Baraka Petroleum Limited

COMPANY HIGHLIGHTS

>> Mugello-1 Exploration well in Chicuaco Block Colombia, spuds on the 04 April 2008.

>> Monza-1 Exploration well in recently acquired Chicuaco Block (Baraka 20%) spuds on the 10th March 2008.

>> Farmed-into Colombian La Punta-1 Oilfield adding production and Near-Field exploration in a prolific Oil region

>> Added a Gas liquids Stripping Business to add further revenue from its Colombian Opportunities

>> Drilling the La Punta-2 Development well March 2008 to access further Oil accumulations from the field

>> Access to expanding Network of contacts in South America to add further production and Near-field exploration opportunities to our portfolio

>> New dynamic Board Structure adding legal, Commercial and Financial Market Capability to experienced industry professionals

>> Farmed out to International Oil Majors ENI and Sonatrach to operate and develop our Mali acreage

>> Commenced operations for the acquisition of 2D Seismic over Mali acreage

>> Currently Completing Gravity and Magnetics Survey over our Mauritanian acreage. PETRONAS has been confirmed as the buyer of Woodside’s interest for both the On-shore and Offshore.

Baraka Petroleum Limited is a public company, listed on the ASX since May 2005 to, explore and develop oil and gas assets and activities.

In October 2007 Baraka announced its first Production Asset the La Punta field in Colombia to compliment its significant acreage holding in Mauritania and Mali.

Baraka is actively pursuing a strategy to add production, development and near-field exploration opportunities to balance the Company’s asset portfolio.

Baraka’s aim is to rapidly migrate within the next two to three years from a frontier exploration Company to a fully integrated E&P with opportunities across the full range of the E&P spectrum.

Baraka has one of the largest oil and gas net acreage positions in West Africa, the frontier Taoudeni Basin which has attracted the attention of international petroleum, exploration and production companies as joint venture partners including PETRONAS ENI and Sonatrach. The Company has secured rights to explore and develop eight tenement areas covering over 262,000 km² in Mauritania and Mali.

Baraka’s African focus has been developed over the last decade, initiating significant projects and attracting partners to invest and develop potential West African assets. The Company and its founder have a long and successful history in the development of Natural Resource Projects throughout Africa and its Directors and Senior Management

The Company’s corporate strategy is to maximise possibility of success and minimize risk by sharing exploration expenditure on its tenements through farm-outs and joint-ventures, thereby allowing it to aggressively seek further high-value near-field opportunities as well as undervalued production assets.

Baraka corporate identity continues to develop a reputation for integrity and empathy to the progress of Africa and whose cultural and environmental sensitivities have enabled Baraka to develop and maintain strong apolitical bonds while meeting the expectations of its host governments. Baraka continues its commitment to support and develop community initiatives including training programmes and establishment of offices with majority local content. The Company has a policy of complying with, and exceeding environmental performance regulations.