of the Company in June 2001.  Since June 30, 2003, Mr. Bayley has been the President and Chief Executive Officer of Quest Capital Corp. and has been employed by predecessors or affiliates of Quest Capital Corp. for more than the past five years.  Quest Capital Corp. trades on the Toronto Stock Exchange under the symbol QC.A and QC.B.  Quest Capital Corp. is a merchant bank that provides financial services to small and mid-cap companies operating primarily in North America.    He is currently President and Director of Quest Management Corp., a management company that is wholly owned by Quest Capital Corp. since December 1996.  Quest Management Corp. provides various consulting, administrative, management and related services to publicly-traded companies.  From time to time, such services have been provided to us.  Mr. Bayley currently serves as Director and/or officer on numerous other public companies, none of which is a reporting issuer under U.S. securities laws.  None of the other companies Mr. Bayley is affiliated with are affiliates of ours.  Mr. Bayley is a Director of TransAtlantic Petroleum (USA) Corp., which provided financing to our company in March 2003 and purchased Debentures in October 2003.

John K. Campbell:  Mr. Campbell has been a Director of our company since April 2000 and was President of Gothic from April 2000 to July 2001.  Mr. Campbell has been the President and Director of TransAmerica Industries Ltd. since 1986.

Significant Employees:

Richard O. Mulford:  Mr. Mulford has been Manager of Operations since June 2001.  From April 1995 to November 1998, he was employed as Operations Manager of GEC and from November 1998 to January 2001 he was employed as Vice President of Operations of GEC.  He has been employed in the oil and natural gas industry since 1978.

Robert G. Snead:  Mr. Snead has been our Exploitation Manager since June 2001 and served in the same position with GEC on a full-time consulting basis since April 1997.  Between early 1994 and April 1997, he was employed as an independent geologist and from 1985 to 1994 was the Senior Vice-President/ Exploration Manager of LOGO, Inc., an oil and natural gas well operating company.