A Focused Play on the Body Copy font

A Focused Play on the Body Copy font is Verdana set at 32 in white Caney & Woodford Shales Oil & Gas Investment Symposium – Small Caps Palm Beach, Florida 8 February 2005

OFF TO A FLYING START • Newly formed to exploit conventional formations and unconventional Caney & Woodford Shales in Oklohoma • IPO in Australia in July 2004 to take advantage of Body Copy font is Verdana set at 32 in white specific investor interest there • First drilling program of 8 wells produced 100% success rate with surprisingly strong conventional discoveries • Initial indications from testing Caney & Woodford Shales are highly encouraging – the next Barnett ? • As a consequence of this success was one of Australia’s top performing stocks in 2004

A STRONG & FOCUSED PLAY • A new 20 -25 well drilling program about to commence – Tomahawk 100% working interest owner Body Copy font is Verdana set at 32 in white • Options to participate as 100% working interest owner on 5, 000 acres • Options to participate 50/50 on further 15, 000 acres • Option to buy local gas gathering system • Well supported by Australian investors

Body Copy font is Verdana set at 32 in white Snell-Heirs Project

SUCCESS TO DATE Snell–Heirs project • 8 wells. Body Copy font is Verdana set at 32 in white drilled to date - all discoveries • 2 producing wells acquired • First 4 wells producing already circa 1, 700 mcfg/day • Next 6 wells coming into production over next 4 - 6 months • Revenue already exceeds administration costs

SNELL-HEIRS PROJECT • Conventional gas play with multiple shallow formations • Unconventional gas play - Caney Shale & Woodford Shale Body Copy font is Verdana set at 32 in white • Oil potential in shallow formations • 100% working interest • Shallow (4, 000 feet) relatively inexpensive wells • 5 separate options, each to participate in 1, 000 acres – potential for up to 125 wells in coming years

AREA OF MUTUAL INTEREST Body Copy font is Verdana set at 32 in white

CONVENTIONAL FORMATIONS WELL Snell Heirs 6 -13 Snell Heirs 7 -13 Snell Heirs 8 -13 Feet Hydrocarbons Formations 84 7 105 23 Snell Heirs 2 -19 Snell Heirs 3 -19 42 28 UN CONVENTIONAL STATUS Feet Hydrocarbons 205 Caney Frac’d, producing 50 -60 mcfg/day. Frac water returning, 2 -3 months before flow rates determined. Caney frac’d, Body Copy font is Verdana 2 -3 producing 50 -60 mcfg/day. Frac water at 32 in white returning, setmonths before flow rates determined. 7 3 3 4 200 Woodford Shale to be perforated early February. 198 Caney frac’d, currently returning frac water, 2 -3 months before flow rates determined. 220 To be dually completed in Woodford and Caney. Currently producing 400 -500 mcfg/day from Woodford only. 211 Caney Frac’d, producing 200 mcfg/day. Frac water returning, 2 -3 months before flow rates determined.

CONVENTIONAL FORMATIONS WELL Snell Heirs 4 -13 Snell Heirs 1 -20 Snell Heirs 4 -19 Feet Hydrocarbons Formations 36 3 40 98 Snell Heirs 5 -19 Snell Heirs 9 -13 45 84 UN CONVENTIONAL STATUS Feet Hydrocarbons 195 Caney, Woodford Frac’d, Frac water returning, 2 -3 months before flow rates determined. Body Copy font is Verdana setproducing 450 -750 mcfg/day. Caney frac’d, at 32 in white 5 6 3 6 213 Offset well to Snell Heirs 2 -19 & producing 500 mcfg/day from Gilcrease. Offset well to Snell Heirs 3 -19 & producing 300 mcfg/day from Red Fork. Savannah Sandstone perforated and acidized, Production potential will be fully evaluated in coming weeks.

