Baraka Petroleum Limited (the “Company”) is a publicly listed ASX Company that was incorporated on 11 February 2005 and is domiciled in Australia. Baraka Petroleum Limited incorporates the following 100% owned entities that it currently controls for the development of Natural Resources. The Current principal activities of the entities was exploration, production and development of Oil and gas Opportunities.

Incorporated in British Virgin Islands (“BVI”)
>> Baraka Petroleum Holdings Limited (“BPH”)
>> Baraka Mauritanian Ventures Limited (“BMV”)
>> Brimax Petroleum International Limited (“BPI”)
>> Baraka Mali Operations Limited (“BMO”)
>> Baraka Morocco Ventures Limited (“BMC”)
>> Baraka Colombia Operations Limited (“BCO”)

Incorporated in Mali
>> Baraka Mali Ventures SARL (“BMS”)

Incorporated in Australia
>> West African Energy & Minerals Pty Ltd (“WAEM”)
>> Baraka Minerals Pty Ltd (“BMPL”)

As of 1st October 2007, the parent company currently has 379,765,046 shares and 25,327,650 options expiring in September 2008.

BUSINESS DEVELOPMENT

Baraka’s specific and immediate objective, therefore, is to bring balance to the asset portfolio by the acquisition of production and near-field production projects so as to compensate for our reliance on the development of our long-term exploration assets in West Africa and, most importantly, to generate a cash flow.

Correspondingly, the Business Development (BD) team has adopted a “conveyor-belt approach” to portfolio management and has screened numerous acquisition opportunities. The strength of the BD team is reflected by the multiple transactional fronts on which its manager, Carlos Moncada, is actively working on with the aid of his aggressive team. This approach exposes the company to an evolving, targeted and maturing sequence of appraisal, development and production projects fitting with the objectives of the company.

Looking forward, the Business Development team, through its tactical conveyor-belt approach to prospect screening, continues to review a portfolio of high-value potential projects that fit our requirement for value-adding and growth. It continues to identify, evaluate and negotiate on the acquisition of projects that will bring balance to our portfolio in its plan to have projects that span greenfield to production.

MINERALS

In addition, The BD team has identified the need to broaden our vision in view of the opportunities that are being presented to us. Baraka’s board has taken the strategic decision to increase the company’s activities and expand its search for potential acquisition outside of West Africa and into other continents, as well as for other commodities, such as minerals.

If this broadening of our activities is successful, it will enable our 100% subsidiary, Baraka Minerals Limited (BML), to begin active operation with the acquisition of high-value mineral properties in Mauritania and Mali. The synergy developed through the use of our high-level network of contacts, will very much help to rapidly establish BML in one of the most prospective mineralized regions of the world.