History

Resolute was founded as a private company in 2004 to acquire and operate large oil and gas properties, with particular focus on oil. Resolute’s broad range of expertise allows it to manage a complex enterprise and to undertake complex transactions. Management’s exceptional track record of financial and operational success, combined with its deep ties to virtually all elements of the oil and gas community, allow Resolute to succeed in this currently unsettled environment.

Resolute has undertaken three significant acquisitions of producing properties. The first two, in 2004 and 2006, were its Aneth Field properties, located in the Paradox Basin of southeastern Utah. Resolute's Aneth Field properties are found in three federal producing units: Aneth, McElmo Creek and Ratherford, in which it is the operator and majority working interest owner. Most of Aneth Field lies on Navajo Nation land. The third transaction was the acquisition of properties in the Powder River Basin of northeastern Wyoming.

Timeline of Events

• In November 2004, Resolute acquired its first assets in Aneth Field, operatorship of the Aneth Unit and non-operated working interests in the McElmo Creek and Ratherford Units.
• In April 2006 Resolute acquired the majority of the working interest in the McElmo Creek and Ratherford Units, and Resolute became the operator of those units.
• Throughout 2007 and 2008 Resolute continued its development activities in Aneth Field, with particular emphasis on the installation and start-up of its Aneth Unit CO₂ flood project.
• In July 2008 Resolute acquired its Wyoming properties
• As of year-end 2008 91% of Resolute’s reserves were oil, 3% NGL and 6% gas.

At a Glance

(as of December 31, 2008):

Average net daily production of 7,578 barrels oil equivalent in first half of 2009

Operate 100% of production

• 784 producing wells
• 327 injection wells

Aneth Field:

• 392 producing wells
• 323 injection wells

Wyoming:

• 392 producing wells
• 4 injection wells

Listed on NYSE in September 2009