EXPLORATION DRILLING BLOW OUT Body Copy font is Verdana set at 32 in white

Body Copy font is Verdana set at 32 in white

DRILLING ON SNELL-HEIRS PROJECT Body Copy font is Verdana set at 32 in white

THE BUSINESS CASE • Caney & Woodford Shale similarities to successful Barnett Shale Body Copy font is Verdana set at 32 in white • Based on stable gas prices not linked to oil price • Snell-Heirs gas attracts a premium up to 25%, high BTU • Rapid return on investment

Parameter Barnett Shale Caney Shale Geologic Age Mississippian Thickness 200 -300 feet 130 -150 feet Depth 7, 000 -8, 000 feet 3300 -3600 feet Reservoir rock Organically-rich shale bituminous, calcareous Vitrinite Reflectance Ro% = 1. 00 to 2. 00 Ro%=1. 44 Snell #4 -13 Gas Shows on mud logs Strong to Very Strong Average Porosity Neutron/Density 15% Resistivity Moderate to High Gamma Ray Hot, highly Radioactive Treatment Very large slick water and sand fracture treatments Testing and evaluating acid treatments and slick water & sand fracture treatments Gas in Place SCF/ton 50 -60 plus SCF/Ton 50 -250 SCF/Ton Production History Well Established Very Early Stages Body Copy font is Verdana set at 32 in #4 -13 4. 5% average 4. 95% in Snell white Total Organic Carbon

PRODUCTION AT SNELL-HEIRS PROJECT Body Copy font is Verdana set at 32 in white

ROBUST PROJECT ECONOMICS • Successful well drilled, completed and bought into production for <$US. 450 m • Offset wells accelerateis Verdana set at 32 in white Body Copy font production • Completion to production in 120 days • A 500 mcfg/day well @ $US 6/mcfg = circa $US. 750 m annual revenue • Minimal capex with payback circa 7 months • Minimal General & Administration costs < $US. 400 k p. a.

THE NEXT 12 MONTHS • Continued production from 5 Snell-Heirs wells in production Body Copy font the other 5 completed • Progressively bring is Verdana set at 32 in white wells into production • Drill 20 to 25 wells during calendar 2005 • Potential to drill horizontal wells • Production flow rates will be established on portfolio of up to 30 wells within 12 months

Well Analysis Production – 500 mcfg/day Gas Price - $US 6 + 20% premium Body Copy font is Verdana set at 32 Gross Daily Revenue $US 3, 600 Operating costs ($US 300) Taxes ($US 500) Royalties ($US 900) Net daily back $US 1, 900 Annual net return per well Cost of completed well Payback $US 700, 000 $US 450, 000 235 days in white

CAPITAL STRUCTURE Shares On Issue Options 49. 250 19. 482 Body to 2006 (15. 841) Escrowed Copy font is Verdana set Tradable 33. 409 at 32 in white (16. 982) 2. 500 • Average weekly volume since listing of. 750 m shares • $US 50 m market capitalization at current share price of $US 1. 05 • Number of shareholders doubled to +820 since listing • Top 20 shareholders control +50%

WHAT MAKES TOMAHAWK DIFFERENT? • Multiple target formations = reduced exploration risk • Experienced operator = reduced completion risk Body Copy font is Verdana set at 32 in white • Access to extensive infrastructure = rapid path to revenue • Acreage to allow drilling 2 wells a month for 5 years • Enormous revenue potential, every successful well = $US. 750 m revenue p. a. = no shareholder dilution • Tight capital structure = drilling results go straight to share price

INVESTING IN TOMAHAWK • Listed on main board of Australian Stock Exchange (ASX) • Accounting Standards and Corporate Governance Body Copy font line with major western requirements on ASX in is Verdana set at 32 in white exchanges • Most major US brokerages have access to ASX • Recent independent research from major Australian brokerage (with office in New York) available today • Office in Australia is more than happy to assist with enquiries

FOR FURTHER DETAILS Investor Relations Operations Body Copy font is Verdana set at 32 in white Australian Office Tony Brennan Chairman E: tony@deltacapital. com. au T: +61 8 9267 4210 F: +61 8 92674210 US Office Rick Holcomb Executive Director E: chiefoilman@myway. com T: 318 673 8285 F: 318 673 8288

A Focused set at Body Copy font is Verdanaplay 32 in white on the Caney & Woodford Shales